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Obama to Raise Infrastructure Spending

President Obama called for $50 billion in spending on roads, rail, and airports when he announced a new package to boost the flagging economy on Monday in Milwaukee. More money will be spent over six years on infrastructure, and the total cost hasn’t been determined, but the $50 billion is a large chunk. The president wants to see 4,000 miles of railways maintained and built for coast-to-coast travel, plus rebuilding 150,000 miles of roads and bettering 150 miles of runway at airports. This plan focuses on long-term growth instead of short-term job gains, and is aimed at boosting the economy—or voters’ attitudes about the economy—for the midterm elections. On Wednesday, Obama is also proposing a new $100 billion tax credit for businesses that would permanently boost credits for research and development for companies that create new technology that's produced stateside, keeping jobs in the U.S.

September 6, 2010 3:57 AM