Vulcan Materials CEO: Highway Funding Has Bipartisan Support
April 06 2011 - 10:24AM
Dow Jones News
Vulcan Materials Co. (VMC) Chief Executive Don James is
optimistic about the outlook for federally funded highway spending,
despite the ongoing focus in Washington, D.C., on the budget
deficit.
"With all of the budget cuts that have occurred...the federal
highway program has not been touched," James said Wednesday during
a BB&T Capital Markets conference in New York.
He called the trend an encouraging sign of bipartisan support
for highway funding.
Vulcan, based in Birmingham, Ala., produces aggregates used in
road construction and the residential and non-residential building
sectors.
James said President Barack Obama recently proposed a six-year,
$551 billion transportation plan that includes more than $300
billion for highways.
"The problem with the president's proposal [is] he didn't come
out with a way to fund it," James said, although he added that
Democrats and Republicans alike are broadly supportive of highway
spending so observers should "stay tuned" to what happens in
Washington.
He also said a substantial amount of allocated federal stimulus
money for highways remains to be spent, and that the federal
highway trust fund won't "hit the wall" by running a deficit at
current spending levels for at least a year and a half. A number of
proposals to reverse the trend are under consideration, he
said.
-By Bob Sechler; Dow Jones Newswires; 512-258-1690;
bob.sechler@dowjones.com
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