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An important account in the federal Highway Trust Fund will run out of money this month, which could hamper completion of road and bridge construction projects across the country, Transportation Secretary Mary E. Peters said on Friday.
“It will worsen the financial crises many states are already facing, and it will delay or halt needed transportation projects and leave contractors and suppliers with I.O.U.’s instead of cash to pay their workers,” Mr. Horsley said in a statement.
The trust fund’s highway account is being rapidly depleted because Americans have reacted to the high price of gasoline by driving less, Ms. Peters said.
The fund gets its money from federal excise taxes on motor fuel: 18.4 cents a gallon on gasoline and 24.4 cents a gallon on diesel. But for months, Americans have been driving fewer miles than before it has been costing them more.