After years of Congress passing short-term extensions of highway & transit programs, on Dec. 3 they passed a five-year highway & transit bill known as the Fixing America’s Surface Transportation (FAST) Act. On Dec. 4, the president signed this bill into law. The FAST Act provides roughly $300 billion for federal highway & transit programs through fiscal year 2020.
The FAST Act was a huge accomplishment and provides much needed certainty in the transportation construction market. Unfortunately, the bill did not provide a long-term sustainable revenue source for the Highway Trust. Instead, it transferred $70 billion from the General Fund to the Highway Trust Fund. What this means is that when the FAST Act expires on September 30, 2020, the Highway Trust Fund will require an estimated $18 billion annually just to maintain its current investment levels.
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