Congressional leaders say they are committed to passing a short-term patch for the Highway Trust Fund in the coming weeks. Details are under development.
ACEC is working with Congressional staff and urging immediate action to avoid impending insolvency and delayed project payments to states later this summer. The current funding uncertainty is already forcing transportation departments to postpone or cancel projects.
House Republicans have abandoned an earlier proposal to use savings from eliminating Saturday mail delivery to offset a transfer from the General Fund into the Highway Trust Fund. An idea now under consideration is another round of federal pension changes and increases in Pension Benefit Guaranty Corporation premiums, a budget maneuver used to offset spending increases in MAP-21 in 2012.
Senate Majority Leader Harry Reid (D-NV) is looking at other options, including a repatriation tax holiday for companies to bring foreign profits back to the U.S. at a reduced rate. Tax writing committees would prefer to handle overseas earnings in the context of a broader tax reform package