ST. PAUL, Minn.–President Barack Obama has proposed spending US $300 billion to upgrade roads and railways, saying the investment is a worthy one that would attract businesses and put people to work.
He outlined the plan Wednesday while visiting a light rail and bus station in St. Paul. The proposal will be in the budget he sends to Congress next week, the Associated Press reported.
Obama wants Congress to provide $302 billion for the federal trust fund that pays for surface transportation projects, such as rebuilding roads and bridges.
Funding is set to expire later this year if Congress doesn’t pass legislation in time.
Half of the money would come from overhauling the corporate tax system.Obama also announced a $600 million competition for federal grants to help local governments pay for road and bridge-building projects, said AP.