MIAMI-President Barack Obama in a visit to the Port of Miami on Friday touted his proposals to foster further private investment for major infrastructure projects in the United States.

Obama praised the port tunnel project being built under Biscayne Bay as a project where the federal, state and local governments, as well as the private sector, are working together to create much needed construction jobs and grow the economy. The President, after a tour of the project, highlighted a number of his infrastructure spending proposals that are part of his Partnership to Rebuild America,” according to the Miami Herald.

The president is calling for raising the caps on certain state and local bonds to lower project financing costs and making the bonds available to more types of projects; exempting foreign pension funds from taxes when they want to invest in U.S. infrastructure, and spending an additional $4 billion for two programs that provide loans and grants to infrastructure projects.

In last month's State of the Union address, Obama proposed spending $40 billion to fix the nation's roads and bridges and also called for the establishment of a federal infrastructure bank. See story in the Miami Herald.

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President Obama Touts Infrastructure Plan at Port of Miami Event

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