WASHINGTON, D.C. — The nation’s deteriorating surface transportation infrastructure will cost the American economy more than 870,000 jobs, and suppress the growth of the country’s Gross Domestic Product by $3.1 trillion by 2020, according to a new report released by the American Society of Civil Engineers (ASCE). The report, conducted by the Economic Development Research Group of Boston, showed that in 2010, deficiencies in America’s roads, bridges, and transit systems cost American households and businesses more than $129 billion, including approximately $97 billion in vehicle operating costs, $32 billion in delays in travel time, $1.2 billion in safety costs, and $590 million in environmental costs.

 WASHINGTON, D.C. — The Association of Equipment Manufacturers (AEM) released a revenue-neutral solution to rebuild and modernize America’s interstates without raising the gas tax. The proposal, advanced by AEM in an ongoing effort to reinvigorate the stalled debate on infrastructure investment financing, was developed by Jack Schenendorf, former vice chairman of the National Surface Transportation Policy and Revenue Study Commission, of Counsel, Covington & Burling LLP, and Elizabeth Bell, associate, Covington & Burling LLP.

 WASHINGTON, D.C. — Looking to leverage private investment and an untapped market for tax credit bonding to rebuild America’s transportation infrastructure, U.S. Senators Ron Wyden (D-Ore.), John Hoeven (R-N.D.), and Mark Begich (D-Alaska) introduced legislation to create a tax credit bond program dedicated to transportation infrastructure. Transportation and Regional Infrastructure Project bonds or TRIPs will be a financing tool to fund the rebuilding of the nation’s crumbling transportation infrastructure.

 RICHMOND — Virginia Governor Bob McDonnell announced that the Virginia Department of Transportation (VDOT) and Elizabeth River Crossings LLC (ERC) have agreed on the major business points for the Downtown Tunnel/Midtown Tunnel/Martin Luther King Extension Project connecting Norfolk and Portsmouth. Agreement on the major business points of the transaction paves the way for VDOT and ERC to finalize the detailed terms of the comprehensive agreement and the financing package for this $1.9 billion project. VDOT and ERC expect to sign the comprehensive agreement and achieve financial close by the end of 2011.

 RICHMOND, VA. — A new study, “Policy Options for Secondary Road Construction and Management in the Commonwealth of Virginia,” authored by Jonathan L. Gifford, Ph.D., a professor at the George Mason University School of Public Policy, discusses historical aspects of Virginia’s secondary roads policy, the current issues facing secondary roads in Virginia, and potential policy options for the Commonwealth’s secondary roads.