New Transportation Budget Proposed
The new budget recently proposed by President Obama contains changes to funding that will undoubtedly impact trucking companies and the transportation industry in general.
Highlights of the proposed budget include:
- $556 Billion over 6 years for general transportation funding
- $129 Billion in funds for the Department of Transportation in the first year
- $50 Billion immediate investment for highways, transit, high-speed rail and aviation programs
- Integrating all surface transportation programs into 1 fund titled the “Transportation Trust Fund”
Supporters of the proposal state the move consolidates programs, streamlines many aspects of transportation funding, and eliminates waste.
Critics of the proposal are concerned that there is no real clear source of funding for these programs, and that other programs added into the trust fund may not be adequately funded.
"President Obama's budget for the Department of Transportation is a targeted investment in America's economic success," said Transportation Secretary Ray LaHood. "If we're going to win the future, we have to out-compete the rest of the world by moving people, goods, and information more quickly and reliably than ever before. President Obama's investments in rebuilding our crumbling roadways and runways, and modernizing our railways and bus systems will help us do just that."
Since the budegt proposal is not finalized, it is difficult to predict any impact on trucking companies, owner operators, or company truck drivers at this time.