The Highway Trust Fund's Highway Account might be unable to meet obligations in a timely manner sometime during Fiscal Year 2012 and the Transit Account will run dry sometime during Fiscal Year 2013, the Congressional Budget Office projected in a report released Wednesday.
"We appreciate the Congressional Budget Office alerting us as to how long current resources in the Highway Trust Fund can sustain authorized levels of federal assistance," said John Horsley, executive director of the American Association of State Highway and Transportation Officials. "Together with CBO and USDOT, we will be monitoring revenues and outlays in the months ahead to see whether the trust fund will be able to support highway funding all of the way through FY 2012 or not. The encouraging news from CBO is that transit funding looks secure at least until 2013."
Congress authorized transfers of $8 billion in general revenue in FY 2008, $7 billion in FY 2009, and $19.5 billion in FY 2010 to ensure Highway Trust Fund solvency. No General Fund transfers are expected this fiscal year as there is a high enough balance remaining from last year's transfer to keep the fund solvent into next fiscal year. (More at AASHTOJournal.org . . . )