Senate Environment and Public Works Chairman Barbara Boxer announced last week, at a hearing featuring Transportation Secretary Ray LaHood, that her committee is leaning toward LaHood's suggested 18 month extension of the present funding formulas for highway funding, rather than going along with House Transportation and Infrastructure Chairman James Oberstar's desire to pass a six year $500 billion extension of the Fund before the current authorization expires this coming September 30. Neither Oberstar nor Boxer has advances any idea where the money for their competing proposals will come from.
Senate Environment and Public Works Ranking Member James Inhofe suggests crediting the Highway Trust Fund will the interest earned on its cash balances, which might go a long way towards covering August's expected $20 billion overdraft on the Fund, and Senator Dan Vitter of Louisiana suggests putting all unspent stimulus money into the Highway Trust Fund. Neither Senator has predicted the level of support for his suggestion. Unless someone comes up with a politically acceptable way to raise $500 billion over the next six years real soon, it looks like Oberstar's proposed six year reauthorization is dead in the water for the next year and a half, and the road and bridge segment of the construction industry will suffer accordingly.
Senate Environment and Public Works Ranking Member James Inhofe suggests crediting the Highway Trust Fund will the interest earned on its cash balances, which might go a long way towards covering August's expected $20 billion overdraft on the Fund, and Senator Dan Vitter of Louisiana suggests putting all unspent stimulus money into the Highway Trust Fund. Neither Senator has predicted the level of support for his suggestion. Unless someone comes up with a politically acceptable way to raise $500 billion over the next six years real soon, it looks like Oberstar's proposed six year reauthorization is dead in the water for the next year and a half, and the road and bridge segment of the construction industry will suffer accordingly.
