President Donald Trump released his long-awaited plan to upgrade the nation’s infrastructure, including roads, bridges and airports.
Bloomberg says it may be a tough sell in Congress. Democrats say it falls short and Republicans are said to be wary of another large spending measure. The 53-page document shows how Trump plans to stimulate $1.5 trillion in new investments. It also looks to shorten project permitting time to two years, invest in rural projects and improve worker training. Many of the main points in the plan have been known for some time.
There were some new elements in the proposal, including expanding the use of private-activity bonds to finance projects. That would extend the use of tax-exempt debt by private entities and broaden the number of projects the bonds could be used for. Other proposals include letting states add tolls on interstates, as well as fostering public-private partnerships in transit projects. The plan also proposes streamlining legally required environmental analysis for public projects. Under the plan, regulators would have more latitude in waiving required environmental reviews.