Representative Daniel Webster (FL-10) issued the following statement after introducing new transportation legislation, H.R. 4925, the TIFIA 2.0 Act:
"America's transportation and infrastructure system is the backbone of our economy and is a critical element for growth and job creation. By prioritizing investable infrastructure, TIFIA 2.0 will improve access to affordable infrastructure financing for states and local governments, promote innovative public-private partnerships and accelerate delivery of large-scale public transportation projects and the jobs that support them.
"In an era of bloated government spending, wise and calculated investments are crucial. TIFIA 2.0 provides new money to the transportation and infrastructure system that will bolster our economy and expand opportunity for growth and success without raising taxes."
The TIFIA 2.0 Act improves the Transportation Infrastructure Finance and Innovation Act (TIFIA) by transforming it into a sustainable, revolving fund that will continuously grow to meet our nation's infrastructure needs.
Focusing on funding roads, bridges, tunnels, transit and intermodal projects, TIFIA 2.0 will generate new transportation revenues and attract new investment capital. Projects that reduce risks to taxpayers and have a record of prior prompt repayment of loans are given priority consideration under this legislation.
Leaders from Florida's transportation community quickly weighed in supporting the measure:
"Everyone understands that the Highway Trust Fund has solvency issues, and it will take ingenuity on multiple fronts to resolve this systematic problem. Ground-breaking projects like the Miami Intermodal Center, I-595, Port of Miami Tunnel and I-4 Ultimate have demonstrated how TIFIA can help advance major projects through public-private partnerships. We applaud Congressman Webster's efforts with TIFIA 2.0 to bring new money to the table in an innovative way that supports Florida's plans for infrastructure project delivery," said Florida Department of Transportation Secretary Ananth Prasad.
"It is no secret that the Highway Trust Fund will soon be out of money with no long term, sustainable solution in sight. Rep. Webster has long been a leader in new ideas for funding Florida's and our nation's infrastructure needs and TIFIA 2.0 is another innovative approach we welcome and support," said Florida Transportation Builders' Association President Bob Burleson.