5 edition of Shortfall in Highway Trust Fund collections found in the catalog.
by For sale by the U.S. G.P.O., Supt. of Docs., Congressional Sales Office
Written in English
|The Physical Object|
|Number of Pages||269|
Congress needs to start being realistic and serious about the future of the Highway Trust Fund, writes Howard Gleckman. Although the Highway Trust Fund worked in Author: Howard Gleckman. According to the Congressional Budget Office, the HTF will become insolvent at the end of FY 6 Between FY and FY , the trust fund is projected to have a shortfall of $ billion.
Congress appears deadlocked over how to plug a $ billion shortfall in the Highway Trust Fund over the next six years. Some members are looking for a short-term funding solution that would keep the fund from going broke in late July or early August, while others are looking for long-term solutions that would put the trust fund on a sound financial footing through Although Trust Fund balances are currently expected to be sufficient to avoid the potential of cash management until that time, should the authorization for these programs lapse on Octo the Department will be unable to obligate new expenditures from the Highway and Transit programs, impacting reimbursements to States other entities.
The Highway Trust Fund (HTF) is a government fund that was established to hold federal highway user taxes that are devoted for highway and transit related purposes. The HTF was created by the Highway Revenue Act. It is the source of funding for most of the federal government’s surface transportation programs. Federal HTF Faces Shortfall The Federal Highway Trust Fund (HTF) finances the federal highway program through fuel and other highway-use taxes. The funds are invested in our nation’s transportation infrastructure. In , Federal HTF receipts topped $ billion, with $ billion specifically dedicated to the HTF’s Highway Size: 6MB.
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Actual spending from the Highway Trust Fund, revenues credited to the trust fund, and thus any future shortfalls could vary from CBO’s projections because of many factors, including weather-related construction delays, the responses of states and local governments to federal policies, changes in the price of motor fuels, and the price and.
Get this from a library. Shortfall in Highway Trust Fund collections: hearing before the Subcommittee on Investigations and Oversight of the Committee on Public Works and Transportation, House of Representatives, One Hundred Second Congress, second session, May 5, [United States.
Congress. House. Committee on Public Works and Transportation. Status of the Highway Trust Fund Kim P. Cawley Chief Natural and Physical Resources Cost Estimates Unit Cumulative shortfall a n.a.
n.a. n.a. -1 -5 -8 collections. Inthe trust fund saw a significant decrease in outlays because states spent funds from the general fund of the Treasury that were.
Highway Trust Fund. Currently, federal highway spending far exceeds gas tax revenue and other dedicated revenues. Lawmakers have been patching the trust fund with (sometimes offset) general Shortfall in Highway Trust Fund collections book sinceincluding a large $70 billion transfer in But CBO projects those funds to run out by (all years are fiscal years).
Align reimbursements with Trust Fund deposits (twice monthly) Make proportional payments to States based on available Trust Fund cash; These are some of the possible actions FHWA might take in the event of a cash shortfall.
The specific actions would depend on the exact nature of the shortfall. The Highway Trust Fund receives roughly 85 to 90 percent of its revenue from excise taxes on motor fuel, commonly known as the “gas tax.” Sincefuel tax rates have been fixed at cents per gallon for gasoline, and cents per gallon for diesel.
The Highway Trust Fund and Its Current Shortfall The United States federal government funds highway and transportation spending through the Highway Trust Fund.
The trust fund receives revenue from a series of excise taxes on gasoline and certain vehicles, then distributes that revenue to state and local governments in the form of grants to pay. Not so. For starters, the Highway Trust Fund finances only a portion of road and mass transit construction.
At $ billion instate and local spending on. The Highway Trust Fund, which disburses federal funds to build and maintain road and transit projects, faces a shortfall that will exhaust the fund shortly after the extension of the Moving. The Congressional Budget Office projected in March that byif program funding levels stay the same, the Highway Trust Fund would face a shortfall of more than $ billion.
Under current law, the Highway Trust Fund cannot incur negative balances and has no a uthority to borrow additional funds. However, following the rules in the Deficit Control Act ofCBO’s baseline for highway spending i ncorporates the assumption that obligations incurred by the Highway Trust Fund will be paid in full.
The DOT's Highway Trust Fund Ticker estimates the shortfall as early as September of this year. That's because the gas tax is not tied to inflation and has not been raised in more than 20 years. That's because the gas tax is not tied to inflation and has not been raised in more than 20 years.
DOT has Transfers From the General Fund to indicated that it needs those cash balances to be readily the Highway Trust Fund available in order to pay bills as they come due.6 Further- more, general fund transfers would need to total about Because the trust fund’s outlays have tended to outpace $15 billion per year through and would need.
Why the Highway Trust Fund is running out of money, in 5 graphs. The Congressional Research Service put together a good history of the Highway Trust Fund in (as the government was. Highway Trust Fund’s Tax Receipts Flatten in Fiscal While Traffic Sets Record Highs Story Content Total collections of federal excise taxes for the Highway Trust Fund flattened in the first 10 months of the latest fiscal year, the Treasury Department has reported, even as traffic volume on U.S.
roads continues to climb to ever-higher. It responded to the shortfall by draining the fund’s remaining balance and transferring money from the general fund into the trust fund--$6 billion in and $12 billion in Author: Howard Gleckman.
The Highway Trust Fund is how Congress provides federal funding for transportation projects. It was created in to be funded by the federal gas tax. The U.S. Department of Transportation projects that the Highway Account of the Highway Trust Fund will run out of money for new projects as early as : Becky Moylan.
1/ In October, includes a transfer of $ million (reduced to $93, by a sequester) to the Highway Account from the Leaking Underground Storage Tank Trust.
Crossposted from the American Society of Civil Engineers blog. The Highway Trust Fund is Running Out of Money Because We Waste Money. Thanks to the Intermodal Surface Transportation Efficiency Act (), first passed intransportation projects are planned, developed and executed efficiently while utilizing in the Report Card prove that when we invest in infrastructure.
Fixing the Highway Trust Fund and/or Re-evaluating the Federal Role Abstract The Federal Highway Trust Fund was established in as a mechanism to maintain the interstate highway system.
The fund derives its revenue from a fixed amount of tax on gasoline sales. In. The Highway Trust Fund (HTF), established by the Federal-Aid Highway Act ofwas the first dedicated funding source for highway construction and maintenance.
Supported by a federal motor fuels tax—as well as additional taxes on tires and trucks—the HTF’s revenue helps pay for federal highways and, through grants to other levels of. The Federal Highway Administration (FHWA) has been briefing members of the relevant House and Senate Committees about the revenue shortfall in the Highway Trust Fund that could cause a slowdown in payments to states as early as mid-July.
The Obama Administration has indicated that an infusion of $5 billion to $7 billion will be necessary soon in order to fully fund existing commitments .There are better ways to address both Postal Service reform and the Highway Trust Fund shortfall.
“But I do think there is an opportunity to solve this looming crisis in a way that should have.