I’ve written several long posts on this topic. You can read this short one instead.

It’s almost certain that WIFIA’s current $16 billion portfolio will require future mandatory appropriations far in excess of discretionary appropriations received by the program so far. There are various ways to look at the issue, as the chart above shows. This requires a narrative.

The shortest bar is the place to start. It reflects the portfolio’s projected cash requirements for the next ten years, (1) using CBO’s own economic assumptions and its standard budget time horizon, and (2) including increased federal tax revenue from WIFIA loans’ displacement of tax-exempt debt, per JCT methodology.

This approach results in about $700 million of mandatory appropriations over 2023-2032. That’s only $70 million a year, or less than one-half of one percent of the portfolio annually.

See? Not a problem.