Published 1995 by U.S. G.P.O., For sale by the U.S. G.P.O., Supt. of Docs., Congressional Sales Office in Washington .
Written in EnglishRead online
|LC Classifications||KF27 .P89632 1994b|
|The Physical Object|
|Pagination||iii, 122 p. :|
|Number of Pages||122|
|LC Control Number||95171730|
Download The shortfall in Highway Trust Fund collections
Get this from a library. The shortfall in Highway Trust Fund collections: hearing before the Subcommittee on Investigations and Oversight of the Committee on Public Works and Transportation, House of Representatives, One Hundred Third Congress, second session, Aug [United States.
Congress. House. Committee on Public Works and Transportation. WHEREAS, one example of a solution to fix the Highway Trust Fund in the near-term is a federal motor fuels tax increase that may include indexing; WHEREAS, a further example of a solution to fix the Highway Trust Fund is taxing a barrel of oil which builds off the model of the motor fuel tax, but would shift collection from individuals to.
The Congressional Budget Office estimates a shortfall of $95 billion over the next five years between anticipated Highway Trust Fund revenue and. Under current law, the HTF will run out of reserves by and faces a cumulative shortfall of about $ billion over a decade. It responded to the shortfall by draining the fund’s remaining balance and transferring money from the general fund into the trust fund--$6 billion in and $12 billion in Author: Howard Gleckman.
As a direct result, sincethe Highway Trust Fund has received $ billion in bailouts from the Treasury Department’s general fund to cover revenue shortfalls. In effect, this has a) let federal lawmakers off the hook for fixing the fund’s core problems, b) increased the nation’s debt, and c) opened the door for more bailouts when.
But the following year, OMB forecast that the end-of Highway Account shortfall would be $ billion, so the FY Bush budget kept the SAFETEA-LU highway number but proposed dispensing with the upwards RABA adjustment of $ million “in order to preserve the solvency of the Highway Trust Fund.”.
What’s more, CBO projects that the cumulative shortfall in funding for the Highway Trust Fund will grow rapidly over the next 10 years to almost $ billion in — that projection does not take into account any effects from the public health emergency caused by.
The federal FAST Act, which funds surface transportation projects, is set to expire at the end of September. An $ million shortfall is predicted by. Download PDF. Key Findings. The Highway Trust Fund is facing an estimated $ billion shortfall over the next decade and absent any general fund transfers will run out of funds by mid-yeardue to increased spending and an eroding gas tax.
Highway Trust Fund’s Treasury general fund transfers could continue to be used to make up for the projected shortfalls but could require budget offsets of an equal amount. The political difficulty of adequately funding the Highway Trust Fund could lead Congress to consider altering the trust fund system or eliminating it altogether.
The first chart shows the cash flow of the Highway Trust Fund in its totality for the first 51 years of its existence – fiscal years through The blue column on the left is $,4 billion in excise tax receipts, and the gray bar at the top of the blue column is $ billion in interest earned on balances (and a few dollars in.
For nearly half a century, taxes on gas and diesel fuel funded what Congress spent from the Highway Trust Fund on roads, bridges and, after a. The HI shortfall through is nearly $ billion, with all but about $15 billion coming in andso HI faces larger annual deficits than the.
Recent discussions of funding mechanisms to resolve a shortfall in the highway trust fund include proposed changes to the corporate tax code that would raise taxes on businesses. Business Roundtable strongly opposes the use of business tax increases for unrelated spending that will divert revenue needed for comprehensive tax reform legislation.
The Highway Trust Fund is made up of two accounts -- one for highways and one for transit. As it stands, budget forecasts indicate that by the end of fiscal the highway. Senator Inhofe discussed the shortfall at an EPW hearing today with Victor M. Mendez, nominated to be the Administrator of the Federal Highway Administration, Department of Transportation.
"News that the federal highway trust fund will likely be broke in the next few months is of highest concern to me," Senator Inhofe said. shortfall in revenue, (2) the consequences of a shortfail, and (3) the strategies for dealing with a shortfail.
Revenues projected through fiscal year wiIl fali $ billion short of authorizations to be paid from the Highway Trust Fund’ s highway account. The budget estimate released in February forecasted a $ million Highway Trust Fund shortfall in Wednesday's update increases the forecasted shortfall to more than $4 billion dollars.
“A shortfall in the Highway Trust Fund would hurt workers who depend on jobs on highway construction and public transportation projects, and it would add to the uncertainty that states and local.
