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Letter to the Honorable Sander M. Levin regarding the Estimated Revenue Shortfall if Spending Authority for the Highway Trust Fund Were Extended beyond May 31, 2015 1 (May 28, 2015)

handle is hein.congrec/cbo2284 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Keith Hall, Director U.S. Congress Washington, DC 20515 May 28, 2015 Honorable Sander M. Levin Ranking Member Committee on Ways and Means U.S. House of Representatives Washington, DC 20515 Dear Congressman: As you requested, the Congressional Budget Office (CBO) has estimated the revenue shortfall that would ensue if spending authority for the Highway Trust Fund were extended beyond May 31, 2015, when that authority expires, for various time periods. You requested that CBO assume that spending would continue at historical rates following any extension and that minimum cash balances would be maintained in the Highway Trust Fund to enable the Department of Transportation (DOT) to manage the fund in the same fashion it has in recent years. The estimates in Table 1 reflect the assumptions that the provisions (including revenue provisions) of the Moving Ahead for Progress in the 21st Century (MAP-21) and the Highway Transportation Funding Act of 2014 would be extended through the dates that you specified. Further, the estimates reflect the assumption that funding for the Highway Trust Fund in subsequent years would continue at the same level provided in 2015, adjusted for inflation, and that the highway account would maintain a minimum cash balance of $4 billion and that the transit account would have a minimum balance of $1 billion. Table 1: Estimated Revenue Shortfall in the Highway Trust Fund if Spending Authority Was Extended to Certain Dates Extend Spending Estimated Revenue Shortfall Authority Until in the Highway Trust Fund' September 30, 2015 $3 billion December 31, 2015 $8 billion May 31, 2021 $85 billion to $90 billion 1. Estimates incorporate the assumption that DOT needs a minimum cash balance of $5 billion to pay obligations in a timely manner.

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