A historical look at infrastructure spending in the US, by the numbers
Moody's Capital Markets Chief Economist John Lonski and Fox News contributor Jonathan Hoenig on the potential government spending on infrastructure.
President Trump and top Democratic Congressional leaders agreed the federal government needs to spend $2 trillion to overhaul U.S. infrastructure, Senate Minority Leader Chuck Schumer, D-N.Y., said on Tuesday.
“We agreed on a number, which was very, very good,” Schumer said. “Two trillion dollars for infrastructure. Originally, we started a little lower. Even the president was eager to push it up to two trillion dollars.”
Twice during his State of the Union addresses, Trump has promised to deliver infrastructure legislation to revitalize U.S. roads and bridges that never came to fruition.
But lawmakers from both side of the aisle have indicated previously a willingness to work together on infrastructure, although Trump’s previous bill was met with roadblocks from both political parties. The earlier bill would likely have required cities and states to fund the majority of regular transit and road projects, according to Politico.
House Speaker Nancy Pelosi said there were no decisions on how to pay for the plan. Members of both parties have been reluctant to pay for improvements by hiking the 18.4 cents per gallon federal gas tax.
Generally, states and local governments are the recipients of the financing because they own more than 90 percent of non-defense public infrastructure assets. And while the federal government does chip in money for the maintenance of that infrastructure, it’s the state and local governments that pay the most, funding about three-fourths of the cost to improve and maintain them.
Here’s a look at historical infrastructure spending in the country -- at both the federal and state and local levels -- by the numbers (compiled from the Congressional Budget Office).
2017
Federal government: $98.4 billion
State and local governments: $342.1 billion
2016
Federal government: $98.9 billion Local government: $349.4 billion
2015
Federal government: $97.4 billion Local government: $349.6 billion
2014
Federal government: $99.7 billion Local government: $333.3 billion
2013
Federal government: $100.7 billion Local government: $326.9 billion
2012
Federal government: $106.8 billionLocal government: $330.9 billion
2011
Federal government: $111.9 billion Local government: $335.4 billion
2010
Federal government: $116.9 billion Local government: $348.2 billion
2009
Federal government: $103.6 billionLocal government: $360.7 billion
CLICK HERE TO GET THE FOX BUSINESS APP