CBO Projects Continued Highway Trust Fund Shortfalls

Participate in Hardhats for Highways – Your Company’s Future Depends on It This week, the Congressional Budget Office (CBO) released their semi-annual Economic and Budget Outlook, in which they have updated their ten-year solvency projections for the Highway Trust Fund. CBO estimates that sometime in fiscal year 2015 the revenue in the trust fund will run out.  Although the CBO does not provide a specific deadline, it is estimated that the transfer of nearly $11 billion approved by Congress in late July will only maintain current trust fund spending levels through the end of May 2015.  CBO’s long-term Highway Trust Fund projections show that the cost of a six-year transportation bill at current funding levels plus inflation would require approximately $85 billion in additional revenues into the trust fund. The report affirms that the recently-passed “Highway and Transportation Funding Act of 2014” is simply delaying the inevitable insolvency of the Highway Trust Fund.  AGC and our members continue to urge Congress to address this issue through the Hardhats for Highways initiative. Your Legislators are currently away from Capitol Hill and working in your states for the next two weeks.  Please use www.HardhatsforHighways.org to contact your elected officials and tell them to fix the insolvency of the Highway Trust Fund. For more information, please contact Sean O’Neill at (202) 547-8892 or oneills@agc.org.