WASHINGTON, Feb 1 (Reuters) - The Obama administration on Monday proposed $4 billion to capitalize an infrastructure bank that would help finance priority transport, water, communications, and other big-ticket construction projects.
The budget plan for the next fiscal year also proposes to extend current funding outlays for massive transportation spending until March 2011.
The previous long-term program for spending on road and transit construction expired in 2009. Related projects are currently being funded through short-term budget extensions and billions of dollars in economic stimulus grants.
There has been little congressional interest for establishing a financing arm for infrastructure, which would be structured to attract private investment. But the Obama administration is mounting a new push as it seeks to change the way transportation construction and other projects are prioritized and funded.
Reporting by Lisa Lambert and John Crawley, Editing by Chizu Nomiyama
Our Standards: The Thomson Reuters Trust Principles.