President Donald Trump speaks to the media during a meeting with congressional leadership in the Roosevelt Room at the White House on November 28, 2017 in Washington, DC.
The White House will move forward with a massive infrastructure program in 2018, after failing to enact such a measure in President Donald Trump’s first year in office, according to officials.
Observers expect a proposal involving $200 billion in federal spending that is designed to spur as much as $800 billion in state, Local and private sector spending.
White House officials said the details of the proposal could be released before Trump’s State of the Union address. “We plan to have principles for the Hill in January,” an official told CNBC on Thursday.
A promised revamp of roads, bridges and airports figured prominently in Trump’s presidential campaign.
Under a unified Republican government this year, infrastructure has so far taken a backseat to efforts to repeal the Affordable Care Act and overhaul the American tax code. Democrats have cited infrastructure as an area in which they could potentially work with Trump.
It is unclear whether congressional Republicans would support the public funding needed for Trump’s plan. They are also on the verge of passing a tax plan which would add an estimated $1 trillion or more to federal budget deficits over a decade.
House Speaker Paul Ryan and other congressional leaders have signaled they want to first turn their attention to entitlement reform next year after approving a tax bill before the end of this year.
Building materials stocks Martin Marietta Materials, Vulcan Materials and Eagle Materials all rose after an initial Bloomberg report about the infrastructure push.
Source : CNBC