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UPDATE 1-Obama to announce $50 bln infrastructure job plan

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WASHINGTON, Sept 6 (Reuters) - 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 said.

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 season.

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 runways.

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)