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One year after he first promised to make America’s highways great again, President Donald Trump again is touting what at first glance appears to be a bold $1.5 trillion infrastructure program. And once again, he makes no concrete way of paying for it. In his State of the Union address last night, Trump asked Congress to produce a bill that generates at least $1.5 trillion “for the new infrastructure investment we need.” But such a deal likely will be paid for by cash-strapped state, local and private entities—not the federal government.

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