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Another debt ceiling debacle could sink the economy

Last year's Congressional debt standoff hurt consumer confidence more than the collapse of Lehman Brothers, Betsey Johnson and Justin Wolfers write. This time could be worse.  Read more at Counterparties  

FACTBOX: Facts about Amtrak

Wed Aug 27, 2008 8:15am EDT

(Reuters) - As gasoline prices rise, many Americans are rediscovering the railroad. Amtrak saw record numbers in July when ridership rose 13.9 percent from a year earlier, and ticket sales climbed 18.6 percent, according to Amtrak data.

The following are facts about the national passenger railroad in the United States.

* Amtrak carried more than 25.8 million passengers in its fiscal year to September 30, 2007, on a nationwide rail network in 46 states serving about 500 destinations on 21,000 miles of routes. Wyoming, South Dakota, Alaska and Hawaii are excluded.

* In its current fiscal year to July 31, ridership reached 23.7 million passengers. In July, the number totaled 2,750,278, a 13.9 percent increase over July 2007. July ticket revenues, including revenue from commuter agencies, totaled $168 million, up 18.6 percent from a year earlier.

* The National Railroad Passenger Corporation, or Amtrak, was formed on May 1, 1971, as a quasi-public corporation to manage a basic national rail network and operate trains under contracts with the railroads. It was created by an act signed by President Richard Nixon on October 30, 1970.

* According to Republicans in the U.S. Senate, Amtrak has received over $30 billion in federal aid since 1971 and loses more than $700 million annually.

* Amtrak's total passengers equal less than 1 percent of the traveling U.S. public. In contrast, Britain, France and Germany all have passenger rail systems that account for about 6 percent to 8 percent of total annual passenger travel miles.

* Amtrak's premier service, the high-speed Acela Express, averages 82 miles per hour (132 kmh) although it can hit 150 mph (241 kph) in parts of Rhode Island and Connecticut. By contrast, Japan, France and Germany have developed nationwide rail systems capable of speeds of 150 mph (241 kph) to 185 mph (297 kph) on dedicated tracks with sophisticated signaling systems designed for high-speed trains.

* The Bush administration has sought to scrap direct federal funding for Amtrak, which has bled red ink since its creation. Republicans in Congress say the private sector should play a bigger role in national passenger railroads.

* Rail advocates say Amtrak's infrastructure and services are like the Interstate highway system: so fundamental they shouldn't be required to turn a profit. Amtrak President Alex Kummant says public capital flowing into Amtrak equals $40 a passenger compared to up to $700 per automobile through spending on highways.

Sources: Amtrak, the Amtrak Historical Society, U.S. Senate Republicans

(Compiled by Jason Szep in Boston)

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