The Highway Trust Fund
THE HIGHWAY TRUST FUND
The Highway Trust Fund (HTF) takes in revenues from a tax on gasoline and diesel. Of the 18.4 cents per gallon tax on gasoline, 15.44 cents is deposited into the Highway Account and 2.86 cents is deposited into the Mass Transit Account. Of the 24.4 cents per gallon tax on diesel, 21.44 cents is deposited into the Highway Account and 2.86 cents is deposited into the Mass Transit Account. Gas and diesel taxes were last increased in 1993, and their purchasing power is about 40 percent below what they were in 1993. Since 2000, annual expenditures out of the Highway Trust Fund have exceeded revenues. Without additional revenues into the HTF, the Congressional Budget Office estimates that the HTF will face a cash deficit of $174 billion by FY 2025 (10 year window). If Congress passes a six year surface transportation reauthorization, the cash deficit is $92 billion.
On May 19, 2015, Ranking Member DeFazio and T&I Democrats introduced the GROW AMERICA Act, to Set Robust Long-Term Surface Transportation Investment Levels.
On October 20, 2015, Ranking Member Peter DeFazio and Transportation and Infrastructure Committee leaders, including Transportation and Infrastructure Committee Chairman Bill Shuster (R-PA), Highways and Transit Subcommittee Chairman Sam Graves (R-MO), and Highways and Transit Subcommittee Ranking Member Eleanor Holmes Norton (D-DC), introduced the Surface Transportation Reauthorization and Reform Act of 2015 (H.R. 3763), a bipartisan, multi-year surface transportation bill to reauthorize and reform federal highway, transit, and highway safety programs.
On December 3 2015, Congress will consider H.R. 22, the “Fixing America’s Surface Transportation Act (FAST Act), a bipartisan, bicameral long-term reauthorization to fund highway, transit, highway safety, motor carrier safety, hazardous materials safety and passenger rail programs and projects.
On February 11, 2015, The House Transportation and Infrastructure Committee held a hearing with Transportation Secretary Foxx to begin the conversation on reinvesting in America’s infrastructure. The hearing, entitled: "Surface Transportation Reauthorization Bill: Laying the Foundation for U.S. Economic Growth and Job Creation Part I", can be seen below.
On March 17, 2015, the House Transprotation and Infrastructure Committee held a hearing with state and local officials on surface transportation reauthorization. The hearing, entitled: "Surface Transportation Reauthorization Bill: Laying the Foundation for U.S. Economic Growth and Job Creation Part II", can be seen below.
On October 22, 2015, the House Transportation and Infrastructure Committee held a Full Committee Mark up on H.R. 3763, the Surface Transportation Reauthorization and Reform Act of 2015. Archived video of the hearing can be seen below.
On November 18, 2015, The House and Senate met for a Conference Meeting regarding H.R. 22, The Surface Transportation Reauthorization and Reform Act of 2015. Ranking Member DeFazio's statement can be read here