Actual spending from the Highway Trust Fund, revenues credited to the trust fund, and thus any future shortfalls could vary from CBO’s projections because of many factors, including weather-related construction delays, the responses of states and local governments to federal policies, changes in the price of motor fuels, and the price and demand for certain construction materials and labor.
Created inthe federal Highway Trust Fund was envisioned as a user-supported system, with drivers paying fuel taxes at the pump to finance roads, highways and bridges. Budget writers also are facing a $ million drop – or percent – in the Highway Fund and Highway Trust Fund caused by the decrease in commutes brought on by the orders to stay home, State.
Federal legislation to address the shortfall in the Highway Trust Fund was passed by the U.S. House of Representatives in July. H.R.the Highway Trust Fund Restoration Act, would restore $8 billion in highway user fee revenues that were transferred to the General Fund inwhen the highway fund.
The Highway Account within the Highway Trust Fund is the primary mechanism for funding federal highway programs. The account-- administered by the Federal Highway Administration (FHWA) within the Department of Transportation (DOT)--channels about $33 billion in highway user excise taxes annually to states for highway projects.
Although DOT and others projected that the. If the taxes that are currently credited to the trust fund remained in place and if funding for highway and transit programs increased annually at the rate of inflation, the shortfalls accumulated in the Highway Trust Fund’s highway and mass transit accounts from to would total $ billion, according to the Congressional Budget Office’s baseline budget projections as of March 6, Congress appears deadlocked over how to plug a $ billion shortfall in the Highway Trust Fund over the next six years.
Some members are looking for a short-term funding solution that would keep the fund from going broke in late July or early August, while others are looking for long-term solutions that would put the trust fund on a sound financial footing through Memo to DOT officials and staff providing procedures for reimbursement during a cash shortfall in the Highway Account of the Highway Trust Fund (HTF).
Unless otherwise directed, cash management procedures will be implemented on August 1, These cash management procedures will continue until further notice. CBO: Highway Trust Fund would shortfall under Obama’s proposed budget The Highway Trust Fund (HTF) would run out of money under President Barack Obama’s proposed $ billion, four-year.
The government estimates the Highway Account of the Highway Trust Fund will be in shortfall by the end of August. That has triggered a flurry of debate over how to deal with the Highway Trust Fund, the $50 billion fund that receives revenue from the federal gas tax.
The trust fund shortfall is projected to be $18 billion in the coming fiscal year, and $13 to $18 billion thoughbased on current spending levels, according to Dr. Joseph Kile of the. 25,the Highway Account cash balance was $ billion.
• Based on current spending and revenue trends, the U.S. Department of Transportation estimates that the Highway Trust Fund (Highway Account) will encounter a shortfall of approximately $15 billion before the end of. Congress detours from common sense on the looming Highway Trust Fund shortfall.
By Editorial Board. June 4, when it established the gasoline tax and dedicated its revenue to the Highway. Those shortfalls are in addition to an expected $ million drop in the highway fund and the highway trust fund, according to the top Republicans in.
The Highway Trust Fund’s funding shortfalls The fund includes two accounts: highway and transit, which are funded by six taxes, two of which provide about 85% of its revenue.
These taxes have not been increased since ( cents per gallon on gasoline and cents per gallon on diesel fuels). The federal highway trust fund could be in the red by $ billion or more next year.
The fund, set to finance about $40 billion in transportation projects next year, is increasingly strained. Joel Szabat, the Transportation Department’s acting undersecretary, pointed to the deep shortfall in the Highway Trust Fund, which covers road and transit projects nationwide.
Revenues in the federal highway trust fund have fallen short of the expenditures authorized by the U.S. Congress. And that has caused the TDOT to have to delay highway. The highway fix has been a top priority for Senator Inhofe who recently joined Senator Barbara Boxer (D-CA), Chairman of the EPW Committee, in authoring a June 20 bi-partisan letter signed by 68 other Senators urging Congress to come up with a quick resolution to the Highway Trust Fund shortfall.
The fund is financed by federal excise taxes on motor fuel, cents a gallon on gasoline and cents a gallon on diesel. But the fund’s highway.
To make matters worse, the trust fund that finances the federal highway program through fuel and other highway-use taxes faces a $ billion shortfall in .Ensure that states have the resources necessary to maintain and improve freight movement on Federal-aid Highways by addressing the looming shortfall in the Highway Trust Fund with sustainable revenue.The Department of Transportation has projected that the Highway Trust Fund, which is facing a $20 billion shortfall, would run out of money in September without additional congressional action.