Editorial: Trouble Pounding at the Door

Normally, our Johnny One-Note shrillness on public finance focuses on the pressing need for nationwide transportation infrastructure that would allow the U.S. economy to grow strongly.

That’s all still the case, every syllable, but now it’s time to worry about staving off short-term catastrophe in the form of truncated construction payments to state transportation departments because the Highway Trust Fund is now about four weeks away from insolvency — just as people have been saying for months that it would be.

As reported on p. 1, Transportation Secretary Foxx has told the states that starting Aug. 1, payments will shift from daily to twice a month and will be significantly less than 100%, rather than payment in full.

Meanwhile, some members of the two tax-writing committees in Congress are trying to come up with a short-term funding solution for the Highway Trust Fund that would get them past the next election.

Just two weeks ago, there was a rare eruption of common sense on Capitol Hill with Sens. Bob Corker

(R-Tenn.) and Chris Murphy (D-Conn.) proposing fuel-tax increases spread over two years and then indexing those rates for inflation — a most worthy proposal.

But Senate Finance Chairman Ron Wyden

(D-Ore.) is now mainly talking about a six-month fix, whereas House Ways and Means Chairman Dave Camp (R-Mich.) would like a plan that lasts somewhat longer.

In contrast to Corker and Murphy, Wyden is taking a search-the-couch-cushions-for-change approach, seeking to tighten legal compliance and shaking down the Leaking Underground Storage Tank Trust Fund.

Yes, compliance with tax laws is always a good thing, and we have no expertise on underground storage, but this is no solution. Members of both houses of Congress are racing to get out of town so they can campaign for re-election, do fundraising for re-election or maybe take a vacation; there appears to be no time for serious problem-solving.

And what the country needs is some serious problem-solving.

There are dramatic bridge problems and crumbling roads slathered thickly across all states. It is getting harder and harder to move needed goods from producers to consumers, and now the highway builders are asked to manage from hand-to-mouth with only a two-week glimpse of the future.

This is appalling. To the 535 members of both chambers and the two elected executives: Sit down, demonstrate some wisdom and leadership, and fix this now.