On the recordMarch 29, 2012
I rise to discuss the revenue title to the highway bill that the Senate passed earlier this month. Gandhi said: ``Truth quenches untruth.'' I rise to quench untruth. I understand some of our colleagues in the House have mischaracterized the Senate's highway bill by saying that it wasn't paid for. Nothing could be further from the truth. The Senate highway bill is fully paid for and supports more than 1.6 million jobs across the country. It will also ensure there is still money in the Highway Trust Fund at the end of the bill's 2-year authorization. I want to explain exactly how we fund this bill so everyone is clear. As chairman of the Committee on Finance, I worked very hard with members of both parties to put together a funding package that would: First, pay for a reauthorization bill through September of 2013; Second, not add a single dime to the deficit or the debt; and, Third, not leave the Highway Trust Fund bankrupt at the end of the proposed reauthorization. According to estimates from the Congressional Budget Office and the U.S. Department of Transportation, the Highway Trust Fund needs $5.6 billion to pay for the Senate's proposed reauthorization. In addition, the U.S. Department of Transportation said we need a so- called ``cushion'' of extra money in the Highway Trust Fund at the time of the bill's proposed September 30, 2013 expiration.…
