Clyburn in support of federal transportation bill
Wed, 01 Sep 2010 03:18:42 GMT —
COLUMBIA (WACH) -- Mother Nature and the recession have done a number on South Carolina's roadways.
A recent study shows 27 percent of the state's major roads are in poor or average condition.
In front of Sloan Construction, an asphalt manufacturing plant, Rep. Jim Clyburn presented a plan Tuesday to charge 0.25 on Wall Street transactions during the next six years.
The tax would generate an estimated $500 billion to fund a federal transportation bill, and pay back money toward the national deficit.
You don't do the transaction, then there is nothing to worry about, says Rep. Clyburn, but if you are going back to trading as before, creating bonuses as before, then I think the tax payers that bailed you out and put you in that position ought to be repaid as well.
Clyburn says the bill instructs Wall Street to repay Main Street.
Officials add the aging and under-capacity roads cost the U.S. economy more than $80 billion annually and forces drivers to waste nearly three billion gallons of fuel each year.
Issues surrounding infrastructure impact each of us dramatically, says President Otis Rawl of the South Carolina Chamber of Commerce, and we are encouraging Congress to pass a transportation bill as expeditiously as possible.
Rawl was one of many voices at Tuesday's press conference. The effort is backed by a number of business groups.
According to Clyburn, for every $1 billion the state receives for transportation funding, 43,000 jobs could be created.
He believes the legislation will pass his chamber; however, the bill also needs approval from the U.S. Senate and President Obama.