Reid unveils $28 billion economic stimulus plan
RENO, Nev. (AP) – Sen. Harry Reid urged President Bush Tuesday to back his $28 billion stimulus package to promote economic activity by investing in highway construction and other transportation systems.
Reid, D-Nev., said Tuesday the investments should be teamed with any plan in Congress to cut taxes.
”For every billion dollars we spend on infrastructure improvement projects, 42,000 jobs will be created,” Reid said in a statement from Washington.
”These are long-term jobs that will help hundreds of thousands of American families pay the bills and save for their future,” he said.
Reid, the second-ranking member of the Senate, outlined his plans during a visit to Reno over the weekend and sent the formal proposal for $28.2 billion to President Bush on Tuesday.
Reid proposed that $12 billion be spent on high-speed rail development over a 10-year period, including $1.2 billion this year.
The rest of the money should be spent this year, more than $15 billion, he said.
Reid wants to spend $5 billion on improving highway infrastructure and $5 billion on new mass transit and public transportation projects.
He proposed more than $3 billion in emergency security funding this year for Amtrak. He said $1.5 billion should be used to help airports with current construction plans and $300 million reserved for marine ferry and terminal construction.
”Transportation moves the economy,” Reid said.
”However, our existing transportation infrastructure isnot adequate to meet current or projected demands,” he said.
”By increasing safety of our nation’s roads, rails, highways, bridges and waterways, we will protect lives and restore the public confidence in all forms of travel,” he said.
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