Congress returns tomorrow, January 6th, to face the economic stimulus package destined for the new President’s signature in mid-February. House and Senate leaders dampened expectations that the package of tax cuts, infrastructure, education, green energy and health care funding will be completed by the inauguration. The target date now is February 16th, just before the Presidents’ Day recess. House Democrats have scheduled a public hearing on Wednesday and Obama is expected to give a major speech later in the week—all devoted to the bill.

In an interview 10 days ago, House T & Committee Chairman Oberstar outlined an $ 85 B proposal that includes: highways and bridges - $30.25 B; transit - $ 12 B; rail - $ 5B, aviation - $5.25 B; environmental projects - $14.75 B and billions more for economic development, Army Corps of Engineers and others. A big unknown at this writing is if local matches will be required as the federal funds come down to states and then localities via the traditional federal formulas.

As part of the economic stimulus package, the Class I railroads are urging that the 25% ITC for spending on new track, intermodal facilities and other projects expanding freight rail capacity. The ITC is estimated at about $ 300 million per year which translates into 20,000 jobs nationwide.

Chairman Oberstar indicated that a part of his stimulus grants program for rail are funds that will be available for short line and regional railroads to improve and/or expand their infrastructure. pecializing in infrastructure policy and financing.