BREAKING NEWS – CBO: Republican Surface Transportation Proposal Bankrupts Highway Trust Fund
– Republican Leadership’s Bill Falls $78 Billion Short Over Ten-Year Period –
Washington, D.C. – According to a new analysis released this afternoon by the non-partisan Congressional Budget Office (CBO), the Republican Leadership’s surface transportation bill that the House is expected to act on later this week would bankrupt the Highway Trust Fund by 2016 and create a $78 billion funding shortfall over a ten-year period.
“The Republican Leadership’s partisan signature ‘jobs’ bill is not sustainable, and would lead America’s transportation programs down a reckless path toward bankruptcy,” said U.S. Representative Nick J. Rahall (D-WV), top Democrat on the House Transportation and Infrastructure Committee. “There is no doubt we need to pass a long-term bill that creates certainty, but the only thing this bill does is make certain the Highway Trust Fund will go belly up even before the end of the bill.”
New projections released today by CBO show the balance of the Highway Account of the Highway Trust Fund will go broke by fiscal year 2016 under the Republican Leadership’s controversial plan. Over a ten-year period, the bill would create a $78 billion funding shortfall in the Highway Trust Fund, adding greater uncertainty to the future integrity of surface transportation programs.
“Despite attempts by Republican Leadership to cobble together a hodgepodge of funding that included giveaways to Big Oil, cutting pensions for middle-class American workers, and a bailout from the General Fund, the bill is going to create a huge funding shortfall that will jeopardize the ability of States and local communities to move forward with construction projects down the road,” said Rahall. “Instead of working with Democrats in a bipartisan fashion to create jobs, Republicans are advancing a partisan proposal that will destroy 550,000 American jobs while putting the future of transportation programs in doubt.”
Attached is CBO’s analysis of H.R. 7, which is also available on the House Transportation and Infrastructure Committee Democrats’ Website at: http://go.usa.gov/QET