Va. takes hard look at $3.3 billion transportation plan

Jan. 25, 2011
Virginia Gov. Robert McDonnell is asking for borrowed money and borrowed support from the state Democratic party for an ambitious $3.3 billion transportation plan. On Monday it looked like the Republican leader was well on his way to achieving one of his top priorities, as five key Democrats offered support for an infrastructure strategy that is built around bonds.

Virginia Gov. Robert McDonnell is asking for borrowed money and borrowed support from the state Democratic party for an ambitious $3.3 billion transportation plan. On Monday it looked like the Republican leader was well on his way to achieving one of his top priorities, as five key Democrats offered support for an infrastructure strategy that is built around bonds.

The group, which includes two members of the Senate Finance Committee, was impressed with the idea of borrowing now when interest rates and construction costs are low. The plan involves the use of $1.8 billion in accelerated bond issues approved by the state in 2007. In addition, McDonnell is proposing issuing another $1.1 billion in debt and paying it back with future federal highway funds. Virginia also will create an infrastructure bank that will hold up to $400 million for highway and bridge construction.

“We are in desperate need of doing something with our transportation system,” Sen. Ralph Northam told The Washington Post. Northam is one of the five Democrats offering support. “We are coming out of a recession and we need to put people back to work. If there’s any time to borrow money, this is a good time to do it.”

With the surge in support, it looks like McDonnell has the votes he needs in the state Senate, but moving it through the House of Delegates may be a more difficult task. If approved, the transportation package could fund a list of 900 projects over the next three years identified by McDonnell’s office.

Sponsored Recommendations

The Science Behind Sustainable Concrete Sealing Solutions

Extend the lifespan and durability of any concrete. PoreShield is a USDA BioPreferred product and is approved for residential, commercial, and industrial use. It works great above...

Proven Concrete Protection That’s Safe & Sustainable

Real-life DOT field tests and university researchers have found that PoreShieldTM lasts for 10+ years and extends the life of concrete.

Revolutionizing Concrete Protection - A Sustainable Solution for Lasting Durability

The concrete at the Indiana State Fairgrounds & Event Center is subject to several potential sources of damage including livestock biowaste, food/beverage waste, and freeze/thaw...

The Future of Concrete Preservation

PoreShield is a cost-effective, nontoxic alternative to traditional concrete sealers. It works differently, absorbing deep into the concrete pores to block damage from salt ions...