Trump administration prepares $1 trillion infrastructure package to boost economy
The Trump administration is preparing a $1 trillion infrastructure package to boost the nation’s economy following months of lockdowns and business closures during the coronavirus pandemic, according to a report on Monday.
The Department of Transportation is taking the lead on the project that would funnel money for roads and bridges, but would allocate funds for 5G wireless infrastructure and rural broadband, Bloomberg News reported.
The administration sees an existing infrastructure funding law that is up for renewal by Sept. 30 as a way to push for a more expansive package.
It also comes as the White House continues negotiations with Democratic and Republican lawmakers on whether there is a need for another stimulus plan to give the economy a boost before November’s election.
The president is keen to beef up the economy, an issue he had expected to tout on the campaign trail until the coronavirus pandemic sent the economy into a tailspin and forced millions to apply for jobless benefits.
The White House would not comment directly on any infrastructure plans, but spokesman Judd Deere said in a statement that Trump, since he took office, “has been serious about a bipartisan infrastructure package that rebuilds our crumbling roads and bridges, invests in future industries, and promotes permitting efficiency.”
The current transportation funding law, the FAST Act, which authorizes $305 billion over five years, expires on Sept. 30.
Trump, who campaigned on upgrading the country’s roads and bridges as a candidate in 2016, called for a $2 trillion plan in March as the coronavirus was beginning to wreak havoc on the economy.
Democrats in January announced a $768 billion infrastructure plan.
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