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Highway Fund About To Hit Empty
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Published: September 6, 2008
WASHINGTON - The federal highway trust fund will run out of money this month, requiring delays in payments to states for transportation construction projects, Transportation Secretary Mary Peters said Friday.
The trust fund, a federal account used to help pay for highway and bridge projects, will run about $8.3 billion short by the end of September, Peters said.
The shortfall will mean short delays, and in some cases a temporary reduction, in payments to states for infrastructure projects the federal government has agreed to help finance.
Peters blamed the funding shortage on the high price of gasoline, which has prompted Americans to drive less.
This means less fuel has been purchased, and less gasoline taxes collected for the trust fund.
The Associated Press
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