Highway Trust Fund takes $3 billion hit

Nov. 20, 2008
The U.S. Highway Trust Fund has taken in $3 billion less over the first 11 months of this year as compared to the same time frame in 2007, according to the Dept. of Transportation

The U.S. Highway Trust Fund has taken in $3 billion less over the first 11 months of this year as compared to the same time frame in 2007, according to the Dept. of Transportation. The drop is attributable to less revenue from taxes as Americans have driven 90 billion fewer miles this year vs. last. In September, Americans drove 4.4% less, or 10.7 billion fewer miles, compared to September 2007, the 11th straight month of a decline.

The Highway Trust Fund, which is the federal government’s primary source for financing highway, bridge and transit projects, was given an influx of $8 billion in September from the general fund to address solvency concerns.

“Our current approach has us encouraging Americans to change their driving habits and burn less fuel while secretly hoping they drive more so we can finance new bridges, repair interstates and expand transit systems,” said U.S. Secretary of Transportation Mary E. Peters. “We need a new approach that compliments, instead of contradicts, our energy policies and infrastructure needs.”

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Take Control of Your Finances: A Practical Guide for Carriers in Trucking

This guide is designed to help you navigate these challenges, featuring strategies for automation, examples of effective tools, and a real-world success story from Phoenix Cargo...

Report: The 2024-2025 State Of Heavy-Duty Repair

Fullbay's fifth annual State of Heavy-Duty Repair compiles insights from almost 1,000 experts and over 3,500 shops. If you aren't leveraging these proven data points, your competition...

Guide For Managing Maintenance

The Guide for Managing Maintenance is a comprehensive resource designed to help fleet managers improve their maintenance operations, reduce downtime, and lower overall fleet costs...

The Road Ahead: 2025 Trucking and Fleet Insights

Discover how fleet operators are impacted by challenges like driver onboarding delays and complex compliance, and the critical need for technology to boost efficiency and cut ...