Anyone living in a major metropolitan area can tell you that our highway and mass transit infrastructures are overwhelmed and unable to handle current demand. The resulting congestion impairs productivity, reduces air quality, and negatively impacts our quality of life. And this problem is only expected to get worse as vehicle miles traveled continue to increase.
To improve the condition and performance of our highway and transit systems, the Department of Transportation estimates that we need to spend almost $50 billion more each year. And this does not include the billions of dollars in new investments necessary to improve our aviation system and develop high-speed rail corridors.
Another key component of our nation's infrastructure is built and maintained by the Army Corps of Engineers. The Army Corps' flood control projects protect lives and property and their navigation projects keep our economy moving. Yet they have a backlog of $40 billion in fully authorized projects that are awaiting the first dollar of funding, not to mention a $38 billion backlog of projects currently under construction.
The Environmental Protection Agency is charged with protecting and expanding our nation's drinking water supply and upgrading our wastewater treatment collection facilities. These critical functions are at risk due to infrastructure funding shortfalls. The EPA has estimated that nearly $300 billion dollars will be needed over the next 15 to 20 years to upgrade and expand our existing infrastructure to ensure the safety of our water supply.
In March, the American Society of Civil Engineers released its 2001 Report Card for America's Infrastructure and gave our nation's infrastructure a D-plus. ASCE estimated that we need to invest $1.3 trillion over the next five years to address our infrastructure problems. More information on the infrastructure needs detailed in this study is included in written testimony provided by ASCE which, without objection, I will place in the record.
Just this past week, we saw both the importance and the fragility of our infrastructure when a train carrying hazardous materials derailed in a Baltimore railroad tunnel. The impact of this crash in disrupting the lives of those who live and work in Baltimore should serve as a warning to us all about the dangers we face if we do not adequately confront our nation's infrastructure deficiencies.
Clearly, our infrastructure investment needs are substantial, but I fear that our means of funding these needs is shrinking. The tax bill this Congress passed in May will cost trillions of dollars in revenues over the next 20 years if fully implemented. The surpluses are just about gone, but our infrastructure needs remain.
As Chairman, I intend to serve as a guardian of our nation's infrastructure and look forward to working with my colleagues on this subcommittee and on the full committee to ensure that our infrastructure gets the attention it deserves.
I welcome today's testimony from a distinguished panel of witnesses. We have four very successful mayors who are strong voices for our cities and have an important story to tell. Mayor Morial from New Orleans, Mayor Campbell from Atlanta, Mayor Goodman from Las Vegas, and Mayor Williams from the District of Columbia -- I welcome each of you and the hands-on experience you bring to this topic.
In addition, Robert Portiss is here from Tulsa, Oklahoma to speak on port issues, and Peter Guerrero from the U.S. General Accounting Office will serve on our second panel to discuss a new GAO report on infrastructure investment.
I thank you all for coming and look forward to your testimony.