Dept. of Trans.
The mission of the Department is to "serve the United States by ensuring a fast, safe, efficient, accessible and convenient transportation system that meets our vital national interests and enhances the quality of life of the American people, today and into the future."
Highway Trust Fund
Date:
August 7, 2009
Who:
Dept. of Trans.
Policy Area:
Fiscal Policy
Economic Target:
Consumers
Action Type:
Direct Spending
Maximum Amount:
$7.00 billion
Amount Spent:
$7.00 billion The highway trust fund was at risk of running out of funds in August 2009. The trust fund, made up of revenue from gas taxes at the pump, has steadily declined over the past several years because the recession has caused people to drive less, sales of fuel-efficient cars have increased, and Congress has not raised the federal fuel tax since 1993 despite increased construction costs and inflation. This law serves as a temporary replenishment of the highway trust fund over the August legislative recess.
Notes:
Maximum amount and amount spent reflect the $7 billion infusion to the highway trust fund. Since the $7 billion addition by Congress from the general fund of the Treasury to the trust fund is an intergovernmental transfer, the deficit impact is zero. However, CBO estimates that the $7 billion addition to the trsut fund will shift $1 billion in outlays originally planned for FY 2010 into the final two months of FY 2009. As a result, outlays will increase by $1 billion on 2009 but will have no net impact over the 2009-2010 period on the federal budget.
Cash for Clunkers
Date:
June 11, 2009
Who:
Dept. of Trans.
Policy Area:
Fiscal Policy
Economic Target:
Manufacturers
Action Type:
Direct Spending
Maximum Amount:
$3.00 billion
Amount Spent:
$2.88 billion
Deficit Impact:
$2.88 billion The Consumer Assistance to Recycle and Save Act (CARS), also known as "Cash for Clunkers," established a program for owners of gas-guzzling cars and trucks to receive tax credits worth up to $4,500 for purchasing newer, cleaner automobiles. The trade-in vehicle had to get a combined city and highway fuel economy rating of 18 miles per gallon or less.
Notes:
Maximum amount reflects the total authorized funds from H.R.2751. Amount spent equals the amount appropriated. Deficit impact based on CBO analysis. Light vehicle sales data from Bureau of Economic Analysis (http://www.bea.gov/national/index.htm).
