University of Maryland economist Peter Morici, Kaltbaum Capital Management President Gary Kaltbaum and Spotlight Asset Group CIO Shana Sissel discuss investing ahead of Biden’s infrastructure plan.
Amtrak is proposing up to 30 new routes, as well as extensions on up to 20 existing routes and daily trips in 15 more states by 2035 as part of President Biden‘s $2.5 trillion infrastructure plan.
The president is proposing $80 billion to address Amtrak’s backlog repair and modernize the Northeast Corridor (NEC), the line that connects Washington and New York City, as well as Biden’s hometown of Wilmington, Delaware.
“President Biden’s infrastructure plan is what this nation has been waiting for. Amtrak must rebuild and improve the Northeast Corridor and our National Network and expand our service to more of America,” Amtrak CEO Bill Flynn said in a Wednesday statement. “The NEC’s many major tunnels and bridges – most of which are over a century old – must be replaced and upgraded to avoid devastating consequences for our transportation network and the country.”
BIDEN’S $2.5 TRILLION INFRASTRUCTURE PLAN: WHAT’S IN IT?
Amtrack also has “a bold vision to bring energy-efficient, world-class intercity rail service to up to 160 new communities across the nation, as we also invest in our fleet and stations across the U.S.,” Flynn said, adding that the federal investment will create new jobs and “improve equity across cities, regions, and the entire country.”
The passenger railroad service also plans to carry “20 million more passengers than the 35 million served” in the Fiscal Year 2019 and 160 total communities, according to a fact sheet.
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An Amtrak train departs 30th Street Station moving parallel to motor vehicle traffic on Interstate 76 in Philadelphia, Wednesday, March 31, 2021.ridges and other infrastructure that could meet GOP resistance to a hefty price tag. (AP Photo/Matt Rourk
Amtrak plans to bring service to Las Vegas, Nashville, Columbus and Phoenix and expand service in Houston, Atlanta and Cincinnati.
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In its fact sheet, the railroad outlines what it needs “from Congress,” noting that around the world, other governments have provided “significant funding” in order to support “passenger rail.”Increased funding will support “new and improved corridor routes.”
But beyond money, the service also needs what it calls “Fair Access” to freight rail lines to determine “capacity improvements.”
In addition, Amtrak seeks new “enforcement tools” that give its passenger rail service priority over freight “to ensure our riders arrive on time.”
Fox Business’ Megan Henney contributed to this report.