by Sarah Curry
Director of Fiscal Policy Studies
Yesterday the US House voted 367-55 to approve a short-term solution to the Highway Trust Fund funding obligations. The temporary fix the House approved will extend transportation programs through May 31, 2015.
The bill transfers $10.8 billion from the US Treasury’s general fund into the Highway Trust Fund. The funds are accounted for through pension smoothing, extension of user fees, and a transfer from the Leaking Underground Storage Tank Trust Fund.
The bill now moves to the US Senate for debate. Many suggest the House version of this bill will pass since the White House has already given public support and the Senate had a similar bill that received a favorable report from the Senate Finance Committee last week.
Click here to see the Highway Trust Fund Ticker, showing the shortfall expected for both the Mass Transit Account and the Highway Account.