The FAST Act and the Status of the Highway Trust Fund
•
4 j'aime•7,356 vues
Presentation by Sarah Puro, Principal Analyst in CBO’s Budget Analysis Division, at the Transportation Research Board’s annual conference. The Fixing America’s Surface Transportation Act was signed into law on December 4, 2015. The bill provided $281 billion in contract authority for surface transportation programs through 2020. Under provisions of the bill, CBO estimates, the Highway Trust Fund will be able to meet obligations through 2020.
Recommandé
Recommandé
Contenu connexe
Tendances
Tendances (20)
En vedette
En vedette (19)
Similaire à The FAST Act and the Status of the Highway Trust Fund
Similaire à The FAST Act and the Status of the Highway Trust Fund (20)
Plus de Congressional Budget Office
Plus de Congressional Budget Office (20)
Dernier
Dernier (20)
The FAST Act and the Status of the Highway Trust Fund
- 1. Congressional Budget Office The FAST Act and the Status of the Highway Trust Fund The Transportation Research Board Annual Conference January 10, 2016 Sarah Puro Principal Analyst The Fixing America’s Surface Transportation (FAST) Act was signed into law on December 4, 2015, as Public Law 114-94.
- 2. 1CONGRESSIONAL BUDGET OFFICE The FAST Act: Funding ■ Authorized surface transportation programs through 2020 ■ Provided $281 billion in contract authority ■ Authorized $25 billion subject to further appropriations, mostly for transit and rail programs ■ Provided $275 million to $300 million per year for the Transportation Infrastructure Finance and Innovation Act (TIFIA) – Allows states to transfer core program funds for TIFIA subsidy
- 3. 2CONGRESSIONAL BUDGET OFFICE The FAST Act: Receipts ■ Transferred $70 billion from the general fund of the Treasury to the Highway Trust Fund, financed mostly by reducing both the surplus account of the Federal Reserve and the dividends paid to large member banks on their capital stock in the Federal Reserve – Interest is credited to the balances in the Highway Trust Fund created by the transfer ■ Did not create any new revenue sources from transportation users
- 4. 3CONGRESSIONAL BUDGET OFFICE Trigger Mechanism for More Authority to Spend ■ Under Section 1403, contract authority and obligation limitations from 2017 to 2020 would automatically increase in the next fiscal year if another law provided for the deposit of additional funds into the Highway Trust Fund.
- 5. 4CONGRESSIONAL BUDGET OFFICE Status of the Highway Trust Fund Under the FAST Act ■ Spending from the Highway Trust Fund exceeds revenues credited to the fund from taxes on motor fuels, heavy trucks, and tires. ■ CBO projects that, under the FAST Act, both the highway and transit accounts of the Highway Trust Fund will be unable to meet all obligations in 2021.
- 6. 5CONGRESSIONAL BUDGET OFFICE Status of the Highway Account of the Highway Trust Fund Billions of Dollars 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 -80 -60 -40 -20 0 20 40 60 80 100 Outlays Receipts End-of-Year Balance or Shortfall Actual Projected
- 7. 6CONGRESSIONAL BUDGET OFFICE Status of the Transit Account of the Highway Trust Fund Billions of Dollars 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 -30 -20 -10 0 10 20 30 Outlays Receipts End-of-Year Balance or Shortfall Actual Projected
- 8. 7CONGRESSIONAL BUDGET OFFICE More Information ■ The FAST Act was signed into law on December 4, 2015, as Public Law 114-94; see CBO’s cost estimate for the conference agreement on H.R. 22, theFASTAct(December2,2015), www.cbo.gov/publication/51051.