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  • pat2ric pat2ric Aug 1, 2005 5:55 PM Flag

    Construction Bill

    I don't know anything about this industry. I do like small-cap material stocks. this stock cought my eye from an artical at Motly-fool. Also is is in the AAII journals small-cap portfolio."Mad-dog' Cramer is the one who is talking about the Highway construction bill.He want people to buy construction equipment. I thought this might be a better way to play it.I can E-mail you those articales if you want to read them, but I don't have any specific article on the construction bill.Let me know if I can help. I have no position in USLM currently.


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    • WASHINGTON (AP) -- Congress on Friday passed sweeping highway and mass transit legislation that will send nearly $300 billion to the states to build and fix roads, create thousands of new jobs and -- lawmakers hope -- save lives and cut hours wasted in traffic jams.

      The bill "will affect every American in some way," said Sen. James Jeffords, I-Vermont. "The impact of this bill will be felt for decades to come."

      The 91-4 vote in the Senate came hours after the House approved the measure, 412-8.

      House Speaker Dennis Hastert, R-Illinois, speaking shortly before the House passed the six-year, $286.4 billion transportation bill, said that after passage maybe fathers would have to answer the question, "Daddy, when are we going to get there?" three or four fewer times in their lives.

      Afterward, lawmakers streamed out of the Capitol, heading home for their summer break carrying promises of new highway and bridge projects, rail and bus facilities, and bike paths and recreational trails they had secured for their states and districts.

      President Bush, in a statement, promised to sign the bill that "will strengthen and modernize the transportation networks vital to America's continued economic growth."

      Under the legislation, each state would receive a share of federal highway funding depending on their contributions -- through the federal gas tax -- to the Highway Trust Fund. The bill, running more than 1,000 pages, also specifies thousands of projects requested by individual members.

      The projects range from two bridges in Alaska, one named for House Transportation Committee Chairman Don Young, R-Alaska, funded at more than $450 million, to $72,000 for a bus in Cornwall, New York.

      Watchdog groups
      Taxpayers for Common Sense, which lists 6,361 of these projects valued at $23 billion, and other watchdog groups say such projects are wasteful, handed out as political rewards.

      Sen. John McCain, R-Arizona, cited dozens of what he suggested were questionable projects in a highway bill, including $3 million to fund production of a documentary about infrastructure advancements in Alaska.

      The bill, he said, is "terrifying in its fiscal consequences and disappointing for the lack of fiscal discipline." Joining McCain in voting against the bill were Sens. John Cornyn, R-Texas, Judd Gregg, R-New Hampshire, and Jon Kyl, R-Arizona.

      But other lawmakers say the projects are determined on merit and see them as essential to their states and communities.

      They say money for infrastructure is well spent when congestion costs American drivers 3.6 billion hours of delay and 5.7 billion gallons of wasted fuel every year.

      Substandard road conditions and roadside hazards are a factor in nearly one-third of the 42,000 traffic fatalities annually, officials say, and every $1 billion in highway construction creates 47,500 jobs.

      "I don't think there is anything this Congress could do more definitively to put people back to work, to stimulate our economy to increase our efficiency, our competitiveness, both nationally and internationally," said Rep. Peter DeFazio of Oregon, a top Democrat on the Transportation Committee.

      • 1 Reply to MarkSharky
      • peanuts_getcha_peanuts_here peanuts_getcha_peanuts_here Aug 2, 2005 1:03 PM Flag

        Thanks for the article. Is the 286.4 billion below the price tag that W. said would be his limit on approval? I know he said something like, "I will not sign a bill approving XXX billion or more in spending" I wish I could remember the amount.

        "Under the legislation, each state would receive a share of federal highway funding depending on their contributions -- through the federal gas tax -- to the Highway Trust Fund."
        Anybody have an idea of the gas tax stucture throughout the US? Where is most of the spending going to be? Hopefully Texas, Louisiana and Pennsylvania.

        side note:
        I hear the Steel Industry should pick back up in the 4th quarter. This bill is also good for steel producers. Which, in turn, is good for USLM.

        time your buys

51.95+3.25(+6.67%)Sep 2 3:56 PMEDT