.... President Barack Obama announced on Wednesday a four-year, $302 billion plan to repair the countrys crumbling roads and bridges, but the proposal, which relies on tax reform for funding, is not expected to gain traction on Capitol Hill. Congress faces a September 30 deadline to renew federal funding for transportation programs, and the Highway Trust Fund that helps pay for road and bridge projects is teetering on insolvency. If Congress doesnt finish a transportation bill by the end of the summer, we could see construction projects stop in their tracks, machines sitting idle, workers off the job, Obama said, while standing in a refurbished train and bus station. The highway fund has traditionally been replenished through a tax on fuel. But it no longer collects enough revenue to cover infrastructure needs and Congress has all but ruled out hiking the 18.4-cents-a-gallon gasoline tax. Obamas four-year plan would instead use revenues raised by ending some tax breaks, freeing up $150 billion for transportation. But that could only happen through corporate tax reform, a political long shot ahead of Novembers mid-term elections. Speaker of the House of Representatives John Boehner told reporters that a bailout for the highway fund likely would be out of the question for his caucus. Meeting with the president yesterday, this is one of the issues that was discussed. Weve got to find a funding mechanism to fund our infrastructure needs, the Ohio Republican said. I wish I could report to you that weve found it, but we havent, Boehner added. reuters/article/2014/02/26/us-usa-transportation-obama-idUSBREA1P0MO20140226
Posted on: Fri, 28 Mar 2014 23:14:05 +0000
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