PITTSBURGH (Reuters) - Democratic presidential candidate Barack Obama Thursday pushed a plan for $60 billion fund for road construction, bridge repair, high-speed rail and other projects, saying such spending was crucial to the economy.
"This can be the moment when we make a generational commitment to rebuild our infrastructure," Obama told a high-powered group of leaders from business, labor and academia, including General Motors Corp chief executive Rick Wagoner, former America Online chief executive Steve Case and John Surma, chief executive of U.S. Steel Corp.
"Years from now, we could drive on new roads, depend on safe bridges and stronger levees, and connect our cities with high speed rail," the Illinois senator said.
The government already spends more than $50 billion annually on transportation infrastructure. But the American Society of Civil Engineers estimates that more than $130 billion annually is needed over many years to adequately improve roads, bridges, rail and transit systems.
Obama is battling his Republican opponent in the November presidential election, John McCain, over which one is best able to handle the struggling economy, named as the No. 1 concern among voters.
Obama also promoted new technologies as a driver for depressed industries, like autos.
"We can begin the investment in a smart electrical grid to power electric cars and transmit clean energy across the country," he said.
Obama irritated U.S. automakers last year when during a speech in Detroit he chided them for not doing enough to improve fuel efficiency.
He has reached out to the recently, visiting plants and meeting with executives of Ford Motor Co and General Motors Corp this week to discuss their focus on vehicles that operate on alternatives to gasoline.
Michigan, where the big automakers are based, is a battleground state in the November election. Its worst-in-the-nation unemployment rate is driven by massive auto-related job losses.
Sliding precipitously behind Japanese competitors in sales and research, struggling U.S. automakers want government help in developing battery technology that can power the next generation of electric cars -- a priority at GM -- and gas/electric hybrids, a focus at Ford and Chrysler.
GM's Wagoner said Obama and McCain have a "detailed understanding" of challenges facing industry and the importance of innovation and a strong manufacturing sector.
McCain has also met with auto executives and plans to visit a GM plant on Friday in Ohio.
Earlier this week, McCain said, if elected, he would propose awarding $300 million to the company that develops a battery strong enough and affordable enough to power vehicles efficiently. (Additional reporting by John Crawley, editing by David Wiessler)
