Trump’s Trillion-Dollar Plan
Trump’s $1 trillion for infrastructure to spur the economy
● Donald Trump’s administration has prepared a proposal involving 1 trillion dollars headed by the Department of Transportation. This push to bring the economy back to life would reserve most of the money for traditional infrastructure work, like roads and bridges, but would also set aside funds for 5G wireless infrastructure and rural broadband.
● Prior, existing infrastructure U.S. funding law is supposed to be renewed Sept. 30 with the administration seeking to use this law as a vehicle for pushing the package.
● The draft plan is emerging as lawmakers from both parties and Trump debate the timing and scope of more stimulus for a U.S. economy plunged into a recession by nationwide lock-downs needed to halt the spread of coronavirus, says Jenny Leonard.
● On the other end of the spectrum, house democrats have proposed their own bill consisting of $500 billion dollars for infrastructure renewal over 5 years.
● As Trump trails Democrat Joe Biden in most national polls, the White House has explored ways to shift the next round of federal virus aid from personal financial support to growth-fostering initiatives, such as infrastructure spending.
● Mary C. Daly, president of the Federal Reserve Bank of San Francisco, called for public-works spending on infrastructure, including projects that could help low-income people due to the high potential of infrastructure spending to produce growth.
Reporter: Rahul Kurien