House Budget Committee on the Coming National Infrastructure Bank

A few days back I reported on the National Infrastructure Bank that is in the planning stages by the President and Congress. It will generate huge fees for the banksters and make-work jobs for union members.

A D.C. friend sends along this House Budget Committee summary of the President's comments yesterday about the NIB:

While the President did not offer detailed proposals or explain the significant cost associated with them, it appears he is proposing to –

• Extend the 2 percentage-point reduction in the employee portion of the payroll tax for one year through calendar year 2012.
• Extend the current level of enhanced unemployment benefits for one year through calendar year 2012. Permanent funding provides regular benefits, which are 26 weeks in most states. Enhanced benefits provide up to an additional 73 weeks, for a total of up to 99 weeks.
• Provide additional support for roads, bridges, and airports. The President was unclear on the details of this proposal, but his budget included $30 billion in new spending to establish a new National Infrastructure Bank (I-Bank). This bank would provide loans and grants for infrastructure projects and other activities that are “of significance to our Nation’s economic competitiveness.” (For the purposes of this analysis, Congressional Budget Office (CBO) estimates of his I-Bank proposal are used.)

Note: The $30 billion is a start. The thinking is that the NIB budget will ultimately be much higher.