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Senate Support Growing For Wyden's "Build
America Bonds" as Highway Legislation Moves Forward
Bipartisan initiative could be added
to transportation bill currently before Senate;
$56 billion in
transportation funds would create new jobs in Oregon, nationwide
February 10, 2004
Washington, DC – As
the U.S. Senate considers major highway funding legislation
this week, U.S. Senator Ron Wyden (D-Ore.) today said there
is growing support for his bipartisan Build America Bonds proposal – a
major transportation infrastructure initiative with U.S. Senator
Jim Talent (R-Mo.) that has the potential to create 2.5 million
new jobs, generate $319 billion in economic activity and save
thousands of lives by improving transportation safety. Joining
Wyden and Talent in a press conference today were two additional
bipartisan supporters, Senators Jon Corzine (D-N.J.) and Norm
Coleman (R-Minn.); the Senators said they are working to include
the legislation in the Safe, Accountable, Flexible, and Efficient
Transportation Equity Act (SAFE-TEA) of 2003 currently being
debated on the Senate floor.
Build America Bonds
would provide $56 billion in additional Federal transportation
funding. This one-time federal bonding program can empower
cash-strapped states like Oregon, as well as local governments,
to complete critical infrastructure projects. These funds would
be in addition to the dollars states receive through the transportation
bill the Senate writes every six years.
"As this vital highway
bill moves forward, more folks are catching on to the idea that
a new way of funding transportation projects can breathe new
life into our economy in Oregon and across the country," said
Wyden. "Our supporters now range from U.S. Senators to the
workers who build our roads, bridges, airports, railroads and
waterways to state transportation officials and the U.S. Chamber
of Commerce – and that's a coalition that can help this
legislation become law."
Thirty-year Build America Bonds
would be available to corporate and individual investors for
purchase in different denominations, so that all Americans can
have the opportunity to support upgrading America's transportation
infrastructure.
For every $1 billion invested
in federal highway and transit infrastructure, an estimated 47,500
jobs are created. For every $1 billion invested in federal transportation
infrastructure, an estimated $5.7 billion in economic activity
is generated. In addition to creating jobs and economic activity,
the $56 billion infusion of cash from Build America Bonds can
be applied to projects on all modes of transportation including
roads, rail and transit.
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