Virginia Gov. Bob McDonnell – on the site of a construction project under way, no less – officially signed into law on Monday a plan to infuse Virginia’s ailing transportation infrastructure with $4 billion over the next three years.
“It has been over 20 years since we have made a major investment in our transportation system,” he said. “For far too long Virginians sat stuck in traffic while partisan politics put the brakes on progress.”
The governor said that 900 projects stand to benefit from the funding, which in Northern Virginia includes the widening of Interstate 66 from Gainesville to Haymarket and the widening of Route 7 in Loudoun County.
The package drew criticism from some lawmakers for its reliance on borrowed money, but it marked a major legislative victory for McDonnell during his second legislative session.
The governor has repeatedly made the case that with historically low interest rates and the state’s need for jobs, now is exactly the time to be investing in the state’s transportation infrastructure.
The plan involves about $3 billion in bonds, and creates a new transportation infrastructure bank to provide low-interest loans and grants to localities. The bank is to be initially funded with about a quarter million dollars from last year’s surplus funds, as well money uncovered in a Virginia Department of Transportation audit.
Brian Moran, chairman of the Virginia Democratic Party, applauded the governor’s efforts to secure additional funding for roads, but said the package represents only a first step in improving the state’s highways.
“Governor McDonnell obviously fought hard for this package, and although many Virginians remain uncomfortable with amount of borrowing his plan includes, he is right when he says that it will lead to new maintenance and construction around Virginia,” Moran said. “However, taken alone, this plan does not come close to meeting the need for a long-term solution to our transportation crisis.
