New president plans to invest $10bn in infrastructure, creating 2 million construction jobs
Barack Obama has been elected president of the US, declaring the win a 鈥渘ew dawn of American leadership鈥�.
Obama is the first Democrat since Lyndon Johnson to win an American election with significantly more than 50% of the vote. States that had previously been staunchly Republican were taken, including Ohio, New Mexico, Iowa and Florida.
鈥淥n every level America will be changed by this result鈥� [it] will never be the same,鈥� Obama said.
He warned his supporters in Chicago that 鈥渢he road ahead will be long; our climb will be steep,鈥� and added that the challenges of tomorrow would be the 鈥済reatest of our lifetime鈥�, with the 鈥渨orst financial crisis in a century鈥�.
In his election campaign, Obama announced he would invest $10bn (拢6bn) over 10 years in local government to fund projects and develop and maintain a national infrastructure. He said this would create 2 million jobs for the construction industry.
In his campaign, he said that the US needed to address not only 鈥渢he immediate crisis in the housing market鈥� but also to create a 鈥�21st century regulatory framework鈥�.
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