LEFT AT THE TAIL END OF
EARNING SEASON.
BIG NAMES, CVS AND SHAKE SHACK
QUARTERLY RESULTS RIGHT HERE
ON FOXBUSINESS.
YOU HEAR TODD TALK ABOUT HOW
THE WHITE HOUSE WILL PAY FOR
ALL THE THINGS THEY WOULD LIKE
TO DO, IT'S ONLY BEEN THREE
DAYS SINCE THE WHITE HOUSE
UNVEILED THEIR PLAN BUT WORD
IS ONE MAJOR PLAYER IS ALREADY
SAYING COUNT US OUT.
WERE NOT EXCITED.
THE ADMINISTRATION HAS TOUTED
A $1.5 TRILLION PLAN FOR
MONTHS, BUT ON MONDAY IT PUT
OUT A 200 BILLION-DOLLAR
PLAN.
IT THEN RELIES HEAVILY ON
STATE AND LOCAL GOVERNMENT TO
FLASH THE REST OUT.
THE WORD IS SO MIND OUT THE
PLAN WILL BE ABLE TO SPUR
PRIVATE DEALS GIVEN THE LACK
OF MATCHING FEDERAL DOLLARS.
WHAT DOES THIS MEAN FOR
CRUMBLING ROADS AND BRIDGES?
TOM RICE OF SOUTH CAROLINA IS
INSIDE.
CONGRESSMAN, WE WERE LOOKING
AT SOUTH CAROLINA, YOUR STATE
HAS A HIGHWAY PROJECT THAT HAS
BEEN WAITING ITS TURN SINCE
1991.
IT ALREADY HAS A NAME KIND
IT ALREADY HAS A NAME IIND
73.
IF THE MONEY WERE GRANTED
TODAY, COULD YOU START RIGHT
AWAY?
>> YES, MA'AM.
I WORKED ON NOT PERMIT FROM
THE TIME I GOT CONGRESS FIVE
YEARS AGO AND IT TOOK ME FOR A
HALF YEARS TO GET THE PERMIT.
THE BEEN WORKING ON IT FOR A
DECADE BEFORE THEN.
I 73 IS A SHINING EXAMPLE OF
HOW OUR PERMITTING PROCESS IS
ONE MORE THING THAT MAKES OUR
COUNTRY LESS COMPETITIVE AND
I'M SO GLAD THAT THE PRESIDENT
IS FOCUSING ON STREAMLINING
THAT BROKING
THAT BROKENG
THAT BROKEN PERMITTING
PROCESS.
>> I AGREE.
I KNOW PEOPLE WHO START
PROJECTS IN THE COMPANIES WENT
OUT OF BUSINESS AFTER 20 YEARS
OF WAITING.
THE PROCESS AND STREAMLINING
ASIDE, WALL STREET DOESN'T
LIKE THE MATH.
THEY DON'T SEE, AND QUITE
FRANKLY, A LOT OF AMERICANS
DON'T SEE HOW THIS MORPHED
INTO 1.5 TRILLION.
DO YOU SEE IT?
OR DOES THE FEDERAL GOVERNMENT
HAVE TO THROW MORE INTO THE
POT TO GET THE PRIVATE
COMPANIES IN?
>> YOU KNOW, I DON'T KNOW THE
PEOPLE ON WALL STREET NOTICED
THAT THE MONEY IS TIGHT IN
WASHINGTON RIGHT NOW.
WHAT THE ADMINISTRATION WANTS
TO DO IS MAXIMIZE THE LEVERAGE
OF THE FEDERAL DOLLARS.
I UNDERSTAND THAT.
HISTORICALLY, WAY BACK WHEN
MONEY WAS A LITTLE MORE EASY,
THE FEDERAL MATCH WITH AN 80%
TO A 20% MATCH AND NOW THEY
WANT TO REVERSE THAT.
WHAT YOU MIGHT HAVE IS YOU
WILL INCENTIVIZE JURISDICTIONS
THAT ARE MORE HUNGRY, WHEN YOU
THROW IN A 20% STATE MATCH AND
A LOCAL MATCH AND DO TOLLING
WHICH IS WHERE YOUR PUBLIC,
PRIVATE PARTNERSHIPS COME IN
AND 20% FEDERAL, YOU CAN GET
THERE.
IS IT EASY?
NOW.
IS IT USING THE LIMITED
DOLLARS WE HAVE FOR MAXIMUM
BENEFIT?
ABSOLUTELY.
PERSONALLY I THINK I 73 IS A
VERY JUSTIFIABLE PROJECT.
I WOULD HOPE WE CAN GET MORE
THAN A 20% FEDERAL MATCH WILL
WORK WITH WHAT WE GET BECAUSE
WE DESPERATELY NEED THAT.
>> I GET IT, BUT IF YOU GO
BACK, NOT TOO FAR BACK IN
HISTORY, PRESIDENT EISENHOWER
USED HIS MILITARY PROWESS AND
FINANCIAL KNOWLEDGE TO SAY
THAT HE WANTED TO PUT TOGETHER
THIS INCREDIBLE HIGHWAY SYSTEM
AND YOU LOOK AT WHAT HAPPENED,
THEY GOT THROUGH CONGRESS,
ABOUT A QUARTER OF ALL CARS
DRIVE ON IT, BUT IT WAS FUNDED
BY THE FEDERAL GOVERNMENT,
YOU'RE RIGHT.
MONEY IS TIGHT BUT DID WE NEED
AS LARGE A CORPORATE TAX CUT.
THIS IS WHAT OTHER PEOPLE ARE
ASKING, AT A TIME WHEN THE
ECONOMY IS STARTING TO GROW.
WHY WASN'T IT 25% VERSUS 21%
AND WE MIGHT HAVE SOME MONEY
FOR THE GOVERNMENT TO DO WHAT
EISENHOWER DID.
>> I BELIEVE THE REASON THE
ECONOMY IS LIFTING OFF THE
1.6% GROWTH IN GDP AND AVERAGE
DURING THE OBAMA
ADMINISTRATION, UP TOWARD
THREE TODAY IS BECAUSE OF TAX
REFORM AND REVELATORY REFORM.
IF YOU LOOK AT THE FACTORS
THAT WE NEED TO BE
COMPETITIVE, I'M A BIG
FOLLOWER OF THE ECONOMISTS AT
HARVARD WHO HAS WRITTEN A MENU
OF THINGS THAT THIS COMPANY
NEEDS.
TAX REFORM, NUMBER ONE
REGULATORY REFORM WERE IN THE
MIDDLE OF IT.
IMMIGRATION REFORM, SWITCH
FROM FAMILY -BASED TO SKILL
-BASED IMMIGRATION LIKE EVERY
OTHER INDUSTRIAL COUNTRY MAKES
US MORE COMPETITIVE AND MODERN
INFO STRUCTURE.
ALL THESE THINGS WILL GROW OUR
ECONOMY.
IF WE MOVE FROM 1.6 TO THREE
OR THREE AND HALF, THAT MAKES
SOLVING OUR DEFICIT PROBLEMS
EASIER.
>> WE ARE WATCHING
INFRASTRUCTURE FROM STEEL AND
MATERIAL LOOKING A LOT BETTER
THESE DAYS.
CONVERSELY, THANK YOU.
GOOD LUCK WITH THAT AGING IDEA
OF A BRAND-NEW I 73.