Press Releases
November 19, 2008
Conrad Calls for New Economic Stimulus Package
Proposal Must Focus on Infrastructure and Address Long-Term Budget, Senator says
Washington– In a Senate hearing today focused on the nation’s ailing economy, Senator Kent Conrad called for a new economic stimulus package, including significant infrastructure investment, and linked to a bipartisan process to address the long-term budget outlook.
“Clearly the economy is struggling and we still have a lot of work to do,” Senator Conrad said. “We need to quickly enact an economic stimulus package focused on funding ‘ready-to-go’ and near-term infrastructure projects. This would have the multiple benefits of creating jobs, kick-starting economic growth now, and improving our long-term economic efficiency by repairing our country’s crumbling infrastructure.”
In today’s hearing, Senator Conrad, the Chairman of the Senate Budget Committee, questioned some of America’s leading economists about what kind of package could work best to stimulate the economy. Several of the witnesses testified that funding infrastructure projects could provide a significant economic boost.
According to the American Association of State Highway and Transportation Officials, there are more than 3,000 ‘ready?to?go’ highway projects that could be under contract within 30 to 90 days. These highway projects could immediately create thousands of jobs that would help promote a job?based recovery.
Senator Conrad noted that there are $300 million worth of ‘ready-to-go’ infrastructure projects in North Dakota alone, including repairs to roads and bridges, but also water and energy projects. Those projects, which could begin construction within 120 days, would have long?lasting benefits.
Senator Conrad also said that any economic stimulus proposal should be coupled with a plan to tackle the nation’s long-term budget outlook. “It is so important that at the same time we initiate a stimulus package, we also enter a bipartisan process to restore our long-term fiscal discipline,” he said. “We need to reassure the markets that we are serious about putting our fiscal house back in order.”
It is likely that an economic stimulus bill will be introduced in January when the new Congress and the administration of President?Elect Barack Obama take office.
