Posted: Jul 15, 2014 2:16 AM by Hunter Robinson
Updated: Jul 15, 2014 9:02 AM
Source: Associated Press
WASHINGTON, D.C. - The House is poised to act on a bill that would temporarily patch over a multibillion-dollar pothole in federal highway and transit programs while ducking the issue of how to put the programs on sound financial footing.
The bill by House Ways and Means Committee Chairman Dave Camp cobbles together $10.8 billion in pension tax changes, customs fees and money from a fund to repair leaking underground fuel storage tanks to keep the federal Highway Trust Fund solvent through May 2015. A similar bill is pending in the Senate.
The Transportation Department says that by the first week in August the fund will no longer have enough money to cover promised aid to states, and the government will begin to stretch out payments.