ROADS/BRIDGES: U.S. DOT now says highway funding will last until June 2016

U.S. DOT says that an $8 billion extension to the Highway Trust Fund will pay for state infrastructure projects until June 2016.

The extension was expected to last until December 2015, when it was approved, but transportation officials are now saying they can stretch those dollars until the end of the third quarter of the 2016 fiscal year since construction typically slows down considerably in the winter months.

Even though the U.S. DOT says they can be conservative with their spending for the next nine months, they cautioned Congress to still pass an extension of the transportation spending authorization by Oct. 29.

"However, it is important to note that many programs funded through the Highway Trust Fund are only authorized through Oct. 29, 2015," the U.S. DOT said in a statement.

 "Although sufficient balances exist in the Highway Trust Fund to maintain solvency through the third quarter of FY 2016, an October 29th lapse in authorization prevents new obligations in Highway and Transit programs and impacts reimbursements to States."