Obama travels to Delaware to tout new infrastructure program

 

McClatchy Washington Bureau

President Barack Obama will travel to the Port of Wilmington in Delaware Thursday to announce a new executive action to spur private investment in infrastructure spending.

The new program, created by executive memorandum, Build America Investment Initiative will include the Build America Transportation Investment Center – housed at the Department of Transportation – to serve as a one-stop shop for cities and states to more easily partner with private companies, expand the market for public-private partnerships and put federal credit programs to greater use.

Obama created an inter-agency working group to review public and private infrastrure financing and will hold a summit on infrastructure investment in Sept. 9.

Director of the National Economic Council Jeff Zients said the program will “turbocharge” investment in roads, rails and bridges. “If we don’t act we can lose our competitive edge,” he told reporters.

White House officials say Obama supports the steps that Congress is taking in the short-term to avoid a lapse in the Highway Trust Fund but will continue to push for a longer-term solution to funding. He has introduced a four-year plan to pay for spending by closing tax loopholes.

“Nothing should be a substitute for adequate public financing,” Transportation Secretary Anthony Foxx said.

Read more Breaking News - Business stories from the Miami Herald

  • New York to push Congress on response to oil train fires

    New York state fire officials are pressing Congress for $100 million in emergency funding to pay for a nationwide training program for firefighters to address the new scale of risk presented by trains carrying millions of gallons of flammable crude oil.

  •  
Shelly Sterling, left, greets Max Blecher, attorney for her estranged husband Donald Sterling, after a judge ruled in her favor and against her husband in his attempt to block the $2 billion sale of the Los Angeles Clippers, outside Los Angeles Superior Court Monday, July 28, 2014.

    Judge OKs record-setting $2B sale of Clippers

    Embattled Los Angeles Clippers owner Donald Sterling lost his attempt to block the $2 billion sale of the team to former Microsoft CEO Steve Ballmer.

  • Possible land deal for US-Canada bridge delayed

    A proposal has been delayed to transfer 301 Detroit-owned properties to the Michigan Land Bank in exchange for $1.4 million from the Canadian government as part of plans for a $2 billion international commuter bridge.

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category