Americans’ top priority is job creation but Republicans have offered no jobs plan and are threatening jobs and investments in rebuilding America. House Democrats, led by Rep. Gerry Connolly (D-VA), introduced the Build America Bonds to Create Jobs Now Act (HR 11) to spur job creation here at home.
Build America Bonds are an investment that works – leveraging public dollars to strengthen the private sector, growing our economy by rebuilding America:
- It spurs job creation at home by helping state and local governments finance the rebuilding of American schools, hospitals, water systems, and transit projects at significantly lower costs.
- It is good for taxpayers, using small public investments to unleash billions from private businesses to create jobs.
- It has the support from American businesses, the construction industry, mayors and governors.
The bill reinstates Build America Bonds for two years, which TIME magazine called "one of the economic recovery efforts biggest successes" and the Wall Street Journal called a "Success Story." Congressional Republicans allowed this successful bond financing program to expire at the end of 2010.
These bonds have been an effective tool in job creation, having helped finance $181 billion in critical infrastructure projects, such as schools, hospitals, roads, courthouses, public safety facilities and equipment, water and sewer projects, environmental projects, energy projects, public buildings, government housing projects and public utilities. See what's been done wtih Build America Bonds in your state»
There's also a great need to rebuild America--infrastructure in the United States earns a grade point average of D, with 33% of America’s major roads in poor or mediocre condition and more than 26% of the nation’s bridges are structurally deficient. Meanwhile 43% of schools are in such poor condition that it “interferes with the delivery of instruction.”
In addition, Build America Bonds have been supported by American businesses and the construction industry, as well as state and local governments:
- Build America Bonds are a top priority for the U.S. Conference of Mayors; the National Association of Counties; National League of Cities; National Association of State Treasurers; Council of State Governments; and National Association of State Auditors, Comptrollers, and Treasurers.
- Janet Kavinoky, of the U.S. Chamber of Commerce, said: "The bonds have done a lot of good for communities who have not had the capacity to keep infrastructure projects going."
- Brian Turmail, of the Associated General Contractors of America, said:"This is a key part of addressing what we consider to be pretty significant infrastructure challenges that our nation is facing and will, long-term, undermine our economic competitiveness."
The bill is similar to provisions previously included in the House-passed Small Business and Infrastructure Jobs Tax Act of 2010 (H.R. 4849) and the American Jobs and Closing Tax Loopholes Act of 2010 (H.R. 4213).
