Highway Trust Fund takes $3 billion hit

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.”