Etheridge Introduces Bill To Fund $25 Billion For School Construction - U.S. Rep. Bob Etheridge (D-Lillington) has introduced legislation to provide for $25 billion for school construction bonds. Etheridge introduced the bill Thursday at a press conference in the U.S. Capitol with House Ways and Means Chairman Charlie Rangel (D-NY) and Rep. Jim Ramstad (R-MN), the other two primary sponsors of the bill. “As the only former state schools chief serving in Congress, I know firsthand how important quality facilities are to successful schools. In North Carolina our schools are bursting at the seams, and overcrowding impedes the academic mission of our schools," said Etheridge. “This bill will put the federal government to work in partnership with states and local education agencies to build new schools, reduce overcrowding, lower class sizes, enhance good order and discipline in the classroom and improve the learning environment." House Bill 2470, The America 's Better Classrooms (ABCs) Act of 2007 will provide a federal tax credit to bond holders to pay the interest on local school bonds. The state or school district would only be responsible for repaying the principal. The bill will provide federal support in partnership with local officials to leverage about $25 billion in bonds for school construction, which could provide millions in interest-free school construction bonds for new schools in North Carolina . For each $1,000 of school bonds, states or local school districts would save as much as $500 in total payments. Etheridge announced plans for the legislation in April at Aversboro Elementary School in Garner.Since when is it the federal government's responsibility to get involved with building schools in individual states? The 10th Amendment no longer exists.
Friday, May 25, 2007
Bad news for American taxpayers
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