Obama asks Congress to pass $21 billion bill for infrastructure improvements

Updated Apr 3, 2013

On Friday, President Barack Obama proposed a $21 billion package of improvements for the country’s infrastructure, reports our sister site Better Roads.

The plan is to be part of the President’s budget April 10th and includes $10 billion for an infrastructure bank that would bring together public and private funding.

Also part of the plan is a $4 billion investment program that would help support the Transportation Infrastructure Finance and Innovation Act. TIFIA is a program intended to leverage private and nonfederal funding for regional and national projects through loans, loan guarantees and lines of credit.

Also included is a set of $7 billion in tax incentives to support state and municipal bonds for projects, including a measure to remove penalties on foreign investment in United States real estate and infrastructure projects.