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This two-month extension resulted from lawmakers' inability to agree on a funding formula for a six-year transportation bill that would cost nearly a half trillion dollars, as well as disagreements over an extension through the end of 2015. Because it relies on the remaining money in the Highway Trust Fund, the House measure requires no offsetting savings. Passage by the Senate and signing by the President would avoid disruptions to the busy summer road construction season. However, this short term extension sets up a new deadline in July, when the trust fund is due to run out again.
The Highway Trust Fund is supplied by fuel taxes that have not changed since 1993. The fund has experienced chronic shortfalls in recent years due to rising vehicle fuel economy, fewer miles driven and construction cost inflation. Lawmakers from both parties have ruled out a fuel tax hike despite support from trucking and industry. State transportation officials and many lawmakers contend a series of short-term funding patches may keep existing work going, but they do not provide enough long-term funding certainty to launch major new projects. As a result, short term funding extension may cloud the demand outlook for major construction materials, equipment suppliers.
For more information, please contact Billy Johnson.