The Journal of Commerce Staff | Aug 07, 2009 2:20PM EDT
President Obama signed a bill that shifts $7 billion from the general treasury to the Highway Trust Fund, ensuring the fund will remain viable through the end of the government's fiscal year Sept. 30.
The Highway Trust Fund, which distributes $40 billion a year to states for road and bridge projects, faced a cash shortfall as fuel tax receipts dwindle and was in danger of going broke this month, according to the administration.
The law gives Congress and the White House breathing space to consider a stronger fix — including new funding mechanisms — in transportation funding legislation after Congress returns from its recess Sept. 8.
