The Highway Account of the Highway Trust Fund started the 2015 fiscal year with about $9.2 billion in cash.
As the summer construction season gets underway, the Highway Account will be making large weekly disbursements to states. And as was the case last year, it’s expected to reach insolvency by the first week in September.
On the US Department of Transportation website, the Federal Highway Administration (FHWA) has a short list of what could occur if the FHWA cannot full reimburse states.
WASHINGTON – New estimates released today by the U.S. Department of Transportation’s (USDOT) Federal Highway Administration (FHWA) show that Americans drove 987.8 billion miles for the first four months of the year, topping the previous record – 965.5 billion – set in April 2007. The new data, published in FHWA’s latest “Traffic Volume Trends” report, a monthly estimate of U.S. road travel, show that Americans drove 267.9 billion vehicle-miles traveled (VMT) in April – the most ever driven in April and the highest mileage for the first quarter of any year – underscoring the need for greater investment in transportation infrastructure. Earlier this year, the Obama Administration announced a plan – the “GROW AMERICA Act” – to make critical investments to fix aging roads and crumbling bridges, and to ensure the safety of U.S. transportation systems. Sixty-five percent of America’s major roads are rated in less than good condition. One in four bridges require significant repair or cannot handle today’s traffic and 45 percent of Americans do not have access to transit. Increased transportation investments will help communities keep pace with the nation’s expanding economy, and the traveling needs of the growing public.I’m starting to get a bad feeling.
Number one, it could move from daily reimbursements to weekly reimbursements. Two, it could align reimbursements with Trust Fund deposits which occur twice a month. Or it could make proportional payments to states based on the available Trust Fund cash.
As the absence of a long-term solution for the Highway Trust Fund lingers endlessly, Americans continue to pound the pavement with their vehicles. We’ve set a new record of collectively driving nearly one trillion miles. For 14 consecutive months, the nation’s driving has increased steadily.
Here are excerpts from a press release dated June 24, 2015, from the US Department of Transportation:
WASHINGTON – New estimates released today by the U.S. Department of Transportation’s (USDOT) Federal Highway Administration (FHWA) show that Americans drove 987.8 billion miles for the first four months of the year, topping the previous record – 965.5 billion – set in April 2007.
The new data, published in FHWA’s latest “Traffic Volume Trends” report, a monthly estimate of U.S. road travel, show that Americans drove 267.9 billion vehicle-miles traveled (VMT) in April – the most ever driven in April and the highest mileage for the first quarter of any year – underscoring the need for greater investment in transportation infrastructure.
Earlier this year, the Obama Administration announced a plan – the “GROW AMERICA Act” – to make critical investments to fix aging roads and crumbling bridges, and to ensure the safety of U.S. transportation systems. Sixty-five percent of America’s major roads are rated in less than good condition. One in four bridges require significant repair or cannot handle today’s traffic and 45 percent of Americans do not have access to transit. Increased transportation investments will help communities keep pace with the nation’s expanding economy, and the traveling needs of the growing public.
I’m starting to get a bad feeling.
