Biden announces $53 billion high-speed rail plan

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Washington (CNN) — The Obama administration is proposing to spend $53 billion over the next six years to help promote the construction of a national high-speed, intercity passenger rail network, Vice President Joe Biden announced Tuesday.

The proposal represents a significant expansion of the $10.5 billion already spent on high-speed rail expansion since Obama entered office, including $8 billion in the 2009 economic stimulus package.

White House Press Secretary Robert Gibbs told reporters potential funding sources for the plan will be outlined in the president’s proposed budget, which is scheduled to be released next week.

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