U.S: Development program worth of $50 billion

U.S. President, Barack Obama unveiled a plan to grant 50 billion U.S. dollars in infrastructure such as roads, airports and train stations in the hope of creating jobs, two months before Congress elections. Obama went to Milwaukee (northern U.S.) to announce the development program while his Democratic partners campaigning for the Congress elections.

“This new program will not only create jobs directly but will organize our economy better in the long term”, Obama stated during a union assembly on the occasion of Labour Day, which marks the start of the campaign.

Democrats’ party is in free fall according to polls and this can have as a result to suffer big losses in the elections on 2nd November where one third of the Senate will renewed as well as the total number of Congressmen in the House of Representatives.

The program will have a six year duration and involves the construction and renovation of roads (240000 km), rail lines (6400 km) and 240 km of airport runways. Obama also stated that for better coordination in the funding the programs an “infrastructure bank” will be created.

The U.S. economy remains in recession, with an unemployment rate of 9.6%, according to official figures released last week. However, the 50 billion U.S. dollars program must firstly be approved by Congress. “We would try to approve the program as early as possible”, said Obama. The American president also said he will work with Congress to ensure that the development program will be financed without a further increase in the deficit.