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Trump to Unveil $1.5 Trillion Infrastructure Plan
U.S. President Donald Trump on Monday is set to unveil his long-awaited plan to tackle the nation's crumbling infrastructure.
The plan aims to turn $200 billion in federal funds into a $1.5 trillion investment for fixing America's roads, bridges, railways and other infrastructure.
The proposal relies heavily on state and local governments and the private sector to cover the costs for most of the projects.
The $200 billion federal funds would come from cuts to existing programs. Of that, half would be spent on an incentive program to match funds from state and local governments.
About $50 billion would go toward rural projects in the form of block grants to states. Another $20 billion would be allocated to "transformative programs" meant for new and innovative projects.
An additional $20 billion would go toward expanding loan programs and private activity bonds, and the final $10 billion would go into a "capital financing fund."
The plan also seeks to shorten the time and expense of getting federal permits to no more than two years. Currently, the process can take five to 10 years.
On Monday, Trump will meet with key members of Congress, including heads of relevant committees, to discuss the plan.