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Answers to Three Questions Regarding the Status of the Highway Trust Fund 1 (June 25, 2014)

handle is hein.congrec/cbo1745 and id is 1 raw text is: O CONGRESSIONAL BUDGET OFFICE Douglas W Elmendort Director U.S. Congress Washington, DC 20515 June 25, 2014 Honorable Ron Wyden Chairman Committee on Finance United States Senate Washington, DC 20510 Dear Mr. Chairman: In your letter of June 24, 2014, you asked the Congressional Budget Office (CBO) to answer three questions regarding the status of the Highway Trust Fund: * How much in additional revenues would the Highway Trust Fund need to meet obligations that are presented to it through December 31, 2014? * What are the assumptions that underlie that revenue estimate? * What would the status of the Highway Trust Fund be under a proposal to increase the taxes on gasoline and diesel fuels by six cents per gallon, beginning on August 1, 2014? What additional revenues would be needed for the Highway Trust Fund to meet obligations through December 31, 2014? Based on the most recent information from the Department of Transportation (DOT) about the trends in spending from the Highway Trust Fund and revenues credited to the trust fund, CBO estimates that additional revenues of about $8 billion would be needed for the Highway Trust Fund to meet all the obligations that are likely to be presented to the fund during the remainder of calendar year 2014 while maintaining the minimum cash balance DOT requires to manage the fund. That estimate reflects an assumption that the provisions of the Moving Ahead for Progress in the 21st Century (MAP-21) would be extended through December 31, 2014. wwwcbo.gov