WASHINGTON, Sept 6 U.S. President Barack Obama
will announce on Monday a six-year infrastructure revamp plan
with an initial investment of $50 billion to jump-start job
creation, a white house official said.
Obama is committed to working with the U.S. Congress to
fully fund the program, which also includes a proposed
infrastructure bank to leverage private capital, the official
Obama is to make the announcement in Milwaukee, where he
will make a speech to a labor rally on Monday, the Labor Day
holiday that marks the informal start of the election campaign
With a jobless rate near 10 percent, Democrats are facing
predicted losses in the Nov. 2 congressional elections and the
Obama administration is trying to convince voters that
Democratic policies can lead the way out of the country's
deepest recession in 70 years.
The White House official said the proposed program will
include building or rehabilitating roads, railways and
The proposed infrastructure bank "would leverage private
and state and local capital to invest in projects that are most
critical to our economic progress," a different approach to
infrastructure than the traditional way in which allocations
are made more by geography and politics, the official said.
(Reporting by Ross Colvin; editing by Mohammad Zargham)