DOT says Highway Trust Fund could run out in late July
The U.S. Department of Transportation has updated its Highway Trust Fund Ticker, and a chart on the page shows that the Highway Trust Fund (HTF) could shortfall as early as the end of July.
Transportation Secretary Anthony Foxx introduced the Highway Trust Fund Ticker in January, when he outlined his plan to battle the “infrastructure deficit.” The Ticker, posted on the DOT’S website, shows the HTF’s remaining balance.
The HTF, which is fueled by the 18-cent-per-gallon gas tax, is the primary source of funding for surface transportation projects.
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The DOT notes that the HTF “will encounter a shortfall before the end of fiscal year (FY) 2014,” adding that “the surface transportation program continues to outlay at a greater pace than receipts are coming in” and that the balance has dropped by nearly $3.3 billion since $9.7 billion was transferred from the General Fund after the start of the fiscal year.
By the end of February, the Highway Account cash balance stood at $8.6 billion.
To see the DOT’s Highway Trust Fund Ticker, click here.