Gillibrand, other senators, sign on to BRIDGE Act to jump-start investment, job creation
WASHINGTON – A bipartisan coalition of ten U.S. Senators introduced legislation today to establish a new infrastructure financing authority to help states and localities better leverage private funds to build and maintain the nation’s outdated infrastructure. The Building and Renewing Infrastructure for Development and Growth in Employment Act, or BRIDGE Act, helps to address the nation’s alarming investment shortfall in maintaining and improving our transportation network, water and wastewater systems and energy infrastructure. The legislation would provide an additional financing tool for states and localities which can create new jobs here at home while also increasing our nation’s economic competitiveness.
The BRIDGE Act, introduced by lead sponsors Sens. Mark R. Warner (D-VA) and Roy Blunt (R-MO), is cosponsored by Kirsten Gillibrand (D-NY), Lindsey Graham (R-SC), Dean Heller (R-NV), Chris Coons (D-DE), Amy Klobuchar (D-MN), Roger Wicker (R-MS), Claire McCaskill (D-MO) and Mark Kirk (R-IL).
America currently spends roughly two percent of its GDP on infrastructure -- about half what it did 50 years ago. By comparison, Europe spends around 5%, and China spends 9% of GDP on infrastructure. According to the World Economic Forum’s Global Competitiveness Report, the United States currently ranks 19th among 148 developed countries in overall infrastructure compared to our global competitors.
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