McConnell's hiwy bill has spec interests up in arms, may have to work wkend

[Panich52]

Senate Transportation Bill Hits Speed Bump

Sen. Mitch McConnell announces bipartisan transportation bill with a patchwork of new revenue streams.

NYT: "... the measure would spend more than $300 billion on infrastructure over six years ... Tax law compliance changes would crack down on rich families who fudge the value of property inheritances to dodge estate taxes. The government would be allowed to deny or revoke passports for people with more than $50,000 in unpaid taxes. Private debt collection agencies would be empowered to bring in an estimated $2.4 billion over the next decade..."

http://mobile.nytimes.com/2015/07/22/us/senators-reach-compromise-on-increases-to-highway-spending.html?_r=0&referrer=



But initial procedural vote hits filibuster.

Roll Call: "Minority Leader Harry Reid and (bill co-sponsor Sen. Barbara) Boxer had called for a delay so Democrats could read the mammoth bill, and senators blocked bringing it up, 41-56 vote ... McConnell said the Senate would have to be in session this weekend in an effort to complete the highway bill before the August recess..."

http://blogs.rollcall.com/wgdb/democrats-want-to-delay-mcconnell-boxer-highway-bill-deal/?dcz=



McConnell may schedule another vote for today.

Politico: "Democrats are set to meet at noon Wednesday to plan their next move ..."

http://www.politico.com/story/2015/07/senate-fails-to-move-transportation-bill-forward-120427.html



Compromise faces "many obstacles" reports The Hill:

"...$2.3 billion (would be raised) by blocking Social Security payments to individuals with felony warrants ... Senate Finance Committee ranking member Ron Wyden (D-Ore.) raised reservations about the Social Security language ... Senate Banking Committee Chairman Richard Shelby (R-Ala.) objected to the [Federal Reserve] dividend rate cut ... Sen. Lisa Murkowski (R-Alaska) objects to using the petroleum reserve as an offset..."

http://thehill.com/policy/transportation/248751-senate-highway-bill-faces-many-obstacles



Banks don't like Fed cut. The Hill:

"Currently, banks must purchase stock at the Federal Reserve in order to become a member. But they receive a 6 percent interest rate on their investment. McConnell and Boxer want to slash that rate to 1.5 percent for banks that have more than $1 billion in consolidated assets, while keeping the 6 percent interest rate for banks under the $1 billion threshold..."

http://thehill.com/policy/finance/248698-banking-industry-financial-leaders-oppose-highway-pay-for



Politico's Michael Grunwald explores what our transportation money gets spent on:

"... we spend more than five times as many federal dollars on roads as we spend on public transit. We spend more building new road capacity than we spend fixing existing roads ... But most of our transportation choices aren't made in Washington. Congress is mostly a pass-through, funneling cash to states with relatively few strings attached."

http://www.politico.com/agenda/story/2015/07/transportation-infrastructure-scott-walker-highways-000153?hp=t2_r

[PoliticAverse]

1. Nice effort putting together all the links. n/t

[Panich52]

3. Thx, but Campaign for Americ's Future does it for me w/ their Progressive Breakfast

[mikehiggins]

2. WTF have felony warrants have to do with Social Security? This is a blatant ripoff and attack

on one of the few programs that work as intended. I'd say Mac should be ashamed but I doubt he understands the term