Highway Trust Fund
3 pieces tagged “Highway Trust Fund”, newest first.
Congress Uses 'Sleight of Hand' to Pay for Highway Bill
After much debate and considerable delay, the House of Representatives has finally passed a highway funding bill. A big question that delayed the bill's passage was whether the federal fuel tax would be increased to fully cover planned spending from the highway trust fund. Since it was crafted by the Republican majority that opposed tax increases, the legislation did not increase the tax on gasoline or diesel fuel. Instead, the bill pays for much of the difference between projected expenditures and fuel tax revenues by draining $59 billion from the capital of the Federal Reserve. As the former head of the Congressional budget office Alice Rivlin points out, this is "a new low in budgetary gimmickry."
Republicans on Road to Ruin With Highway Bill
Later this week, the highway trust fund officially runs out of money unless Congress authorizes more funding for roads and bridges. But the bill that is being pushed by Democrats and some Republicans is starting to look like a Republican Party Dunkirk that could infuriate conservative voters and even wind up costing the GOP the 2016 election. The $320 billion six year public works funding bill would raise government spending, increase taxes on businesses and possibly provide a new lease on life for the corporate welfare queen — the Export-Import Bank. This happens every time a highway bill comes up for a vote. Republicans toss out their fiscal conservative credentials and line up for the pork. Some Republicans are even suggesting that a gasoline tax hike should be part of the plan. This would sock middle class voters, who haven't seen a pay raise in seven years and are financially strained. Polls show Americans hostile to new gas taxes paid at the tank.