Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Groups, mayors urge U.S. Congress to back $10 billion in new public transit funding

Published 08/30/2021, 02:33 PM
Updated 08/30/2021, 03:00 PM
© Reuters. FILE PHOTO: The U.S. Capitol Building is pictured in Washington, U.S., August 20, 2021. REUTERS/Elizabeth Frantz

By David Shepardson

WASHINGTON (Reuters) -U.S. groups representing transit systems and city leaders on Monday joined unions and environmental groups in calling on Congress to back at least $10 billion in additional public transit spending along with new funding for high-speed rail.

The American Public Transportation Association, U.S. Conference of Mayors, International Brotherhood of Teamsters, the Sierra Club, and more than 40 other groups called for the funding in a proposed $3.5 trillion spending bill Congress plans to take up next month.

Last month, the U.S. Senate passed a $1 trillion infrastructure package that included $39 billion for public transit. A bipartisan Senate White House framework deal had included $49 billion for transit.

"They dropped $10 billion, abandoning their own deal for no reason. Now it is up to the House to restore this funding, which will be essential to getting people back to jobs and to essential services and addressing our climate goals," said Beth Osborne, director of Transportation for America in a statement.

Transit ridership has been hit hard during the COVID-19 pandemic. Since early 2020, Congress has approved $69.5 billion in emergency assistance, including $30.5 billion in March.

U.S. passenger railroad Amtrak, which received about $2 billion from Congress in the year before the coronavirus pandemic, has been awarded $3.7 billion in emergency funding since March 2020.

Nationally, transit ridership remains about 55% of pre-pandemic levels as many people continue to work at home and some riders are opting to use other modes of transportation.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Others signing the letter include the Transport Workers Union of America, Natural Resources Defense Council, Transportation Trades Department AFL-CIO and the Amalgamated Transit Union.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.