House Republicans Propose $10 Billion Boost to Highway Fund

Tuesday, 08 Jul 2014 06:09 PM

 

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House Republicans are proposing a $10 billion infusion to the U.S. Highway Trust Fund in a bid to forestall a slowdown in disbursements to states next month.

The plan put forth Tuesday by House Ways and Means Committee Chairman Dave Camp, a Michigan Republican, would raise revenue to offset costs by allowing employers to delay contributions to their employee pension plans.

Delaying the tax-deductible contributions raises corporate taxable income and boosts revenue to the U.S. government. The plan also transfers $1 billion from a federal leaking underground storage trust fund and would boost customs user fees.

Senate Finance Committee members are pursuing their own approach with just weeks before the highway trust fund is projected to run critically low of money.

Senate Finance Committee Chairman Ron Wyden, an Oregon Democrat, late last month said he was pursuing a bipartisan deal that the House could accept to bring a speedier end to the funding dilemma. He said earlier Tuesday that he’s still pursuing a bipartisan agreement with Republicans on his panel.

The two-year financing authorization for the trust fund expires Sept. 30, though the fund is projected to run dry by the end of August and federal payments to states will slow by Aug. 1, Transportation Secretary Anthony Foxx has said.

© Copyright 2014 Bloomberg News. All rights reserved.

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