Just How Screwed is the Highway Trust Fund?

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.

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 Highway Trust Fund, which gets its money from taxes on gasoline and motor fuels, is the source of money for federal spending on highways, bridges, roads and transit. The fund has struggled for years to remain in the black — ever since federal transportation spending started exceeding the dedicated taxes used to pay for it.