Maryland Democratic Congressman John Delaney is hoping the budget shortfall facing the Highway Trust Fund will increase support for his proposal to create a new infrastructure bank in the U.S.
If Congress doesn’t act in the next couple weeks, the Transportation Department will start slowing its payments to states, which could slow construction projects and hurt the local economy.
While experts say an emergency stopgap bill is needed immediately, Congressman Delaney is urging his colleagues to think long-term. He wants companies with billions of dollars held overseas to bring that cash back to the states at a lower tax rate so they can invest in a U.S. infrastructure bank. The bill is backed by 43 Democrats and 43 Republicans.
Delaney says his proposal will permanently fix the international tax system.
“We want to take this group that will soon be 100 cosponsors — 50/50 — and we want to move them to that larger deal, take care of the Highway Trust Fund, create the infrastructure fund that’s in our bill and finally put this international tax problem to bed," Delaney says.
Delaney is hoping his proposal can be included in tax reform, which will likely have to take place after this fall’s elections.