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House Republicans Ponder Bailout for Highway Trust Fund
A $10 billion plan proposed late Tuesday by House Ways and Means Committee Chair David Camp (R-Mich), would shore up the Highway Trust Fund's rapidly dwindling reserves by diverting corporate taxes and customs fees, Bloomberg News reports.
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A $10 billion plan proposed late Tuesday by House Ways and Means Committee Chair David Camp (R-Mich), would shore up the Highway Trust Fund's rapidly dwindling reserves by diverting corporate taxes and customs fees, Bloomberg News reports.
The HTF's ability to fund highway, bridge and mass transit projects through fuel taxes will expire on Sept. 30. But the U.S. Dept. of Transportation has warned that the fund could run out of money next month and will begin slowing its payments to states in a few weeks.
Senate Finance Committee Chair Ron Wyden (D-Ore.) is pushing a different funding scheme that would raise taxes on disbursements for certain retirement plans.
Both schemes are short-term fixes designed to buy both political parties time to formulate a more sustainable funding plan. Bloomberg says it isn't clear whether either bailout option will be able to muster enough votes to pass.
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