NewVA Moves

This afternoon, DOT Secretary Mary Peters announced that the highway trust fund is projected to have a zero balance by the end of this month unless Congress takes action. In response, DOT will take the following action:

“Effective September 8th, the Federal Highway Administration will begin making weekly reimbursements, rather than the current twice daily reimbursements. These weekly reimbursements will be made on a pro-rated basis.  For example, if the funds available in the highway account covers 80 percent of the requests received, 80 percent of each reimbursement will be paid. The following week, the balance of unpaid requests from the previous week will be paid providing similar, pro-rated reimbursements for the new requests received that week.  The Department is taking action to streamline personnel and purchasing policies to further slow the rate of depletion and will consult with other federal agencies funded by the Trust Fund to make the most of every available dollar.”

Additionally, Secretary Peters called upon the Senate to act upon HR 6532, legislation which would transfer $8 billion from the General Fund to the Highway Trust Fund. This is a reversal of policy as the Bush administration had previously opposed the passage of this legislation. In her remarks Secretary Peters called upon the Senate to act on this, ‘must pass legislation’, next week with out addition additional provisions or earmarks.