CHICAGO — President Joe Biden’s budget proposal, aimed to cut deficits by nearly $3 trillion over the next decade, includes big plans for Chicago transit.

Biden’s budget earmarks $350 million for the CTA Red Line expansion. The proposal is part of a recommendation by the Biden-Harris administration to advance 18 major transit projects across 11 states, including Illinois.

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The proposal will see the CTA Red Line Extension project add 5.6 miles of rail to Chicago’s Far South Side, reducing commute times, improving mobility and accessibility for transit-dependent residents, and promoting economic development, the United States Department of Transportation announced in a release on Thursday.

The project would extend the Red Line from 95th Street to 130th Street and include four additional stops: a new terminal at 130th Street and three other stops at 103rd, 111th, and Michigan Avenue. 

Parking facilities and multimodal connections at each new station, a new railyard and maintenance shop near 120th Street, and the purchase of 78 rail cars will also be incorporated.

The federal funding would only cover a portion of the project, which is expected to cost more than $3.5 billion.

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“Transit connects people to jobs, schools, loved ones and more,” said U.S. Transportation Secretary Pete Buttigieg. “We’re proud to deliver this funding to expand transit across the country, which will create good-paying construction jobs and provide better options for people to get where they need to go.”