Biden announces $53B high-speed rail plan here

The Obama administration announced plans today to spend $53 billion over six years to develop a national and intercity high-speed passenger rail network, creating jobs in turn.

President Obama will include an initial $8 billion investment in the budget plan he will release next week, Vice President Joe Biden said today at 30th Street Station.

If Congress approves the plan, funding would go toward developing or improving trains that travel up to 250 miles per hour, and connecting existing rail lines to new projects.

The push for high-speed rail investments is part of Obama's broad goal of creating jobs in the short-term and increasing American competitiveness for the future through new spending on infrastructure, education and innovation.

In his State of the Union address last month, Obama said he wanted to give 80 percent of Americans access to high-speed rail within 25 years.

At the same time he's calling for new spending on sectors like high-speed rail in the forthcoming budget, Obama also has pledged to cut overall spending as he seeks to bring down the nation's mounting deficit.

Transportation Secretary Ray LaHood has said he hopes to have a bill on Obama's desk by August.