Well before the collapse of the 35W bridge in Minneapolis, America was facing a big bill to keep its transportation infrastructure up to date.

The estimated cost to improve existing highways and bridges amounts to over $155 billion annually, and the American Society of Civil Engineers has noted that over the next five years, $1.6 trillion in investment will be needed from all levels of government to preserve the ones we currently have, not to mention building new ones.

That's why we like the recent bi-partisan legislation introduced by Sens. John Thune and Ron Wyden (D-Ore.) to issue $50 billion in Build America Bonds over the next six years to help finance critical infrastructure projects that qualify for the additional funding.

Proceeds from the sale of the 30-year bonds would supplement the federal government's spending on bridges, roads, rails and waterways. The legislation utilizes the corporate bond markets to issue the new investment product, with the only cost to taxpayers being the interest on the bonds.

The U.S. Department of Transportation estimates that for every $1 billion in new transportation funding nearly 50,000 jobs are created and an estimated $5.7 billion in economic activity is generated, which means the Build America Bonds could generate $285 billion in economic activity.

That's much-needed funding at a time when the Congressional Budget Office estimates that revenue into the Highway Trust Fund for FY 2009 will be more than $4 billion short of the amount authorized to be spent by Congress. Government budget rules require that additional revenues be found to cover that HTF shortfall, or even larger cuts will have to be made to highway funding in 2009.

The Build America Bonds bill would provide a much-needed boost in supplemental funding for road and bridge repair, while stimulating jobs and boosting local economies.

Sen. Thune said the proposal has generated positive reactions in South Dakota from the Department of Transportation which, like all states, has its own list of bridges that have been rated "structurally deficient."

We hope the Senate Finance Committee gives Build America Bonds a favorable vote.