House T&I Subcommittee on Highways and Transit held a hearing this week on "Using Innovative Financing to Deliver Highway and Transit Projects." Witnesses agreed on the need to continue the basic user-fee program to provide the bulk of highway trust fund revenues, and on the need to continue to utilize existing "innovative" approaches to stretch existing transportation dollars. Witnesses discussed successes with various existing loan and credit programs such as Garvee bonds and TIFIA loans and discussed the Administration's proposal for a National Infrastructure Innovation and Finance Fund (NIIFF). Subcommittee Chairman Peter DeFazio (D-Ore.) wondered why the administration is pushing a new approach when the TIFIA program is very popular and over-subscribed. No new ideas for increasing Highway trust Fund revenue were out forth.
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