WASHINGTON, DC – U.S. Senator Jim Inhofe (R-Okla.), Ranking Member of the Environment and Public Works Committee, today commented on the announcement by the Department of Transportation that the Highway Trust Fund ("HTF") is not going to be able to fully meet its obligations to the states. Previously, DOT had estimated it would remain solvent until next summer. Tax receipts have been dropping precipitously in recent months due largely to high gas prices. Gas receipts have been declining because the Democratic opposition to drilling for more oil has caused prices to rise. The Administration also announced today their support for quick passage of Inhofe backed legislation to restore $8 billion to the Highway Trust Fund.
“Today the Department of Transportation announced that the HTF will be unable to fully meet its obligations beginning this month,” Senator Inhofe said. “While this announcement came well before anyone expected, we have been working on a solution to this problem for the quite some time. The solution I have been advocating for, an immediate restoration of $8 billion transfer that had been taken from the Highway Trust Fund in 1998, will ensure the states receive the money promised to them. This short term fix enjoys overwhelming support in the Senate, has already passed the House, and now has the support of the White House. With just three weeks left until Congress adjourns, we need to make this fix happen next week. I will continue to lead the effort in the Senate to make that happen.”