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TALENT,
WYDEN SECURE $15 BILLION TRANSPORTATION INFRASTRUCTURE BONDING
PACKAGE IN HIGHWAY BILL
Senators’ proposed Build America
Corporation also established for future,
larger bonding efforts
February 12, 2004
(WASHINGTON, D.C.) U.S. Senators Jim Talent (R-Mo.) and Ron Wyden
(D-Ore.) tonight secured an additional $15 billion for America’s
transportation infrastructure needs, with the inclusion of a Federal
bonding packing in the Safe, Accountable, Flexible and Efficient
Transportation Equity Act (SAFE-TEA) of 2004, passed by the Senate
tonight. The Senators also won passage of an amendment creating
the Build America Corporation, laying the foundation for their
larger Build America Bonds program to serve future infrastructure
needs.
“When we started this debate we knew we faced some significant
challenges, but we felt the idea of bonding was too important
not to push,” said Talent. “I am grateful to my partner
in this effort, Sen. Wyden, who believes as I do that we must
do more for the nation’s transportation infrastructure and
resist passing this debt to future generations. We can and must
do more, but this $15 billion package is a good start, and if
we can send it to the President’s desk, we will begin paying
off the debt arising from past inaction, we can create jobs now
and we can save lives. I’m also very pleased we established
the Build America Corporation, which is an important first step
to achieving our goal of making up for the transportation infrastructure
deficit.”
“This $15 billion bonding package is a first step toward
a new era where America’s infrastructure is strong and safe,
where hard-working folks can get family-wage jobs, and where our
children don’t bear the financial burden of Washington’s
inattention to transportation needs,” said Wyden. “I’ll
keep working alongside Sen. Talent to do more transportation bonding
through the Build America Corporation this year and to increase
the Federal government’s commitment to this fresh approach
that can breathe new life into our economy.”
Talent and Wyden’s amendment enacts $15 billion in private
activity bonds to build roads and bridges through public-private
partnerships. The tax-exempt bonds are commonly used by states
and localities to finance a wide variety of public infrastructure
needs. Talent and Wyden’s measure would allow $15 billion
to be used in this way for roads, bridges and other transportation
infrastructure.
Talent and Wyden said they will continue advocating on behalf
of their $56 billion Build America Bonds legislation as the highway
bill moves through the Congress. The establishment of the Build
America Corporation has laid the foundation for future bonding
under that initiative. The House of Representatives must now pass
highway legislation to be reconciled with the Senate bill before
these measures become law.
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