Use It or Lose It Act of 2011 - Requires highway project amounts made available from the Highway Trust Fund through an earmark to be obligated within three years after the date such earmarked amounts are first made available.
Requires amounts not obligated within three years of the earmark to be: (1) released to the transportation department of the state with jurisdiction over the original recipient of the earmark, and (2) redistributed by the state for expeditious use for other federally-approved state transportation projects.