Last week US Senator Barbara Boxer urged lawmakers to quickly "save" the Highway Trust Fund from insolvency due to a reduction in gas tax revenues because people are driving less and cars are more fuel efficient. The Congressional Budget Office and U.S. Department of Transportation have projected that the trust fund, which is funded by the 18.4 cents/gallon federal gas tax, will run out of money by August. The gas tax brings in about $34 billion per year, while the current federal transportation bill contains more than $50 billion in road and transit projects. Boxer said it's unlikely that the gas tax would be increased now, in an election year.
Read more on The Hill.
Read more on The Hill.
Do you like this post?