Another Band-Aid: House passes $7 billion to shore up the Highway Trust Fund
| July 30, 2009 |
Well, it’s not the ideal solution, but this Band-Aid will at least keep the Highway Trust Fund (HTF) solvent.
Just days before the HTF was going to run into the red, the House yesterday approved $7 billion to shore up the almost empty fund, according to a Reuters report in The Washington Post.
This stop-gap measure will keep the fund solvent through Sept. 30, the end of the fiscal year. That’s also the date when SAFETEA-LU expires. Although an 18-month extension has been put in place, not much work has been done to create a new surface transportation bill.
The 18-month extension could hurt many small businesses, according to sentiments from attendees at a July 8 meeting during the American Concrete Pavement Association (ACPA) Mid-Year Meeting. Better Roads attended the conference.
Even with the extension, industry organizations, such as the American Road and Transportation Builders Association (ARTBA), is urging policymakers to continue working on a bill instead of waiting 18 months to start developing new legislation.
Last year, Congress approved an $8 billion transfer from the General Fund to the HTF to keep it from becoming insolvent before the end of fiscal year 2008.
From our partners
JLG announced that it was selected by United Rentals as “Strategic Supplier…