President Bush Signs Transportation Bill at Caterpillar Facility

yahoo ^ | 8/10/05

[janetjanet998]

Legislation Provides Certainty for Caterpillar Customers and Supports Emissions Reduction Efforts)

MONTGOMERY, Ill., Aug. 10 /PRNewswire-FirstCall/ -- Caterpillar Inc. (NYSE: CAT - News) today hosted President George W. Bush at the company's manufacturing facility in Montgomery, Illinois, where he signed HR3, the Transportation Equity Act, into law. The measure sets funding levels over the 2004-2009 time frame for critical infrastructure projects

We are honored President Bush is signing this important legislation at our Montgomery location and that House Speaker Denny Hastert is with us today after working so hard to get this bill passed in Congress," said Jerry Palmer, Caterpillar vice president with responsibility for the Wheel Loaders and Excavators Division. "The wheel loaders and excavators made in Montgomery can be seen all around the country, working to build the roads, highways and bridges that are such a vital part of the American economy."

Caterpillar's Montgomery operation is one the company's largest U.S. manufacturing facilities, and it is located in House Speaker J. Dennis Hastert's 14th Congressional District.

"This highway bill will not only fuel America's economy by growing jobs, but it addresses the need for a national transportation system suited to the 21st century's economy," said Hastert. "It is estimated that for every one billion dollars we spend on road construction, nearly 48,000 jobs are created. With more than 67 percent of the nation's freight moving on highways, economists believe that our ability to compete internationally is tied to the quality of our infrastructure."

Caterpillar Group President Gerry Shaheen said, "On behalf of our Caterpillar customers, I'd like to thank the President, Speaker Hastert and all those who made this day possible. With this bill, our customers will now have certainty to make business plans and to prepare to get to work on the projects that provide jobs and improve the lives of all Americans who benefit from improved highways, roads and bridges."

In addition to the infrastructure initiatives, the legislation funds programs to reduce emissions from older off-road diesel equipment and sets money aside to retrofit school buses as part of the Environmental Protection Agency's Clean School Bus USA initiative. Caterpillar has actively supported the Clean School Bus USA initiative by providing $250,000 in grants in 2004 to help school districts reduce bus emissions. Caterpillar's retrofit technology can also be used as part of a transportation bill program, enabling states to retrofit older construction equipment used in federal highway projects, including machines used in EPA non-attainment areas.

Caterpillar uses its breakthrough ACERT® Technology to reduce on-highway and off-road emissions. In fact, the company has reduced on-highway diesel emissions in trucks and buses by nearly 90 percent since 1988 and will reduce emissions another 90 percent by 2007.

For 80 years, Caterpillar Inc. has been building the world's infrastructure and, in partnership with its worldwide dealer network, is driving positive and sustainable change on every continent. With 2004 sales and revenues of $30.25 billion, Caterpillar is a technology leader and the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. More information is available at http://www.cat.com .

[Tijeras_Slim]

This won't sit well with the St. Pancake crowd.

[Shalom Israel]

"It is estimated that for every one billion dollars we spend on road construction, nearly 48,000 jobs are created."

Awesome! So lets spend, like, a trillion dollars, and employ 48,000,000 people! Or better yet, lets spend ten trillion, and employ everyone in the country and then some! w00t!

[flashbunny]

He should have signed it at a pig farm.

SOOOOEEEEEEE!!!! Get up to the slop trough,boys!

[Shalom Israel]

That is so incredibly Keynsian. I thought we were done with his economics.

Apparently not.

[skip_intro]

Or better yet, lets spend ten trillion, and employ everyone in the country and then some! w00t!

Absolutely!

Don't forget, we're obligated to employ everyone in South and Central America, and Mexico, too.

[avg_freeper]

"It is estimated that for every one billion dollars we spend on road construction, nearly 48,000 jobs are created."

We could cut this in half and still give those 48,000 ten grand a piece to help them find a job.

[Shalom Israel]

Don't forget, we're obligated to employ everyone in South and Central America, and Mexico, too.

Good point. Why don't we spend $150 trillion, and employ everyone on earth plus a moonful of extra-terrestrials? Why is Bush so stingy?

[RightWhale]

Sure. This is gov't doing the employing rather than bidnis. Eventually we will all work for the gov't and then we will be Venezuela. Still, the roads need work so we have a place to burn our $5 a gallon gasoline.

[skip_intro]

Why is Bush so stingy?

There's always next year. And it's an election year, too!

[Vermont Lt]

Didn't his Dad do something similar, but about a year later in his administration. I recall reading that the stimulus it had on the economy was partially responsible for the start of the boom in the 90's.

[dfwgator]

"We're still all Keynsians now."

[johnmecainrino]

88 billion was cut from the transportation bill that the dems wanted.

Bush's budget this year was lean he had major cuts in medicare and social services.

Bush is cutting military bases taking heat to cut spending.

This transportation bill had been sitting around for years our infastructure is dying. Roads are an essential. Lets blame bush just to blame bush.

Budget defecit is down over 100 billion this year thanks to his cuts in spending and the tax cuts. The direction is looking good.

[peacebaby]

Critics say it's riddled with pork-barrel projects. Such as?

[Southack]

"Awesome! So lets spend, like, a trillion dollars, and employ 48,000,000 people! Or better yet, lets spend ten trillion, and employ everyone in the country and then some! w00t!"

It's better to spend the gas tax revenues than let it accumulate.

For two years, gas taxes have been accumulating in the gasoline trust fund. You received ZERO benefit from those taxes, yet you had to pay it at the pump.

If this Highway Bill had been $100 Billion, then there would have been taxes left out of circulation, away from our economy.

Now granted, it would be great to kill the gas tax, but that's not what you're advocating. You're screaming that the gas tax money should remain locked in the gas trust fund out of circulation from our economy.

That's nuts.

[RoyalsFan]

Place your bets now: will Bush veto ANY spending bill before his second and final term ends in 2009?

[ndkos]

Highway funding is desperately needed, at least in the Chicago area. However, it should be done by formula, that is to say by how many miles of roads and how many bridges you have. What is not needed is pork barrel projects for landscaping and the like.

[johnmecainrino]

Bush has no line item veto power so his veto power is very limited.

Bush can't veto the budget without a line item veto power. To veto the budget because the dems blocked his spending cuts for medicare wouldn't make sense because without the budget being signed you get no cuts at all.

Bush doesn't veto bills because the bills he doesn't like he tells the conferences to get the bill spending down for him to sign it. He cut 88 billion from the cost the dems wanted in the highway bill. Our roads need help this bill needed to be signed. Republicans control the conferences so the bills he doesn't like don't ever get signed that is his silent veto.

[johnmecainrino]

Without line item veto power there are very limited options.

You either veto the whole bill and let our roads keep crumbling or take the best bill you can get.

A president without line item veto power has very little power over spending.