The House Transportation committee has proposed a $230 billion, six year, federal highway funding program to replace the $285 billion program that expired nearly two years ago. $230 Billion is the estimated revenue from federal fuel taxes over the period. Federal highway spending for FY 10 and FY 11 has been based on a series of extensions of the expired $285 billion program supplemented with several multi-billion supplements from general tax revenues.
A plan by Republican Sen. Pat Roberts of Kansas to cut the food stamp program by more than $30 billion over ten years failed to pass the U.S. Senate today. Proposed as an amendment to the Senate farm bill, Roberts’... Read Post
“The [president’s] proposal assumes a ‘placeholder revenue increase’ of $435 billion over a 10-year period but does not identify how to pay for the revenue increase,” says the committee’s “Views and Estimates” document, which it sub... Read Post
US Rep Pete DeFazio issued a statement today claiming that the solution to a funding gap in the proposed $450 billion six year highway and transit program is a tax on oil futures trades. DeFazio proposes a 0.02% tax on every oil fut... Read Post