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March 16, 2005

Bond Announces Committee Passage of Transportation Bill

Missouri to Gain $1 Billion in New Highway Funds Legislation Will Boost Jobs and Safety, Says Senator

U.S. Senator Kit Bond, Chairman of the Senate Transportation and Infrastructure subcommittee, today announced that Missouri stands to gain over $1 billion in new highway funds as part of a six-year transportation bill passed by the full Senate Environment and Public Works Committee today.

"One billion new dollars can do a lot of good for our Missouri highways," said Bond, who has lead the fight in the Senate to pass a highway bill for the past two years. "This bill will go a long-way toward providing the much-needed resources to modernize our highways, put people back to work and save lives."

"America's transportation needs are many and while this bill is a significant accomplishment, many of us would like to see additional resources made available before this process is finished. There is no question that if we don't pay now, we will have to pay even more later."

Under the six-year, $284 billion bill passed today, Missouri will gain a total of $4.96 billion, including an additional $1 billion in new highway funds, a nearly 25 percent increase in overall highway funds.

In addition, Missouri will see an increase in its return on the dollars it pays in federal transportation taxes. Under the bill, Missouri will receive 98 cents on the dollar, up from 90.5 under current law and up from 76 cents in 1987 when Bond first entered the Senate.

As part of the additional $1 billion for Missouri, $44.6 million is included in the bill for the proposed Mississippi River Bridge in St. Louis.

Bond said the bill will foster job growth and boost both the Missouri and national economy, since every $1 billion in highway spending creates about 47,500 new jobs. The bill will also elevate safety programs highlighting the need to address the approximately 43,000 lives lost on America's highways last year.

In addition to serving as chairman of the Senate EPW Transportation panel, Bond also serves as the chairman of the Senate Transportation Appropriations subcommittee, making him a key player on shaping the nation's transportation policy.