FORT WORTH (KRLD) – A North Texas congressman says the federal fund that pays for highway construction may be facing it’s own dead end.
Michael Burgess spoke with KRLD NewsRadio 1080 and said a senate plan to fund the federal Highway Trust Fund (HTF) could be financially exhausted in two years.
“The Federal Highway Trust Fund has about $35 billion and the current funding levels call for about $50 billion a year in funding,” explained Burgess. “President Obama said famously one time, ‘we have a math problem’. And clearly that math problem is what we, at the federal level, are going to have to deal with.”
While hosting a District Transportation Summit Monday, the congressman from the 26th District of Texas said the senate plan clearly puts the fund in jeopardy.
“I don’t think there’s any question that exhausting the trust fund would be a bad idea and ultimately is going to leave us with even more problems,” he said.
Speaking at the summit, the Fort Worth republican suggested that a five-year plan from the House would keep the highway fund solvent.
During the summit Burgess explained more about the proposal — dubbed the American Energy and Infrastructure Jobs Act – that would allow oil and gas companies to expand domestic drilling and use the lease payments to generate fund for the nation’s infrastructure.