Another option would be to shift more money to the trust fund from the general fund. Since 2008, Congress has approved $34.5 billion in such transfers to bolster the faltering highway account.

But Jeffrey Shoaf, the Associated General Contractors’ senior executive director for government affairs, says, “[This time] I assume that it will be difficult to get bipartisan agreement on a general-fund transfer.”

According to Cohen, “It does look like there would have to be some creative efforts to find money from outside the trust fund or through leveraging money in the trust fund.”

Expanding use of tolls on existing federal-aid highways would bring in more roadbuilding money. But Connor observes, “Tolling doesn’t work everywhere. It’s not legal everywhere. It’s not politically acceptable everywhere.”

An infrastructure bank is another possibility. It isn’t in the Big Four outline, but Boxer says it could be added later.

The framework does include a huge increase in the 13-year-old Transportation Infrastructure Finance and Innovation Act (TIFIA) program, which provides federal loans and loan guarantees to help fund major projects. Under the plan, direct federal TIFIA funding would jump nearly tenfold, to $1 billion a year, which would produce $10 billion in annual TIFIA-assisted loan volume. The Big Four isn’t counting the TIFIA money in its $339-billion total.

Connor says, “We think TIFIA is a great program, but there are certain drawbacks.” Because TIFIA aid involves loans, she says, “you have to have some sort of revenue stream to repay the loan.”

If the Big Four cannot find enough revenue to fund a $339.2-billion, six-year bill, the senators may have to shorten the measure to fit whatever amount they can bank on. “We are hoping for a six-year bill,” says Boxer. “We may not wind up with a six-year [bill].”

In April, Baucus suggested a two-year measure. He says projected trust-fund revenue would provide an estimated $42 billion annually for highways for two years, which is slightly more than 2010’s level. However, if the fund’s revenue were spread over six years, Baucus says, annual highway spending would have to be cut to $28 billion.

The Big Four plan bars earmarked funds for projects. It also includes important policy changes, such as consolidating the roughly 60 current highway and transit programs into a smaller number and speeding up project delivery. Those ideas have broad support.

Since SAFETEA-LU expired 20 months ago, highway and transit programs have operated under a series of stopgaps. The latest one is scheduled to lapse on Sept. 30.

The ‘Big Four’ Draft the Framework for a Surface Transportation Bill

BOXER

BAUCUS

• $339.2 billion for highways, transit and safety.

• Time span: six years, at most.

• Reflects current funding levels, plus projected inflation.

• Boost TIFIA funding to $1 billion per year, leveraging $10 billion

in annual loan volume.

• Eliminate earmarks.

INHOFE

VITTER

• Expedite project approval process.

• Consolidate about 60 current highway and transit programs.

• Consolidate freight-transportation programs.

SOURCE: SENATORS BARBARA BOXER, JAMES INHOFE, MAX BAUCUS, DAVID VITTER