Dept. of Transportation should reject $950 million bond and $3.7 billion loan for high speed rail in Florida

Feb. 22, 2019, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement urging the Department of Transportation to stop funding a higher-speed rail project in Florida from Orlando to Miami:

“The Department of Transportation needs to stop throwing good money after bad on the Green New Deal pipe dream of high-speed rail. It didn’t work in California, it didn’t work anywhere else and it won’t work in Florida either.

“Virgin Trains USA (formerly Brightline) has already received a tax-free $600 million private activity bond from the Department of Transportation for a rail project in Florida that was used to pay off millions of corporate debt at a high interest rate. In addition, it has been approved by the department for another $1.15 billion in bonds that have yet to be issued. It has another application at the department for a $3.7 billion Railroad Rehabilitation & Improvement Financing low-cost loan. It’s IPO was cancelled after receiving poor press and the company lost $87 million in the first nine months of 2018. And now, to add insult to injury it is coming back to the department for another bond for $950 million. These are the largest allocations in either program’s history, and combined would add up to $6.4 billion.”

Attachments:

“Dems go off the rails in Green New Deal, two high-speed rail projects maimed after botched rollout,” By Robert Romano, Feb. 13, 2019 at http://dailytorch.com/2019/02/dems-go-off-the-rails-in-green-new-deal-two-high-speed-rail-projects-maimed-after-botched-rollout/

“Trump admin. should reject $3.7 billion loan to Japanese-owned company for Florida higher-speed rail project operating on Mexican company-owned line,” By Robert Romano, Feb. 8, 2019 at http://dailytorch.com/2019/02/trump-admin-should-reject-3-7-billion-loan-to-japanese-owned-company-for-florida-higher-speed-rail-project-operating-on-mexican-company-owned-line/

Interview Availability: Please contact Americans for Limited Government at 703-383-0880 ext. 1003 or at media@limitgov.org to arrange an interview.

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