U.S. Sen. Lindsey Graham (R-SC) recently joined a bipartisan group supporting the Building and Renewing Infrastructure for Development and Growth in Employment (BRIDGE) Act.
The bill would create an infrastructure financing authority that would help local and state governments by providing loans and loan guarantees for infrastructure projects.
“Now more than ever we need to identify a long-term funding solution for our infrastructure needs,” Graham said. “The BRIDGE Act is a common sense proposal that would bring together private sector investments and public sector resources to finance important infrastructure projects. Our proposal would ensure taxpayer dollars are used responsibly, and help create jobs.”
Graham sent a letter in December to then-President-elect Donald Trump, urging him to support the BRIDGE Act and other infrastructure spending projects.
The bill was reintroduced by U.S. Senators Roy Blunt (R-MO) and Mark Warner (D-VA) earlier this month.
There is a $2 trillion, 10-year infrastructure investment gap, according to the American Society of Civil Engineers. To close this gap, the portion of the nation’s Gross Domestic Product spent on infrastructure would need to increase by 2025 from 2.5 percent to 3.5 percent.
The average age of a bridge in the United States is 42, and the average age for a dam is 52.