Trump’s $6 billion infrastructure plan may not have the money to pay for it
President Donald Trump’s administration is mulling a plan to use money from the federal government’s $600 billion infrastructure bank to pay the bills of private contractors who have built or are building roads, bridges, airports, railways and other infrastructure.
The plan is being discussed by the president’s chief economic adviser Gary Cohn and the secretary of commerce, Wilbur Ross.
The proposals come after Mr. Trump won re-election in November by a landslide.
They come after a month in which the president has been criticized for spending a lot of money to build and maintain a series of infrastructure projects.
Mr. Cohn and Mr. Ross have said the bank could provide financing for infrastructure projects that would otherwise be built by private firms, rather than the government.
A spokeswoman for Mr. White House said the plans would not include money for new infrastructure spending, and that it would be funded through a mix of tax cuts and spending cuts.
“This is an important, important idea,” spokeswoman Catherine Frazier said.
“We’re still working out the details, but the president is committed to getting it done.”
The proposal would also require private companies to contribute a minimum of 25 percent of their construction costs to the bank.
That would include a provision that allows private companies, including those that are not public corporations, to contribute as much as 50 percent of the cost of projects.
Private contractors would have to pay taxes on the revenue generated by the bank and make annual payments to the Treasury.
The bank’s current balance is $3.6 billion, and it is unclear whether any of the funds could be used to pay construction or maintenance costs.
The White House also is reviewing the impact of a potential change in the tax code that would make it more difficult for companies to claim deductions on their payroll taxes.
“I’m not going to get into the details,” Ms. Frazier said, referring to how the bank might be used.
“But the president wants to get this done.”
Ms. Ross, Mr. Mnuchin and Mr., Commerce Secretary Wilbur “Wilbur Ross” Ross are among those who are participating in discussions about using the $600bn bank’s money to finance infrastructure.
They have been invited to participate in meetings and to present proposals for the bank, a Treasury official said.
The president has said the private sector is better suited to finance his infrastructure initiatives than the federal and state governments.
In recent weeks, Mr., Mr. President and Mr.’s staff have been discussing the idea of using the money from infrastructure bank funds to pay off the nation’s debt.
In a letter sent on Wednesday, the president called the proposal a “positive step forward,” but he also said he wants to “work with Congress to make sure that we get the most bang for the buck.”
The WhiteHouse has said that Mr. Congress would be asked to approve the use of the money for infrastructure spending.
“The president believes that private enterprise can provide the money,” Mr. Frazier wrote.
The proposal was first floated last month, but it was not until Friday that the Trump administration formally announced it as a plan.
The administration has been trying to figure out how to fund Mr. Mr.’ infrastructure plan, including the possibility of borrowing from the bank for future infrastructure projects and possibly paying off the bank’s debt with interest.
“In this case, we don’t have a plan yet,” Ms.’
Frazier said of the proposal.
“So, we’re going to continue to explore this.
And we are certainly looking at ways to do that.”
The Trump administration has also been exploring a plan that would allow the bank to provide loan guarantees for infrastructure.
Ms. Flynn and Mr, Trump have met several times in recent weeks with Mr. , the Treasury secretary, and the president.
Ms., Frazier said in a statement, “We are in constant dialogue with the White House, the Treasury Department, the Office of Management and Budget and the White Houses National Economic Council to ensure that the President has the tools to implement the infrastructure plan.”
Ms., Ross also met with Mr., the president on Friday.
The meetings were not part of any formal White House discussions, and Ms.
Ross did not return a call seeking comment.
Mr., Ross is the former head of the International Monetary Fund and has been a vocal critic of Mr.
He is also an outspoken critic of the president and his administration.
In an interview last year with The Wall St. Journal, Mr, Mr.’
Mr., and Mr , the president said Mr.
Ross and his colleagues have been trying for years to get rid of Mr., but that the WhiteHouse was “too powerful.”
“We can’t just go out there and get rid off a billionaire and then go back in and get a billion dollars,” Mr., said.
Mr, Ross has also criticized the president for “bowing down to the power of Wall Street.”
“It’s time for the president to get out of the Whitehouse,” Mr, said.