The U.S. needs to spend a staggering $2 trillion to rebuild infrastructure, including roads, bridges, water lines, sewage treatment plants and dams reaching the end of their planned life cycles, according to a recent study by the Urban Land Institute.

In the face of budget deficits and financial shortfalls, however, infrastructure policy has become a backburner issue.

After the latest batch of stimulus money runs out, the outlook gets even bleaker. In 2009, the federal government appropriated $62 billion in funding for transportation and water infrastructure under the American Recovery and Reinvestment Act. The CBO estimates that by 2013, 90% of the funds made available through ARRA for infrastructure will have been spent.

Meanwhile emerging-market competitors like China, Brazil and India are placing a high priority on infrastructure, with long-term public spending initiatives that eclipse U.S. infrastructure federal support.