House Passes Highway Bill

With the potential for funds drying up completely, the U.S. House of Representatives passed a $10.9 billion extension of U.S. transportation funding on Tuesday to stretch through May 2015. The extension is mostly paid for through pension accounting changes and higher customs user fees. It passed 367-55 in a bipartisan vote in the face of opposition from conservative groups. Senate Majority Leader Harry Reid says the Senate will consider its own version “as soon as I can get to it.” The White House had said earlier in the week it would welcome the extension. The Highway Trust Fund has run short on money in recent years as its fuel tax revenue has decreased and construction costs have skyrocketed.