From the President's press conference today:

Q Mr. President, former Chairman of the House Transportation Committee, Republican Don Young, says there are about 500 bridges around the country like the one that collapsed in Minneapolis last week. And Young and other Transportation Committee members are recommending an increase in federal gasoline taxes to pay for repairs. Would you be willing to go along with an increase in gasoline taxes of five cents a gallon or more?

THE PRESIDENT: First of all, Secretary Peters is gathering information and will report to the White House and report to the nation about what she finds about whether there are any structural design flaws that may be applicable to other bridges. She's in the process of gathering this information now.

The American people need to know that we're working hard to find out why the bridge did what it did so that we can assure people that the bridges over which they will be traveling will be safe. That's step one.

You know, it's an interesting question about how Congress spends and prioritizes highway money. My suggestion would be that they revisit the process by which they spend gasoline money in the first place.

As you probably know, the Public Works Committee is the largest committee -- one of the largest committees in the House of Representatives. From my perspective, the way it seems to have worked is that each member on that committee gets to set his or her own priority first, and then whatever is left over is spent through a funding formula. That's not the right way to prioritize the people's money. So before we raise taxes which could affect economic growth, I would strongly urge the Congress to examine how they set priorities. And if bridges are a priority, let's make sure we set that priority first and foremost before we raise taxes.

He may do a lot of stupid shit but he's always been right on taxes.