Obama To Call For $53 Billion For High-Speed Rail

President Obama is calling for a six-year, $53 billion investment in high-speed rail, as he seeks to use infrastructure spending to jumpstart job creation.

An initial $8 billion investment will be part of the budget plan Obama is set to release Monday. If Congress approves the plan, the money would go toward developing or improving trains that travel up to 250 miles per hour, and connecting existing rail lines to new projects. The White House wouldn't say where the money for the rest of the program would come from, though it's likely Obama would seek funding in future budgets or transportation bills.

Vice President Joe Biden and Transportation Secretary Ray LaHood were to announce the initiative during an event Tuesday in Philadelphia.

GO HERE to read more.