Obama Urges Congress To Pass White House Infrastructure Plan
President Obama unveiled a new White House infrastructure plan this morning after meeting with Treasury Secretary Tim Getiner, Transportation Secretary Ray Lahood, Pennsylvania Governor Ed Rendell, among others.
The White House's Council of Economic Advisors within the Treasury Department released a study and recommendations on how to improve the patch work of infrastructure funding and help the United States be competitive in the 21st century. He urged Congress and the American people to get behind the plan to invest in Americas infrastructure because it is woefully inadequate. Case in point was the recent announcement from China of a $1 trillion investment in high speed rail, something seemingly impossible to pass such a divided Congress.
The President maintained that the economy needed jobs now, pointing out that spending on infrastructure in the United States is behind even that of Russia. He said that the lack of investment is costing the economy in inefficiency and more specifically in the amount of money it costs people for transpiration, putting them further behind international competitors. President Obama said that the average person now pays more in transportation costs than for food, arguing that updating the mish mash of services currently in sue would increase economic growth. As such, the President's plan would upgrade 150,000 miles of road, upgrade the power grid to a smart grid, upgrade thousands of miles of rail, as well as a much needed upgrade to the nation's airports.
We won't know what the lame duck Congress will do until after the November 2nd election is over and done with, but whatever they decide to do could certainly set the scene for the next Congress to sit in 2011. As much as everyone is worried about long term debt, there are some things worth investing.
Watch the President's remarks below:
The White House's Council of Economic Advisors within the Treasury Department released a study and recommendations on how to improve the patch work of infrastructure funding and help the United States be competitive in the 21st century. He urged Congress and the American people to get behind the plan to invest in Americas infrastructure because it is woefully inadequate. Case in point was the recent announcement from China of a $1 trillion investment in high speed rail, something seemingly impossible to pass such a divided Congress.
The President maintained that the economy needed jobs now, pointing out that spending on infrastructure in the United States is behind even that of Russia. He said that the lack of investment is costing the economy in inefficiency and more specifically in the amount of money it costs people for transpiration, putting them further behind international competitors. President Obama said that the average person now pays more in transportation costs than for food, arguing that updating the mish mash of services currently in sue would increase economic growth. As such, the President's plan would upgrade 150,000 miles of road, upgrade the power grid to a smart grid, upgrade thousands of miles of rail, as well as a much needed upgrade to the nation's airports.
We won't know what the lame duck Congress will do until after the November 2nd election is over and done with, but whatever they decide to do could certainly set the scene for the next Congress to sit in 2011. As much as everyone is worried about long term debt, there are some things worth investing.
Watch the President's remarks below:
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