Obama Speaks about Infrastructure Spending in Address to Congress
Here's a glimpse of some of the feedback the President is getting on his proposal to create a National Infrastructure Bank:
Sen. John Kerry supports his proposal. A Bond Buyer article quoted him saying, “There’s almost $200 billion in private capital sitting on the sidelines that could be invested in our infrastructure, but it will take this bank to unlock private investment for bridges, roads, and rail.”
On the other hand, Rep. John Mica (R-Fla.), chairman of the House Transportation and Infrastructure Committee, opposed the proposal, indicating that states should create their own infrastructure banks to ensure flexibility to design and implement transportation projects specific to their area.
“While the President reconfirmed that our highways are clogged and our skies are congested, his well delivered address provided only one specific recommendation for building our nation’s infrastructure," Mica said. “Unfortunately, a National Infrastructure Bank run by
The proposal to create a National Infrastructure bank isn't the only federal transportation issue occurring in Congress right now: A Senate committee approved a short-term extension of the highway spending bill on Thursday, Sept. 8, that authorizes Congress to collect the federal gas tax. This extension will be the eighth for the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU) that expired in 2009.
Transportation leaders want to see a bill that presents long-term solutions to the infrastructure challenges facing our nation, but the House and Senate are proposing very different versions of the bill. The House proposal calls for $235 billion over six years on transportation, and the Senate version calls for $109 billion over two years. Despite these differences, both the Senate and the House know that the bill must pass before it expires on Sept. 30.
In addition to pushing for a short-term extension of the bill, several members of Congress are emphasizing the importance of also passing a long-term extension, proposed by the Senate to help maintain and improve transportation in the
Sen. James Infohe (R-Okla.), said, "What matters is passing a two-year bill. If we fail to enact an extension prior to the end of this fiscal year, thousands of highway projects will be at risk of being stopped in their tracks, which would threaten tens of thousands of jobs."
Read more about the infrastructure bill here.
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