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In
his State of the Union speech to Congress, Trump offered no
other details of the spending plan, such as how much federal
money would go into it, but said it was time to address
America's "crumbling infrastructure."
Rather than increase federal spending massively, Trump said:
"Every federal dollar should be leveraged by partnering with
state and local governments and, where appropriate, tapping into
private-sector investment."
The administration has already released an outline of a plan
that would make it easier for states to build tollways and to
privatize rest stops along interstate highways.
McKinsey & Company researchers say that $150 billion a year will
be required between now and 2030, or about $1.8 trillion in
total, to fix all the country’s infrastructure needs.
The American Society of Civil Engineers, a lobbying group with
an interest in infrastructure spending, puts it at $2 trillion
over 10 years.
Trump said any infrastructure bill needed to cut the regulation
and approval process that he said delayed the building of
bridges, highways and other infrastructure. He wants the
approval process reduced to two years, "and perhaps even one."
Cutting regulation is a top priority of business lobbying groups
with a stake in building projects and the U.S. Chamber of
Commerce.
(Reporting by Damon Darlin; Editing by Peter Cooney)
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