D.C. - U.S.
Senator Pat Toomey (R-Pa.) issued the following statement regarding his vote
against the Infrastructure Investment and Jobs Act:
is a need to expand and maintain our nation’s real, physical infrastructure,
which is why the federal government spends billions on these projects every
year. But this legislation is too expensive, too expansive, too unpaid for, and
too threatening to the innovative cryptocurrency economy.
infrastructure spending should be driven by a reasoned assessment of our
nation’s needs, but this process was driven by Democratic political imperatives
rather than necessity. As a result, much of the bill’s spending on actual
infrastructure is excessive – such as the $107 billion for transit even as
nearly $40 billion in transit “COVID” money remains unspent. Worse, the bill
funnels billions to projects that the private sector has been more than willing
to fund, such as ferries, EV charging stations, and the power grid. It also
showers taxpayer dollars on items, like Pacific salmon conservation, tree
planting, and demolishing “racist” highways, that cannot be considered
infrastructure at all.
promises this legislation would be entirely paid for, the bill instead adds
hundreds of billions to our already staggering deficit when about $1 trillion
in unspent ‘COVID relief’ is still available for repurposing. This comes on the
heels of $4 trillion to combat a pandemic, a $2 trillion liberal wish-list
rushed through by Democrats on a partisan basis in March, and the specter of
another $3.5 trillion monstrosity that would radically redefine the very role
of the federal government in the lives of middle-class Americans. To put this
in perspective, Congress could pass over a quarter of our nation’s GDP this
year in new spending.
those features were not bad enough, this legislation imposes a badly flawed,
and in some cases unworkable, cryptocurrency tax reporting mandate that
threatens future technological innovation.
these reasons, I could not support this measure.”