As part of the Obama Administration’s $4 trillion fiscal 2016 budget proposal, president announced $478 billion in funding for infrastructure, according to the New York Times.
The money will be used to fund new roads, bridges and mass transit and will be paid for by a one-time 14 percent tax on approximately $2 trillion in U.S. corporate profits overseas, the report says.
“The president’s budget recognizes the obvious. Status quo federal investment levels in America’s highways, bridges, and transit systems just won’t cut it anymore and isn’t a formula for strong economic growth," said Pete Ruane, American Road and Transportation Builders Association president and CEO in a statement. “Passage of a robust, six-year transportation investment proposal as envisioned by the president would send the right signal to states planning new projects and to private sector companies contemplating whether to hire workers and make capital investment decisions. However, we shouldn’t put the horse before the cart. The most immediate challenge facing Congress and the president is reaching agreement on a sustainable revenue source to fix the beleaguered Highway Trust Fund before the next extension expires at the end of May. We urge them to check political expediency at the door and work together to quickly find a permanent funding solution for the nation’s transportation networks.”
Source: New York Times, ARTBA