Boxer and Inhofe Say Transportation Bill Almost Ready, Funding Still TBD

Two leading Washington lawmakers assured reporters Wednesday that a long-term transportation bill is coming, but provided little in the way of details.

Senators James Inhofe (R-OK) and Barbara Boxer (D-CA), chair and ranking member of the Senate Committee on Environment and Public Works, respectively, held a press conference Wednesday featuring a line-up of construction and labor leaders demanding "action on transportation." The event is shown in the above video in its entirety.

Inhofe told reporters a draft six-year bill is almost ready. Just six weeks remain before the current extension of MAP-21 expires, and the Highway Trust Fund is set to run out of money in July -- potentially threatening the construction season.

A critical hurdle for lawmakers is settling on a funding source to replace the declining gas tax, which hasn't been raised since 1993. Just yesterday a bipartisan group from the House asked Congress to raise it.

But little was said about funding at the press conference. Boxer said while she is supportive, there isn't much appetite for an increase in taxes on gasoline or crude oil. "I will do almost anything to fill that trust fund," she said.

Boxer said she would be "dropping a bill" with Rand Paul to generate revenues by "repatriating" overseas profits on U.S. corporations hiding out overseas to avoid taxes.

"I'm hopeful that this type of reform can bring us together and unite us," she said. The Hill reports lawmakers are divided on whether to make that 5 percent tax on corporate profits overseas voluntary or mandatory. Paul and Boxer say the repatriation tax bill could bring $2 trillion in revenue.