The 2000th Project
June 12, 2009
06:42 PM EST
The Vice President made his final stop on his three-state "Road to Recovery" tour today in Kalamazoo, Michigan, at the groundbreaking of the I-94 reconstruction project. When this project was announced in April, it was the 2000th transportation construction project funded by the Recovery Act, which has now funded approximately 4,500 projects in 53 states and U.S. territories. The $43.9 million project will widen and enhance I-94, one of Michigan’s main commercial trucking corridors.
Additionally, the Vice President announced that the Treasury Department is making available Recovery Zone Bonds, which help states and communities hit particularly hard by job losses by making it easier for local governments to obtain financing. The Vice President discussed how this will spur economic growth in Michigan, which contains three out of the top 10 recipient counties in the country:
Folks, we get how important American institutions are to our economic well-being and to Michigan's future. But we also know that this is a time of transition and new beginnings. We can't just be looking back trying to save the industries -- which we are doing -- that are central to this country; we've got to look forward. And we're doing everything we can to get Michigan back on its proud feet, standing taller than it ever has, to lead the country and lead us into the 21st century like you did in the 20th century. And that's not hyperbole. That's literally a fact. You got an incredible trained workforce. You've got an environment that's set for it.
And part of that involves the Recovery Act. And part of the Recovery Act we created -- we are announcing today a new recovery zone -- a new recovery zone bond program that's going to help states and communities hardest hit by this recession. To attract new jobs and provide new investment today, the Treasury Department is making these bonds available and I'm happy to report that the state of Michigan will receive nearly $2 billion in recovery zone bonds under this program.