December 1, 2008 Newsnight: Tolls, gas tax hike ahead in Mass.? Play video

(NECN) - There's just one emergency on the mind of Massachusetts drivers. With the clock ticking, and the Massachusetts Turnpike Authority openly talking about the threat of insolvency, the pressure is building for toll hikes or a gas tax hike or both.

The Boston Globe recently exposed several Turnpike Authority loan deals known as "swaps", that are threatening to explode. The damage could mean that Massachusetts will be on the hook for $19 million to JP Morgan, $353 million to UBS and $75 million under a deal made with the former Lehman Brothers.

Senator Steve Baddour, democrat of Methuen is one of the key players in the battle over Turnpike tolls and gas taxes on Beacon Hill. He is the Chairman of the Joint Committee on Transportation. Steve joins Jim Braude on this segment of Newsnight.