Highway Trust Fund in Need of Multi-Billion Dollar Bailout

"The Highway Trust Fund won't be able to meet its obligations come 2015, according to a statement by the Congressional Budget Office (CBO) to the House Budget Committee," writes Ryan Holeywell. "Federal lawmakers, the report says, would have to cut transportation spending by 92 percent or raise the gas tax by more than 50 percent in order to bring revenue and spending in line."

"The surface transportation bill, MAP-21, expires at the end of the 2014 fiscal year. The CBO writes that bringing the trust fund into balance after that would require cutting federal transportation spending from $51 billion to $4 billion, raising the gas tax by 10 cents or some combination of the two."