Obama Proposes Infrastructure Spending

President implores Congress to fund projects to repair and rebuild.
4:19 | 01/24/12

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Transcript for Obama Proposes Infrastructure Spending
We can also spur energy animation would -- -- cents. The differences in this chamber may be too deep right now to pass a comprehensive plan to flight climate change. But there's no reason why congress shouldn't at least set a clean energy standard. That creates -- market for innovation. So far you have met. Well tonight I will. I'm directing my administration to allow the development of clean energy on enough public planned to power three million -- And I'm proud to announce that the Department of Defense. Working. -- us the world's largest consumer -- Will make one of the largest commitments to clean energy in history. When the may be purchasing enough capacity to power a portable million homes a year. Of course. This -- way to save money. Is to waste less energy. So here's -- proposal. Help manufacturers eliminate energy weighs in their factories. And give businesses incentives to upgrade their buildings. Their energy bills won't be a hundred billion dollars lower over the next decade. And America we'll have less pollution. More manufacturing. More jobs for construction workers who need. Send me a bill that creates these jobs. Building this new energy future shouldn't be just one part. Of a broader agenda to repair America's infrastructure. So much of America needs to be rebuilt. We've got crumbling roads and bridges. -- power grid that wastes too much energy. -- -- complete high speed broadband network that prevents a small business owner in rural America from selling her products all over the world. During the Great Depression America built the Hoover day. And the Golden Gate Bridge. After World War II we come back to our states. With a system of violence. Democratic and Republican administrations invested in great projects that benefit and everybody. From the workers who -- them to the businesses that still use them today. In the next few weeks I will sign an executive order clearing away the red tape that slows down too many construction projects. -- you need to -- these projects. Take the money were no longer spending at war. Use half of it to pay down our debt and use the -- to do some nation building. Right here at home. There's never been a better time to build. Especially -- the construction industry was one of the hardest hit. When the housing bubble burst. The -- of course construction workers weren't the only ones were work. So were millions of innocent Americans who've seen their home values decline. And while government can't fix the problem. On its own. Responsible homeowners shouldn't have to sit and wait for the housing market to hit bottom to get some relief. And that's why I'm sending this congress a plan that gives every responsible homeowners the chance to save about. 3000 dollars a year on their mortgage by refinancing at historically low rates. No more -- take no more run around from the banks. A small fee on the largest financial institutions will ensure that -- won't add to the deficit and will give. Those banks that were rescued by taxpayers a chance to repay a deficit of trust. It.

This transcript has been automatically generated and may not be 100% accurate.

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