Sen. Charles Schumer indicates that the Democrat proposed $1 trillion infrastructure bill would help account for a large portion of the repair for Syracuse’s Interstate 81.
The bill would, according to Syracuse.com, invest in road renovation projects nationwide.
Since almost a third of highway fatalities involve poor road conditions, obsolete road designs, or roadside hazards, it is safe to say that the American public would welcome some infrastructure spending.
Currently, the Highway Trust Fund typically contributes around 80% of the financing for all interstate highway projects, but this statistic could be in jeopardy. President Trump’s federal budget plan includes $122 billion in spending cuts to the Highway Trust Fund over the course of 10 years.
“We need significant increases in direct federal funding if we’re going to seriously address our nation’s crumbling infrastructure,” Schumer said Tuesday.
Though ‘spending’ can be viewed as a spooky word at times, it also can provide opportunities for further economic growth in American construction and metal working.
Stainless steel, copper, carbon steel, and aluminum are the four most common metals in construction, being widely used in road works as well. This would help the nation steer into the skid of the already booming construction industry.
On top of this, Schumer intends to use the infrastructure bill to pay for “high-speed internet, dredging, flood-control projects, environmental cleanup and school construction projects.”
The Dems face an uphill battle, however, as funding for the bill is contingent on rolling back a number of tax breaks that passed in the Republican bill last year. This includes both the corporate tax rate and the top individual rate returning to pre-2017 levels.
Additionally, the individual alternative minimum tax and federal estate and gift taxes would be a source of funding for this bill and would be reinstated if the infrastructure bill passed.
This prospect isn’t exactly an optimistic one, as Trump has a proposed infrastructure plan of his own. Rather expectedly, it involves federal funding for private toll road development, giving rise to a chorus of objecting Democrats.
“It’s a plan designed to reward rich developers, large banks and the president’s political allies, not to rebuild the country,” The Hill reports Schumer saying.
With Trump loyalists rooted in their support for our President, and with Democrats in Congress lacking any majority power, their bill will likely be killed when it comes to the floor.