Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster
Davis Motor Sales banner ad
Impressions pre-reset: 420826 Clicks pre-reset: 872

Bipartisan Coalition Introduces Plan to Provide $50 Billion for Transportation Infrastructure

State highway transportation 300FRANKFORT, Ky. (6/28/13) – U.S. Reps. Ed Whitfield (R – KY) and Allyson Y. Schwartz (D-PA) joined U.S. Sens. Ron Wyden (D-OR) and John Hoeven (R-ND) to introduce bipartisan legislation to make $50 billion available for projects to revitalize the nation’s transportation infrastructure by leveraging private investment.
 
The bipartisan, bicameral Transportation and Regional Infrastructure Project (TRIP) bonds legislation would allow states to issue up to a total of $50 billion – $1 billion per state – in bonds for transportation infrastructure projects over a six year period. The principal cost of the bonds would be covered by a trust fund composed of Customs User Fees. In lieu of interest, the bondholders would receive federal tax credits that could be applied against federal income tax liabilities.
 
Based on U.S. Department of Transportation's estimate of 30,000 jobs per $1 billion of transportation funding, TRIP bonds should yield approximately 1.5 million jobs.
 
The privately-leveraged, 30-year bonds could be used to fund a wide range of transportation and infrastructure projects including roads, bridges, transit, rail, and waterways. States would also be able to pool their funds for larger or multi-state projects.
 
“With millions of Americans still out of work and our infrastructure crumbling, TRIP bonds represent an opportunity to tackle both of these problems head-on, in a fiscally responsible manner,” stated Whitfield. “By leveraging private sector dollars, we can create jobs and make the infrastructure investments needed to stay economically competitive now and in the future. I look forward to working with my colleagues in a bipartisan, bicameral fashion to advance this legislation as part of a long-term surface transportation reauthorization.”
 
“America’s economic strength depends on the health of our infrastructure system. If we expect to sustain our leadership in an increasingly-competitive global economy, we cannot afford to ignore the structural deficiencies of our roads, bridges, airports and railways," said Schwartz. "This bipartisan legislation provides an efficient way to finance much-needed infrastructure investments that will sustain millions of jobs and maintain our nation's strength in the global marketplace."
 
“America’s economic future depends on expanding, maintaining and repairing its infrastructure,” Wyden said. “TRIP bonds provide an innovative, effective and low-cost way to create jobs and help strengthen our infrastructure by leveraging private funding.”
 
“TRIP bonds are an effective way to attract and leverage private sector investments to build and repair roads, bridges and other much-needed infrastructure in this country,” said Hoeven. “We’re working in a bipartisan and bicameral way to pass this legislation because TRIP bonds are about making our nation economically stronger and more dynamic in a highly competitive world market.”
 
According to a report by the American Society of Engineers, without the necessary investment in the nation’s infrastructure the economy will lose more than 3.5 million jobs and the GDP would be suppressed by $3.1 trillion by 2020.
 
TRIP bonds would originate with each individual state’s infrastructure bank. Each state infrastructure bank will be allocated two percent of the total amount of bonds to issue to projects of their discretion – a total of $1 billion per state. Most states have already created infrastructure banks, but those who have not can do so at any time to receive its portion of the TRIP bond funding.
 
TRIP bonds have been endorsed by a wide range of state and local officials as well as business and labor leaders including. Below are comments from some of those groups and people:
 
David Seltzer, Principal at Mercator Advisors: “The proposal demonstrates that a tax incentive to attract investment into transportation infrastructure can receive bipartisan support. This bill could serve as the basis for a major federal commitment to transportation projects without putting greater pressure on the discretionary budget.”
 
Bud Wright, American Association of State Highway and Transportation Officials (AASHTO) Executive Director: “Given the tremendous transportation investment needs facing our country, TRIP bonds provide supplemental project financing capacity directly to those who construct and manage transportation facilities—the states and their transportation agencies. We applaud Sen. Wyden, Sen. Hoeven, Rep. Whitfield, and Rep. Schwartz for their bipartisan, bicameral support for transportation infrastructure improvements that underpin economic growth and quality of life for all Americans.”
 
