Proposed Offsets to Shore Up Highway Trust Fund Would Jeopardize Worker Pensions, Homeowners, and the Stability of American Communities
Washington, D.C. – July 16, 2015 – (RealEstateRama) — Yesterday, Republican Senate leaders suggested two possible offsets for legislation to shore up the nearly insolvent Highway Trust Fund and provide long-term transportation funding. The first would take money from the Home Affordable Modification Program, or HAMP, which provides foreclosure alternatives to homeowners facing economic hardships. The second offset would cut approximately $30 billion from the federal employees’ retirement program.
Kevin DeGood, Director of Infrastructure Policy at the Center for American Progress, released the following statement:
Transportation infrastructure is the foundation of the U.S. society and economy. We must make smart investments that maintain our existing assets and build for the future, and these investments cost money. However, it is deeply troubling that the Senate Republican leadership thinks that investing in America’s economic future should come at the expense of workers’ pensions, families’ homes, and the stability of our communities. Drivers should pay for the benefits they receive from the highways they use every day.
Julia Gordon, CAP Senior Director of Housing and Consumer Finance, added:
The HAMP funding that Sen. Orrin Hatch (R-UT) proposes to raid goes directly to foreclosure prevention. While we should rebuild our nation’s bridges, we should not increase the number of homeless families living under them.
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