CBO: Federal Highway Trust Fund bankrupt in 2015
The year 2015 looks to be the year of armageddon for road funding at both the federal and state level. Texas lawmakers have been warned for nearly a decade that the state highway fund has NO more money for ANY new capacity beyond 2015. In fact, TxDOT is behind $1 billion/yr just for road maintenance and $3 billion/yr behind for new construction fro a total of $4 billion. There will be no easy way forward to fund roads at the federal or state level when it all hits the fan in 2015, but it won't be from a lack of warnings...our politicians are just plain derelict in their duty to fund this core function of government.
Just how screwed is the Highway Trust Fund?
April 24, 2013
Ryan Holleywell
Governing.com
The Highway Trust Fund won't be able to meet its obligations come 2015, according to a statement by the Congressional Budget Office (CBO) to the House Budget Committee.
Federal lawmakers, the report says, would have to cut transportation spending by 92 percent or raise the gas tax by more than 50 percent in order to bring revenue and spending in line.
The Highway Trust Fund, which gets its money from taxes on gasoline and motor fuels, is the source of money for federal spending on highways, bridges, roads and transit. The fund has struggled for years to remain in the black -- ever since federal transportation spending started exceeding the dedicated taxes used to pay for it.