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Senator Urges Release of $4 Billion in Highway Funds to Stimulate Struggling
State Economies, Create Jobs
Wyden announces budget amendment to immediately
direct money for road projects; Oregon could see $40 million, 2000
new living-wage jobs
March
6, 2003
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Washington, DC
– Today, U.S. Senator Ron Wyden (D-Ore.) announced a proposal
to stimulate the economy and create jobs nationwide by making $4 billion
available this year to states for road repair and maintenance projects.
Concerned about high unemployment rates and tight budgets in states
across the country, Wyden plans to introduce an amendment to the FY04
budget resolution to free up, this year, a portion of the highway
fund already owed to states. Oregon's portion of the funds would amount
to approximately $40 million. According to the U.S. Department of
Transportation, 47,500 jobs are created for every $1 billion spent
in transportation funding. Wyden's proposal could provide an immediate
stimulus effect for states, get road repair and maintenance projects
moving and spark the creation of as many
as 200,000 living wage jobs throughout the nation -- nearly 2,000
in Oregon alone. |
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"This funding will provide a real economic shot in the arm to the
states and provide up to 200,000 living wage jobs to benefit American
families," said Wyden. "This is an economic stimulus idea
that won't wreck the budget for years to come. It's short term. It's
targeted. And it's a chance for the Federal government to hold up
its end of the bargain with our states."
Under a formula in the existing TEA-21
transportation law, billions of dollars collected through the Federal
gas tax are supposed to be available to the states for transportation.
However, the Federal government limits how much of that money states
have the authority to spend, or to obligate through contracts. Beyond
the amount states are allowed to obligate, the Federal government
is still holding an estimated $20 billion to $30 billion in unobligated
contract authority.
The Wyden amendment proposes a $4 billion increase
in the limit on contract authority for the states. Because the money
is already available in the highway fund, authorization in the current
budget bill could pave the way for the immediate release, this spring,
of the $4 billion through the upcoming supplemental appropriations
bill. The released funds would be apportioned to states according
to the existing TEA-21 formula. Additionally, the Wyden amendment
would provide $700 million from the general fund for transit projects
to supplement the highway monies. The Wyden amendment would also
waive the standard 20 percent matching funds requirement to allow
cash-strapped states to receive these transportation funds immediately.
Wyden, a member of the Senate
Budget Committee, plans to introduce the amendment next week as
the FY2004 budget proposal comes up for Committee consideration.
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