U.S. Sen. Sam Graves (R-MO) recently issued a letter in which he stated infrastructure spending is not enough to fix the nation’s problems.
The government cannot invest $1 trillion in infrastructure and claim the problem is solved, Graves said. Instead, he said, a plan must be formulated. Otherwise, when the new projects are outdated and in need of repair, the nation will again be back in the same position it is now.
“The Highway Trust Fund – which funnels transportation revenues to states and allows them to invest in infrastructure as they see fit – needs to be redesigned for the 21st century,” Graves said. “As vehicles on the road become more and more fuel efficient, the trust fund becomes less and less solvent. What we need is a modern, sustainable, well-designed trust fund system that keeps revenues flowing and allows states to invest with clarity and certainty.”
Graves holds the senior position on the House Transportation & Infrastructure Committee.
The Highway Trust Fund subsidizes mass transit along with the nation’s highway system. A 24.4 cents-per-gallon diesel tax and an 18.4 cents -per-gallon federal gasoline tax are the fund’s only revenue source.
These taxes have not been increased since 1993. A dime per gallon increase would cover the fund’s planned spending, according to the Congressional Budget Office.