The Senate is poised to vote on the bill today before funding for federal transportation projects runs out at midnight.
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To make up the shortfall, the bill uses about $70 billion in mostly budget ploys, including one that would move $53 billion from the Federal Reserve Bank’s capital account to the general treasury.
“We applaud this bipartisan support for a transportation bill that marks another step toward increased freight rail safety, our industry’s top priority”, said Chet Thompson, president of the American Fuel & Petrochemical Manufacturers. The bill in that was passed on Thurs. now goes to the White Home for President Barack Obama’s signature.
The U.S. Congress passed multi-year surface transportation legislation on December 3, providing greater certainty for transportation infrastructure projects that are critical to all sectors of U.S. agriculture, said the National Grain and Feed Association (NGFA).
In addition to the boost in funding, the Newberg-Dundee bypass and the OR portion of Interstate 205 were designated high-priority corridors, which makes it much more likely that they’ll get federal funds in the future.
Funding for the National Highway Traffic Safety Administration also would increase, with nearly $1 billion for safety programs over five years.
Transportation advocates applauded lawmakers for the votes to approve the measure by wide margins in both chambers, which came with just one day to spare before the scheduled expiration of the nation’s road and transit spending on Friday.
Sen. Dean Heller, R-Nev., said the five-year, $305 billion plan – as well as the I-11 extension – is a huge boon for Nevada. Democrat Claire McCaskill of Missouri, and Republicans Roy Blunt of Missouri and John Boozman voted for it. Republican Tom Cotton voted no. In the House, Billy Long, Vicky Hartzler and Jason Smith of Missouri, and Steve Womack of Arkansas voted for it. That tax hasn’t been raised since 1993 even though transportation spending has increased.
Lawmakers have also taken money away from commercial banks, cutting the dividend rate on payments they receive from the Federal Reserve.
It also calls for comprehensive oil spill response plans. But safety advocates won inclusion of a long-sought provision requiring rental auto agencies to fix recalled cars and trucks before renting them. It also splits Amtrak’s northeast service from the rest of the country.
For riders concerned about train safety, the measure could force Amtrak to pay $295 million – up from $200 million – in damages as a result of the May train derailment in Philadelphia that killed eight people.
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Boozman added, “For the first time in ten years, we have a long-term highway bill that will allow Arkansas and other states to provide certainty for important infrastructure improvements, which are so vital to our economic well-being”.
