Contact:
Marc Morano 202-224-5762
marc_morano@epw.senate.gov
Matt Dempsey 202-224-9797
matthew_dempsey@epw.senate.gov
Inhofe Urges Immediate Action to Prevent Highway Trust
Fund Insolvency
WASHINGTON, DC
– U.S. Senator Jim Inhofe (R-Okla.), Ranking Member of the Environment and
Public Works Committee, today commented on the announcement by the
Department of Transportation that the Highway Trust Fund ("HTF") is
not going to be able to fully meet its obligations to the states.
Previously, DOT had estimated it would remain solvent until next summer.
Tax receipts have been dropping precipitously in recent months due largely to high
gas prices. Gas receipts have been declining because the Democratic opposition
to drilling for more oil has caused prices to rise. The Administration also announced today their support
for quick passage of Inhofe backed legislation to restore $8 billion to the
Highway Trust Fund.
“Today
the Department of Transportation announced that the HTF will be unable to fully
meet its obligations beginning this month,” Senator Inhofe said. “While
this announcement came well before anyone expected, we have been working on a
solution to this problem for the quite some time. The solution I have been
advocating for, an immediate restoration of $8
billion transfer that had been taken from the Highway Trust Fund in 1998, will
ensure the states receive the money promised to them. This short term fix
enjoys overwhelming support in the Senate, has already passed the House, and
now has the support of the White House. With just three weeks left until
Congress adjourns, we need to make this fix happen next week. I will continue
to lead the effort in the Senate to make that happen.”
Related
Links:
Highway
Trust Fund Fix Approved By Appropriations Committee
Inhofe
Leading The Push For Legislative Fix
Inhofe
Opening Statement: Hearing On Future Federal Role For Surface Transportation
Inhofe:
A Fix For The Highway Bill Is A Top Priority
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