Obama Wants $50 Billion Invested in Transportation, Villaraigosa Chimes In About 30/10

At a very energetic campaign-like event in Wisconsin on Labor Day, President Barack Obama announced a proposal to bring $50 billion in transportation funding to update the country's infrastructure and create jobs. Specifics were not laid out, but the framework was.

"We’re talking investments in tomorrow that are creating hundreds of thousands of private sector jobs today," said the President. "Over the next six years, we are going to rebuild 150,000 miles of our roads - enough to circle the world six times. We’re going to lay and maintain 4,000 miles of our railways - enough to stretch coast-to-coast. We’re going to restore 150 miles of runways and advance a next generation air-traffic control system to reduce travel time and delays for American travelers - something I think folks across the political spectrum could agree on."

Obama also talked about the national Infrastructure Bank, a concept that could help Los Angeles out someday.

Mayor Antonio Villaraigosa this year has been championing the 30/10 plan, which would condense 30 years of public transit projects -- 12 in all -- into 10 years. The federal government would loan the region billions with a guarantee of being paid back via L.A. County's Measure R sales tax.

"President Obama's plan to improve and build upon our nation's transportation infrastructure is exactly the type of investment our country needs," Villaraigosa said. "The President's plan will put people back in jobs now while building and enhancing roads and railways across the country. This is an innovative vision that will give a much needed boost to the economy and will create a better system in which these critical investments are made.