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Obama Signs $12.3 Billion Measure to Expand U.S. Ports

President Barack Obama signed into law a $12.3 billion water-projects plan that will pay for deepening ports for bigger ships, cutting costs for exporters.

The law is the first water infrastructure bill since 2007 and authorizes 34 projects including dredging, flood control, hurricane recovery and environmental restoration. A key part of it is funding the dredging of U.S. ports to accommodate bigger ships being built to pass through the expanded Panama Canal.