Some progress was made this week in the effort to find solutions to the solvency of the Highway Trust Fund (HTF), which is the federal government’s source of revenue for highway and bridge projects. Senator Ron Wyden (D-OR), Chairman of the Senate Finance Committee, introduced legislation to fund HTF through December 31, 2014. The $7.6 billion bill is funded mostly through strengthening compliance with existing tax laws and not through the imposition of new fees or taxes. The legislation is scheduled to be considered at a markup when Congress returns from the July recess. Chairman Wyden and Ranking Member Orrin Hatch (R-UT) have said that they will consult next week with House Ways and Means Chairman Dave Camp (R-MI) to discuss which of Senator Wyden’s provisions might be able to gain support in the House. As we’ve previously reported, Congress will need to take action to fund HTF at some point in July to prevent the fund from becoming insolvent.
For additional information please contact Randall Echevarria at 916.447.4806 or rechevarria@rcrcnet.org.