In theory, yes. But it hasn't been raised since the 90's and since it's a per-gallon tax and not a percent tax, its funding has decreased as Americans buy more efficient cars and thus fewer gallons of gas. I don't have links, but I've seen graphs indicating that the fund regularly runs at a shortfall now, and getting worse.
I thought that our 19 cents/gallon tax on gasoline is what is used for road repairs etc. Is this not the case?