Congress has passed another continuing resolution to keep the federal government running through Dec. 18, according to a report by the National Stone, Sand & Gravel Association. Contained in the resolution is an extension of the current highway bill through that date.

This more or less meets the demand of House Transportation and Infrastructure Committee Chairman Jim Oberstar (D-Minn.) who has been insisting upon a two-month extension through the end of the year. Members of the Senate Environment and Public Works Committee were pushing for a six-month extension, but according to senior Sen. Jim Inhofe (R-Okla.) time ran out.

Confirming what NSSGA has heard this week from members of Congress, Senate Majority Whip Richard Durbin (D-Ill.) said Oct. 29 that the highway reauthorization bill may be frontloaded to provide a stimulative effect and bring down the nation’s high unemployment rate. Durbin stated that discussion of this, including the amount that would be frontloaded and financing, would come after debate on healthcare.

One idea to fund the first two years of the bill is to classify it as emergency so it would not have to be offset with other spending cuts or revenue increases. Of course, this would be funding out of the general fund, eliminating the budget firewalls, NSSGA reports.

Another idea proposed by Rep. Earl Blumenauer (D-Ore.), a member of the House Ways and Means Committee, is to create a Federal Infrastructure Financing Bank under the purview of the Treasury Department. The Secretary of the Treasury would capitalize the bank by acquiring a sufficient amount of bank stock, the proceeds of which would finance two years of the transportation authorization. The bank would have the authority to make repayable advances to the Highway Trust Fund. The advances would be repaid by the Highway Trust Fund without interest. According to the Congressman, his idea does not require an immediate financing source. However, it would require the president to submit to Congress legislation to provide permanent financing for transportation and other infrastructure projects no later than July 1, 2011. The funding would be sufficient to repay the federal bonds authorized by the bank.