Unable to come forward with any
acceptable compromise on long term funding to keep the Federal Highway Trust
Fund solvent over the long term, in the face of the July 31 expiration of the
band aid measure passed at the end of May, the Chairmen of the House Transportation
and Infrastructure Committee and the House Ways and Means Committee are jointly
proposing to extend general revenue infusions totaling $8.1 billion into the
highway till, to keep summertime road construction projects going through December
18. Bill Schuster (R-Pa.) and Paul Ryan (R- Wis.) issued a joint statement
yesterday, proposing a bill which should come to a vote in the House today.
They said, in part, “ This country needs a long-term plan to fix our roads,
bridges and other infrastructure, and this bill gives us our best shot at
completing one this year. … By providing resources through the end of the year,
we can ensure construction continues while we work toward a package that could
close the trust fund’s shortfall for as many as six years.”
This House measure would transfer
cash from general revenues to the highway trust fund account, to be offset by
$8.3 billion in anticipated Transportation Security Administration fees. House
Republican have ruled out any increase in motor fuel taxes, and the current
proposal includes a $90 million tax cut for natural gas and LPG producers, to
bring their rates in line with motor fuel taxes. While the House proposal does
not include an unrelated renewal of Export-Import Bank authority, the Senate is
expected to add that into its version of this must pass legislation, adding to
the potential for last second histrionics in debate over the ultimate
conference committee legislation.
The Senate has before it a six year
highway trust fund extension bill providing $300 billion in cash to the fund,
but has failed to reach agreement on revenue to support the measure. The Senate’s
thinking that a one time tax on $2 trillion in foreign profits of U. S. firms
could fill the gap is clearly a non-starter in the House, despite Senate
Minority Leader Harry Reid’s opposition to any more surface transportation band
aids.
