Biden's proposed FY 2023 budget would accelerate $516.6 million in previously expected ST funding
Building on historic funding increases in the bipartisan infrastructure law that Congress adopted this year, the Biden Administration’s proposed budget for FY 2023 would significantly expand funding levels for transit investments across the country—including providing $516.6 million for Sound Transit earlier than expected.
The accelerated funding would create more than $40 million in borrowing savings for regional taxpayers that can be applied to other voter-approved extensions to places like Tacoma, Everett, West Seattle, Ballard, South Kirkland and Issaquah.
"President Biden’s proposed 2023 funding represents a significant acceleration of support for Sound Transit’s work to build the most ambitious transit expansion program in the nation," said Sound Transit Board Chair Kent Keel. "We thank President Biden, Secretary of Transportation Pete Buttigieg and Federal Transit Administrator Nuria Fernandez for this proposed boost for our region."
The proposed FY 2023 budget’s $716.6 million in total Sound Transit funding includes $318 million for the Federal Way Link Extension, which in a single year would complete the Federal Transit Administration’s multi-year grant for that project, three years sooner than previously committed. The proposed $250 million in funding for the Lynnwood Link Extension would position that project’s grant to be paid off at least three years sooner than the planned 2028 timeframe.
https://www.soundtransit.org/get-to-know-us/news-events/news-releases/president-bidens-proposed-fy-2023-budget-would-accelerate
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