President Donald Trump plans to unveil details of his long-awaited plan to generate at least $1.5 trillion in infrastructure improvements over 10 years next Monday, February 12, according to a White House official and reported by CNBC.
Speaking anonymously, that official said Trump will issue “infrastructure principles” which will outline a plan to boost infrastructure and call for cutting regulatory burdens to speed approval for new projects.
Reuters is reporting that the plan will call for $200 billion in new federal funding, offset by unspecified spending cuts, including $100 billion in cost-sharing payments for state and local projects and $50 billion dedicated for rural projects. The remaining $50 billion will reportedly be split among “transformative” projects such as high-speed trains and funds for federal transportation lending projects.
Last month, White House official D.J. Gribbin confirmed the administration will not seek new revenue to pay for infrastructure, but rather seek to pay for it with spending cuts and Trump last week called on Congress “to produce a bill that generates at least $1.5 trillion for the new infrastructure investment we need.”
The proposal will also allegedly streamline environmental reviews and make it easier to build highways and other projects and allow for new tolling on roadways.
A leaked document released last month, which an administration official confirmed was “largely accurate,” disclosed the administration plans to reduce federal cost-sharing for projects to no more than 20 percent of the costs from the traditional 80 percent share.