National Infrastructure Bank

These two men are serious about creating an infrastructure bank before they leave office.

With the election just days away, it’s a good time to reflect on what the Obama administration has done with transportation policy – and what a Romney administration might have in store. Streetsblog does not endorse candidates. This is an overview of their respective records and a look back at what we know of these two men. We’ll start with President Obama in this post and move on to Mitt Romney in the next one.

In these days of stagnant gas taxes, state and local governments are scrambling for new ways to finance infrastructure. Rahm Emanuel has his $7 billion Chicago Infrastructure Trust, and Antonio Villaraigosa has his America Fast Forward. Even John Kasich in Ohio is trying to sell advertising at rest stops to shore up ODOT.

The House of Representatives approved the transportation bill conference report this afternoon by a vote of 373 to 52. [UPDATE 4:00 PM: The Senate has also approved the bill, 74-19.] This is a bill that’s been called “a death blow to mass transit” by the Amalgamated Transit Union, “a step backwards for America's transportation system” by the Rails-to-Trails Conservancy, “a retreat from the goals of sustainability and economic resiliency” by Reconnecting America, “a substantial capitulation” by Transportation for America, and “bad news for biking and walking” by America Bikes.

Congress has already delayed their holiday recess by a week, and members are hoping another delay won't be necessary. Among the yet-unfinished business: an extension of the payroll tax cut. House Speaker John Boehner plans to hold a vote today on his bill, which marries an extension of the payroll tax cut to the controversial Keystone XL pipeline. While expected to sail through the House, such a partisan bill is unlikely to pass the Senate. Enter Senators Claire McCaskill (D-MO) and Susan Collins (R-ME).

Two competing versions of a transportation-related job creation bill went down yesterday in the Senate. The first, the Rebuild America Jobs Act (S.1769), was a Democratic proposal, modeled on President Obama's job creation bill, to invest $50 billion for infrastructure and another $10 billion as seed money to create a new national infrastructure bank.

This morning, the Senate is debating two transportation-related bills: the Rebuild America Jobs Act (S.1769) and the Long-Term Surface Transportation Extension Act (S.1786).

There’s been a lot of adulation heaped upon the TIFIA loan program lately. Both houses of Congress are ready to increase funding for the program nine times over, from $100 million to $1 billion a year – despite warnings from outside groups that there may not be enough eligible projects to use up all that money.

House Transportation Committee Chair John Mica (R-FL) said this morning that getting permission from Republican leadership to find more revenues to fund the transportation bill was a “major breakthrough” but still won’t say where the money will come from.