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Obama promotes infrastructure plan at Miami port Obama promotes infrastructure plan at Miami port
(35 minutes later)
US President Barack Obama is appealing for private funds for infrastructure projects, in a bid to create jobs.US President Barack Obama is appealing for private funds for infrastructure projects, in a bid to create jobs.
On Friday, Mr Obama will outline his plans at Port Miami, which is undergoing a $2bn (£1.3bn) upgrade.On Friday, Mr Obama will outline his plans at Port Miami, which is undergoing a $2bn (£1.3bn) upgrade.
He is expected to announce $4bn in loans and grants for infrastructure projects, officials said.He is expected to announce $4bn in loans and grants for infrastructure projects, officials said.
His administration will propose tax breaks for foreign pension funds that invest in US infrastructure, and other incentives, the White House said.His administration will propose tax breaks for foreign pension funds that invest in US infrastructure, and other incentives, the White House said.
Mr Obama is also expected to repeat his call for a $10bn "infrastructure bank" - a proposal he made during his first term that was never acted upon.Mr Obama is also expected to repeat his call for a $10bn "infrastructure bank" - a proposal he made during his first term that was never acted upon.
The upgrades at Port Miami are being funded by taxpayers as well as private investors.The upgrades at Port Miami are being funded by taxpayers as well as private investors.
The president discussed private-sector infrastructure investment in his State of the Union speech in February.The president discussed private-sector infrastructure investment in his State of the Union speech in February.
At the time he called for programme that would put $40bn toward urgent infrastructure repairs. At the time he called for programmes that would put $40bn toward urgent infrastructure repairs.
The turn toward private funding is driven in part by Republican opposition to increased government spending, analysts say. White House officials say infrastructure spending is one part of the president's plan to fuel the US economic recovery.
A senior Obama administration official said the proposals, which would need to be approved by Congress, would not add to the federal budget deficit. But the turn toward private funding is driven in part by Republican opposition to increased government spending, analysts say.
A senior Obama administration official said the proposals, which would need Congressional approval, would not add to the federal budget deficit.
In a conference call with reporters on Friday, the official said details would be spelled out in the president's budget, expected to be released on 10 April.In a conference call with reporters on Friday, the official said details would be spelled out in the president's budget, expected to be released on 10 April.