Saturday, 20 October, 2018

Trump To Unveil Long-Awaited $1.5 Trillion Infrastructure Plan

President Donald Trump is seen Feb. 9 2018 Trump's budget to request border wall funding
Kenny Thornton | 12 February, 2018, 16:11

Officials said the plan is created to stimulate $1.5 trillion in new infrastructure investment, but they did not weigh in on how states and cities would raise the other eighty percent of the funds for new projects. But they could get help building those projects more quickly.

While majority of the market expected Trump to proceed with his massive infrastructure plan right away following the beginning of his term, some have also stated that this may lead to higher local and state taxes while there would be a rise in the reliance on toll, water, and sewer fees as well as airline ticket taxes and transit fares. That could be disappointing news for many state and local leaders who have been skeptical of the effort. State and local governments are expected to pony up the rest.

"At the same time, we continue to apply federal rules, regulations, and mandates on virtually all infrastructure investments".

"And I can tell you that that's not the choice that many of us on Capitol Hill believed was before us", Meadows added.

The senior White House official clarified that the administration meant to fund the $200 billion in spending from "savings from other areas of the federal budget", meaning cuts to other programs. That won over many Republicans, but some were furious over the $131 billion extra allocated for non-military spending, including health and infrastructure.

The administration hopes the $200 billion will be enough to entice $1.3 trillion in new infrastructure spending by states, local governments and private investors.

He said the bill amounted to a 13 percent surge in the size of government.

Democrats in Congress called last week for $1 trillion in direct federal spending, including $100 billion on schools alone as well as billions to expand rural broadband internet service, improve airports, mass transit, roads and ports, boost energy efficiency and improve aging water systems.

The plan represents Trump's opening salvo in what is already shaping up to be a long and complex debate in Congress over how best to shore up the nation's infrastructure.

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An administration official said it expects bipartisan support for the plan, but Democrats have their own proposal. President Trump called on Congress in his State of the Union speech to come up with an infrastructure package.

"But I can tell you the real problem with this particular one is that our leadership caved".

Most U.S. indices and stocks have rallied over the past year since his election as president in anticipation of one of Trump's biggest plans as a part of his campaign.

None of the added spending will be offset by budget savings elsewhere or revenue increases, relying instead on government borrowing. That tax of 18.4 cents a gallon for unleaded, 24.4 cents a gallon for diesel, hasn't been raised in 25 years and because of improvements in fuel efficiency and inflation, it raises less money now than it did when last raised in 1993. Signatories included the National Governors Association, the U.S. Conference of Mayors, the National League of Cities, the National Conference of State Legislatures and the American Association of State Highway and Transportation Officials.

The original funding agreement with the White House called for the federal government to pay 50 percent of the $30 billion cost of replacing the Portal Bridge and building a new rail tunnel under the Hudson River. "We anticipate any final legislation will address the challenges of the highway trust fund".

"The federal government plays a role" in infrastructure, "but we should move more heavily to state and local governments", he said.

Mulvaney said in a statement that the plan "reduces the regulatory burdens we face, shortening and simplifying the approval process for projects, and eliminating barriers that prevent projects from being efficiently developed".

The eyes of the education world Monday morning will be on releases from the Office of Management and Budget and the Education Department as they unveil President Trump's fiscal 2019 budget proposal.

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