CONGRESSMAN HENRY CUELLAR VOTES TO AUTHORIZE $8 BILLION FOR HIGHWAYS, SAVE JOBS
Washington,
Sep 11, 2008 -
U.S. Representative Henry Cuellar voted today in support of H.R. 6532, which restores $8.017 billion to the U.S. Highway Trust Fund and saves nearly 380,000 jobs nationwide. The bill, amended by the Senate yesterday to be effective upon enactment, passed the House by a vote of 376 to 29 and is expected to be signed by the President.
Specifically, H.R. 6532 addresses the projected shortfall in the Highway Trust Fund, which draws its revenue from federal gas taxes. In 1998, Congress transferred more than $8 billion from the Fund to the General Fund because lawmakers were concerned that the Fund’s balance of $16.5 billion was too large. In the last decade, however, revenue generated from federal gas tax receipts has decreased significantly, and for the first time, the Fund faces significant shortfalls in every state.
“This is a critical piece of legislation to fund the maintenance of our highway system and to retain significant numbers of jobs,” said Congressman Cuellar. “By Congress acting to restore money to the Highway Trust Fund, the Texas Department of Transportation will retain $859,420,893, and this revenue will save as many as 29,900 jobs in Texas.”
H.R. 6532 if fully compliant with PAY-GO, a budgetary restriction enacted by Congress that requires all increases in direct spending or revenue decreases to be offset by other spending decreases or revenue increases. The legislation will not affect the national deficit.
The United States Highway Trust Fund is a transportation fund established in 1956 to ensure dependable financing for maintenance of the United States Interstate Highway System and designated other roads. Money in the fund is raised indirectly via a federal fuel tax of 18.4 cents per gallon on gasoline and 24.4 cents per gallon of diesel fuel and related excise taxes. In Texas, the tax on gasoline and diesel is each 20 cents per gallon.
