WHITE HOUSE OFFICE OF MANAGEMENT AND BUDGET
Moving from Rescue to Rebuilding
After two of the most difficult years in generations for our Nation’s economy, we are at the end of the first phase of the journey, back from the devastating recession. We no longer face the collapse of our financial system or the start of a second Great Depression. Swift and decisive action has turned the tide, and the Nation’s economy is recovering. From the American Recovery and Reinvestment Act (the Recovery Act) that boosted macroeconomic demand, jump-started economic activity, and broke a vicious recessionary cycle to the Administration’s Financial Stability Plan that helped to restore confidence in our financial institutions and markets and saved the American automobile industry, the President made choices that were unprecedented and, in many quarters, politically unpopular. It is now clear that these policies worked and played a central role in putting the economy on the road to recovery.
DEPARTMENT OF TRANSPORTATION BUDGET OVERVIEW
- Provides $13.4 billion in discretionary resources in 2012, a $1.3 billion decrease from 2010 levels. (This figure excludes $109 billion in obligation limitations for the surface transportation plan. Including surface transportation obligation limitations, Department of Transportation’s total budgetary resources increase by $53 billion over 2010.)
- Includes a six-year, $556 billion surface reauthorization plan to modernize the country’s surface transportation infrastructure, create jobs, and pave the way for long-term economic growth. The President will work with the Congress to ensure that the plan will not increase the deficit.
- Jump-starts productive investment and stimulates job growth with a first-year funding boost of $50 billion in 2012.
- Provides $8 billion in 2012 and $53 billion over six years to reach the President’s goal of providing 80 percent of Americans with convenient access to a passenger rail system, featuring high-speed service, within 25 years.
- Includes $30 billion over six years for a pioneering National Infrastructure Bank to invest in projects of regional or national significance to the economy.
- Continues to invest in the Next Generation Air Transportation System—a revolutionary modernization of our aviation system.
- Initiates Transportation Leadership Awards to create incentives for State and local partners to pursue critical transportation policy reforms.
- Reduces funding for Airport Grants, focusing Federal support on smaller airports, while giving larger airports additional flexibility to raise their own resources.
About the White House Office of Management and Budget
“The core mission of OMB is to serve the President of the United States in implementing his vision across the Executive Branch. OMB is the largest component of the Executive Office of the President. It reports directly to the President and helps a wide range of executive departments and agencies across the Federal Government to implement the commitments and priorities of the President. “