The Congressional Budget Office (CBO) predicts both accounts of the Highway Trust Fund will go broke sometime in FY 2015 unless Congress acts to shore up the fund that pays for surface transportation projects. According to a CBO chart obtained, the highway account will end FY 2012 with $8.7 billion and the transit account with $4.7 billion. The transit account could run dry in late 2014.
ASCE has long supported an increase in the gas tax to provide additional revenues for investment in surface transportation systems, a move that has been supported by many economists as consistent with reducing the federal budget deficit. However, the political climate in Washington has not allowed a serious discussion on this matter in some time.