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WASHINGTON — President Barack Obama’s new jobs bill contains $4 billion for high-speed rail grants and $2 billion to repair and refurbish Amtrak’s assets in the Northeast Corridor.

Obama unveiled the specifics of his $447 billion plan Monday.

“This is a bill that is based on ideas from both Democrats and Republicans,” Obama said at a White House ceremony. “And this is the bill that Congress needs to pass. No games. No politics. No delays.”

The Northeast Corridor is the only high-speed rail route in the U.S.

Last week, a House Appropriations subcommittee passed a bill that would eliminate all high-speed rail funding and cut Amtrak’s yearly federal subsidy by $358 million.

The subcommittee, which includes no members from the Northeast, also proposed slashing transit spending and increasing spending on highway and bridge projects. That bill awaits a vote by the full Appropriations Committee.

Obama’s jobs plan also urges Congress to create a federally owned bank to provide loans and make loan guarantees for regional and national transportation projects.

House Republicans have rejected the idea.

Obama has stressed high-speed rail in the past but Republicans remain skeptical.

As part of his initial economic stimulus bill in 2009, Obama included $8 billion for high- and regular-speed rail, calling it an important transportation alternative in congested areas like the Northeast.

Obama’s jobs bill also seeks:

? $27 billion for surface transportation.

? $3 billion for transit projects.

? $1 billion for the Federal Aviation Administration.

? $2 billion for airport development projects.

Article source: http://feeds.stateline.org/~r/StatelineorgRss-Transportation/~3/T3UOwibIPDo/Obama-s-jobs-plan-contains-4-billion-high-speed-rail