Project Rebuild Act of 2013, H.R. 1397
This post Project Rebuild Act of 2013, H.R. 1397 originally appeared on Truth About Bills
The Bill: H.R. 1397, the Project Rebuild Act of 2013
Annualized Cost: $2.9 billion ($14.7 billion over five years)
In September of 2011, President Obama sent to Congress a legislative package, known as the American Jobs Act. The purpose of the Act was to serve as a successor to his original 2009 “stimulus” bill and direct an additional $170 billion (over five years) into job creation and stabilization programs. Many of the proposal’s sections were introduced as individual bills in the previous Congress and some are also being proposed anew this year. Among these, Congresswoman Maxine Waters (D-CA) has re-introduced the Project Rebuild Act. The new program would authorize $15 billion “to create jobs and reinvest in communities through the rehabilitation of abandoned and foreclosed residential and commercial properties.”
Representative Waters said that “Project Rebuild will help stabilize neighborhoods and reverse the rapid decline of our cities and towns. … And because the housing market recovery continues to be extremely fragile, Project Rebuild is an essential part of maintaining this recovery and helping to bring our economy back.”
In 2011, the Congressional Budget Office (CBO) estimated that the $15 billion authorization for Project Rebuild in the President’s American Jobs Act would result in $14.7 billion in outlays over five years, with an additional $150 million in the sixth budget year. The President’s new FY 2014 budget proposal would also enact Project Rebuild and estimates that it would result in $15 billion in new spending from FY 2014 to FY 2017 (see page 202). NTUF will use the original CBO estimate but will update the estimate if new information becomes available.
This article was originally posted in the National Taxpayers Union Foundation’s Taxpayer’s Tab weekly newsletter on April 19, 2013. The Foundation’s BillTally project scores the potential spending of every introduced bill in Congress.
This post Project Rebuild Act of 2013, H.R. 1397 originally appeared on Truth About Bills
2013-04-26 20:30:13
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