Foxx: HTF quickly running out of money
The Highway Trust Fund (HTF) is quickly running out of money, Transportation Secretary Anthony Foxx reminded Fast Blog readers on Tuesday.
Our sister site, Better Roads, reports that the latest Highway Trust Fund Ticker shows the HTF is on track to shortfall in August — before the current highway bill, MAP-21, expires.
In his blog post, Foxx outlined the effects of an August shortfall.
“What does a shortfall mean? It means we could start bouncing checks for roadwork before our kids go back to school. It means we’ll have to delay funding your state’s efforts to maintain and improve the roadways near you,” Foxx wrote.
He also reminded readers that 700,000 jobs are at stake.
“If you work in road construction or maintenance, the situation is worse than unrepaired pavement or road projects that aren’t moving forward–it means jobs in jeopardy,” Foxx wrote. “In fact, several states are already postponing road contracts because they cannot count on a reliable funding source.”
Congress has offered some options, including the Senate’s six-year highway bill and a proposal from House GOP leaders that would use savings from U.S. Postal Service cuts to fund highway projects. Additionally, the Obama administration has suggested a four-year bill known as the GROW AMERICA Act.
The updated Highway Trust Fund tickers we published [on Tuesday] are a reminder that Congress needs to fix the highway trust fund before it runs dry,” Foxx wrote. “In a challenging legislative environment, that doesn’t give us a lot of time.”