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President Trump calls on lawmakers to pass a $1.5 trillion bill for infrastructure renewal

President Trump addressed U.S. Congress yesterday urging it to pass a bill to approve $1.5 trillion at the minimum for infrastructure.

Trump didn’t provide clues to the spending plan in his State of the Union speech, as the amount of federal funds in the projected sum, but he mentioned that U.S. dilapidating infrastructure needs support.

Instead of raising immensely federal spending, each federal dollar need to be taken advantage of through cooperation with state and municipal governments and possibly engaging private investment, he said.

Analysts of McKinsey & Company claim that in order to close all of the infrastructure problems $150 bln a year will be needed till 2030, or $1.8 trillion altogether.

A lobby group and an interested party in infrastructure spending, the American Society of Civil Engineers, gives the estimate of $2 trillion for 10 years.

Donald Trump highlighted that any bill should be reducing the approval process, which, as he says, slows down the construction of any infrastructural objects. In his view the process of approval need to be shortened to two or even one year.

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