Federal Transportation Trust Funds may be a thing of the past
COLUMBIA - The U.S. Senate is debating a short term budget fix for the Federal Transportation Trust Fund's potential bankruptcy.
The U.S. House of Representatives passed this fix Tuesday, which will provide the Federal Transportation Trust Fund with funding until the end of the fiscal year.
The fund will run out of money in August if the Senate does not pass the proposed solution.
The Federal Transportation Trust Fund is backed by federal fuel taxes. The money is then given back to the states, but the fund always spends more than it receives.
Missouri relies heavily on these federal dollars. In 2013, 45 percent of Missouri's transportation budget came from federal taxes. MoDOT said it saw this coming in 2011, when Missouri decided to prioritize maintenance over new projects.
Congress has been able to find resolutions to the overspending issue in recent years, but if it can't come to a decision soon, the Federal Transportation Trust Fund will run dry.