Senate GOP proposes two-year transportation bill funded with $40 billion rescission

The sponsor of the GOP bill, Senate Finance Committee ranking member Orrin HatchOrrin HatchTim Kaine backs call to boost funding for Israeli missile defense Froman: Too early to start trade talks with the UK Bacteria found ahead of Olympics underscores need for congressional action for new antibiotics MORE (R-Utah), argued that his bill is a better alternative because it would not add to the deficit or raise taxes.

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"Built on several of the president's Jobs Council's proposals, this legislation is a better way of speeding transportation construction, while scrapping burdensome regulations that are hurting our nation’s job creators," Hatch said. "It isn't funded with job-killing tax hikes. It doesn't add a dime to the debt. And unlike the Democrats' stimulus proposal, it should garner bipartisan support."

Aside from funding highway programs for two years, the bill incorporates the Regulations from the Executive in Need of Scrutiny (REINS) Act, which would give Congress the authority to override regulations Republicans say are hindering job growth. It also delays several pending Environmental Protection Agency regulations.

Both the Democratic bill and the Republican alternative are likely to fail today, as both motions to proceed will require 60 votes for passage. The Democratic bill would spend $50 billion on new infrastructure programs and create a $10 billion infrastructure bank.

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