US set to ration highway repair funds as of Aug. 1

  • View Caption
Transportation Secretary Anthony Foxx warned Tuesday that America’s fund for highway repairs is fast running out of money, and that his agency plans to ration available funds to the 50 states starting in August if Congress does not act.
The fund, with demands that currently far outstrip revenues allotted to it from federal gasoline taxes, has a projected shortfall of more than $15 billion per year, Secretary Foxx said at a newsmaker breakfast hosted by The Christian Science Monitor.
Transportation Department letters to each state outlined the funding cuts that would start Aug. 1, when the highway fund will be too depleted to cover all approved projects.