Jeff Flake: “last year's highway authorization bill, better known as SAFETEA-LU, which brought us the bridge to nowhere, seems to be…”

“last year's highway authorization bill, better known as SAFETEA-LU, which brought us the bridge to nowhere, seems to be a gift that keeps on giving. It has now cleared the path for a program that may set a standard for fiscal mismanagement and favoritism by the Federal Government. Thanks to changes made to the Railroad Rehabilitation and Improvement Financing, or RRIF, program in SAFETEA-LU, the administration is considering awarding one of the largest loans to a private company in the history of the United States. This would be a $2.5 billion loan to the Dakota, Minnesota and Eastern Railroads, or DM&E, a loan larger than the Chrysler bail-out. SAFETEA-LU expanded the loan authority of the RRIF program from $3.5 billion to $35 billion and removed any prohibition on the size of any single loan, paving the way for the DM&E loan application. If drastically expanding the program's loan authority opened the door for DM&E, a handful of other changes to the program all but drive the loan application home. Mr. Speaker, the RRIF program is on the verge of being used to provide a competitive advantage. It is inappropriate for the taxpayers to finance it. ____________________”