Obama calls for 4-year, $302B Transportation Bill

Proposal includes using $150 billion from corporate tax reform.

President Barack Obama has proposed a four-year, $302 billion transportation funding bill to rebuild and repair America's highways and bridges. The proposal includes using $150 billion in revenue from corporate tax reform.

However, Obama warned that all road and bridge projects are in danger if Congress does not renew the Highway Trust Fund that expires in September.

"We could see construction projects stop in their tracks, machines sitting idle, workers off the job," Obama said during an appearance at a historic train station in St. Paul, Minn.

The proposed highway bill, however, would be half funded by a corporate tax overhaul that congressional leaders have already said is unlikely to pass this year.

Another key announcement was the new round of Transportation Investment Generating Economic Recovery grants worth $600 million.

The Associated General Contractors of America issued this statement:

"It is encouraging to see President Obama pushing for a long-term bill to fund desperately needed highway and transit investments," said Stephen E. Sandherr, AGC chief executive officer. "We look forward to reviewing details about the measure, which recognizes the federal transportation funding shortfalls that threaten to curtail investments in highway and transit projects as early as this summer. The president clearly understands that any new transportation bill must include new sources of revenue to meet the needs of our aging transportation system.

"We expect this proposal will stimulate the debate about the best way to fund the federal program. We are also encouraged that Ways and Means Committee Chairman Camp acknowledges the coming highway trust fund crisis in his tax reform discussion draft. However, the most significant impact of these announcements should be to motivate Congress and the president to fix the Highway Trust Fund before this summer and to enact a new, fully funded, long-term measure before September 30.

"Over the coming weeks, we will continue to push Congress and the president to address funding shortfalls and enact a long-term highway and transit bill. This will include launching a new educational campaign designed to educate members of Congress about the local economic benefits of federal transportation programs. The president's announcement today and the potential for similar sentiments in the Ways and Means proposal will no doubt help move this issue further along."

For more coverage, visit these US Today and The Hill stories.