Commodity Blog

Archive for February 14th, 2009

The US House of Representatives passed the $789-billion stimulus bill by a 246 to 183 vote on Friday, and the American Iron and Steel Institute praised Congress and President Obama. In a Friday statement, the Washington-based AISI pointed to key spending items included in the bill “and of note to the industry are spending on transportation and infrastructure–including industry-supported Buy America language.”
“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 Thomas J. Gibson, president and CEO, AISI.
The steel trade group said included in the transportation and infrastructure spending in the bill are: $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.
The AISI also emphasized that funding for energy programs in the bill totals $37.5 billion and includes upgrading the energy grid, research into clean coal technology and $6 billion in loan guarantees for renewable energy projects. It includes a three-year extension of the production tax credit for wind energy.
In addition, AISI said the bill 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.