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Last week, the House approved the Senate's version of H.R. 6532 to amend the Internal Revenue Code of 1986 to restore the Highway Trust Fund balance.

The legislation would transfer $8 billion from the general fund to the Highway Account of the Highway Trust Fund. U.S. Transportation Secretary Mary Peters previously had called on Congress to pass the legislation because declining gas tax revenues were causing the Highway Trust Fund to become insolvent sooner than expected.  

President Bush now will consider the bill. The administration previously  had opposed transferring general fund dollars to the highway account, proposing instead to borrow money from the Mass Transit Account. A portion of the Highway Trust Fund revenues are dedicated to the Mass Transit Account, which funds public transit needs.