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| August 7, 2009
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Caterpillar Executive Calls for More Transportation Spending |
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James Owens, chairman and CEO of Caterpillar, said Tuesday that Congress should expand the upcoming federal surface transportation authorization measure to supplement the infrastructure spending contained in this year's American Recovery and Reinvestment Act.
Owens serves as a member of President Barack Obama's Economic Recovery Advisory Board. He said unemployment in the construction sector continues to run nearly double the national average for all industries, Dow Jones Newswires reported. Administration officials "understand we need some sustained fiscal stimulus," Owens told reporters following a presentation to Wall Street analysts at the company's headquarters in Peoria, IL. "The country needs it. We're not out of the woods completely." America's roads, bridges, railroads, and other infrastructure are suffering from decades of underinvestment and deferred maintenance, Owens said. "If we don't step up the investment here, we'll clearly be at third-world standards in a decade or two," he said. Questions regarding this article may be directed to editor@aashtojournal.org. |