The Obama administration sent Congress a revamped $478-billion, six-year transportation reauthorization bill. The proposed legislation would bump annual federal spending by nearly $25 billion over the $50 billion a year the government currently spends.
The most dramatic change in the proposal is a 79 percent increase in transit spending to improve existing rail systems and expanding light-rail and rapid bus systems. The bill would also increase highway funds by approximately 29 percent, with a policy focus on repairing existing bridges before investing in new construction.
Under the new proposal, drivers wouldn’t be required to pay more at the pump, because the bill also includes a 14 percent tax on an approximately $2 billion that U.S. corporations have stored overseas investments.
The current transportation funding bill, which spends about $11 billion and authorizes the collection of the gas tax is scheduled to expire on May 31, if a new bill isn’t signed before the deadline.
Source: The Washington Post