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White House to unveil $1.5tn infrastructure plan
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IANS | 12 Feb, 2018
The White House on Monday will unveil its long-awaited $1.5 trillion
infrastructure package aimed at overhauling US public works.
The
plan is structured around four goals: generate $1.5 trillion for an
infrastructure proposal, streamline the permitting process down to two
years, invest in rural infrastructure projects and advance workforce
training, reports The Hill magazine.
The Trump administration
confirmed a $200 billion direct federal investment for the package,
which will be included in the White House's Monday spending blueprint
for fiscal 2019.
Half of the federal seed money would go toward
an incentive programme to match financing from state and local
governments investing in rebuilding projects, while a quarter of the
appropriations would be used for rural projects in the form of block
grants to states so governors may decide where to invest.
The
block grants would allot $20 billion for "transformative programmes"
meant for new projects rather than rehabilitation of old infrastructure.
Another $20 billion is meant to expand the use of loans and
private activity bonds, a common tool used to fund infrastructure
projects. The last $10 billion would go into a "capital financing fund".
The allotted $200 billion comes from cuts within the impending White House budget, The Hill reported.
Meanwhile,
the Democrats have already denounced the anticipated package, calling
for increased direct federal investment to adequately address the
nation's crumbling roads, bridges and other public works.
But the White House said the proposal was just the beginning of the negotiations.
The
plan will fall under the purview of at least six House committees and
five Senate committees, according to administration officials.
The
delivery comes after several delays and amid questions over revenue
sources for a proposal, for which Trump has provided varying numbers
since his presidential campaign.
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