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Global spending on infrastructure increased 4.5 percent last year led by a 7 percent rise in the Asia/Pacific region and a 1.5 percent jump in Europe.

Like Europe, the U.S. is also on the low end of the scale. A recent report from the American Society of Civil Engineers gives the nation's infrastructure a D+, up from a its previous grade of a D in 2009.

Marketplace Economics Correspondent Chris Farrell joins Morning Report host Jeremy Hobson to discuss the state of infrastructure in the U.S. and whether the country can afford to improve it.

Follow Chris Farrell at @cfarrellecon