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Next Dem Jobs Bill to Focus on Infrastructure

October 21, 2011 - by Donny Shaw

Majority Leader Harry Reid [D, NV] has selected the next piece of Obama’s jobs bill for Republicans and conservative Democrats to filibuster. Bloomberg:

Senate Majority Leader Harry Reid said he will advance the next piece of President Barack Obama’s rejected $447 billion jobs proposal, this time a $60 billion measure funding roads, bridges and other infrastructure.

Reid said he will seek a vote on the package, which would be financed by a 0.7 percent surtax on millionaires, during the week of Oct. 31. […]

The new proposal includes $10 billion to create a national “infrastructure bank” to leverage private and public capital for various projects. Senator Amy Klobuchar, a Minnesota Democrat, said the other $50 billion would fund infrastructure projects including $4 billion for rail, $9 billion for transit programs, and $27 billion for road, bridge, freight rail and port projects.

Some Republicans have expressed support for infrastructure bank proposals in the recent past. For example, Sen. John Kerry’s [D, MA] BUILD Act, which would provide government loans to leverage private investemnt in revenue-generating infrastructure projects, is basically identical to the infrastructure bank in the Obama jobs bill, and it has two Republican co-sponsors — Sen. Kay Hutchison [R, TX] and Sen. Lindsey Graham [R, SC]. However, Republicans are solidly against direct government funding of infrastructure projects and the small surtax on income above $1 million, so they’re going to filibuster this just like they did the full bill and the first piece Reid brought up. If there’s more to this jobs push than highlighting the Republicans’ obstructionism, Reid could try Kerry’s infrastructure bank plan on its own next. It’s pretty much the only true jobs bill out there with enough bipartisan support to potentially make it through both chambers anytime soon.

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Comments

  • AllenMills 10/25/2011 1:30pm

    Why do Republicans oppose government funding of infrastructure projects? I"m not understanding the philosophical basis.

  • RejectGovt 10/25/2011 2:50pm

    The idea is that government funding of private enterprises is in line with communism. I have to say; by definition, they are right. We shouldn’t be spending even more taxpayer money on what is supposed to be a free and self-sustaining market. I agree with the republicans on this one; that is a horrible idea.

  • Comm_reply
    luminous 10/26/2011 1:38pm

    Really, Their talking about roads and bridges not using the necromonicon to summon zombie stalin and zombie lenin from the grave to destroy capitalism.

  • Comm_reply
    RejectGovt 10/26/2011 4:53pm

    Yeah, if you like the idea of using your tax dollars to fund “revenue-generating” projects (infrastructure or not)? That means the taxpayers are paying for something twice. If we want to stimulate jobs, we can’t keep taking more from the taxpayer. The government needs to step the eff back and just leave well enough alone as far as “creating” jobs out of thin air, (pretending we’re all naive and pretending that our government actually works for the 99%). If they want to do the 99% of us a real favor, they’ll eliminate all the favorable tax breaks for corporations and multi-millionaires and billionaires, close the foundation loop-hole, cut taxes for the lower and middle classes, and repeal corporate person-hood. The most common misconception of the current crisis is that is was because of too little regulation … in fact it has been over-regulated in favor of huge corporations and multi-national conglomerates by essentially selling-out our American Dream.

  • Comm_reply
    luminous 10/26/2011 6:54pm

    The recession was cause not by “too little regulation” or by “over-regulation”. The recession was caused by the complete and total abdication of regulation.

    Structural separation(glass Steagall), leverage limits, CoI(conflict of interest) rules, limits on derivative positions, etc are all extremely important to a functional banking system, and it was deregulation that removed them and created the current situation(see: 1999 gramm beach billey act).

    I agree on getting rid of corporate personhood, be mindful that was created by the supreme court and at this point would require constitutional amendment to fix.

    ““revenue-generating” projects (infrastructure or not)?”

    Infrastructure creates what can be called collateral growth, that is it creates growth not directly for the entity that built it but for all of the entities around it. This type of economic entity isn’t functional as a private enterprise as it doesn’t put money into the pocket of that enterprise.

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    thetimes 05/18/2012 7:09am

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  • Comm_reply
    thetimes 05/18/2012 7:11am

    This is another smoke and mirror agreement that looks good on surface, but does not help many people. I called Wells Fargo where we have our mortgage since 2005 to see if we qualified, was told even though they provided the mortgage it was sold to Bank of America although we are not notified because it’s the domhipotek secondary market. However, these do not qualify for the AG deal, even though we have paid Wells Fargo always on time, have fixed rate 80/20 mortgage and did not overbuy, but are still underwater by $75,000. What’s the point of trying to continue to pay when it will never catch up?

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  • blockbusternewreleases 11/28/2011 9:35am

    I dont understand how the government can fund private enterprises. As previously mentioned, thats just pure communism..

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  • thetimes 05/18/2012 7:10am

    This is another smoke and mirror agreement that looks good on surface, but does not help many people. I called Wells Fargo where we have our mortgage since 2005 to see if we qualified, was told even though they provided the mortgage it was sold to Bank of America although we are not notified because it’s the domhipotek & mkredyty secondary market. However, these do not qualify for the AG deal, even though we have paid Wells Fargo always on time, have fixed rate 80/20 mortgage and did not overbuy, but are still underwater by $75,000. What’s the point of trying to continue to pay when it will never catch up?

  • thetimes 05/18/2012 7:10am

    This is another smoke and mirror agreement that looks good on surface, but does not help many people. I called Wells Fargo where we have our mortgage since 2005 to see if we qualified, was told even though they provided the mortgage it was sold to Bank of America although we are not notified because it’s the domhipotek & mkredyty secondary market. However, these do not qualify for the AG deal, even though we have paid Wells Fargo always on time, have fixed rate 80/20 mortgage and did not overbuy, but are still underwater by $75,000. What’s the point of trying to continue to pay when it will never catch up?

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