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Bond In Investing Savings The military commander of the Army Corps of Engineers told Congress yesterday that "the Corps must change," and Senate Majority Leader Thomas A. Daschle (D-S.D.) threw his weight behind a bipartisan proposal to overhaul the embattled public works agency.

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Bond Investment Toledo Toledo In testimony at a Senate Environment and Public Works Committee hearing on changing the Corps, Lt. Gen. Robert B. Flowers expressed confidence in the expertise and integrity of his agency. But Flowers also said he was "very embarrassed" by several botched water projects, particularly a $311 million Delaware River deepening excoriated recently by the General Accounting Office.

26 was also the last Army Air Corps pursuit aircraft with an open cockpit, a fixed undercarriage and an externally braced wing.

James Bond Trading Card In an unusual admission for a Corps leader, Flowers said that the agency's internal planning and oversight had "eroded over time" and that he was not opposed to legislative proposals for independent reviews of Corps projects.

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Bond In Investing Stock "We've had a couple of high-profile failures," Flowers said. "That's unacceptable." He also suggested $5 billion in outdated projects for possible deauthorization by Congress.

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Municipal Bonds Investment The Corps has enjoyed a warm relationship with Congress, and at yesterday's hearing, agency supporters such as Sens. Christopher S. Bond (R-Mo.) and James M. Inhofe (R-Okla.) vowed to battle any changes that might delay flood-control and navigation projects. Along with Sen. George V. Voinovich (R-Ohio), they also warned that the Bush administration's proposed budget cuts for the Corps could weaken the economy and allow dangerous deterioration of aging levees, locks and dams.

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Bond Terms Trading "I didn't pick this fight," Bond said. "But I'm ready and anxious to join it with energy and enthusiasm."

Bond Debt High In Inside But in a victory for environmentalists, fiscal conservatives and other Corps critics, Daschle announced that he would join Sens. Robert C. Smith (R-N.H.), Russell Feingold (D-Wis.) and John McCain (R-Ariz.) as co-sponsors of a bill to revamp the Corps, calling it "a thoughtful and justifiable response to the ongoing problems associated with the Corps."

Bond Greenville Greenville Daschle said he was troubled by "cost-benefit analyses rigged to justify billion-dollar projects, disregard of environmental laws and a pattern of catering to special interests."

Trading Stock And Bonds "We need a Corps that balances economic development and environmental protection," he said.

Bond Investing Municipal The 227-year-old Corps has faced unprecedented scrutiny lately, and Flowers yesterday acknowledged that it faces "a turning point." The GAO, the National Academy of Sciences, internal Pentagon investigators and the Office of Management and Budget have all detailed serious problems with Corps economic analyses.

Basis Bond Finance Hill The agency has been forced to suspend work on the Delaware River deepening and a similar dredging of the Chesapeake and Delaware Canal, and had to restart the biggest study in its history after top officials were caught trying to skew data to justify billion-dollar lock expansions on the Mississippi River.

Bond Explained Terms Trading Congress usually passes a bill every two years authorizing new Corps projects, but Smith yesterday said he would block any bill that did not include major changes in the agency.

Bond Business Investing Stock Feingold, who is not a member of the committee, testified about their bill, which would require independent peer reviews for all costly projects, update agency guidelines to emphasize environmental protection, and force local communities to pay larger percentages of Corps port-dredging and beach replenishment efforts.

Bond Houston Houston "I want the fiscal and management cloud over the Corps to dissipate so that the Corps can continue to contribute to our environment and our economy," Feingold said.

Stock Bonds Day Trading But even with the majority leader's support, any Corps overhaul will face a battle on the Hill. Senate Minority Leader Trent Lott (R-Miss.) is a staunch opponent, and he recently signed a Bond letter -- along with four other senators from Mississippi River states -- warning that "so-called reforms" that hold up flood-control projects would create serious hardships for low-income communities. The Corps is even more popular in the House.

Bond Corporate Investing For many legislators, the Corps presents a quandary. For example, Sen. Jon S. Corzine (D-N.J.) opposes the Delaware River deepening, and he was appalled by the GAO's documentation of Corps miscalculations that overestimated the project's economic benefits by 300 percent.

Investment Bond Uk He said he was intrigued by the overhaul bill, and asked Flowers a sharp question when the general seemed sympathetic to Bond's suggestion that the agency should stop bothering with cost-benefit analyses. But Corzine did say he objected to one portion of Smith's bill: the part that would increase the local cost share for beach replenishment.

Bond Trading Strategy The New Jersey shore has billions of dollars worth of beach replenishment projects.

Bond Fixed In Income Investing By Michael Grunwald
Washington Post - 6/19/2002

Topic: Flood Control

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