In its latest update of the Highway Trust Fund Ticker, the U.S. Department of Transportation predicts the HTF to shortfall as early as the end of August.
The HTF provides funding to the majority of projects in the U.S., and the DOT could slow reimbursements to state and local agencies to prevent the shortfall. Additionally, Transportation Secretary Anthony Foxx recently said that if the HTF, along with other problems with the nation’s transportation system, isn’t fixed, it could cost 700,000 jobs.
In the ticker update, the DOT notes that the Highway Account started fiscal year 2014 with about $1.6 billion, and $9.7 billion was transferred from the General Fund.
Since then, the account’s cash balance has dropped by nearly $3.5 billion to $8.4 billion.
For more details, see the DOT’s Highway Trust Fund Ticker here.