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Estimates of the Status of the Highway Trust Fund Based on CBO's August 2015 Baseline 1 (October 21, 2015)

handle is hein.congrec/cbo2622 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Keith Hall, Director U.S. Congress Washington, DC 20515 October 21, 2015 Honorable Bill Shuster Chairman Committee on Transportation and Infrastructure U.S. House of Representatives Washington DC 20515 Re: Estimates of the Status of the Highway Trust Fund Based on CBO's August 2015 Baseline Dear Mr. Chairman: As you requested, the Congressional Budget Office (CBO) has estimated the status of the Highway Trust Fund using the revenue and spending projections contained in CBO's August 2015 baseline, which reflects the enactment of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (Public Law 114-41). That law transferred $8.1 billion from the general fund of the Treasury to the Highway Trust Fund. Other than accounting for that transfer, compared to the March 2015 estimates, CBO's estimate of the status of the Highway Trust Fund in August 2015 reflects small increases in projections of revenues credited to the fund and minor changes in spending. The updated estimate is provided in the enclosure, Table 1. During fiscal year 2016, CBO projects, revenues credited to the highway and transit accounts of the Highway Trust Fund will be insufficient to meet the fund's obligations. Under current law, the trust fund cannot incur negative balances, nor is it permitted to borrow to cover unmet obligations presented to the fund. CBO projects that the highway account will have a shortfall of $1 billion in 2016; by 2025, the cumulative shortfall will grow to $108 billion. CBO also projects that the transit account will have a shortfall of less than $1 billion in 2016, growing to a cumulative shortfall of $40 billion by 2025. 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

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