Sen. Kirk presents plan for Private-Public Partnership in transportation

Sen. Mark Kirk (D-IL) revealed legislation to mobilize $100 billion in private investment to build new roads, railroads and airports. "Our roads, rail, transit and airports are facing unprecedented funding shortfalls," Senator Kirk said. "We should not further burden working families with higher gas taxes. Instead, we should look to our own economic history to find a solution." Kirk referenced a National Surface Transportation Policy and Revenue Study commission that said, current highway, bridge, public transit, freight and passenger rail funding needs are approximately $225 billion per year through 2055, while current spending is less than $90 billion per year. The bill would increase annual funding from $122 million to $750 million for the Transportation Infrastructure Finance and Innovation Act, a loan program that helps finance major transportation projects, including those with private-public partnerships. It would enable more than $7 billion in loans for projects totaling more than $21 billion yearly. The plan would add eligibility to high-speed rail projects and development costs under the Railroad Rehabilitation and Improvement Financing program and allow projects such as high-speed rail to use future dedicated revenues or user fees in place of collateral to lower credit risk premiums.