Congress has less than three legislative work weeks until the Highway Trust Fund runs dry and highway and bridge projects across the country grind to a halt, resulting in the loss of thousands of construction jobs, further slowing economic recovery. By law, the Trust Fund cannot shell out more money than it has.
The Highway Trust Fund sends approximately $35 billion annually to states for new construction and road repair. According to the Department of Transportation, the fund began FY 2014 with roughly $1.6 billion in cash. In October 2013, $9.7 billion was transferred from the General Fund to the Highway Account. The latest projection from the Department of Transportation monthly "ticker" showed $8.1 billion available as of June 1, but depleting rapidly by late August.
With the clock ticking and no bipartisan consensus on a long-term solution, members in the House and Senate are scrambling for a short-term fix. Filling that gap to December will require something in the $8-$10 billion range. Senate Finance Committee Chairman Ron Wyden is leading the charge, contained in what he calls the Preserving America's Transit and Highways Act of 2014 (PATH).