The White House is trying to square the circle on its promised $1-trillion infrastructure plan. While still emphasizing the need for private (P3) capital investment, the Administration can hope for bipartisan support only if the plan includes net additions to federal spending, especially for projects not feasible for revenue-based financing. Conservative Republicans will insist that any new federal spending be paid for (rather than further ballooning the deficit).

As I’ve written elsewhere, there is no need for a federal tax credit to induce private investment. With infrastructure funds having raised in excess of $250 billion over the last five years, there is plenty