Increasing the Gas Tax
President for his signature legislation to replenish the Highway Trust Fund. The Senate passed the House version by a vote of 81 to 31 after its own bill was blocked on a procedural vote. Had Congress failed to act, the Transportation Department would have been forced to cut infrastructure funding by 28 percent. The measure provides $10.8 billion for the Trust Fund and authorizes it through May 2015. The funds would be raised by allowing companies to spend less on their pension payments, thus raising their taxable incomes. Senators had wanted to authorize the funding only through December 19 to…
