President Barack Obama unveiled a new plan in Miami on Friday to attract private investments for public infrastructure projects.  He says the plan will help create new jobs and economic opportunities, as well as improve America's transportation systems.  

The $21 billion plan will create a special bank that will manage money from the government and private businesses to invest in major infrastructure projects.  It will also create a new bond program called America Fast Forward Bonds, which will also fund projects and be based on a temporary program used in the 2009 stimulus bill.

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Obama introduced the plan at Port Miami, which is currently undergoing major renovations funded by both taxpayers and private investors. Obama used the port as an example of the potential of such projects with funding from multiple sources.

"I know that members of Congress are happy to welcome projects like this in their districts," he said. "I know because I've seen them at the ribbon-cuttings. If you think it's good for your district, then it's probably good for other districts, too."

But Florida's Republican Governor Rick Scott criticized Obama, saying that if Obama had been faster to support the Port Miami project and other port projects in the state, the burden on taxpayers would have been much less.  

"“We’re certainly glad President Obama’s coming to the Port of Miami tomorrow,” Mr. Scott told The New York Times, “but he’s late to the party on Florida port investments. We could not wait for the federal government to come to the table with their share of the project,”

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Additional emphasis has been placed on private investment over government money due to Republican opposition to increased government spending. According to BBC News, a senior Obama administration official said that the plan will not add to the federal deficit, and that details will be spelled out in the President's budget.  The budget will be released April 10.

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