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Obama: US must update roads, bridges or face costs

TARRYTOWN, N.Y. (AP) - President Barack Obama is warning that if the U.S. doesn't update its roads, ports and bridges, businesses will look elsewhere to invest.

Obama is pressing Congress to spend more on infrastructure during a visit to New York's Tappan Zee Bridge. The dilapidated bridge is being replaced at a cost of nearly $4 billion.

Obama says normally the bridge permit would have taken up to five years. He says he fast-tracked the process for major projects so it only took 1 1/2 years. Obama says he's adding 11 more projects to that fast-track process.

Obama says China and Europe spent many times more than the U.S. on infrastructure. Obama says America should be first in infrastructure spending.

He says, quote, "First-class infrastructure attracts first-class jobs."