Reuters: Obama budget has $5 billion for infrastructure bank
U.S. President Barack Obama called for the creation of a National Infrastructure Bank in his budget released on Thursday, saying it would "expand and enhance existing federal infrastructure investments." "The mission of this entity will be to not only provide direct federal investment but also to help foster coordination through state, municipal and private co-investment in our nation's most challenging infrastructure needs," according to budget documents. The budget, which must be approved by Congress, requests $5 billion (3.5 billion pounds) for the bank in fiscal year 2010 which starts October 1, and anticipates that it will receive $25.2 billion from then through 2019.
By failing to invest in our vital transportation systems by 2020, businesses would pay an extra $430 billion in transportation costs, household incomes would fall by $7,000 and U.S. exports would fall by $28 billion.