Obama says ‘crumbling’ transport infrastructure hinders growth of economy

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President Barack Obama proposed a $50 billion transportation spending program that he said would boost jobs in the construction, manufacturing and retail industries and help rebuild the nation’s infrastructure.

“Crumbling” roads, bridges, airports and rail lines are hindering U.S. economic growth, Obama said after meeting with members of his Cabinet, former transportation secretaries, as well as governors and mayors from around the country.

Obama’s remarks, promoting his infrastructure spending plan announced last month, came the week after New Jersey Governor Chris Christie canceled construction of a commuter-rail tunnel link to New York, citing cost overruns on the $8.7 billion project.

Full Story: Obama Says `Crumbling’ Transport Infrastructure Hinders Growth of Economy – Bloomberg