Responding December 3 to a question by Fred Smith, Chairman & CEO of FedEx Corporation during a quarterly meeting of the Business Roundtable on whether or not Congress and the Administration could work together to raise the federal gas tax before the end of the year, President Obama said, “I’ll tell you, Fred, if I were running Congress, I’d potentially take you up on that offer or suggestion.  I think I probably already would have done it.”

Unlike previous statements from various representatives of his Administration the President signaled, for the first time publically, that an increase in the user fee may be something he could support.  He continued by acknowledging the difficulty in getting such a measure passed, saying, “In fairness to members of Congress, votes on [the] gas tax are really tough.”

Obama then went onto to explain his view of the short-term Highway Trust Fund solvency issue and the need to look at how the federal government funds infrastructure investments over the long-term.

Read the full transcript.