President Unveils New Stimulus Plan on Labor Day

President Unveils New Stimulus Plan on Labor Day

President Unveils New Stimulus Plan on Labor Day

On Labor Day, President Barak Obama revealed his new economic stimulus package, and the primary focus was rebuilding the lagging American infrastructure.  The administration is proposing what amounts to a $50 billion stimulus to build and repair infrastructure around the country.  The President gave his speech while attending a Labor Day event in Milwaukee.

President Obama explained that the new stimulus would be used to build new roads, railways, runways, and broadband internet systems.  As he spoke to the crowd that gathered, the President said that for the first time in a long time the construction industry actually grew last month.  He wants to be able to capitalize on that growth by infusing the market with the resources needed to fund new projects that will not only put many construction workers back to work, but also improve the American infrastructure.

He said that he would work hard with Congress to make sure the new stimulus plan is paid for and will not add to the deficit.  The President said his plan involved the rebuilding of nearly 150,000 miles of road, putting down 4,000 new miles of railways, and restoring miles of runways.  He also discussed the implementation of a new high-tech air traffic control system that would help reduce the time it takes for Americans to travel.

The President is also asking Congress for $100 billion for a permanent research and development tax credit, as well as $200 billion so that companies can deduct the cost of capital investments to their business next year.


Log in