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Reuters: Obama pushes ahead with transport fund rescue

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN0153026320090702 

President Barack Obama is pushing ahead with plans to shore up dwindling federal reserves for highway construction and establish a government-run bank to pay for future transportation projects.  Documents obtained by Reuters late on Wednesday detailed Transportation Department proposals for injecting $20 billion of general tax revenue into a federal trust for highway and transit infrastructure projects, and outlined Obama's longer-term plan for ensuring financial backing for new initiatives.  The administration foresees the Highway Trust Fund, which relies on federal gasoline tax receipts, running dry in late August or early September. The administration proposes to replenish it over 18 months while Congress develops a six-year blueprint for transportation priorities and funding.  The current law authorizing federal spending on highway projects expires Sept. 30.


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