Texas Transportation Department going into debt to pay for road work

[sonias]

Fort Worth Star-Telegram 2/27/11
Texas Transportation Department going into debt to pay for road work

Texans are increasingly borrowing from their children to pay for the roads they are using today.

Unable to persuade lawmakers to raise gas taxes or vehicle registration fees, the Texas Department of Transportation is going deep into debt to build roads and keep up with the state's explosive growth.

Since 2001, legislators and voters statewide have allowed the department to use a variety of new tools to speed up road work. That eased traffic congestion in the short term -- but now nearly $1 billion of the agency's roughly $8 billion annual budget goes to debt service.

It wasn't always that way. Traditionally, roads weren't built until the state had cash in hand. But many long-awaited projects were delayed because of chronic funding shortages.

"We've advanced as much as we can with the ability to borrow funds," Transportation Department spokeswoman Jodi Hodges said. "Now we're having to pay it back with interest."

Texas has borrowed $11.9 billion, which will cost $21.1 billion including interest and other fees, to pay back over 30 years, said state Rep. Joe Pickett, D-El Paso.

So much for living within our means right? And all for politics. Rather than raise the gas tax to pay for obviously needed road infrastructure - the Lege choose to pass the debt buck to the grandkids, Enron the balance sheets and generally lie about how things get done in Texas. Rather than be honest with the people of Texas about how much something is going to cost - they throw it on a future budget or balance sheet. :eyes:

[white cloud]

1. Republicans never could

Face the facts.

[hobbit709]

2. While they are building new ones, a lot of the old ones are falling apart.

Of course Ricky wants new tollroads so his cronies can make money.

[white cloud]

3. worse it is

guaranteed money

[AgainsttheCrown]

4. That reminds me...

I should probably pay that stupid fine before they take me to court :wow:

[sonias]

5. Yes jail potential for you

Petty crime (stealing from toll road overlords) while the big white collar criminals that steal billions (wall street bankers) get more tax breaks.

Don't you just love America? Land of the free, where you can achieve the American dream! (may not apply to all citizens equally - actually it now only applies to the rich corporations!) :(

[white cloud]

6. Whiners

"The economy is fundamentally good"

"And we have a 4-5 billion$ surplus" (Rick Perry 2010)

"We need tax cuts for big corp to create jobs" LOL

[sonias]

7. Texas highway system nearly running on empty

Houston Chronicle 3/8/11
Texas highway system nearly running on empty
Giant shortfall of $155 billion is forecast over the next 20 years


AUSTIN — Texas faces a transportation funding crisis.

During the next 20 years, the Texas Department of Transportation will need $315 billion to spend on the state's roads and freeways for maintenance and construction just to keep traffic from getting worse, according to a report commissioned by the Texas Transportation Commission.

The gasoline tax, federal dollars and other fees, which provide almost all of TxDOT's road funding, are expected to generate only about $160 billion during that same time.The Center for Transportation Research at the University of Texas predicts that the lack of money for road construction and repair will lead to a significant deterioration of Texas' roads — by 2025, only 21 percent of Texas' roads will be in good or better condition.

No one's listening

This issue, however, is not likely to get much attention during the current legislative session.

"There's not going to be a lot focus on transportation because of the budget crisis, which has really no effect with TxDOT," said Rep. Joe Pickett, D-El Paso, a former chairman of the House Transportation Committee.

You can just picture the republican legislators with their fingers in their ears going "la,la,la,la". They hear nothing. :shrug: