Obama seeks $300 billion for roads, railways

February 26, 2014
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President Barack Obama waves as he boards Air Force One at Andrews Air Force Base, Md., Wednesday, Feb. 26, 2014, en route to St. Paul, Minn. In Minnesota he is expected to speak at Union Depot rail and bus station with a proposal asking Congress for $300 billion to update the nation's roads and railways, and about a competition to encourage investments to create jobs and restore infrastructure as part of the President’s Year of Action. (AP Photo/Jacquelyn Martin)

ST. PAUL, Minn. (AP) — President Barack Obama says spending $300 billion to upgrade roads and railways is a worthy investment that will attract businesses and put people to work.

Obama outlined his transportation proposal Wednesday while visiting a light rail and bus station in St. Paul. The proposal will be in the budget he sends to Congress next week.

Obama wants Congress to provide $302 billion for the federal trust fund that pays for surface transportation projects, such as rebuilding roads and bridges.

Funding is set to expire later this year if Congress doesn't pass legislation in time.

Half of the money would come from overhauling the corporate tax system.

Obama also announced a $600 million competition for federal grants to help local governments pay for road and bridge-building projects.