Cord Byrd: “I would like to pass on my views on the intent and impact of Section 1(f)(4) of S. 2285. This provision...is indeed…”

“I would like to pass on my views on the intent and impact of Section 1(f)(4) of S. 2285. This provision...is indeed unprecedented in the history of the law governing the Highway Trust Fund. As I read this provision, it is an attempt to make up for the losses in deposits that would occur to both the Highway and Airport and Airway Trust Funds as a result of a reduced fuel tax in this bill with transfers from the general fund of the Treasury. As has been pointed out by other Senators during debate on this bill, the legislation does not state with specificity how this diversion of general funds is to occur. It is not clear whether these general funds would be derived from the non-Social Security surplus or be required to be diverted from other areas of federal spending. Finally, Mr. President, I would like to recognize the excellent staff work of Ann Loomis of Senator Warner's staff, Ellen Stein of Senator Voinovich's staff, Tracy Henke of Senator Bond's staff, Mitch Warren of Senator Lautenberg's staff, Tom Sliter and Dawn Levy of Senator Baucus' staff, as well as Peter Rogoff, of my Appropriations Committee staff.”