Highway Funds in Danger of Running Out
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pictureimpressions/Thinkstock(WASHINGTON) — The Obama administration is telling Congress that it’s either the president’s way or funds for highway projects will soon run out.
That message is being delivered by Transportation Secretary Anthony Foxx, who is currently on a bus tour of eight states.
The Highway Trust Fund is due to be depleted by August. If that happens, states won’t have the money for big projects or even much needed repairs and improvements. That situation will of course lead to layoffs at a time when the economy finally seems to be rebounding.
Congress has been faced with this problem time and time again and the usual course of action is a quick money infusion that usually lasts a couple of months until things turn into crisis mode again.
President Obama is looking a long-term fix that would provide over $300 billion for four years. Some of the money would come from closing corporate tax loopholes, which Republicans are adverse to doing.
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