President Donald Trump and his advisers are promising to invest more than $500 billion in new housing and infrastructure investments, according to a new report.
The President has already set aside nearly $200 billion in additional funds for the 2020 fiscal year, but a key provision of the plan calls for additional spending of $500 million on new projects.
In addition, the administration is expected to invest $2.5 billion in a new housing investment program that would make available up to $2 billion in tax credits to new homebuyers, the report said.
“The President has said repeatedly that he will invest more in housing than we have ever invested in any other country,” White House budget director Mick Mulvaney told reporters Wednesday.
“And that means that we will invest in housing that will create jobs and that will help to rebuild our economy, but also will also give us the economic benefits to do that.”
The report, obtained by Politico, comes after the administration announced plans in March to spend $2 trillion over 10 years on infrastructure.
The report was written by a White House official, who said it was not an assessment of the actual amount of the money allocated for infrastructure spending.
Trump also is expected soon to announce an additional $3 trillion in stimulus spending, which the White House has called “a major win for our economy.”