Forex AnalysesForex Broker & Trading NewsForex trading with Capital sandsInternationPolitical News

House Democrats call for $760 billion in infrastructure spending over five years

By  Administrator_India,

Capital Sands

U.S. House Democrats on Wednesday will unveil a proposed $760 billion infrastructure spending bill over five years that aims to rebuild sagging roads and bridges and reduce carbon pollution.

The proposal is also intended to get U.S. President Donald Trump to return to the bargaining table. Trump campaigned in 2016 on boosting infrastructure spending by at least $1 billion over a decade but focused first on tax cuts and health care reform after taking office.

“America’s infrastructure is in crisis,” Democrats will say, according to a fact sheet. “For decades we have relied on a 1950s-era transportation system that has failed to keep pace.”

In April, Trump and Democratic leaders agreed to spend $2 trillion on infrastructure, without hashing out a way to pay for it. Weeks later, Trump abruptly canceled a follow-up meeting after criticizing congressional investigations.

The Democrats’ plan calls for new spending on roads, bridges, rail, public transit, water, internet expansion, electric grids, aviation and “brownfield” land that was possibly contaminated after previous industrial use.

Democrats want to spend $329 billon over five years on surface transportation, with a focus on fixing the 47,000 structurally deficient U.S. bridges. They would also provide $1.5 billion to support the development of an electric vehicle charging network.

With a presidential election looming, many doubt Congress will be able to tackle infrastructure this year but lawmakers face a Sept. 30 deadline to reauthorize surface transportation spending.

A Senate panel in July voted to authorize $287 billion in federal government spending over five years on surface transportation needs, a 27% jump, but Congress has not been able to agree on how to pay for it.

Republicans on the House Transportation and Infrastructure committee said in a statement they believe Congress can pass infrastructure legislation this year; they argue Congress must find a new way to fund road repairs since existing gasoline tax revenue has not kept pace.

Related posts
Forex Analyses

Dollar Slips From One-Month High Ahead of Fed Statement

By Administrator_ India Capital Sands The dollar edged marginally lower in early European trade…
Read more
Forex Analyses

Dollar Down Over Higher-Than-Expected Inflation Data

By Administrator_ India Capital Sands The dollar was down on Friday morning in Asia after the U.S.
Read more
Forex Analyses

Bitcoin under pressure as comeback fades

By Administrator_ India Capital Sands Bitcoin fell 3% on Friday, giving up gains from the Asia…
Read more
Newsletter
Become a Trendsetter
Sign up for Davenport’s Daily Digest and get the best of Davenport, tailored for you. [mc4wp_form id="729"]

Leave a Reply

Your email address will not be published. Required fields are marked *