Snip ~ "$556 billion highway bill unrealistic Tuesday, saying no one's explained how to pay for it" (?)
February 15, 2011
Business Groups Fault Obama Infrastructure Plan's Lack of Funding Details
WASHINGTON—The U.S. Chamber of Commerce and other business lobbies called President Barack Obama's proposal for a six-year, $556 billion highway bill unrealistic Tuesday, saying no one's explained how to pay for it.
The existing transportation trust fund would need $231 billion in additional revenue over the six-year period to fully pay for the proposed programs, according to Mr. Obama's 2012 budget blueprint.
The White House had assured the construction industry and other supporters of increased infrastructure spending that its budget would include a detailed funding plan. The administration said in its budget outline that it will continue to work with Congress on ideas for raising more highway money, but didn't offer a specific proposal.
Congress has also failed to come up with concrete ways to raise more transportation funding, frustrating construction-industry firms who want to see a big bill passed soon.
"In all, a big vision," Janet Kavinoky, a transportation lobbyist for the U.S. Chamber of Commerce, said in an email. "But without leadership on funding, one that is not going to be realized."
Dennis Slater, president of the Association of Equipment Manufacturers, which represents big machine makers including Caterpillar Inc., called the plan a "good start."
Business Groups Fault Obama Infrastructure Plan's Lack of Funding Details
WASHINGTON—The U.S. Chamber of Commerce and other business lobbies called President Barack Obama's proposal for a six-year, $556 billion highway bill unrealistic Tuesday, saying no one's explained how to pay for it.
The existing transportation trust fund would need $231 billion in additional revenue over the six-year period to fully pay for the proposed programs, according to Mr. Obama's 2012 budget blueprint.
The White House had assured the construction industry and other supporters of increased infrastructure spending that its budget would include a detailed funding plan. The administration said in its budget outline that it will continue to work with Congress on ideas for raising more highway money, but didn't offer a specific proposal.
Congress has also failed to come up with concrete ways to raise more transportation funding, frustrating construction-industry firms who want to see a big bill passed soon.
"In all, a big vision," Janet Kavinoky, a transportation lobbyist for the U.S. Chamber of Commerce, said in an email. "But without leadership on funding, one that is not going to be realized."
Dennis Slater, president of the Association of Equipment Manufacturers, which represents big machine makers including Caterpillar Inc., called the plan a "good start."
"However, the proposal falls short by not addressing the crucial issue of how this essential infrastructure investment will be funded, putting in question whether it will ever be approved," he said.
Businesses and unions have pushed for a boost in infrastructure spending to create jobs in the ailing construction industry and lift the economy. Mr. Obama restated his desire for a major infrastructure bill in his State of the Union address.
Under the proposed budget, highway and transit spending would greatly exceed projected revenues into the Highway Trust Fund, which gets most of its money from the federal gas tax.
The White House, along with key congressional figures such as House Transportation Committee Chairman John Mica (R., Fla.), have declined calls to raise the gas tax.
Without additional funding ideas, proponents of a major highway bill could be forced to scale back ambitions and focus on a smaller bill.
U.S. Chamber President Thomas Donohue and AFL-CIO President Richard Trumka are scheduled to testify Wednesday before the Senate Environment and Public Works Committee on the need for a major transportation bill to create jobs.
http://online.wsj.com/article/SB10001424052748704343404576146883262078292.html?mod=googlenews_wsj
Businesses and unions have pushed for a boost in infrastructure spending to create jobs in the ailing construction industry and lift the economy. Mr. Obama restated his desire for a major infrastructure bill in his State of the Union address.
Under the proposed budget, highway and transit spending would greatly exceed projected revenues into the Highway Trust Fund, which gets most of its money from the federal gas tax.
The White House, along with key congressional figures such as House Transportation Committee Chairman John Mica (R., Fla.), have declined calls to raise the gas tax.
Without additional funding ideas, proponents of a major highway bill could be forced to scale back ambitions and focus on a smaller bill.
U.S. Chamber President Thomas Donohue and AFL-CIO President Richard Trumka are scheduled to testify Wednesday before the Senate Environment and Public Works Committee on the need for a major transportation bill to create jobs.
http://online.wsj.com/article/SB10001424052748704343404576146883262078292.html?mod=googlenews_wsj
