Congress Extends Highway Trust Funding Through July 31

An extension of highway and transit programs was passed over the weekend by voice vote in the Senate. The measure provides an additional two months of Highway Trust Fund (HTF) authority and expires on July 31. Immediately following its passage, Senate Environment & Public Works (EPW) Committee Chairman James Inhofe (R-OK) and Ranking Member Barbara Boxer (D-CA) called for lawmakers to pass a multi-year bill in order to shore up funding for the HTF. A six year bill is set to be marked up in the EPW Committee on June 24; however, a funding source has yet to be identified.

An estimated $90 billion is needed to adequately fund a multi-year highway bill. Chairman Inhofe also acknowledged that it is highly likely another patch will be needed in order to give tax writers additional time to find offsets and pass tax reform this year. Senate Finance Committee Chairman Orin Hatch (R-UT)  has repeatedly stated that his committee needs until the end of the year to move tax reform through the Senate. Regardless, when Congress returns from Memorial Day Recess it will have seven weeks to pass a fully-funded, long-term transportation bill or another extension.