President Obama's plan to give the country a technological upgrade is finally starting to take shape. Earlier this week, the President unveiled his six-year project to build high-speed trains capable of criss-crossing the country at 250 mph. And today he will take the wraps off his plan to bring high-speed internet to 98 percent of Americans. In his State of the Union address, Obama hinted at his vision of a country with Internet that satisfied the growing consumer appetite for bandwidth. To make it happen, his administration wants to invest $5 billion into a fund that will make 500 megahertz of wireless spectrum available to consumers over the next decade.
To make that money back, the Federal Communications Commission is looking to repurpose 120 megahertz of wireless spectrum through auctions that could bring in an estimated $27.8 billion over the next decade. $3 billion of that would be invested into new wireless technologies, and $9.6 billion would go to curbing the national deficit. Power to the people.