A bill to amend the Public Works Acceleration Act to make its benefits available to certain areas of extra high unemployment, to authorize additional funds for such act.

Declares as a Congressional finding that certain communities and areas in the Nation are presently burdened by substantial unemployment and underemployment resulting from the economic decline of 1972. Revises the definition of "eligible areas" under the Public Works Acceleration Act to include: (1) those areas designated by the Secretary of Commerce as "redevelopment areas" for the purpose of the Public Works and Economic Development Act of 1965 in which the Secretary of Labor finds that the annual average rate of unemployment has been at least 150 percent above the national average for one of the two preceding calendar years; (2) those standard metropolitan statistical areas in which the Secretary of Labor finds that, for at least three consecutive months of the calendar year in which such findings are made, the average rate of unemployment has been at least 150 percent above the national average for the preceding calendar year; and (3) such other areas designated by the Secretary of Labor in accordance with criteria which he shall prescribe, in which the Secretary determines from available data and in his judgment that for at least three consecutive months of the calendar year in which such determination is made, the rate of unemployment has been at least 150 percent above the rate of national unemployment for 1 of the 2 preceding calendar years.

Provides that grants-in-aid may be made under authority of this section which brings the total of all Federal contributions to a public works project up to 80 percent of the cost of such project.

Authorizes the appropriation, for the fiscal years beginning after June 30, 1973, of a sum not exceeding $950,000,000 to be allocated by the President in accordance with the purposes of this Act. Provides that an "eligible area" under this Act shall retain such designation for so long as it continues to meet the unemployment criteria applicable to it but in no event shall such designation be terminated prior to one year after the date of designation.