Democratic presidential candidate Michael Bloomberg on Wednesday unveiled a sweeping, $1 trillion plan to overhaul the country’s infrastructure system over the next decade, pledging to repair 240,000 miles of roads and 16,000 bridges by 2025.
“The plan I'm releasing today will transform the way we build in America, allowing projects to be built faster, and with more accountability for completing them on-time,” Bloomberg said in a statement. “And I will give mayors and other local leaders the authority and resources to take on the most important projects – and complete them, on-time and on-budget.”
Bloomberg’s plan calls for allocating $850 billion over 10 years to invest in roads, bridges, dams and other infrastructure. It would also establish a $1 billion annual “pothole” fund for emergency repairs and $100 billion to ensure clean drinking water in vulnerable communities.
The former New York City mayor vowed to triple the annual federal investment in public transit and bike and pedestrian infrastructure, and build a high-speed rail corridor by 2025, and three by 2030. He would also focus on airports, as well as expanding broadband.
The plan would also create a Climate Resilience Finance Corporation with $100 billion annually in Treasury credit authority to provide loans, loan guarantees and grants to states, cities and the private sector that undertake an initiative to build out and upgrade the building, transportation and grid infrastructure to make them more green.