House Majority Leader Rep. Kevin McCarthy (R-Calif.) says he expects Congress will pass a six-year transportation bill funded with revenue from taxing overseas corporate earnings before the current extension expires at the end of October. Revenue from those tax revisions could be used to make up the $15 billion per year shortfall in the Highway Trust Fund.
Transportation experts are not so sure. Many believe it's almost impossible for Congress to adopt major tax code revisions and a fully funded, multiyear transportation bill within the next 29 days.
Jack Schenendorft of Covington & Burling LLP says there's only a 5% chance Congress will approve a bill by October 29, and a 30% chance the House will not agree on a long-term bill before the current fix expires. However, Schenendorf says there's a 65% chance the House will pass a multiyear bill and work with the Senate to find a compromise by November or December.
