Both the Senate and the House of Representatives voted this week to shore up the Highway Trust Fund with a $7 billion boost, to complete highway construction projects planned for the rest of the 2009 fiscal year.
According to the American Trucking Associations, the Highway Trust Fund's funding problems have been magnified by declining vehicle miles traveled by passenger cars and lower receipts from the federal 12 percent excise tax on new truck sales. The tax is 18.4 cents per gallon for gasoline, while the tax on diesel is 24.4 cents per gallon.
The House approved the initiative by a vote of 363 to 68, while the Senate voted 79 to 17.
The legislation was introduced on worries of the Department of Transportation that the trust fund may run out of money by September and may not have enough funding to fully reimburse states for their federal highway investments, according to a floor statement by James Oberstar (D-MN). The DOT said that if Congress did not take action, the highway account balance would be $1.9 billion in the red.
"We must enact this critical legislation this week to avoid slowdowns or reductions in infrastructure investment, and the loss of any more American construction jobs," Oberstar said in his statement. "Enactment of this legislation will ensure full funding of the highway investment levels authorized by current law, and prevent devastating slowdowns or cuts in each state's federal highway funds."
Senators have been working on legislation to extend the current highway program for 18 months, with a $27 billion infusion.
According to the American Trucking Associations, the Highway Trust Fund's funding problems have been magnified by declining vehicle miles traveled by passenger cars and lower receipts from the federal 12 percent excise tax on new truck sales. The tax is 18.4 cents per gallon for gasoline, while the tax on diesel is 24.4 cents per gallon.
The House approved the initiative by a vote of 363 to 68, while the Senate voted 79 to 17.
The legislation was introduced on worries of the Department of Transportation that the trust fund may run out of money by September and may not have enough funding to fully reimburse states for their federal highway investments, according to a floor statement by James Oberstar (D-MN). The DOT said that if Congress did not take action, the highway account balance would be $1.9 billion in the red.
"We must enact this critical legislation this week to avoid slowdowns or reductions in infrastructure investment, and the loss of any more American construction jobs," Oberstar said in his statement. "Enactment of this legislation will ensure full funding of the highway investment levels authorized by current law, and prevent devastating slowdowns or cuts in each state's federal highway funds."
Senators have been working on legislation to extend the current highway program for 18 months, with a $27 billion infusion.
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