Cord Byrd: “the Taxpayer Relief Act of 1997, which was enacted as part of the balanced budget agreement, included a provision which…”

“the Taxpayer Relief Act of 1997, which was enacted as part of the balanced budget agreement, included a provision which ended the use of the 4.3 cents per gallon gas tax for deficit reduction and instead placed this tax into the Highway Trust Fund beginning on October 1, 1997. That was a very important first step in restoring integrity to the Highway Trust Fund. It ended the practice of using any Federal gasoline taxes for deficit reduction. This Senator was not alone in seeking to end the practice of using Federal gasoline taxes for deficit reduction. On July 14 of this year, I joined 82 other Senators in signing a letter addressed to the Senate majority and minority leaders, as well as the chairman and ranking Member of the Senate Finance Committee, Senators Roth and Moynihan, and that letter is fairly brief.”