Under the initiative, the Department of Transportation will choose corridors for new projects and increase use of the passenger rails.
President Barack Obama's budget for fiscal year 2012, to be unveiled next week, includes $8 billion for the plan. The rest of the money would be allocated over the six-year time period.
Obama has said he wants to target investments in areas such as infrastructure while reducing spending to tackle the budget deficit.
The announcement comes when some Republicans in Congress are seeking to cut $2.5 trillion from federal spending over the next decade, including steep cuts in transportation.
Biden noted Obama's goal to give 80 percent of Americans access to high-speed rail within 25 years, announced during his State of the Union address last month.
Specifically, Biden laid out plans for three types of rail -- regional rail with trains speeds of 90 to 125 mph; core express rail corridors that would form the backbone of the high-speed system with electric trains traveling at speeds of 125 to 250 mph; and corridors with trains traveling at up to 90 mph.