This week, the Congressional Budget Office released its semiannual update of budgetary and economic projections. The report further highlights the challenges facing Congress as they try to fill the revenue gap in the Highway Trust Fund to provide a six-year highway & transit bill.
The Budget Office predicts a deficit in the trust fund over the next six years to be about $77.5 billion. Absent an increase in the gas tax or other user fees, Congress will need to provide approximately $72 billion in their long-term transportation bill just to maintain fiscal year 2015 spending levels. The AGC-sponsored Eno Center for Transportation takes a deeper dive into the CBO projection.
The projections for the Highway Trust Fund come as a surprise to no one. AGC and our members continue to urge Congress to make fixing the Highway Trust Fund and passing a six-year highway & transit bill priority number one when Congress return to D.C. on September 8.
For more information, please contact Sean O’Neill at oneills@agc.org or (202) 547-8892.