Monday, July 21, 2014
U.S. House passes $10.9B extension of transportation bill through May 15
Last week the House of Representatives passed a $10.9 billion extension of U.S. transportation funding through May 2015 to avoid August curbs on federal spending for crucial road, bridge and transit infrastructure projects.
The bill, passed with a 367-55 bipartisan vote, will be paid for primarily by revenue generated by pension accounting changes and higher customs user fees.
Senate Majority Leader Harry Reid said that the Senate would begin considering a similar, $10.8 billion measure with some alternate funding provisions in the coming days. The Senate companion measure would also fund transportation projects through May 2015, but would rely less on pension changes and more on revenues from measures to boost tax compliance.
The White House said Monday it supported the 10-month extension, to the disapproval of some Democrats who say it would push any decisions on long-term funding to a newly elected Congress next year.
Without new money the Highway Trust Fund will run out of adequate funding by August 1, when the DOT said it will start to cut back federal funding to states for projects by nearly a third.
For more of the Reuters story: www.reuters.com
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