-
Latest projection of federal Highway Trust Fund solvency from the Congressional Budget Office (CBO)
On Monday, the Congressional Budget Office (CBO) released its latest projections on the fiscal health of the federal Highway Trust Fund (HTF). The HTF is the main source of federal money for road, bridge and transit projects and has been facing fiscal challenges for a number of years. Last summer, Congress provided a temporary infusion of cash that will run out, as CBO projects, sometime in October or November of 2015. However, the HTF needs a solid cash cushion to maintain its timely payment process to state departments of transportation for work completed, so any fix to the crisis would need to occur before then, likely by September.
This CBO outlook underscores the sense of urgency among stakeholders who are urging members of Congress to act now on surface transportation programs, before they approach a May 31 legislative deadline. ASCE is urging Congress to provide more robust federal funding levels and greater multi-year program certainty in order to accelerate road, bridge and transit projects and move the needle on our nation’s transportation infrastructure deficit.
Join ASCE by telling Congress we need a long-term, sustainable solution for the Highway Trust Fund by sending a letter to your U.S. Senators and Representative.