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Highway Trust Fund Has Funds Until June 201609-17-15 | News

Highway Trust Fund Has Funds Until June 2016
Authorization Still Expires October 29

Thanks to a transfer from the General Fund to the Highway and Mass Transit Accounts, the Highway Trust Fund has enough funds to maintain solvency through the third quarter of fiscal year 2016. However, some programs are only authorized through October 29, and the Fund needs to be reauthorized by that time.

According to a blog post by US Department of Transportation, the Highway Trust Fund is projected to have enough funds for infrastructure projects until June 2016, six months longer than expected. The extra funds come from a General Funds transfer to the Highway Trust Fund.

The DOT notes that despite the availability of funds, many programs are only authorized through the October 29 deadline. Associations such as the American Society of Civil Engineers and the American Association of State Highway and Transportation Officials are urging Congress to pass a multi-year extension, saying that a multi-year bill is the only way to prevent the fund from lapsing. The hope is for a multi-year bill to pass by the end of 2015.

The Senate passed the multi-year DRIVE Act in July, but the House has yet to present a multi-year bill at time of writing. With funding available until June, lawmakers may have less motivation to promptly pass a multi-year extension, and may turn to another short-term patch.

More information on the Highway Trust Fund can be found at the USDOT's website, transportation.gov.