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Obama Touts Infrastructure Investment

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10/12/2010 11:00:00 AM

President Obama called on federal lawmakers to back his initiative to spend $50 billion to modernize the country’s infrastructure and help reduce unemployment, the Washington Post reported Tuesday.

The funding would be generated by eliminating some oil and gas company tax benefits. The president last month first pushed his plan for a one-time $50 billion federal investment and the creation of an “infrastructure bank.� (Click here for previous story.)

Obama’s statement Monday capped a series of White House activities intended to highlight his infrastructure initiative as the White House attempts to address unemployment in advance of next month’s congressional elections, the Post reported.

The Treasury Department and Council of Economic Advisers released a report on Monday concluding that now is an “optimal time� to invest in public works projects, not only because of the high jobless rate but also because of low prices in the construction sector, the Post reported.

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