Trump to unveil $1 trillion
infrastructure plan in 2017: official
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[March 30, 2017]
By David Shepardson
WASHINGTON (Reuters) - U.S. Transportation
Secretary Elaine Chao said the Trump administration would unveil a $1
trillion infrastructure plan later this year, but she did not offer
details of funding for projects.
Chao said at an event at the department's headquarters that the
infrastructure initiative would include "a strategic, targeted program
of investment valued at $1 trillion over 10 years. The proposal will
cover more than transportation infrastructure, it will include energy,
water and potentially broadband and veterans hospitals as well."
Chao's comments were the most detailed timetable from the administration
about its plans to unveil a plan to modernize U.S. roads, bridges,
airports, electrical grid and water systems. Chao said the
administration plans to offer incentives for public-private partnerships
rather than simply fund improvements.
It was not clear how much new federal funding the Trump administration
would propose.
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She said the plan would aim to speed the processes for government
projects.
Investors have been growing more skeptical that the infrastructure plan
will win approval this year. The Dow Jones Transportation Average rose
after the election and closed at a record high on March 1 but is now
down 4.3 percent for the month.
Some investors have questioned how soon Trump's pro-growth policies may
be implemented.
Earlier this month, Trump proposed $16.2 billion for the Department of
Transportation's discretionary budget for fiscal year 2018, a reduction
of 13 percent.
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President Trump holds a rally at the Kentucky Exposition Center in
Louisville, Kentucky. REUTERS/Jonathan Ernst
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The budget would eliminate $175 million in annual funding for the
Essential Air Service, a program to support commercial air service
to rural airports and end subsidies for Amtrak to operate
long-distance train service.
The Trump budget would also eliminate the Obama administration's
"TIGER" grant program, saving $499 million. That program has been
used to fund a variety of transportation projects, including
high-speed and intracity rail, highway construction and transit bus
systems.
(Reporting by David Shepardson; Editing by Phil Berlowitz)
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