Paul Krugman bitches about it not being enough in 3… 2… 1.

WASHINGTON (AP) — President Barack Obama will press Congress to pass new tax incentives and other flexibility measures aimed at attracting more private sector investment in infrastructure projects around the country, a senior administration official said.

The president will flesh out the details of his proposals during a speech Friday at a Miami port that is undergoing $2 billion in upgrades, funded by public and private money. In his quick trip to South Florida, Obama will try to show the public that the economy remains his top priority in the midst of high-profile campaigns on immigration reform and gun control.

Among the proposals Obama will call for Friday:

— Higher caps on “private activity bonds” to encourage the private sector to spend more on highway projects and other infrastructure needs. State and local governments use the bonds to attract investment.

— Giving foreign pension funds tax-exempt status when selling U.S. infrastructure, property or real estate assets. U.S. pension funds are generally tax exempt under such circumstances. The administration says some international pension funds cite the tax burden as a reason for not investing in American infrastructure.

— $4 billion in new spending on two infrastructure programs that award loans and grants.

— A renewed call for a $10 billion national “infrastructure bank” — a proposal from his first term that gained little traction.

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