By Keith Laing - 07/27/12 11:31 AM ET
Transportation Secretary Ray LaHood said Friday that the Obama administration will make $17 billion available for loans to construct transportation projects.
The loans are part of an expansion of the Transportation Infrastructure Finance and Innovation Act (TIFIA) program in the recently approved $105 billion transportation bill. The transportation bill, the Moving Ahead for Progress in the 21st Century Act (MAP-21), included $1.7 billion for the TIFIA program over the next two years.
LaHood said Friday that the DOT was making $17 billion immediately, which he said would generate job growth in a stagnant U.S. economy.
"TIFIA offers flexible terms and gives many qualified, large-scale projects the extra boost they need to break ground and put people back to work," he said on a conference call with reporters. "This is a sign that in a time of fiscal austerity, we can still do big things." FULL ARTICLE
Fri, July 27, 2012
by John Cox