WASHINGTON (AP) — President Obama on Wednesday is asking Congress for $300 billion to update the nation's roads and railways -- something that is typically funded by gasoline taxes, but neither wants to raise the cost at the pump.
The Highway Trust Fund finances federal highway and transit programs, but it is forecast to go broke as early as August. The fund needs $100 billion over the next six years just to maintain current spending levels. But Obama and Congress don't want to raise gas taxes to make up the gap.
Obama is proposing that half the $302 billion he's proposing come from an overhaul of corporate taxes, but he said he's open to other ideas.
He also plans to announce a $600 million competition for federal grants to fund infrastructure projects that create jobs.
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