Infrastructure

Congress has not authorized a fresh revenue source for the Highway Trust Fund in three decades.

The bill would create a not-for-profit corporation modeled after California's IBank, but with more flexibility to handle large-scale projects, backers say.

S&P revised the outlook for the Maryland Transportation Authority's outstanding revenue bonds to negative from stable due to the timing of the federal funding needed to rebuild the Francis Scott Key Bridge that was damaged by a cargo freighter in March 2024.

Tariffs imposed by the Trump administration are already affecting port operations as Moody's has revised the U.S. ports sector to a negative outlook reflecting an expected 7%-12% decline in volume.

"Federal grants come with a clear obligation to adhere to federal laws," said Transportation Secretary Sean Duffy.

A mix of pay-as-you-go, bond proceeds and federal grants bolster the infrastructure of Mobile, Alabama, which is getting a new arena, air terminal and bridge.

Fourteen percent of the state bills would create an electric vehicle fee, and Republicans in Congress have floated their own national EV fee to shore up the Highway Trust Fund.

Some congressional Republicans are concerned taxpayers aren't getting a good return on their investment in transit, as lawmakers gear up for work on a new transportation bill.

Airport executives pushed lawmakers for streamlined funding, a boost in the passenger facility charge, and preserving tax-exempt bonds.

Municipal finance professors Justin Marlowe and Martin Luby wrote the paper after fielding dozens of calls about "this otherwise esoteric corner of public finance."