Political Quotes

“1\1/2\ minutes is not very long. Let me tell you my version of why this is not a good bill. Mr. Chairman, everybody is for using the gas tax receipts that go into the trust fund for the purpose of highway construction. I am for that. Let me make it very clear. Every cent raised in gas taxes has been spent for highway construction since it was first started in 1956. Let me tell you my version of what the argument is really about. During the Vietnam war, we transferred some of the highway trust fund money for the war effort. That has now accumulated over the years additional interest, which is technically part of the trust fund. That interest now represents a cash balance of $19 billion. This is the issue. The authorizing committee would like to now have the authority to spend that additional $19 billion that has been accumulated in interest. Let me tell you very briefly why that is not fair. Since 1956, we have spent approximately $41 billion out of the general fund for road and highway construction. We have spent approximately $41 billion out of the general fund for the construction of mass transit. We have authorized those amounts. That is why the cash balance has in fact already been spent. There should be a tradeoff. The $19 billion should not now be spent to shortchange other spending of the Federal Government and really disrupt our opportunity to balance the budget.”