Highway Trust Fund: Financial Status and Outlook

GAO discussed the Highway Trust Fund's financial condition and outlook. GAO noted that: (1) the Federal Highway Administration (FHwA) estimated that the highway account would have a balance of $14.1 billion at the end of fiscal year (FY) 1997 and $44.6 billion in current unpaid commitments; (2) projected 1998 and 1999 revenues are sufficient to cover all current commitments if no new commitments are made; (3) the Federal Transit Administration estimated that the transit account would have a balance of $9.8 billion at the end of FY 1997 and $5.9 billion in current unpaid commitments; (4) if no new commitments are made, the transit account would have an uncommitted balance of $11.2 in FY 1999; and (5) recommended safety cushions would reduce the highway and transit account balances to $13.7 billion and $10.7 billion, respectively, to support new authorizations for highway and transit programs.