The White House says the money would help increase the detention, care and transportation of unaccompanied children, help speed the removal of adults with children by increasing the capacity of immigration courts, and would increase prosecution of smuggling networks.
The money would also increase surveillance at the US border and help Central American countries repatriate border-crossers sent back from the United States.
Obama requested the money in a letter to the Republican leader of the House, Speaker John Boehner, today. The request did not include proposals for legislative changes that the White House wants.
Obama said he also wants increased penalties for individuals who smuggle vulnerable migrants, such as children.
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The developments all come as Obama has declared comprehensive immigration legislation dead in Congress and announced plans to proceed on his own by executive action to make whatever fixes he can to the nation's dysfunctional immigration system.
That could put Obama in the seemingly contradictory position of weighing proposals to shield millions of people from deportation while at the same time trying to hurry deportations for the unaccompanied children.