Chris Dodd: “it is not often that so many of my colleagues come to the Senate floor in opposition to lowering a tax. They do so and I…”

“it is not often that so many of my colleagues come to the Senate floor in opposition to lowering a tax. They do so and I join them today for good reason. The legislation to repeal the 4.3 cent per gallon excise tax on gasoline is a wolf in sheep's clothing. In fact, several members on the other side of the aisle from House Majority Leader Dick Armey and Ways and Means Chairman Bill Archer, to House Transportation Chairman Shuster are opposed to this measure. The National Governors Association has voiced its adamant opposition, as well. The proposal, S. 2285, is fiscally irresponsible and will not lead to lower gasoline prices for consumers. This measure could cause the state of Connecticut to lose more than $280 million to highway funds for FY 2002 and 2003, in addition to hundreds of lost jobs as highway projects are put on hold or shelved indefinitely. Congress made a commitment to help states like Connecticut repair and maintain our highways and it should not break that commitment. Supporters of this legislation say they would tap the non-Social Security surplus to replace the lost tax revenues created by their proposal. That is a mistake. We should be directing the surplus to debt reduction, ensuring the solvency of Social Security, prescription drugs, targeted tax cuts and investments in education and the environment. The likelihood that any reduction in the Federal gasoline tax will reach consumers is unlikely.”