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March 13, 2015 3:30 PM, EDT

CBO Says Highway Account of Highway Trust Fund Solvent Through 2023 Under Budget Request

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The highway account of the federal Highway Trust Fund would remain solvent until fiscal 2023 under President Obama’s fiscal 2016 budget request, the Congressional Budget Office determined this week.

CBO also noted the fund’s transit account would remain solvent until fiscal 2024 under the budget request. The highway account and transit account are on track to be unable to meet obligations sometime this summer, according to the analysis.

The fund is used to assist states in financing large-scale infrastructure projects.

Republicans in control of Congress have yet to unveil a plan that would address the fund’s looming shortfall. GOP leaders also have not endorsed a six-year, $478 billion transportation funding plan the administration is proposing. Under current law, the trust fund cannot incur negative balances and has no authority to borrow additional funds.