2008 highway trust fund receipts fell $3 billion

2008 highway trust fund receipts fell $3 billion The federal Highway Trust Fund took in $3 billion less in gas tax revenues in fiscal 2008 than the previous year as Americans drove 90 billion fewer miles, the Department of Transportation said last week.
   Mileage decreased as fuel prices rose and the downturn in the economy meant fewer people going to work, making business trips or shipping goods.
   The government collected $31 billion compared to $34 billion in fiscal 2007, while federal spending increased $2 billion. Congress stepped in this fall with $8 billion from the general fund to keep the trust fund solvent and allow states to complete projects already approved.

Peters

   “Our current approach has us encouraging Americans to change their driving habits and burn less fuel while secretly hoping they drive more so we can finance new bridges, repair interstates and expand transit systems,” DOT Secretary Mary Peters said in a statement. “We need a new approach that compliments, instead of contradicts, our energy policies and infrastructure needs.”
   She warned that if the current trend continues the highway trust fund may experience another shortfall in the coming year.
   Americans drove 10.7 billion miles less, or 4.4 percent, in September than the same month in 2007, the 11th straight month of driving decline.