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

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. 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. 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. 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. 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. 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. 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. 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. 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