US President Trump and his administration are working on a tentative infrastucture investment plan with an estimated budget of $1 trillion, Kallanish reports.
According to anonymous sources close to the administration, a preliminary version of the plan is currently being prepared by the US Department of Transportation. This version of the plan would reserve most of the allocated money for conventional infrastructure works, like roads and bridges. However, this plan also includes technological investment spending, including 5G infrastructure and rural broadband.
The tentative proposal comes as bipartisan support for infrastructure investment continues to grow. Back in March, at the height of the Covid-19 pandemic, both President Trump and US House of Representatives Speaker Nancy Pelosi floated potential infrastucture bills as a way to curb the economic downturn caused by the virus and to spur job growth as shelter-in-place orders were put into effect. Prior to these talks, House Democrats unveiled a $760 billion five-year infrastructure plan in January.
Currently, the FAST Act of 2015, an existing US infrastructure funding law, is up for renewal by the end of September. Sources say that the administration intends to use the renewal procedure for the FAST Act to push for a broader package.