June 27, 2014
Letter to the Honorable Ron Wyden
A question regarding the status of the Highway Trust Fund:
Of the Additional $8 Billion in Revenues That CBO Estimates Would Be Necessary to Meet the Obligations of the Highway Trust Fund Through December 31, 2014, How Much Would the Highway Account Require and How Much Would the Transit Account Require in Order to Meet Their Obligations?
Using the split of fuel taxes specified in current law for deposits into the highway and transit accounts, CBO estimates that the highway account would require revenues of about $6.6 billion and the transit account would require revenues about $1.5 billion to meet obligations through December 31, 2014. Those estimates are consistent with the Department of Transportation’s statement that it needs $4 billion in the highway account and $1 billion in the transit account to make payments in a timely fashion.