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Highway Spending

Vice President Joe Biden said investing in the nation’s highways and bridges is a national security issue and Congress should quickly approve spending for new projects.

Biden said Monday the government now spends less than 1 percent of the gross domestic product on infrastructure, down from about 4 percent. Businesses won’t invest if they don’t know they can get raw materials to the factory floor, he said.

“We rank 28th in the world in terms of a modern infrastructure,” Biden said at an event sponsored by Bloomberg in Washington. “There is absolutely no rationale, no reasonable argument against the need for these investments.”

With about 20 days until funding for U.S. highway programs expires, lawmakers are missing a chance to make the kinds of infrastructure investments that could make a difference for the economy, Transportation Secretary Anthony Foxx said.Read More

Source: Jeff Plungis, http://www.bloomberg.com