Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

White House says $110 billion in infrastructure funds released in first 6 months

Published 05/16/2022, 05:02 AM
Updated 05/16/2022, 05:06 AM
© Reuters. FILE PHOTO: Workers prepare a cabling trench at a construction site at Los Angeles International Airport (LAX) in Los Angeles, California, U.S., March 30, 2022. Picture taken March 30, 2022.  REUTERS/Chris Helgren/File Photo

By David Shepardson

WASHINGTON (Reuters) - The White House on Monday said it has released $110 billion in funding from the $1 trillion infrastructure package that seeks to fix crumbling roads, expand broadband internet and improve the electrical grid.

Monday marks the six-month anniversary of President Joe Biden's signing of bipartisan infrastructure legislation. It coincides with the 2022 "Infrastructure Week" that opens Monday https://unitedforinfrastructure.org. Biden's Republican predecessor Donald Trump touted "Infrastructure week" in 2018, but was unable to pass a bill.

"We're hitting the ground running on the projects that are shovel-ready," White House Infrastructure Implementation Coordinator Mitch Landrieu told reporters.

Landrieu said the administration has "pushed $110 billion out of the doors to the states" and made another $100 billion available in opportunities to fund infrastructure projects.

The $110 billion includes funding for over 4,300 specific projects. A couple thousand of those are airport allocations, the White House said.

Landrieu acknowledged some bigger projects will take longer: "Some of them - like major tunnels, major thruways, a lot of the rail projects are going to take a little bit more time ... This is going to be Infrastructure Decade."

The infrastructure bill includes $110 billion for roads, bridges and major projects; $65 billion to expand broadband access and affordability; $66 billion for rail; $55 billion for water infrastructure; $25 billion for airports; $39.2 billion in new transit spending; and $5 billion for electric vehicle charging stations.

On Monday, the Transportation Department opened for applications $1 billion in 2022 grant funding for communities to help address mounting U.S. traffic deaths.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Communities can apply to use "Safe Streets" funds to add roadway safety features like "centerline and shoulder rumble strips" or "traffic calming road design changes ... and making strategic use of speed safety cameras," the Transportation Department said Monday in a briefing document.

The National Highway Traffic Safety Administration (NHTSA) said in February U.S. traffic deaths rose 12% in the first nine months of 2021 to 31,720 - the highest number killed on American roads in that period since 2006. NHTSA plans to release full-year preliminary 2021 data this week.

"We face a national crisis of fatalities and serious injuries on our roadways, and these tragedies are preventable - so as a nation we must work urgently and collaboratively to save lives," said Transportation Secretary Pete Buttigieg.

Latest comments

Ok, so the above totals about 20% of the total allocations authorized by the bill. Where has the other money gone? This is not an infrastructure bill, it is a blue-state bail out, that's where most of the money went. How about telling the whole story?
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.