US President Donald Trump and leaders of the Democratic political party have agreed to spend US$2 trillion on infrastructure such as roads, highways, bridges, air travel and internet connectivity in the country.
However, it was not agreed how the infrastructure investments would be paid for.
Substantial infrastructure investment is required in the US, with the American Society of Civil Engineers estimating that the country needs to spend close to US$5 trillion by 2025 to cover basic infrastructure needs.
Stephen E. Sandherr, chief executive officer of the Associated General Contractors of America, said, “The fact President Trump and Democratic Congressional leaders agree to enact a much-needed new infrastructure measure underscores just how vital these investments are to the country’s continued prosperity and global competitiveness.
“Congress and the administration need to act quickly to convert this bipartisan agreement into a comprehensive infrastructure measure that will fund significant upgrades to our aging and over-burdened infrastructure.”
In February of 2018 the White House released a 55-page legislative outline in which they proposed that US$200 billion from the federal government was spent on roads, ports, airports and highways. The document stated that this would stimulate another US$1.3 trillion from individual US States and the private sector. However, nothing came of the proposal.