Funding the Fast Track

CQ Politics reports today that the House has yielded to the Senate and Administration in the tussel over funding for the Highway Trust Fund.

At issue was Cong. James Oberstar, Chairman of the Transportation and Infrastructure Committee, who wished a six-year authorization for $500 billion when Congress returns in the fall. To that end, he had proposed an interim $3 billion.

The Administration said $7 billion is needed to keep paying states through fiscal (September) 2009, and an additional $20 billion through an 18-month extension.

As Washington State knows about its similarly sourced motor fuels tax on gallonage, the fund has fallen as motorists drive less because of higher prices. The allocation will come from the feds’ general fund.