Remember not so long ago, when John McCain was really worked up about that darn gas tax that was the real cause of so much economic hardship in America? It's right here on his own website on the tubes:
John McCain Believes We Should Institute A Summer Gas Tax Holiday
Hard-working American families are suffering from higher gasoline prices. John McCain calls on Congress to suspend the 18.4 cent federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day.
Well, Obama, among others called that out for the stupid, short-sighted gimmick that it was. You see, the gas tax partially funds the U.S. government's highway trust fund, which was projected to run low in 2009.
In fact, congress wanted to enact legislation to make a transfer of funds from the general tax revenues to avoid a zero balance in the account. McCain's mentor, George W Bush, declared that "a gimmick and a dangerous precedent" that would "unnecessarily increase the deficit."
Today, we hear of some of those inconvenient facts that Obama and the Democrats were referring to have popped up to reinforce their point.
With highway money running out, President Bush pulls a U-turn
But now, even before 2009, the highway fund is running out of money faster than expected back then, and the administration has made a political U-turn, the Los Angeles Times' Richard Simon reports. It is asking Congress to speedily approve an $8-billion rescue plan.
"At current spending rates," Transportation Secretary Mary Peters said today, "we will start the new fiscal year on Oct. 1 with a zero balance in the trust fund, and will continue to spend more than we take in."
She said in a conference call with reporters that the problem is so urgent that Congress needs to send legislation to the president by ...
... the end of next week.
The fund's situation grew more desperate when high gasoline prices led motorists in recent months to reduce their driving and to buy more fuel-efficient cars. That's good for the environment, but it is bad news for federal coffers that rely on gasoline tax revenues.
More links:
AP: Transportation Dept. almost out of highway funds
NYTimes: Federal Highway Fund Running Out of Money
It gets better, of course. This plays right into Obama's argument about how reckless the Republicans are with our economy. As we head into recession, how would that gasoline tax affect things? According to Sen. Patty Murray (D-Wash.), who chairs the transportation and housing appropriations subcommittee:
“This crisis could lead to millions of construction layoffs," she said.
Nice thinking John! You're a real maverick, you are!