Obama to use $1 trillion in new tax revenue to fund infrastructure

President Barack Obama is expected to announce the creation of an emergency fund for transportation projects during his first major policy speech in his second term, the White House announced Friday.

Obama’s $1.2 trillion transportation plan, which will also include a $500 million grant to communities that improve roadways and bridges, will be the largest in U.S. history.

The plan will be announced during an Oval Office ceremony, and the White Senate Office of Management and Budget (OMB) is expected later in the day.

The OMB is expected in a statement to say that the White, House and Treasury departments will issue a statement outlining the details of the new fund in the coming days.

The $1 billion fund will be administered through the Transportation Infrastructure Finance and Innovation Act, which Congress passed in the aftermath of the deadly 2008 financial crisis.

The bill requires transportation funding to be paid out of the existing Highway Trust Fund, which is set to run out at the end of December.

Obama has repeatedly pledged to increase funding to transportation projects, but the timing and the amount of the money were never clear.

Obama’s transportation plan calls for an infusion of $2.5 trillion over 10 years, including a $2 trillion infusion from a supplemental highway bill that would be used to fund construction and repairs to existing infrastructure, as well as new infrastructure projects that help improve the nation’s roads, bridges and transit networks.

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