For Release: Thursday, September 11, 2008
Contact: David Gillies: 202-225-5661

BILL TO RESTORE FUNDING TO HIGHWAY TRUST FUND SET TO BECOME LAW

Washington - The House of Representatives passed a bill today cosponsored by Congressman Jerry Costello (D-IL) that will transfer $8 billion to the Highway Trust Fund (HTF). The HTF has been facing a projected shortfall that became more pronounced as the price of gas increased this year and driving miles decreased. The bill will ensure that states have funds for highway projects while repaying an $8 billion transfer from the HTF to the general fund in 1998 when the HTF carried a significant surplus. The bill will now be sent to the President and signed into law.

“This is an important action to ensure that we maintain our transportation infrastructure at the most basic level,” said Costello. “We will be conducting an in-depth review of how we finance infrastructure improvements over the next year as we consider the next federal highway bill. This is a critical issue for maintaining the efficiency and vitality of our regional and national economies, as every $1 billion invested in transportation infrastructure creates 47,500 good-paying jobs and $6.2 billion in economic activity.”

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