January 30, 2012

ADVISORY: Former CBO Director Holtz-Eakin to Join Bipartisan Coalition at Press Conference Calling for New Ways to Fund Infrastructure Projects

On the heels of the CBO’s report that the Highway Trust Fund’s deficit is larger than expected, Holtz-Eakin and bipartisan lawmakers urge Congress to look at TRIP Bonds as a viable alternative to fund infrastructure

Washington, D.C. – With the Congressional Budget Office’s expected announcement tomorrow that the National Highway Trust Fund’s deficit will continue to grow, U.S. Senator Ron Wyden (D-Ore.), former-CBO Director Douglas Holtz-Eakin and a bipartisan, bicameral coalition of lawmakers will hold a press conference tomorrow at 2:15 p.m. to discuss how Transportation Regional Infrastructure Project bonds (TRIPs) can be a viable way to fund much-needed transportation projects. By utilizing tax credit bonding similar to the way states and municipalities bond to pay for infrastructure projects, TRIP Bonds can leverage private investment in public projects to make up for the lack of funding coming from the highway trust fund.

WHO: U.S. Senators Ron Wyden (D-Ore.), John Hoeven (R-N.D.), Current President  of the American Action Forum and former-CBO Director Douglas Holtz-Eakin; U.S. Representatives Ed Whitfield (R-KY.) and Leonard Boswell (D-Iowa) and AASHTO Chief Operating Officer Jack Basso.
WHEN:  January 31, 2012 at 2:15 EST
To view the live stream of the event please click here. The stream will go live at the start of the event.

TRIP Bonds are tax credit bonds dedicated to transportation projects. Under the legislation introduced by Wyden, Hoeven and Begich in the Senate and Whitfield and Boswell in the House of Representatives, state-based funding entities will issue up to $50 billion in tax credit bonds to investors for the sole purpose of funding transportation infrastructure. Those bonds come with federal tax credits – an incentive to raise interest by private investors. The cost to the federal government will be less than $2 billion per year for the six year life of the program amounting to $12 billion in cost for $50 billion in infrastructure funds.

Click here for more information about the TRIP Bond program.