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Another Band-Aid: House passes $7 billion to shore up the Highway Trust Fund

Posted By Equipment World Staff On July 30, 2009 @ 10:49 am In Construction News | No Comments

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. [1]

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 [2] (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) [3], 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.

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URLs in this post:

[1] Reuters report in The Washington Post.: http://www.washingtonpost.com/wp-dyn/content/article/2009/07/29/AR2009072902783.html

[2] American Concrete Pavement Association: http://www.acpa.org

[3] Road and Transportation Builders Association (ARTBA): http://www.artba.org

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