By David B. FahrentholdPublished August 21, 2018 11:17:05President Donald Trump is set to unveil a sweeping plan to modernize the U.S. transportation system this week that includes billions of dollars in tax cuts, according to multiple people familiar with the plan.
The plan is to transform the nation’s rail, trucking and bus systems into high-speed rail, high-capacity air traffic control, electric and natural gas pipelines and high-tech freight-processing hubs, the people said.
The plan would save about $1 trillion over 10 years, according in part to the people, who spoke on the condition of anonymity because the plan is still being crafted.
Trump is expected to announce the proposal in a speech Wednesday at the White House.
It will likely be the biggest infrastructure package the president has announced in the months since he took office, according and other sources.
Trump has been vocal about his desire to revive American manufacturing.
In December, he proposed spending $2 trillion over a decade to modernizing America’s roads, bridges and airports, as well as to creating hundreds of thousands of jobs, many in the auto industry.
The Trump administration has said the plans would boost economic growth, reduce the number of uninsured people and create hundreds of billions of new private sector jobs.
Trump’s plan would cost the government about $7 billion per year, and a report by the Government Accountability Office this month estimated that the plan would generate about $4 trillion over the next decade.
The people said the plan was still being drafted.
It is likely to include a number of incentives, some of which could be phased in over time, they said.
A key point in the plan: Trump wants to make sure the infrastructure program doesn’t slow the economy.
The people said Trump wants the federal government to get more involved in the process of acquiring new infrastructure.
Trump, a New York real estate developer who took office in January, has been trying to get his vision of infrastructure and jobs implemented by 2020.
Trump has long argued that the country has to build its infrastructure and invest in manufacturing to create more jobs, rather than spending billions on a national infrastructure plan and then having it fail.
The U.s. has spent about $20 trillion on infrastructure, including $5.7 trillion on roads, highways and bridges.
The infrastructure plan, if enacted, would be the largest infrastructure package in U. S. history, according the report by GAO.
Trump’s infrastructure plan would spend about $8 trillion, according GAO estimates.
Trump was scheduled to meet with a bipartisan group of senators on Wednesday to discuss the plan, which would be unveiled at the Federal Railroad Administration’s headquarters in Washington.
It has not been announced when the White Senate will convene to vote on the plan and whether the Senate will take up the measure.