Quote of the Day
"The U.S. economy expanded at a faster clip than initially forecast in the third quarter, helped by more robust consumer spending and by stronger exports. The economy grew at a 2.5% annualized pace in the quarter, revised up from the initial estimate of 2.0%, the government said in its second estimate of quarterly gross domestic product. GDP growth was 1.7% during the second quarter.”
- Wall Street Journal’s MarketWatch, 11/23/2010
For Release: Thursday, July 28, 2005
Contact: David Gillies: 202-225-5661
COSTELLO SECURES $150 MILLION FOR THE NEW MISSISSIPPI RIVER BRIDGE IN TRANSPORTATION BILL
Washington - U.S. Congressman Jerry Costello (D-IL) announced today that he has secured $150 million in funding for the new Mississippi River Bridge as part of legislation to reauthorize the nation's transportation programs. The bridge project will receive $240 million in total funding, with Senators Durbin, Obama and Bond securing the other $90 million. Costello included the funding in a section of the bill for projects of regional and national significance, or "mega-projects."
"This was a great effort by the bi-state delegation to secure a significant amount of money for the new bridge," said Costello, a senior member of the House Transportation and Infrastructure Committee. "Our original goal was $350 million over six years, which is the maximum amount of money the Illinois and Missouri Departments of Transportation could spend over that period of time. The bill runs through 2009 - five years including this fiscal year, which ends on September 30th - so on a per year basis we did very well. I want to thank the entire bi-state delegation for their work on behalf of the new bridge."
The House version of the transportation bill set aside $6 billion for mega-projects, while the Senate bill had no such provision. The final version split the $6 billion between the House and Senate, with the House retaining the $3 billion for mega-projects. Costello secured the $150 million out of this section of the bill.
In addition, total highway funding for Illinois will increase $309.15 million a year, or 33.4% per year over the current level of funding. This is a substantial increase which will enable IDOT to address critical road and bridge projects in the state.
###
