ThomasNet News Logo
Sign Up | Log In | ThomasNet Home | Promote Your Business

NAM thanks House for $8 billion towards Highway Trust Fund.

Print | 
Email |  Comment   Share  
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


(Archive News Story - Products mentioned in this Archive News Story may or may not be available from the manufacturer.)

National Association Of Manufacturers (NAM)
1331 Pennsylvania Ave. N.W.
Washington, DC, 20004
USA



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
Print | 
Email |  Comment   Share  
Contacts: View detailed contact information.


 

Post a comment about this story

Name:
E-mail:
(your e-mail address will not be posted)
Comment title:
Comment:
To submit comment, enter the security code shown below and press 'Post Comment'.
 



 See related product stories
More .....
 See more product news in:
Services
| Featured Manufacturing Jobs
 Other News from this company:
NACD and Associquim Sign Memorandum of Understanding
Good News on ACA Implementation - Kind of
Participate in Manufacturing Day - Mark Your Calendars for October 4!
Business Group Praises Bipartisan Introduction of Bill Preventing Costly and Unnecessary Regulation of Main Street Risk Management
Manufacturers Win in Fight Against NLRB Overreach
More ....
 Tools for you
Watch Company 
View Company Profile
Company web site
More news from this company
E-mail this story to a friend
Save Story
Search for suppliers of
Trade Associations


Home  |  My ThomasNet News®  |  Industry Market Trends®  |  Submit Release  |  Advertise  |  Contact News  |  About Us
Brought to you by Thomasnet.com        Browse ThomasNet Directory

Copyright © 2014 Thomas Publishing Company. All Rights Reserved.
Terms of Use - Privacy Policy



Error close

Please enter a valid email address