US Rep: Highway Fund Months Away From Running Deficit
The trust fund is months away from running a deficit, Rep. John Olver, D-Mass., chairman of the House Appropriations Transportation Subcommittee, told a conference of state transportation officials in Washington.
The trust fund, which relies mostly on gasoline-tax receipts, is suffering from declining revenues as Americans continue to cut back on driving, while demands on the fund increase.
Olver said Congress will ultimately have to find a way to keep the fund solvent, and he did not rule out another emergency spending bill similar to the $8 billion measure passed by Congress last year.
Olver also called on lawmakers and the Obama administration to consider new revenue sources for the fund. He noted that the gasoline tax isn't currently tied to inflation. "If we truly want a robust transportation program, that will have to change," he said.
"This program has been severely underfunded for most of the last decade," he added.
-By Josh Mitchell, Dow Jones Newswires; 202-862-6637; joshua.mitchell@dowjones.com
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Publié le 23 Février 2009 Copyright © 2009 Dowjones
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