The contents of this report reflect the views of the authors, who are responsible for the facts and the accuracy of the information presented herein. This document is disseminated under the sponsorship of the Department of Transportation University Transportation Centers Program, in the interest of information exchange. The U.S. Government assumes no liability for the contents or use thereof. Earmarked Revenues and Spending Volatility: The Case of Highway Finance Phuong Nguyen-Hoang, Ph.D.