Obama plans to make the proposal Wednesday at the Union Depot rail and bus station in St. Paul, Minn.
The Highway Trust Fund finances federal highway and transit programs but is forecast to go broke as early as August.
The fund needs $100 billion over the next six years just to maintain current spending levels. But Obama and Congress don't want to raise gas taxes to make up the gap.
Obama is proposing that half the $302 billion he's proposing come from an overhaul of corporate taxes, but he says he's open to other ideas.
He also plans to announce a $600 million competition for federal grants to fund infrastructure projects that create jobs.