Obama proposes $21 billion infrastructure bill

On Friday, President Obama requested lawmakers approve a $21 billion package to improve the United States’ infrastructure, The Hill reported.

The proposed package consists of $10 billion for an infrastructure bank, $4 billion for an investment program and $7 billion for state and municipal bonds. The funding for the projects proposed in the bill would come from both public and private investments.

Among the president’s suggestions was the creation of an infrastructure bank to help fund major projects. White House officials has asked Congress to allocate $10 billion for this program.

Obama also unveiled a $4 billion investment program, which will help support the Transportation Infrastructure Finance and Innovation Act (TIFIA), a program intended to leverage private and nonfederal funding for projects of regional or national significance through loans, loan guarantees and lines of credit.

Obama requested 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.

The plan will be included in the president’s budget on April 10.