On October 20, the Federal Highway Administration released fiscal year end estimates on the Highway Trust Fund balance. Here are the fast facts:
- The trust fund finished FY 2021 with $21.1B cash-on-hand.
- The Congressional Budget Office forecasted a much lower number (in the range of $13B).
- As such, it is expected that the Highway Trust Fund will remain solvent through early 2022.
- This new projection eliminated the threat of more immediate insolvency (by early to mid-November) that was expected by Congress.
The House MUST immediately pass the Infrastructure Investment and Jobs Act to provide long-term funding stability to the highway trust fund, state owners, and the transportation construction industry. The extension of current law that was passed on October 2 expires on October 31. Continuing to hold out on passing this bill and will jeopardize funding stability and construction careers.