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U.S. House Passes Partially Unfunded $325B Transportation Bill
11/06/2015 - U.S. House passage of a six-year transportation bill is a step toward giving manufacturers some market certainty, but Congress needs to see it the rest of the way through, American Iron and Steel Institute officials said.
"We urge Congress to swiftly negotiate and approve a conference report that will get us over the finish line, but to also continue to work toward a sustainable and dedicated funding source for the Highway Trust Fund,” the organization said in a statement.
The House on 5 November agreed to spend up to US$325 billion on transportation, including US$261 on highways. The bill also provides for reauthorization of the Export-Import Bank of the United States.
The bill now must now be reconciled with a separate Senate measure on highways; it is facing a 20 November deadline to do so, if a stop in highway funding is to be prevented.
According to The Hill newspaper, the bill authorizes six years of funding, but only pays for three. The federal gas tax provides funding for transportation, but revenues from the tax are insufficient to pay for federal transportation projects around the country, the newspaper said.
Both the House and Senate bills provide other funding sources to buttress the gas tax for three years, the newspaper said.
The House on 5 November agreed to spend up to US$325 billion on transportation, including US$261 on highways. The bill also provides for reauthorization of the Export-Import Bank of the United States.
The bill now must now be reconciled with a separate Senate measure on highways; it is facing a 20 November deadline to do so, if a stop in highway funding is to be prevented.
According to The Hill newspaper, the bill authorizes six years of funding, but only pays for three. The federal gas tax provides funding for transportation, but revenues from the tax are insufficient to pay for federal transportation projects around the country, the newspaper said.
Both the House and Senate bills provide other funding sources to buttress the gas tax for three years, the newspaper said.
