I think that's an excellent idea. It should be expanded and embraced by other countries, as well.
In my opinion, if the developed world (US, Europe and Japan) is to transform its bankrupt consumer spending economic model (which ultimately involved unsustainable borrowing) it must undertake and sustain very large capital investment, preferably in energy and transportation infrastructure. For example, investing in upgraded electricity grids, instead of shopping malls and ski chalets.
By definition, such an economy involves more knowledge, more technology, more highly skilled workers and more value added per hour worked. That's exactly what "developed" is all about - or should be, anyway. And that's exactly what our resource-stretched, environmentally-challenged world needs, right now.
It would also rather quickly reduce pernicious trade imbalances which are spilling over into the foreign exchange battleground (that's code for US-China relations and the yuan peg).
Congress should move immediately.