Obama Budget Would Double Infrastructure Spending

By Liz Hoffman (February 13, 2012, 3:41 PM EST) -- President Barack Obama's 2013 budget, unveiled on Monday, would nearly double federal infrastructure spending over the next six years and open up new sources of funding for high-speed rail, but faces dim prospects in Congress.

Obama proposes $476 billion in new federal spending by 2018 to shore up the nation's roads, bridges and railroads. The plan would be partly funded by savings from the wind-down of the wars in Iraq and Afghanistan, and for the first time would allow gas taxes to go toward improving passenger rail.

Obama also renewed his support for a national infrastructure bank that would leverage private...

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