Robyn Boerstling, Director, Transportation and Infrastructure, National Association of Manufacturers: “While other nations are building and modernizing roads, bridges, transit systems, airports and ports at a rapid clip to serve manufacturing economies in Asia, South America and Europe, manufacturers in the United States need all the practical solutions we can find to invest in infrastructure. TRIP bonds will bring needed improvements to our transportation infrastructure that will strengthen our competitiveness and increase our export potential.”
 
Building America’s Future co-chair and former Pennsylvania Governor Ed Rendell: “As America’s infrastructure continues to crumble and our nation slips further behind as a global economic leader, it is critical that we find smart, creative ways to fund transportation projects. With the introduction of the TRIPs Bond Program, Representatives Schwartz and Whitfield and Senators Wyden and Hoeven are answering the nation’s call to action, providing $50 billion in new transportation infrastructure financing. I applaud these Congressional Members for working together to create a strong, bipartisan support for investing in our nation’s transportation systems. This innovative financing tool will help rebuild America’s transportation infrastructure and help put our nation back on the road to economic recovery.”
 
SurfKY News
Information provided by Chris Pack

© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

Posted on 2/2/14
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
button coupons

Stock Report

1 DOW 17,810.06
+91.06 (0.51%)    
2 S&P 2,063.50
+10.75 (0.52%)    
3 NASDAQ 4,712.97
+11.10 (0.24%)    
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
button classifieds
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013

Most Read This Week

November 21, 2014 5617

Man Accused of Assaulting Coach During Basketball…

in Local (Muhlenberg) Top News by Rita Dukes Smith, SurfKY News Director
November 18, 2014 5188

Couple Charged for Concealing Food in Infant Car…

in Local (Hopkins) Top News by Madisonville Police Department
November 17, 2014 4659

Police Charge Woman for Drug Possession After…

in Local (Hopkins) Top News by Madisonville Police Department
November 17, 2014 3946

Bremen Woman Ejected From Vehicle During Kentucky…

in Local (Muhlenberg) Top News by Trooper S.C. Recke
November 19, 2014 3560

Two Killed When Vehicle Becomes Airborne, Strikes…

in Local (Owensboro) Top News by Daviess County Sheriff's Office
November 21, 2014 3390

Crashing Dump Trucks in Work Zone Cause Pennyrile…

in Top News For All Sites Touching Hopkins by Trooper Stu Recke
November 18, 2014 3299

Area Talent to Film Music Video at Merle Travis…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
November 19, 2014 3224

Is Bankruptcy Your Best Option?

in General News For All Sites by SurfKY News
November 22, 2014 3093

One Injured in Two Vehicle Collion in Greenville

in Local (Muhlenberg) Top News by Miria Thomas
November 19, 2014 3085

Three Injured in Two-Vehicle Collision on South…

in Local (Hopkins) Top News by Gwen Smith

Stories Trending Today

November 22, 2014 3093

One Injured in Two Vehicle Collion in Greenville

in Local (Muhlenberg) Top News by Miria Thomas
November 21, 2014 1691

KSP Announces 'Cram the Cruiser' to Feed the…

in Top News For All Sites Touching Hopkins by Stu Recke
November 22, 2014 1665

Greenville Representatives Taking Part in Austin,…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
November 21, 2014 1597

Kentucky Employers to Save About $112 million

in General News For All Sites by Cathy Lindsey
November 22, 2014 1590

SAR Planning 'Triple' Revolutionary War Patriot…

in Local (Muhlenberg) Top News by Geoff Baggett
November 22, 2014 1520

Pennyrile Dulcimer Players Demonstrate Unique…

in Top News For All Sites by Ron Sanders
November 22, 2014 1493

Prevent Fires at Home This Winter

in General News For All Sites by SurfKY News
November 22, 2014 1488

Carve a Turkey Like a Pro

in General News For All Sites by SurfKY News
November 22, 2014 1412

Happenings and Meetings - Hopkins County

in Hopkins News by Amber Averitt, SurfKY News
November 22, 2014 1364

P'Pool Among Top Performing Child Support…

in Hopkins News by Cabinet for Health and Family Services

SurfKY News Group, Inc.
Corporate Office & Studio
1125 Nebo Rd.  •  Madisonville, KY 42431
270.452.2727 (phone)
  •  270.452.2249 (fax)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social fbsocial twsocial yt
social gpsocial flrsocial rss