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Congressional Budget Office
The Status of the Highway Trust Fund,
June 2014
Presentation to Americans for Transportation M...
1C O N G R E S S I O N A L B U D G E T O F F I C E
Spending From the Highway Trust Fund
Exceeds Its Revenues
Highway Accou...
2C O N G R E S S I O N A L B U D G E T O F F I C E
With no increase in receipts, in 2015, all of
the receipts credited to ...
3C O N G R E S S I O N A L B U D G E T O F F I C E
Highway Trust Fund Basics
Highway Account
– Highways, highway safety (N...
4C O N G R E S S I O N A L B U D G E T O F F I C E
Receipts, Outlays, and Balance or Shortfall for the
Highway Account, 19...
5C O N G R E S S I O N A L B U D G E T O F F I C E
Receipts, Outlays, and Balance or Shortfall for
the Transit Account, 19...
6C O N G R E S S I O N A L B U D G E T O F F I C E
EstimatedNewCommitmentsThatCould BeAccommodated
bytheHighwayAccountWith...
7C O N G R E S S I O N A L B U D G E T O F F I C E
EstimatedNewCommitmentsThatCould BeAccommodated
bytheTransitAccountWith...
8C O N G R E S S I O N A L B U D G E T O F F I C E
Further Information
Cost Estimates for Legislation:
www.cbo.gov/search/...
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The Status of the Highway Trust Fund, June 2014

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Presentation to Americans for Transportation Mobility, June 6, 2014, by Sarah Puro, Principal Analyst, Budget Analysis Division

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Transcript of "The Status of the Highway Trust Fund, June 2014"

  1. 1. Congressional Budget Office The Status of the Highway Trust Fund, June 2014 Presentation to Americans for Transportation Mobility June 6 , 2014 Sarah Puro Principal Analyst, Budget Analysis Division
  2. 2. 1C O N G R E S S I O N A L B U D G E T O F F I C E Spending From the Highway Trust Fund Exceeds Its Revenues Highway Account: May have difficulty meeting all obligations during the summer of fiscal year 2014 Transit Account: Will likely be able to meet all obligations through fiscal year 2014
  3. 3. 2C O N G R E S S I O N A L B U D G E T O F F I C E With no increase in receipts, in 2015, all of the receipts credited to the fund would be needed to meet obligations made before that year.
  4. 4. 3C O N G R E S S I O N A L B U D G E T O F F I C E Highway Trust Fund Basics Highway Account – Highways, highway safety (NHTSA), and regulation of motor carriers (FMCSA) – Funded by gas tax (18.4 cents/gallon), diesel tax (24.4 cents per gallon), and taxes on certain heavy trucks and truck tires as well as general fund transfers – CBO estimates that revenues will total about $33 billion and outlays will total about $45 billion in FY 2014 Transit Account – Finances 80 percent of federal transit programs – Funded by taxes on motor fuels as well as general fund transfers – CBO estimates that revenues will total about $5 billion and outlays will total about $8 billion in FY 2014
  5. 5. 4C O N G R E S S I O N A L B U D G E T O F F I C E Receipts, Outlays, and Balance or Shortfall for the Highway Account, 1998 to 2024 (Billions of dollars, by fiscal year) Source: Congressional Budget Office, April 2014 baseline projection Notes: CBO’s baseline projection for outlays is calculated by increasing the obligation limits set for the current year by a measure of projected inflation . CBO’s baseline projection for receipts is based on market conditions, and incorporates the assumption that the current tax on fuels and on heavy vehicles will be extended. The receipts line includes revenues credited to the highway account of the Highway Trust Fund and intragovernmental transfers to the account. Those transfers have totaled about $46 billion since 2008, including the amounts transferred in October 2014. The Highway Trust Fund cannot incur negative balances. Once account balances are exhausted, the chart illustrates the cumulative annual shortfalls for the highway account under CBO’s baseline. 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 -140 -120 -100 -80 -60 -40 -20 0 20 40 60 Actual Projected Outlays Receipts End-of-Year Balance or Shortfall
  6. 6. 5C O N G R E S S I O N A L B U D G E T O F F I C E Receipts, Outlays, and Balance or Shortfall for the Transit Account, 1998 to 2024 (Billions of dollars, by fiscal year) Source: Congressional Budget Office, April 2014 baseline projection Notes: CBO’s baseline projection for outlays is calculated by increasing the obligation limits set for the current year by a measure of projected inflation . CBO’s baseline projection for receipts is based on market conditions, and incorporates the assumption that the current tax on fuels and on heavy vehicles will be extended. The receipts line includes revenues credited to the transit account of the Highway Trust Fund and intragovernmental transfers to the account. Those transfers have totaled about $7 billion since 2008, including the amounts transferred in October 2014. The Highway Trust Fund cannot incur negative balances. Once account balances are exhausted, the chart illustrates the cumulative annual shortfalls for the highway account under CBO’s baseline.
  7. 7. 6C O N G R E S S I O N A L B U D G E T O F F I C E EstimatedNewCommitmentsThatCould BeAccommodated bytheHighwayAccountWithNoChangesinReceipts (Billions of dollars) The figure shows the new commitments that could be provided from the highway and transit accounts of the Highway Trust Fund as long as the minimum balance in the highway account was at least $4 billion and the obligation limitation did not exceed the amounts projected in CBO’s April 2014 baseline. 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 20 30 40 50 60 CBO's Baseline
  8. 8. 7C O N G R E S S I O N A L B U D G E T O F F I C E EstimatedNewCommitmentsThatCould BeAccommodated bytheTransitAccountWithNoChanges inReceipts (Billions of dollars) The figure shows the new commitments that could be provided from the highway and transit accounts of the Highway Trust Fund as long as the minimum balance in the highway account was at least $1 billion and the obligation limitation did not exceed the amounts projected in CBO’s April 2014 baseline. 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 20 30 40 50 60 CBO's Baseline
  9. 9. 8C O N G R E S S I O N A L B U D G E T O F F I C E Further Information Cost Estimates for Legislation: www.cbo.gov/search/ce_sitesearch.cfm Other CBO Transportation and Infrastructure Publications: www.cbo.gov/topics/infrastructure-and-transportation My Contact Information: Sarah Puro Principal Analyst Congressional Budget Office sarah.puro@cbo.gov 202-226-2860
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