 | The Cost of Gasoline around the World | The Oil Drum | Prepared Statement of Congressman Roscoe Bartlett (R-6-MD) for the US-China Economic and Security Commission Hearing on Energy |  |
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The federal government really has no choice but to raise gas taxes within the next year or two. If not, the highway fund will reach a $5.7 billion deficit in 2010 and will be forced to cut obligations by 42 percent ($18.2 billion) from the 2009 obligation level.
The only question is how much the tax will be raised. The leading industry group AASHTO says a 3-cent increase is necessary to avoid a major cut and a 10-cent increase is required restore purchasing power to 1993 levels.
AASHTO also calls on state and local governments to increase transportation funding by $110 billion over the next eight years. They say increased tolls will be necessary on top of traditional funding sources.
$ 5.7 billion deficit ? no problem, do what el'befuddleoso has done, borrow more money.