US legislators have upgraded their proposals for a US infrastructure funding program from $275bn to $299bn. This proposal appears to have the backing of the Bush administration. Senate negotiators offered to cap spending at $301bn. Previously the Senate had passed a bill that proposed spending of $318bn. Deutsche Bank notes that while it is unfortunate that the narrow gap in funding could not be breached before the Senate goes into summer recess, it appears we are getting closer to a final agreement. A $299bn program would represent an 17 per cent increase over the administration’s initial proposal of $256bn and a 37 per cent increase on the previous six year spending program TEA 21.
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