Wednesday's Words: Highway Trust Fund Shortfall by July

"Based on current spending and revenue trends, the U.S. Department of Transportation estimates that the Highway Account of the Highway Trust Fund will encounter a shortfall before the end of fiscal year (FY) 2014.

•  The Highway Account began FY 2014 with approximately $1.6 billion in cash.
• A $9.7 billion transfer from the General Fund to the Highway Account was processed shortly after the start of the fiscal year ($10.4 billion authorized in MAP-21, reduced by sequestration).
• The surface transportation program continues to outlay at a greater pace than receipts are coming in.  As a result, the cash balance has dropped by nearly $3.3 billion since the General Fund transfer occurred.  As of the last week of February 2014, the Highway Account cash balance was $8.6 billion."

 -          U.S. DOT