June 4, 2002 Clinton: Bill to Restore Proposed Cuts in Federal Highway Funding Gains Approval in Senate Committee Washington, DC - Senator Hillary Rodham Clinton (NY) announced that the Environment and Public Works Committee on which she sits today approved a restoration of proposed cuts to the highway program in President Bush's Fiscal Year 2003 budget. The President's budget uses a funding formula that would reduce federal highway spending from $31.8 billion in FY 02 to $23.2 billion in FY 03 - an $8.6 billion cut. As a result of the committee's decision today, federal highway funding would be increased to $28.9 billion for FY 2003. "At a time when towns and cities in New York and across the country are urgently in need of investments to help stimulate their local economies and create jobs, cutting federal highway funding is a clear turn down the wrong road. The legislation we approved today will help ensure that we don't cut back on these important federal investments just when they are most necessary," Senator Clinton said. "Under our plan, as opposed to the Administration's budget proposal, New York would receive over $260 million more in highway funding." The President's proposed budget employs a formula used in the previous highway authorization bill (TEA-21), which mandates that spending matches receipts to the highway trust fund. In the current economic climate, this calculation would result in a dramatic reduction in highway funding - approximately $8.6 billion. The bill also includes a commitment to review the use of this formula in the next highway authorization bill so that dramatic fluctuations can be avoided in future allocations. Senator Clinton introduced this tripartisan legislation in February with Senators Jim Jeffords (VT) and Bob Smith (NH), all Environment and Public Works (EPW) Committee members. It has gained 75 cosponsors in the Senate, and will head to the floor with strong support.