The Hill
By Keith Laing - 01/31/12 08:10 PM ET
Transportation Secretary Ray LaHood said Tuesday that a Congressional Budget Office report that the highway trust fund would be empty by fiscal year 2014 shows President Obama has been right to call for increased funding for transportation projects.
The CBO predicted Tuesday that the deficit will rise to $1.08 trillion in 2012. Under the non-partisan agency's calculations, the highway trust fund, which funds road projects using collections from the federal gas tax, will be running on empty just two years after that.
Transportation Secretary Ray LaHood said Tuesday that the projection was not a surprise.
"We've known for a long time that people are driving less and they are driving more fuel efficient cars," LaHood told reporters after a speech to the Washington Aero Club... FULL ARTICLE
Posted on
Tue, January 31, 2012
by John Cox