The Senate’s highway bill would cut annual TIFIA funding from $1 billion in FY 2015 to $300 million and leave it there for six years (covering FY 2016-2021).  That’s a big giveback, but it’s not likely to have much impact on the pace of project lending, based on actual deal flow in the past three years.

Further, the Senate bill funds TIFIA operations and staffing at current levels, preserving the underwriting expertise built up over the past dozen years.