Thursday, January 15, 2009

Thune co-sponsors $50 billion bond act

South Dakota Senator John Thune is teaming up with Democrats Ron Wyden, Amy Klobuchar, and Susan Collins and fellow Republican Republicans Susan Collins and Roger Wicker to re-introduce S.238 (pdf), the "Build America Bonds Act".

Purpose of bill, from its text:

To provide $50 billion in new transportation infrastructure funding through bonding to empower States and local governments to complete infrastructure projects across all modes of transportation, including railroads, bridges, rails and transit systems, ports, and inland waterways, and for other purposes.

Thune defends the bill:

“It’s a patriotic solution at a time when the nation needs new ideas. One of the greatest challenges our nation presently faces is creating economic growth without inflicting long-term damage on our economy by piling up mountains of debt and deficit spending. The Build America Bonds program would provide significant opportunities to create meaningful jobs and dramatically improve our nation’s transportation infrastructure without adding to our nation’s deficit.”

And in 2008, wrote an editorial in The Hill, advocating its merits.

In 2003, the Bush administration opposed (pdf, page3) a $63 billion version of the bill.