The United States is underinvesting in infrastructure -- the highways, bridges, transit systems, airports, wastewater, drinking water, and solid waste disposal facilities essential to our economy's long-term, noninflationary growth. Increasing our national investment in infrastructure will enhance our mobility, reduce pollution, improve productivity and competitiveness, create jobs and economic growth.
Congress and the Clinton Administration must, however, fund the needed increase in infrastructure investment without new taxes. The recent 4.3 cent increase in the federal gas tax funded deficit reduction, not surface transportation. There are no new federal revenues or loan guarantees to pay for additional infrastructure investment. State and local government budgets and tax and debt capacities are also constrained.