US to unveil $50bn building plan

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  • xman
    Admin
    • Sep 2006
    • 24007

    US to unveil $50bn building plan

    </span> US infrastructure has been roundly criticised
    President Barack Obama is expected to call for a new infrastructure plan on Monday as he bids to find ways to jump-start the spluttering US economy.

    The plan will invest about $50bn (&pound;32.5bn) in roads, railways and airports as well as high-speed rail and the creation of an infrastructure bank.

    US infrastructure has long been considered underfunded and receives poor grades from government agencies.

    The move comes amid signs that the US economy is faltering.

    </div> On Friday, the US Labor Department announced that the US economy had lost a further 54,000 jobs, while the unemployment rate rose to 9.6%, from 9.5% in July.

    The infrastructure announcement marks the start of a week in which Mr Obama will focus on the economy, seen as the most important issue for voters in Novembers congressional elections.

    On Wednesday the president travels to Cleveland, Ohio, where he is expected to unveil new tax proposals.

    A CNN/Opinion Research Corporation poll of 1,024 US adults released on Monday suggests 52% of people would vote Republican, against 45% for the Democrats, up by 4% on last month.

    Repairing runways

    Mr Obama will outline the infrastructure plans at an event in Milwaukee marking the Labor Day holiday in the US.

    The proposals call for investments over six years, but would be backed by an initial $50bn.

    The goals of the infrastructure plan include: rebuilding 150,000 miles (241,000km) of roads; building and maintaining 4,000 miles of railways, repairing 150 miles of airport runways, and installing a new air navigation system.

    Mr Obama will also call for the creation of a permanent infrastructure bank that would focus on funding national and regional infrastructure projects the Associated Press reported.

    This article is from the BBC News website. ? British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.


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