Transportation Infrastructure Grants and Economic Reinvestment Act - Directs the Secretary of Transportation (DOT) to establish a national infrastructure investment program to provide competitive grants (of $10-$500 million), secured loans, and loan guarantees to a state, local government, or transit agency for eligible transportation projects (including highway or bridge, public transportation, passenger or freight rail transportation, and port infrastructure projects) that would have a significant beneficial impact on a state, metropolitan area, region, or the United States.
Requires the Secretary to give grant priority to eligible projects that require a contribution of federal funds to complete an overall financing package for such projects.
Sets aside at least 20% of funds for grants for eligible projects located in rural areas.