Dulles Rail Project Gets Stimulus Money to Limit Its Debt

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Friday, May 8, 2009

The U.S. Department of Transportation has awarded $77.5 million in federal stimulus money toward the construction of a Metrorail extension to Dulles International Airport.

The award doesn't change a previous overall pledge of $900 million in federal dollars toward the 23-mile Silver Line through Tysons Corner. But it accelerates the payments, saving $15 million in financing costs by limiting the amount of debt the project must take on.

More such savings are possible, said Rep. Gerald E. Connolly (D-Va.), who along with Rep. James P. Moran Jr. (D-Va.) asked Transportation Secretary Ray LaHood last month to award the money.

Construction of Phase 1 of the $5.2 billion Silver Line is underway; it will extend Metro from Arlington County to Wiehle Avenue in Reston. Phase 2 is expected to take the project to the airport and into Loudoun County by 2016.

Tagged: Dulles, Dulles Airport, metro, metro extension, State news, stimulus

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NO THANKS TO FRANK WOLF WHO VOTED *****AGAINST***** THE STIMULUS FUNDING.

Posted by quietobserver (anonymous) on May 8, 2009 at 9:45 a.m. (Suggest removal)

Quietobserver: It sure sounds nice that the debt financing will be reduced by $15 million, but that fails to take into account the very strong likelihood (actually certainty) that if that 77 million was left in the hands of private citizens it would produce multiples of that amount in new wealth (i.e. jobs), which would then actually yield more revenue for more road projects. Taking capital out of the market where it can be put to use now to hold onto for years defies all basic lessons on economics. Ask yourself: If this is a good use of your money why not donate all your income that exceeds your most basic needs to the government and they can hold onto it until they find a way to use it. Would that really be productive, or would it be better for you to spend some of that money (resulting in jobs for others); invest some, resulting in jobs as companies use your money to expand, and save some, resulting in banks being able to lend it to someone who wants to start a business (creating even more jobs)?

Posted by dbc007 (anonymous) on May 8, 2009 at 1:04 p.m. (Suggest removal)

way to create a straw man dbc007.

Posted by jasonc (anonymous) on May 11, 2009 at 10:46 a.m. (Suggest removal)

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