Washington, Jan 17 – Congressman Dennis Kucinich (D-OH) released the following statement concerning the economic stimulus package being proposed to jumpstart the economy:
“We have to provide relief to American families. It is this Congress’ responsibility to offer support for middle class families and strengthen our economy,” Kucinich said.
“The subprime lending-induced housing market collapse coupled with the slowdown in the economy will mean big losses in property tax and sales tax revenue. Infrastructure is often the first cost to be abandoned.
“When considering an economic package that will help us avoid a recession, Congress should consider taking up the Kucinich/LaTourette Infrastructure Bill.”
On August 3, 2007, Kucinich and Congressman Steve LaTourette (R-OH), introduced a bipartisan infrastructure bill to improve critical infrastructure in Ohio and nationwide.
The bill would create the Federal Bank for Infrastructure Modernization (FBIM). The bank, as an extension of the Federal Financing bank under the Treasury Department, would establish zero interest mortgage loans for states and local governments to use to fund specific projects. The loans would bear a small fee of one-quarter of one percent of the loan principle to cover the administrative costs of the FBIM. The bill would not require Congress to appropriate any funds and would effectively double the amount of financing that is available to states and localities for infrastructure investment.
“This bill is not just an infrastructure improvements bill but a jobs bill as well,” stated Kucinich. “The Cleveland-area, and big and small cities across the country need this common-sense bill.”
“Our infrastructure needs are many and dollars are scarce,” LaTourette said. “This bill will help communities do big-ticket projects for wastewater and water plants, roads and bridges.”
“It is vital that this economic stimulus package help aging infrastructure and focus on the states and localities hardest hit,” Kucinich concluded.
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