SUBSCRIBE

CATEGORIES

U.S. passenger railroad Amtrak asks Congress for $5.4 billion

imageStock Markets50 minutes ago (Apr 29, 2021 11:05AM ET)

(C) Reuters. FILE PHOTO: An Amtrak train is parked at the platform inside New York’s Penn Station.

By David Shepardson

WASHINGTON (Reuters) -U.S. passenger railroad Amtrak on Thursday asked Congress for $5.4 billion in the budget year starting Oct. 1 as it still grapples with the impact of COVID-19.

President Joe Biden, who plans to attend a 50th anniversary event on Friday for Amtrak in Philadelphia, has called for $80 billion in new spending on high-speed rail projects.

Amtrak asked for $3.88 billion for “base needs” and to address the impact of COVID-19 and $1.55 billion in additional U.S. funding needed to address Northeast Corridor infrastructure projects and begin advancing new corridor routes across the country.

Amtrak, which received about $2 billion from Congress in the year before the pandemic, has been awarded $3.7 billion in emergency funding since March 2020.

The Biden administration’s April 9 budget called for $2.7 billion for Amtrak, a 35% jump over pre-COVID levels.

Amtrak is seeking $31 billion from Congress over five years to overhaul the Northeast Corridor, the Boston to Washington, D.C., corridor that is the busiest passenger rail route in the country. It wants about $16 billion alone for a series of projects in the New York City area called “Gateway.”

Amtrak wants to expand across the United States and by 2035 add up to 39 new corridor routes and up to 166 cities. It hopes to serve 20 million additional people annually.

Amtrak said in its letter to Congress that railroad travel is a way for U.S. states to connect more people to more places without further reliance on overburdened highways.

“A timely investment in America’s mobility would provide far-reaching economic stimulus to help struggling local economies while creating jobs in the railroad,

construction, and supporting industries that will result in growth across the country,” it said.

U.S. passenger railroad Amtrak asks Congress for $5.4 billion

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.