During a recent appearance on Mornings with Maria, I discussed the collapse of the Francis Scott Key Bridge. Following the interview, left-wing media outlets reported that I called President Biden’s proposal to use federal funds to rebuild the bridge “outrageous.” These comments were taken out of context, which is clear to anyone who watched the interview in its entirety. I also clearly stated that rebuilding the bridge and reopening access to the port needs to occur.
However, just 24 hours after the bridge collapse, President Biden said, “It’s my intention that the federal government will pay for the entire cost of reconstructing that bridge, and I expect the Congress to support my effort.” What I found “outrageous” was President Biden’s immediate call for Congress to pass a new taxpayer-funded appropriations bill to entirely cover the cost of rebuilding the bridge without even considering existing or alternative funding options.
For example, Maryland received an additional $6 billion in federal funds through the recent transportation and infrastructure bill, a portion of which could be used to help cover the cost of rebuilding the bridge. Further, Maryland currently has $2.5 billion in the state’s “rainy day” fund. This surplus comes largely from unspent federal COVID funds, marking another potential option of already-allocated federal funds to cover a portion of the bridge rebuild.
Additionally, Secretary Pete Buttigieg also noted that the Department of Transportation has $950 million in emergency funds made available through the infrastructure bill, which are specifically designated for emergency projects such as this. Again, another example of already-allocated federal funds that can be used for this project.
As well, I stated in the interview that the Singapore-flagged ship likely would hold some responsibility for covering the cost of rebuilding the bridge. This was a point echoed by President Biden’s secretary of Treasury, Janet Yellen, who said she would expect the ship’s insurance company to cover a portion of the rebuild. Bruce Carnegie-Brown, chair of insurance giant Lloyd’s of London, told CNBC that the “collapse of a major Baltimore bridge and its knock-on effects could result in the biggest-ever marine insurance payout.” Experts and analysts at Morningstar DBRS, one of the world’s largest credit rating agencies, predict the insurance payout could total $2 billion to $4 billion. Similarly, Barclays, one of the largest, most well-respected banks in the world, estimates the insurance payout will be between $1 billion and $3 billion. This means, in theory, insurance payouts could potentially cover the entire cost of rebuilding the bridge without any taxpayer dollars being spent.
Further, the Francis Scott Key Bridge is a toll bridge operated by the Maryland Transportation Authority. That means tolls collected from cars go to the state of Maryland, rather than the federal treasury. If the federal government is going to fund significant portions of rebuilding the bridge, a conversation should be had about transitioning future toll funds to the federal government. While this, perhaps, does not need to be permanent, it is a realistic option for the federal government to recoup some of the taxpayer dollars it will spend to rebuild the bridge.
There are also other points that must be considered before Congress passes legislation to aid the rebuilding of the bridge. We must ensure that burdensome Biden administration environmental regulations will not hinder the speed at which the bridge can be rebuilt. If such regulations will impede the rebuild, they must be addressed in any spending bill that Congress may pass.
With all of that said, the point I was making in the Mornings with Maria interview was that before Congress spends new taxpayer dollars on a project, that according to Secretary Buttigieg does not yet even have a cost estimate, we must first understand the various areas existing funding can come from. We must be good stewards of taxpayer funds, and passing a potentially multi-billion-dollar bill without all of the necessary information is fiscally irresponsible, especially considering service on our debt has drastically increased under President Biden from $350 billion in 2021 to over $800 billion as our national debt nears $35 trillion.
U.S. Rep. Dan Meuser represents the 9th Congressional District, which includes Montour and Northumberland counties in the Susquehanna Valley.
