Cat CFO addresses Peoria Rotary

By WEEK Reporter

June 15, 2012 Updated Jun 16, 2012 at 2:28 PM CDT

PEORIA, Ill. -- Caterpillar's Chief Financial Officer told Peoria Rotary members today that the Federal Government needs to find a bi-partisan long-range plan for the country's infrastructure.

Ed Rapp said America's crumbling highways and out of date seaports are hurting the competitiveness of the country. Caterpillar, he said, has increasingly headed to Canada for its overseas shipping needs.

Rapp said, "Eight of ten track type tractors  are exported, but of that 20-billion dollars in shipping, thirty percent goes ttrough Canadian ports , because we can get itn out faster, through better ports at a lower cost.  I think it's a sign of the disrepair of the U.S. infrastructure".

In fact, another Caterpillar executive says there's only one port in the U.S. that the new big container ships can get into, and that's the Port of Virginia because it's deep enough to take aircraft carriers.

Ed Rapp said the country needs comprehensive Transportation Infrastructure bill, and pointed to hiking the federal gasoline tax as a revenue source.

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