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However, according to U.S. PIRG, it is anticipated that the House will only provide funding for the first three years, requiring Congress to identify a new source of funding at the end of 2018.
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Obama, who has long pushed for a multi-year highway bill, said he had no choice but to sign the short-term measure to prevent an interruption of money for roads and bridges during the busy summer construction season.
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The $350 billion long-term bill would make changes to highway, transit, railroad and auto safety programs, but will only pay for the first three years of the six-year bill.
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The 62-36 vote came just a day after a majority of senators balked at approving a motion to proceed to debate on the bipartisan bill, which was negotiated by Senate Majority Leader Mitch McConnell (R-KY) and Sens. Barbara Boxer (D-CA) and James Inhofe (R-OK).
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Democrats voted in unison against proceeding to the 1,030-page bill, arguing they had no time to review the complicated legislation, with the cloture vote to proceed to consideration of the bill needing 60 total votes. There were indications there could be a re-vote on Wednesday.
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Details of the bill were not released, however, Sen. Boxer said the agreement will be posted Tuesday afternoon on the Internet so lawmakers and the public will have a chance to examine its details.
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The Highway Account is anticipated to dip below the $4 billion threshold, triggering cash management procedures and leading to delayed reimbursements to the states. Agency will also have to furlough employees.
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One of the proposed federal bills, H.R. 1846, would index the gas tax to inflation and create a bi-partisan, bi-cameral transportation commission that would provide long-term funding of the Highway Trust Fund. Another proposed bill, H.R. 680, would increase the gas tax by five cents per year for three years.
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The Bridge to Sustainable Infrastructure Act allows all transportation funding proposals to be considered, while simultaneously ensuring the trust fund remains solvent for no less than 10 years.
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The GOP proposal, released Tuesday afternoon, comes as lawmakers scramble to come up with a way to replenish the Department of Transportation's depleted Highway Trust Fund before a predicted August bankruptcy date.
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