AISI Praises House Passage of Stimulus Bill
02/16/2009 - The American Iron and Steel Institute praises the House passage of the stimulus bill aimed at revitalizing America’s economy and putting workers back to work.
The American Iron and Steel Institute (AISI) praised the House passage of the stimulus bill aimed at revitalizing America’s economy and putting workers back to work.
The bill, which totals $789 billion, includes both tax cuts and program funding and spending. Key spending items that would be of significance to the industry include spending on transportation and infrastructure – including industry-supported Buy America language – and energy projects, along with a mix of tax cuts.
The bill, which totals $789 billion, includes both tax cuts and program funding and spending. Key spending items that would be of significance to the industry include spending on transportation and infrastructure – including industry-supported Buy America language – and energy projects, along with a mix of tax cuts.
“We thank President Obama for his efforts, and Congress on their expedient action to pass this stimulus package, which will help to put Americans back to work and get America’s economy back on track,” said AISI President and CEO Thomas J. Gibson. “We are pleased that the bill recognizes the importance of investing in transportation infrastructure projects and energy programs, which will lead to the creation of thousands of jobs in the manufacturing industry. Our industry would also like to thank the Members of the Congressional Steel Caucus for their support of the Buy America provision in the stimulus package, including their vital leadership in hosting a timely House Steel Caucus Hearing in February that attracted national media attention.”
Transportation and infrastructure spending in the bill includes $27.5 billion for highways and bridges; $8.4 billion for public transportation; $1.3 billion for aviation; $9.3 billion for high-speed rail and other rail investment; and $22 billion in school construction bonds.
Funding for energy programs in the bill, which totals $37.5 billion, includes upgrading the energy grid, research into clean coal technology and $6 billion in loan guarantees for renewable energy projects. It includes a 3-year extension of the production tax credit for wind energy.
Funding for energy programs in the bill, which totals $37.5 billion, includes upgrading the energy grid, research into clean coal technology and $6 billion in loan guarantees for renewable energy projects. It includes a 3-year extension of the production tax credit for wind energy.
The bill also expands and extends Trade Adjustment Assistance benefits and includes language barring the Bureau of Customs and Border Protection from demanding repayment of duties collected under the Continued Dumping and Subsidy Offset Act on NAFTA goods between 2001-2005.
AISI serves as the voice of the North American steel industry in the public policy arena and advances the case for steel in the marketplace as the preferred material of choice. AISI also plays a lead role in the development and application of new steels and steelmaking technology. The Institute comprises 25 member companies, including integrated and electric furnace steelmakers, and 138 associate and affiliate members who are suppliers to or customers of the steel industry.
