Transportation Department Reports $3 Billion Loss to Highway Trust Fund

The U.S. Department of Transportation reported Wednesday that Highway Trust Fund revenue fell by $3 billion in fiscal year 2008.  Americans drove 90 billion fewer miles, or 4.4 percent less, over the period September 2007 to September 2008.  As a result, the Highway Trust Fund collected only $31 billion in revenue, compared to $34 billion collected the previous year, while federal transportation spending increased by $2 billion.  September 2008 marked the 11th straight month of fewer miles driven. AGC supported legislation enacted in September to transfer $8 billion from the General Fund of the U.S. Treasury into the Highway Trust Fund to prevent a shortfall of receipts and prevent a reduction in states’ federal highway funding through the expiration of SAFETEA-LU on September 30, 2009.  Whether this fix will be sufficient will depend largely on driving trends over the next several months.