President Obama announces $50b infrastructure plan – Click above to watch video after the jump

Yesterday, as part of his speech marking Labor Day, President Obama said the following:
So, that's why, Milwaukee, today, I am announcing a new plan for rebuilding and modernizing America's roads and rails and runways for the long term. I want America to have the best infrastructure in the world. We used to have the best infrastructure in the world. We can have it again. We are going to make it happen.
What would the best look like? Infrastructurist summarizes it this way:
Specifically, we're talking about rebuilding 150,000 miles of road, laying and maintaining 4,000 miles of new rail track, restoring 150 miles of runways, and getting NextGen, the modern air-traffic control system, going in our major airports. All of this would cost around $350 million over the next six years or so, and funding would be kick started by $50 billion in initial investment from the feds.
Better roads mean better fuel economy – for example, through better traffic flow – and that means that the "best infrastructure in the world" can play a role in reducing oil addiction. This will be emphasized by the Obama administration's focus on promoting alternatives to private transportation.

Of course, given the politics of the situation, just because the President wants something doesn't mean he'll get it. In fact, the AP wrote:
GOP leaders instantly assailed Obama's proposal as an ineffective one that would simply raise already excessive federal spending. Many congressional Democrats are also likely to be reluctant to boost expenditures and increase federal deficits just weeks before elections that will determine control of Congress. ... That left the plan with low, if not impossible, odds of becoming law this year.
There will be more details released this week. Until then, you can watch the President's speech after the jump (he begins at around 10:30).

[Source: White House, AP, Green Car Congress, Infrastructurist]

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