Various U.S. senators announced Feb. 10 they would include a “Build America Bonds” initiative in the controversial highway bill.

Sens. Jim Talent, R-MO, Ron Wyden, D-OR, Jon Corzine, D-NJ, and Norm Coleman, R-MN, Feb. 10 announced they would work to include the $56 billion bonding initiative in the highway bill now before Congress.

However, President Bush said he would veto the highway bill if funding options included an increased fuel tax or various bonding mechanisms.

The senators announced their intentions at a news conference, where they were joined by business and labor representatives who support the plan.

“The highway bill is a good start, but we must do more to increase the size of the transportation pie,” said Talent. “The cost of fixing our transportation infrastructure will grow the longer we wait, and the economic cost of not fixing it will eventually become intolerable.

“We must have a highway bill that at least begins paying off the debt arising from past inaction. Build America Bonds are the answer, both to create jobs now and to protect our safety and prosperity in the future.”

Sen. Wyden said, “Our supporters now range from the workers who build our roads, bridges, airports, railroads and waterways to state transportation officials and the U.S. Chamber of Commerce – and I believe that working together they will help this legislation become law.”

In a statement, the senators said this one-time bonding program would empower states and local governments to complete significant new projects by providing $40 billion for highways, $10 billion for public transportation and $6 billion for rail.

These funds will be in addition to current TEA-21 dollars and will allow cash-strapped states to create and sustain millions of jobs, generate significant economic growth, improve their transportation infrastructure and save lives through enhanced transportation safety without a tax increase, the senators added.

The proposal is supported by the Associated General Contractors of America; the American Association of State Highway and Transportation Officials; the National Stone, Sand and Gravel Association; U.S. Chamber of Commerce; National Heavy & Highway Alliance – Laborers’ Union; Operating Engineers Union; Carpenters Union; Iron Workers Union; Plasterers’ & Cement Masons Union; Teamsters Union; Bricklayers Union; and other groups.