Skip to Content
Streetsblog New York City home
Streetsblog New York City home
Log In
Economics

The U.S. Wants to “Borrow” From Transit to Pay for Highways

12:29 PM EDT on July 29, 2008

U.S. Transportation Secretary Mary Peters said yesterday that due to declining gas tax revenues, the Highway Trust Fund would need to borrow money from its mass transit account to pay for road projects. Today's big news story was buried at the bottom of page A17 in the New York Times:

Gasoline tax revenue is falling so fast that the federal governmentmay not be able to meet its commitments to states for road projectsalready under way, the secretary of transportation said Monday.

Thesecretary, Mary E. Peters, said the short-term solution would be forthe Highway Trust Fund’s highway account to borrow money from thefund’s mass transit account, a step that would balance the accounts ashighway travel declines and use of mass transit increases.

Meanwhile, America's historically underfunded transit systems are also struggling with rising fuel prices and record demand. No word yet on how taking money away from transit to pay for highways fits in to George W. Bush's plan to end America's oil addiction but maybe time for Americans to take a good, hard look in the mirror and ask ourselves what kind of nation do we want to be?

Stay in touch

Sign up for our free newsletter

More from Streetsblog New York City

Maximum Rage: Delivery Workers Protest Low Wages, App ‘Lockouts’

Couriers with bikes and signs urge the city to step in as Uber Eats, GrubHub and DoorDash withhold work, they say.

March 28, 2024

The Toll of History: MTA Board Approves $15 Congestion Pricing Fee

New York City's congestion pricing tolls are one historic step closer to reality after Wednesday's 11-1 MTA board vote. Next step: all those pesky lawsuits.

March 28, 2024

Company That Fought McGuinness Safety Project Wants to Seize Bklyn Street for Private Backlot

Broadway Stages to Greenpoint residents: "Street safety for me, not for thee."

March 28, 2024

SEE IT: Hit-and-Run Driver With Fake Plate Seriously Injures Cyclist

The 5 p.m. crash occurred at Flushing and Waverly avenue near the Brooklyn Navy Yard.

March 28, 2024

Thursday’s Headlines: Shakira Shakira Edition

Pop superstar Shakira performed for a crowd of 40,000 packed into the Times Square pedestrian plazas. Plus congestion pricing news and more.

March 28, 2024
See all posts