The article analyzes the historical evolution of public investment and the budget constraint in transport infrastructure in Colombia during the period 1960-2011 by identifying periods of fiscal adjustment and its relationship to the evolution of investment in this sector. The purpose is to understand the causes of the progressive deterioration of infrastructure investment in the transport sector from the analysis of macroeconomic variables and economic policy for the sector during the period of investigation. The methodology is part of the complementarity of quantitative and qualitative analysis of macroeconomic variables with the historical analysis of economic policy making for the sector, resulting in a comprehensive diagnosis of the current situation in Colombia transport.