Illustration: Sarah Grillo/Axios

After President Trump was elected, private equity firms rushed out to raise giant new infrastructure funds. It was a mistake.

Backdrop: The idea was that the White House plan would lean heavily on public-private partnerships that leveraged federal dollars with outside investment. Everything from bridge repairs to rural broadband to upgrading ports, airports and highway rest stops.

Infrastructure improvement is a bipartisan goal, and the public-private model had historical support from many members of both parties.

  • If Trump wanted to tout a $1 trillion infrastructure plan, then the private sector felt justified in seeking to raise hundreds of billions of dollars. Not only to fill their federal ask, but also to continue doing more traditional and state/local projects. Unprecedented investment opportunity.

But the White House infrastructure plan was stillborn, shunted aside for other priorities and midterm politics. Now the administration has again begun infrastructure discussions, both official and ad hoc, but Axios has learned that public-private partnerships are effectively off the table.

  • There isn't yet a consensus replacement for funding mechanisms, particularly as many Trump advisers continue to oppose a gas tax increase.
  • There also isn't too much infrastructure expertise left in the White House, with prior point person DJ Gribbin now at private equity firm Stonepeak Partners.
  • Reuters recently reported that Trump may touch on infrastructure in his State of the Union address, but so far it sounds like any mention would be about the whys rather than the hows.

The bottom line: Many of the private equity firms insisted they weren't banking on a federal infrastructure plan. They weren't really telling the truth, but now they'll have to make good on those false promises.

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Ohio Gov. Mike DeWine tests positive for coronavirus ahead of Trump visit

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Ohio Gov. Mike DeWine (R) has tested positive for COVID-19 and plans to quarantine at his home for the next 14 days, his office announced Thursday. He currently has no symptoms.

Why it matters: The 73-year-old DeWine was set to meet President Trump Thursday on the tarmac at an airport in Cleveland and was tested as part of standard protocol. He is the second governor known to have contracted the coronavirus, after Oklahoma Gov. Kevin Stitt (R).

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Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

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  2. U.S.: Total confirmed cases as of 12:30 p.m. ET: 4,834,546 — Total deaths: 158,445 — Total recoveries: 1,577,851 — Total tests: 58,920,975Map.
  3. Politics: Pelosi rips GOP: "Perhaps you mistook them for somebody who gives a damn" — Ohio Gov. Mike DeWine tests positive.
  4. Public health: Fauci says task force will examine aerosolized spread.
  5. Business: July's jobs report could be an inflection point for the recovery — Teladoc and Livongo merge into virtual care giant.
  6. Sports: Where college football's biggest conferences stand on playing.

NOAA warns of potential for "extremely active" Atlantic hurricane season

Hurricane Isaias makes landfall in Garden City, South Carolina. (Photo by Sean Rayford/Getty Images)

National Oceanic and Atmospheric Administration forecasters warned Thursday of the potential for an "extremely active" hurricane season in the Atlantic.

The big picture: The agency expects 19 to 25 named storms — with three to six major hurricanes — during the six-month hurricane season, which ends Nov. 30. The average season produces only 12 named storms.