The U.S. DOT updated its Highway Trust Fund Ticker yesterday, and the chart shows a deficit around the end of August.
“So far, all of their monthly predictions have been on target, and this month was no different,” Transportation Secretary Anthony Foxx wrote in his blog Fast Lane. “Unfortunately, that accuracy is not good news, because it means we're still expecting a shortfall as early as August.”
As of May 30, 2014, the Highway Account cash balance was $8.1 billion.
“What does a shortfall mean?” Foxx continued. “It means we could start bouncing checks for roadwork before our kids go back to school. It means we'll have to delay funding your state's efforts to maintain and improve the roadways near you.
“From Bangor, Maine, to Bakersfield, Calif., and Key West to Ketchikan, highway work may be postponed.
“If you work in road construction or maintenance, the situation is worse than unrepaired pavement or road projects that aren't moving forward—it means jobs in jeopardy. In fact, several states are already postponing road contracts because they cannot count on a reliable funding source.”
Foxx closed with a call to Congress to fix the HTF by passing the Grow America bill, which he sent to Congress a couple of months ago. Time is running out.
