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PHILADELPHIA, July 14 (Reuters) - The United States should establish a capital budget to pay for about $1.6 trillion in national infrastructure repairs to ensure the work gets done and prevent the risk of becoming a "third-rate" economic power, Pennsylvania Gov. Ed Rendell said on Monday.
In his first speech as 2008/09 chairman of the National Governors Association, Rendell said U.S. spending on facilities such as roads, bridges, and passenger rail is only 0.6 percent of gross domestic product, compared with 9 percent in China and 3.5 percent in the European Union.