It really is about time we get serious about mass transit in this country. We have let our local systems languish and Amtrak...well, the treatment of our national railroad is atrocious. For far too long Congress has bowed down for the highway lobbyists, automakers and developers that prefer concrete and pollution to an effective rail system that most of the industrialized world already has. Well, Senators Kerry and Specter are ready to step up to the plate.
From The LA Times:
WASHINGTON, D.C. – Today, Sens. John Kerry (D-Mass.) and Arlen Specter (R-Pa.) introduced a bill to create new jobs by updating the nation’s crumbling infrastructure. The High-Speed Rail for America Act of 2008 would transform America’s outdated and underfunded passenger rail system into a world class system.
“At a time when our economy desperately needs a jumpstart, we need an effective national investment that puts Americans back to work,” said Sen. Kerry. “A first-rate rail system would protect our environment, save families time and money, reduce our dependency on foreign oil, and help get our economy moving again. The High-Speed Rail for America Act will help fix our crumbling infrastructure system, expand our economy, and match high-tech rail systems across the globe.”[...]
The High-Speed Rail for America Act of 2008 builds upon the Passenger Rail Investment and Improvement Act of 2008 which reauthorizes Amtrak and authorizes $1.5 billion over a five-year period to finance the construction and equipment for eleven high-speed rail corridors. It provides billions of dollars in both tax-exempt and tax credit bond and provides assistance for rail projects of various speeds. The bill creates the Office of High-Speed passenger rail to oversee the development of high-speed rail and provides a consistent source of funding.
Specifically, the High-Speed Rail for America Act of 2008 provides $8 billion over a six-year period for tax-exempt bonds which finance high-speed rail projects which reach a speed of at least 110 miles per hour It creates a new category of tax-credit bonds – qualified rail bonds. There are two types of qualified rail bonds: super high-speed intercity rail facility bond and rail infrastructure bond. Super high-speed rail intercity facility bonds will encourage the development of true high-speed rail. The legislation provides $10 billion for these bonds over a ten-year period. This would help finance the California proposed corridor and make needed improvements to the Northeast corridor. The legislation provides $5.4 billion over a six-year period for rail infrastructure bonds. The Federal Rail Administration has already designated ten rail corridors that these bonds could help fund, including connecting the cities of the Midwest through Chicago, connecting the cities of the Northwest, connecting the major cities within Texas and Florida, and connecting all the cities up and down the East Coast.
This is definitely a good start and a step in the right direction. Imagine if this is how we'll be shifting money from the war to rebuilding our nation's infrastructure. As bad as the last eight years have been for our country, the potential for the next four and beyond are incredible. President-Elect Obama wants to take us in a bold new direction and going at it on high speed rails will get us there in record time.
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