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1/16/2009
Rail News: Rail Industry Trends
House Democrats propose $10 billion for rail, mass transit in economic stimulus package
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Yesterday, House Democrats unveiled the American Recovery and Reinvestment Act of 2009, an $825 billion economic stimulus package that calls for $550 billion in spending on a range of projects and state/local government aid, and $275 billion in tax cuts.
The bill includes $90 billion for infrastructure improvement projects. Of that, $30 billion would be allocated for highway projects; $10 billion for rail and mass transit projects; and $1.1 billion for Amtrak.
“This package is the first crucial step in a concerted effort to create and save 3 to 4 million jobs, jumpstart our economy and begin the process of transforming it for the 21st century,” said Rep. Dave Obey, (D-Wis.), who chairs the House Appropriations Committee, in a prepared statement. "The economy is in such trouble that, even with passage of this package, unemployment rates are expected to rise to between 8 and 9 percent this year. Without this package, we are warned that unemployment could explode to near 12 percent.”
House committees will consider the measure next week. Majority Democrats hope to bring the bill to a House floor vote by month’s end, then send the measure to the Senate.
The bill includes $90 billion for infrastructure improvement projects. Of that, $30 billion would be allocated for highway projects; $10 billion for rail and mass transit projects; and $1.1 billion for Amtrak.
“This package is the first crucial step in a concerted effort to create and save 3 to 4 million jobs, jumpstart our economy and begin the process of transforming it for the 21st century,” said Rep. Dave Obey, (D-Wis.), who chairs the House Appropriations Committee, in a prepared statement. "The economy is in such trouble that, even with passage of this package, unemployment rates are expected to rise to between 8 and 9 percent this year. Without this package, we are warned that unemployment could explode to near 12 percent.”
House committees will consider the measure next week. Majority Democrats hope to bring the bill to a House floor vote by month’s end, then send the measure to the Senate.
