National Infrastructure Bank

Last week, three Washington heavy-hitters brought a new contribution to the debate over a national infrastructure bank: They said we already have one.

Congressional insiders say that House Majority Leader Eric Cantor is refusing to hold an "all or nothing" vote on President Obama's jobs bill. Cantor says he'll bring "elements" of the bill to the floor but not the whole bill.

In a Rose Garden speech this morning, President Obama soundly rejected Republicans’ push to address the deficit exclusively through spending cuts with no tax increases. He was responding to House Speaker John Boehner, who said last week that tax increases were “off the table.” The outcome of the current deficit-cutting fight could have significant implications for transportation-related proposals like the national infrastructure bank, which Obama included in his recently-unveiled American Jobs Act.

More information when we get it.

Last night, President Obama addressed a joint session of Congress to present his new jobs plan, a bill he’s calling the American Jobs Act. He relied on the well-worn appeal to people’s patriotic competitiveness by pointing out that China is improving its infrastructure while the U.S. is sitting idly by. Without mentioning the dollar figure (psst… it’s $50 billion) he said he’d get construction workers back on the job rebuilding transportation infrastructure and schools:

At today’s hearing, the Senate Environment and Public Works Committee celebrated the bipartisan consensus it has reached on a new transportation reauthorization – but details of that consensus are still not public. Sen. Barbara Boxer (D-CA) did confirm that dedicated federal funding for bicycle and pedestrian programs remains in the bill. Addressing LA Mayor Antonio Villaraigosa:

At a Commerce Committee hearing today, Sens. John Kerry (D-MA) and Kay Bailey Hutchison (R-TX) spoke out in favor of their infrastructure bank proposal, while Frank Lautenberg (D-NJ) and John Rockefeller (D-WV) championed their own legislation. Sen. Barbara Boxer (D-CA), who is a member of the Commerce Committee as well as chair of the Environment and Public Works Committee, also spoke strongly in favor of an infrastructure bank, although the transportation reauthorization outline she released yesterday didn’t say anything specifically about such a bank.

Have you seen Fareed Zakaria's editorial in the Washington Post today? It's pretty stunning. He begins with some pretty gloomy analysis of the country's economic trajectory and some bad news about unemployment and growth. And just when it seems like there's no hope and the country's going down the tubes, he suggests one shining beacon of hope: a national infrastructure bank, the "simplest way" to help unemployed workers -- "and the country."

As the House and Senate get closer to unveiling their respective transportation proposals, it’s crunch time for figuring out how to pay for infrastructure investment moving forward. Senator Max Baucus (D-MT), who has let slip that he’s in favor of a two-year reauthorization because of current funding constraints, chaired a hearing in the Finance Committee today to examine options for financing. No one panacea emerged, and conservatives on the committee and among the witnesses quickly countered most of the suggestions raised.