President Barack Obama traveled briefly to — and under — PortMiami on Friday afternoon to push for new ways to secure private dollars for big-ticket projects to renovate highways, bridges, pipes and schools.
Obama toured the port tunnel being built under Biscayne Bay and then praised the project as an example of the local, state and federal government working together, and with private companies, to grow the economy and create construction jobs.
“We still have too many ports that aren’t equipped for today’s world commerce,” the president said. “We’ve still got too many rail lines that are too slow and clogged up. We’ve still got too many roads that are in disrepair, too many bridges that aren’t safe.”
Obama spoke to port workers, business people and politicians gathered at a cargo shipping area lined with containers. He began by noting the spring weather and addressing what he called a “sticky subject” — basketball.
“I know you guys aren’t happy with my Chicago Bulls,” he said, as the crowd booed. “But I just want you to know the Heat are going to be just fine.”
“The Hurricanes, they had a great season,” he added. “Tonight you’ve got Florida and Florida Gulf Coast going at it … So, let’s face it, Florida is the center of basketball right now.”
Then he turned to the matter at hand: infrastructure.
To promote more private investment in public projects, Obama proposed raising the caps on certain state and local bonds to lower project financing costs and making the bonds available to more types of projects; exempting foreign pension funds from taxes when they want to invest in U.S. infrastructure, as is already done for American pension funds, and spending an additional $4 billion for two programs that have provided loans and grants to projects.
In his State of the Union address last month, the president made public-works spending a crucial part of his economic agenda for the year, proposing spending $40 billion on fixes to aging roads and bridges. Republicans in Congress have opposed any new spending that grows the deficit and isn’t paid for by tax cuts or other budget savings.
The White House did not say Friday how Obama’s latest proposals, which he called the “Partnership to Rebuild America,” would be paid for, adding those details would be released next month as part of his budget. Alan Krueger, chairman of the Council of Economic Advisers, said they would not increase the deficit.
The president also renewed a proposal from his first term to create a $100 billion national infrastructure bank. All the proposals would require congressional approval.
Republicans dismissed the speech as “campaigning,” calling on Obama to deliver a budget and send bills to Congress instead.
“Speaking isn’t leading. Crafting solutions is,” Republican National Committee Chairman Reince Priebus said in a statement.
In a Miami Herald op-ed piece Friday, Sen. Marco Rubio, a Florida Republican, said the president should focus on policies to help small businesses.
“It’s time to fix the nation’s economy by putting the ball back in the hands of the real playmakers: the hardworking Americans that drive our private economy,” Rubio wrote.