Senate Panel Clears $255-Billion TEA-21 Successor; Financing Not Assured
The Senate Environment and Public Works Committee has approved a six-year highway funding bill, which its backers say provides $255 billion for highways, that would be the central component of a successor to the Transportation Equity Act for the 21st Century. But the legislation, which the panel cleared on Nov. 12 by a 17-2 vote, has some holes. The biggest is that lawmakers haven't yet found enough revenue to cover the bill's price tag.
Committee Chairman James Inhofe (R-Okla.) said that "nobody got everything they wanted, but it is a very good bill, and will only improve as the process moves on." The bill is said to provide $255 billion for highways, up more than 30% from TEA-21s leve. But Inhofe added, "At this stage of the process, there are insufficient revenues going into the Highway Trust Fund to support this level of funding." Because of the funding gap, Inhofe said the committee's bill omits some important provisions, including a minimum funding guarantee to states and TEA-21's budget "firewall," which ensures that trust fund revenue collected is spent on transportation projects.