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Mr. HOEVEN. Mr. President, I thank my esteemed colleague from the great State of Oregon, Senator Wyden, for his leadership on this important issue, for his work on the highway bill, and specifically for his work on the TRIP bonds, as he said, the Transportation and Regional Infrastructure Project bonds. It is a creative concept, and I think it is very timely.
Senator Wyden approached me and said: As we are working on this highway bill, can we work together on this concept of something like a TRIP bond concept? I expressed my appreciation for his creativity and the offer to work together and said, one, I absolutely wanted to do it because it is so important to our country right now--we need the jobs, we need the economic activity, we need the infrastructure, that is clear--and, as the good Senator said, we have to be creative in figuring out how to do this.
I said: We are going to have to do it within the framework of making sure it is paid for and making sure it does not add to the deficit or the debt. He said: Agreed. And we went to work on it.
So this truly is bipartisan, and I thank him for taking the initiative and for all the work both and he his staff have put into what I think is a very creative idea and a real opportunity for us, as I say, in infrastructure and in job creation and economic activity for our country.
I also extend my thanks to two Members of the House of Representatives as well, both Ed Whitfield, Congressman from Kentucky, Republican, and Congressman Leonard Boswell, Democrat from the State of Iowa.
So in both the Senate and the House this has been a bipartisan effort. That is important because at the end of the day, if we are going to get this passed, that is what it is going to take, bipartisan support. So this is about addressing something that is vitally important: our infrastructure needs, job creation. It is something we pay for, so it does not increase the deficit or the debt, and it is absolutely bipartisan.
Again, as my esteemed colleague just mentioned, I bring a perspective as a Governor. We are talking about $25 billion in addition to the normal highway funding. So this is for projects in infrastructure that State departments of transportation and Governors--people at the State level, at the local level--decide what infrastructure projects need to be done, and they can then use these funds accordingly. That is of tremendous value to them. Without exception, go across the States, ask any of the Governors or directors of transportation, and they will tell you: That is exactly the kind of funding we want and need to do the very best job for the people we serve in our respective States.
Mr. President, $25 billion--$10 billion the first year, $15 billion in year 2--will make an incredible difference for every single State in the country.
Now, the other thing to keep in mind is--Senator Wyden went through for just a minute how we have structured the bonds--essentially, it results in a 4-to-1 leveraging of funds for every State. They put their dollars into the sinking fund. They select the projects. Then, on a project-by-project basis, they put forward dollars in the sinking fund, and we provide them a 4-to-1 match.
So, for example, $ 1/2 billion goes to a State. As they select projects, that $ 1/2 billion funds those projects. They put up $100 million as they select and advance those projects. For their $100 million, they are doing $500 million in projects.
Again, this is exactly what the States are looking for. This is exactly what they need to meet their infrastructure needs. Anyone driving around the country--whether it is in the District or anywhere else--is going to tell you: Look, we have to address our infrastructure needs. And this is absolutely something that will make a big difference in doing that.
Again, in addition to being truly a bipartisan effort,
and a bicameral effort, at this point we have received tremendous support and encouragement from across the country and from truly a diverse range of groups--from labor, from business, from mayors, from county commissioners. It truly has not only bipartisan support but incredibly strong support across the country.
Just some of the various groups that have come out and already endorsed the project include the American Association of Road and Transportation Builders, the American Association of State Highway and Transportation Officials, the U.S. Chamber of Commerce, the American Highway Users Alliance, the Associated General Contractors of America, the International Union of Operating Engineers, the Labors' International Union of North America, the National Association of Manufacturers, and the American Society of Civil Engineers.
Again, mayors, commissioners--this truly has broad, strong support at the grassroots level. That is reflective of the fact that it is exactly the kind of project we need to advance.
So as we work on this highway bill, I see this as a tremendous opportunity--really an opportunity, and not just in terms of the infrastructure we so badly need but to put people to work in good jobs, in good-paying jobs. Think of the ramifications that has, the secondary ramifications that has for our economy right now. It is incredibly important. It makes a huge difference, and then we have the lasting infrastructure, we are meeting the lasting infrastructure needs of this country.
Before I yield the floor, just a final comment and that is to ask our colleagues to join us in this effort. If they have good ideas, we are absolutely open to those ideas. But this is a concept whose time has come. We need to make sure, as we work forward on this highway bill, we include the TRIP bonds as part of that package.
With that, I yield the floor back to my esteemed colleague.
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