The Texas Department of Transportation announced that $742 million in highway funding has been rescinded by the federal government.
Click to hear WTAW’s Chris Clift talk with TxDot Media Relations Officer Kelli Petras:
In 2008 TxDot spent about $2.8 billion, meaning this cut represents a large percentage of total expenditures.
Petras says the cut was expected, with the possibility of losing the money dating back to 2005.
Since 2006 TxDot has lost about $2.9 billion in funding because of recissions.
Nationwide the federal government recission process took about $8.7 billion in 2009.
Petras says TxDot is open to ideas on how they can bridge the funding gap, and all options are on the table – including the issuance of bonds and the possibility of additional toll roads.
Press release from TxDot:
AUSTIN – Faced with deteriorating pavement quality scores and growing congestion, the Texas Department of Transportation (TxDOT) was required to return more than $742 million to the federal government Wednesday as part of an $8.708 billion rescission of highway project programming authority.