1. Top story: Getting up to speed on the rapidly changing transportation-funding debate
Transportation secretary to Congress: We need more moolah, and fast. “Transportation Secretary Anthony Foxx said Tuesday that time is quickly running out for Congress to approve a new round of road and transit funding. Foxx said the latest projections from budget analysts show that the transportation department’s Highway Trust Fund will run out of money in August, a full month before the scheduled expiration of federal transportation funding.” Keith Laing in The Hill.
Chart: The Highway Trust Fund’s balance is dangerously low. Department of Transportation.
Bump at the pump? Bipartisan duo of senators propose 12-cent hike in U.S. gas tax. “The proposal to hike the 18.4-cent federal tax for the first time since 1993 came from Sens. Chris Murphy (D-Conn.) and Bob Corker (R-Tenn.) and won quick endorsement from an array of advocates ranging from road builders to AAA. In addition to increasing the tax by 6 cents in each of the next two years, the senators want the rate indexed to inflation. Failure to keep pace with inflation over the past 20 years, along with steadily increasing fuel economy, has caused the Federal Highway Trust Fund that receives the money to sink to a dangerous level.” Ashley Halsey III in The Washington Post.