NAM thanks House for $8 billion towards Highway Trust Fund.July 30, 2008 -
John Engler, President of NAM, commended members of House for overwhelming vote to transfer more than $8 billion to Highway Trust Fund, a measure that will help avert potential $14 billion cut in highway spending in 2009. House voted 387-37 in favor of H.R. 6532 sponsored by House Ways and Means Committee Chairman Charles Rangel (D-NY). Highway trust fund, which receives most of its funding from federal tax on gasoline, is facing its first deficit in more than 25 years.
NAM Thanks House Legislators For Restoring $8 Billion To Highway Trust Fund
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National Association Of Manufacturers (NAM)
1331 Pennsylvania Ave. N.W.
Washington, DC, 20004
Press release date: July 23, 2008
Shortfall Could Lead To $14 Billion Cut in 2009
WASHINGTON, D.C., July 23, 2008 - National Association of Manufacturers President John Engler commended members of the House for their overwhelming vote today to transfer more than $8 billion to the Highway Trust Fund, a measure that will help avert a potential $14 billion cut in highway spending in 2009.
The House voted 387-37 in favor of H.R. 6532 sponsored by House Ways and Means Committee Chairman Charles Rangel (D-NY). The highway trust fund, which receives most of its funding from the federal tax on gasoline, is facing its first deficit in more than 25 years as Americans reduce their driving at least partially in response to soaring gas prices.
"The NAM strongly supported this effort to return the Highway Trust Fund to a state of solvency," Engler said. "The pending imbalance between revenues and outlays has put the Fund on an unsustainable path that will lead to a $3.7 billion anticipated shortfall next year. Because of the method used to obligate Fund revenues, this could lead to a more than $14 billion cut in 2009.
"This poses a serious problem for manufacturers and the economy as a whole," Engler said. "The ability to hold down transportations and logistics costs is critical to maintaining our international competitiveness. Every dollar of wasted fuel idling in congestion brought on by inadequate investment in infrastructure increases the costs of our goods and gives our international competitors an unnecessary advantage."
Engler called on the Senate to support the House legislation.
The National Association of Manufacturers is the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Headquartered in Washington, D.C., the NAM has 11 additional offices across the country. Visit the NAM's award-winning web site at www.nam.org for more information about manufacturing and the economy.
CONTACT: ROSARIO PALMIERI (202) 637-3177