Biden Administration

The ASCE in a report analyzing future infrastructure needs says it will take a mix of public and private funds to narrow the funding gap.

The nation's 3,300 airports face $151 billion in infrastructure needs over the next five years, according to the 2023 U.S. Airport Infrastructure Needs Report.

The approval clears the way for groundbreaking on a bridge that the two states have been trying to replace for 12 years.

"One big challenge is the amount of advocates that we've had in Congress that will be retiring or no longer running for re-election," said SIFMA's Leslie Norwood.

The loan, which features a 2.5% interest rate, will finance nearly half of a community building in downtown Mount Vernon, Washington.

Sen. Joe Manchin, D-W.Va., has already pledged to try to overturn the rule in Congress.

Subcommittee Chair Rep. Steve Womack, R-Ark., asked Buttigieg if the $20 billion of federal commitments for transit projects over the next decade "might create a check we can't cash."

As space becomes an increasingly important frontier for development and competition, spaceports should enjoy the same financial benefits as airports and seaports, say supporters of the federal legislation.

The company expects construction to take four years, with operations beginning in summer of 2028 ahead of the Los Angeles Olympics.

"We believe in this," Transportation Secretary Pete Buttigieg said.