Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

White House says $185 billion in infrastructure funds released to date

Published 11/04/2022, 12:52 PM
Updated 11/04/2022, 06:01 PM
© Reuters. FILE PHOTO: The "Green Bridge" over the Pemigewasset River, which U.S. President Joe Biden visited to speak about infrastructure projects in November 2021, is limited to one lane of traffic in Woodstock, New Hampshire, U.S., August 25, 2022.  REUTERS/Bria

By David Shepardson

WASHINGTON (Reuters) -The White House on Friday said it has released $185 billion in funding from the $1 trillion infrastructure bill that seeks to fix crumbling roads, expand broadband internet, replace lead pipes and improve the electrical grid.

White House Infrastructure Implementation Coordinator Mitch Landrieu said the administration had already identified 6,200 projects for funding and hired more than 3,000 new federal workers to oversee the massive five-year infrastructure spending law signed by President Joe Biden in November 2021.

"There's a lot of pressure to go fast and to do more," Landrieu told reporters, saying the administration had gotten about one-fifth of the funds in the first year "out the door... I think our pace is pretty good."

The department plans to soon award MEGA, RURAL and Bridge investment large grants after previously announcing $3.7 billion for various projects.

Landrieu said the administration was focused on ensuring the money was properly spent. Biden is "building for the future... because he is intent on changing America and helping build a better America."

Last week, the U.S. Transportation Department (USDOT) awarded $703 million for 41 port infrastructure projects. In September, it awarded $104.7 million to help fund turning a Detroit interstate highway whose construction devastated two historically Black neighborhoods into an urban boulevard.

The infrastructure law includes $110 billion for roads, bridges and major projects; $65 billion to expand high-speed broadband internet 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.

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

"We're just a year in so nobody should have reasonably expected that within a year we were going to spend more money than has ever been spent in the history of the country -- and if we did would have wasted 90% of it," Landrieu said. "We'll let the results speak for itself."

The law funds 375 programs at more than a dozen federal agencies, including more than 125 new programs.

Latest comments

Nice try with that borrowed money. LOL
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.