DeFazio Introduces Transportation Funding Bill
Washington, DC- Rep. Peter DeFazio (D-OR), a senior member of the House Transportation and Infrastructure Committee, today introduced legislation that would save the Highway Trust Fund from insolvency. HR 4848,“The Repeal and Rebuild Act,” is a long-term solution that would create American jobs, fix the nation’s crumbling infrastructure, and finally break the transportation funding impasse that has plagued Congress for years.
“America’s economic competitiveness is at stake. While Congress hems and haws over how to deal with the dwindling Highway Trust Fund, the rest of the world is moving full-speed ahead,” DeFazio said. “I introduced a real proposal today because I’m tired of Congress being all talk and no action. It seems like every politician says creating jobs is their priority. Here’s a chance for members to do just that by investing in our nation’s infrastructure. Let’s get this done.”
(Rep. DeFazio made additional comments at the Rally for Roads event in front of the U.S. Capitol. See his speech here.)
“The Repeal and Rebuild Act” would:
*Repeal the federal gas tax (18.4 cents per gallon)
*Increase the tax on a barrel of oil that is processed into gasoline to $6.75 and index it to construction cost inflation and fleet fuel economy
*Index the diesel tax to construction cost inflation and fleet fuel economy
*Bond the new revenue to backfill the Highway Trust Fund shortfall
*Support a $324 billion six-year reauthorization
In the first year the barrel tax would raise less than the 18.4 cent gas tax, providing potential short-term relief to consumers. The barrel tax would be indexed to DOT’s National Highway Construction Cost Index and to CAFE standards to account for less fuel consumption attributed to those standards. The tax would not be applied to aviation, rail, or home heating fuel.
A two-pager on “The Repeal and Rebuild Act” is available upon request.