Highway Trust Fund declines

According to NSSGA, on Nov. 19, the Federal Highway Administration announced that vehicle miles traveled (VMT) declined for the final 11 months of fiscal year 2008, resulting in a $3 billion slide in Highway Trust Fund revenues. September driving fell 4.4 percent, or 10.7 billion VMT, from 2007 to 2008. The cumulative VMT total for 2008 is 3.5 percent below the same point in 2007. The September figures follow the largest single-month VMT decline since records began in 1942. The HTF took in $31 billion in revenue in fiscal 2008, $3 billion less than fiscal 2007. Despite the decline, government transportation spending increased by $2 billion over fiscal 2007. Congress approved an $8 billion infusion for the trust fund earlier this fall after low balances threatened to cut the fund's payments to states. The fund still faces long-term solvency problems, and how to fund it will be a crucial part of the upcoming debate when Congress considers a highway reauthorization measure in 2009. In the interim, NSSGA continues to advocate for another economic stimulus plan with a significant infrastructure investment component. Your comment?