S. 601 would authorize the Army Corps of Engineers (Corps) to construct water projects for mitigating storm damage, restoring ecosystems, and reducing erosion on inland and intracoastal waterways. The legislation also would authorize the agency to establish grant programs to assist local and state governments with levee safety and rehabilitation programs. Finally, S. 601 would authorize the Corps and the Environmental Protection Agency (EPA) to provide loans or loan guarantees to state and local governments and certain nongovernmental entities to complete water infrastructure projects.
Assuming appropriation of the authorized and necessary amounts, including adjustments for anticipated increases in construction costs, CBO estimates that implementing S. 601 would cost about $5.9 billion over the 2014-2018 period.
Read on at:
http://www.cbo.gov/publication/44068
