The Senate has another Highway Trust Fund (HTF) fix in the works, one that would keep the account above water until the Obama administration’s 18-month extension expires in 2011.
The Senate has another Highway Trust Fund (HTF) fix in the works, one that would keep the account above water until the Obama administration’s 18-month extension expires in 2011.
Moved by Senate Finance Committee Chairman Max Baucus (D-Mont.) and supported by Commerce Committee Chairman Jay Rockefeller (D-W.Va.) and Robert Menendez (D-N.J.), the plan would deliver $22 billion to the HTF and will deposit $4.8 billion into the nation’s mass transit account. The bill also will restore interest-accruing powers to the HTF as well as money that was taken from the account to pay for emergency spending bills.
“This robust investment in mass transit amounts to an investment in the foundation for 21st century economic security,” said Menendez. “This positions us to make significant investments in transit projects in the forthcoming transportation bill.”
The bill is expected to work its way through the Senate before the August recess. On the other side, the House continues to stick to its mission of passing a long-term highway bill in 2009, but Jim Oberstar (D-Minn.), chairman of the House Transportation & Infrastructure Committee, may favor the interest-accruing and money-restoring elements of the bill.
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