By Dean Franks, senior vice president, congressional relations, ARTBA
The Congressional Budget Office (CBO) Jan. 28 projected that revenue for Highway Trust Fund-supported programs will last nearly a year beyond the September 2020 expiration of the FAST Act surface transportation law.
That’s about a year longer than the original projection by the legislative scorekeeper, which releases periodic updated statistics on gas, diesel, and heavy truck user fee collections.
The improved forecast demonstrates that the existing revenue sources, if adequately indexed or increased, remain viable to support highway and transit investment. It also serves as a reminder that, absent an adequate adjustment to the current user fees or a new revenue stream for the trust fund, the next surface transportation law will likely require over $100 billion in additional funding for a six-year authorization at current spending levels, plus inflationary adjustments.
ARTBA will continue to encourage Congress to include a solution to the highway and transit revenue shortfall in any infrastructure legislation put forward this year.