Senate Democrats Seek To Add Build America Bonds To Tax Deal

[ProSense]

Senate Democrats Seek To Add Build America Bonds To Tax Deal .

By MARTIN VAUGHAN

WASHINGTON—A group of nine Democratic senators are seeking to add an extension of Build America Bonds to the tax-cut package taking shape in the U.S. Senate.

The program, set to expire Dec. 31, provides federal subsidies for taxable bonds issued by state and local governments for infrastructure projects. More than $150 billion of the bonds have been issued to help finance such projects as upgrades to Alaskan airports and to school, water, sewer and electric facilities across the country.

"Build America Bonds have proven to be an efficient way to create jobs and build lasting infrastructure across the country," the senators wrote in a letter to Senate leaders, dated Tuesday.

The deal on tax-cut extensions struck between the White House and Senate Republicans didn't include an extension of the bond program, one of President Barack Obama's signature economic development programs.

Congressional Democrats have been critical of the overall deal that keeps tax cuts in place for wealthy Americans, and are seeking to add their own priorities to balance a package they believe is skewed too far to the right.

The letter was signed by Sens. Ron Wyden of Oregon, Robert Menendez and Frank Lautenberg of New Jersey, Debbie Stabenow of Michigan, Mark Begich of Alaska, John Kerry of Massachusetts, Barbara Boxer and Dianne Feinstein of California, and Maria Cantwell of Washington.

[jwirr]

1. They should do things like this - there is nothing that says they cannot

make their own deal with the repugs.

[karynnj]

2. Great idea - we need to invest in the infrastructure to have a strong economy

This is right in line with what Obama spoke of in NC and what Kerry has been speaking of on MTP and elsewhere. I am happy both my Senators are on this.