President Joe Biden has announced a $292 million grant in order to build a new rail tunnel beneath the Hudson River, which would provide an additional route of travel between New York City and New Jersey.

He spoke from the construction site itself and is seeking to provide a compromise between his economic vision and that of the GOP.

The grant comes from the $1 billion bipartisan infrastructure bill passed last year.

“This tunnel opened for business in 1910, 113 years ago,” Biden said. “And the structure is literally deteriorating. The roof is leaking, the floor is sinking. Plus, it was badly damaged by Superstorm Sandy … The United States of America, for God’s sakes, what are we doing? This is the United States of America. We know better, we’re so much brighter than that. And now we’re going to prove it.”

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The project will include an entirely new tunnel and the repair of the existing tunnel. Biden also pointed out that the new tunnel will allow for trains to run at faster speeds, up to 100 mph, with no interruptions. The construction project is also predicted to result in 72,000 jobs.

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