In his weekly video and radio address, Obama said the new investment would be the largest in public infrastructure since the the federal highway system was created in the 1950s.
"We need action -- and action now," Obama said, focusing on a plan to rebuild the crumbling economy.
Obama and his transition team are working with Congress to create an economic stimulus package that would put hundreds of billions of dollars into an economy that lost 533,000 jobs in November alone, The New York Times reported.
In addition to major public works projects, the package could include making government buildings more energy efficient and modernizing schools and libraries with computers, Obama said Saturday.
"We'll measure progress by the reforms we make and the results we achieve -- by the jobs we create, by the energy we save, by whether America is more competitive in the world," Obama said.