Ernest Istook: “I feel the need to speak a little bit in greater length because of the consequences of this point of order. This point…”

“I feel the need to speak a little bit in greater length because of the consequences of this point of order. This point of order would strike the final two provisos in section 218 but leave intact the remainder of that section. Those provisos that would be stricken would ensure that the loan refinancing of the Alameda Corridor Transportation Authority are subsumed, that is, contained within the Transportation Infrastructure Finance Innovation Act and thereby would limit the overall expense of this refinancing to $80 million. The effect of the amendment is to increase, again, the cost of our bill by upwards of $160 to $170 million in budget authority and a similar number in outlays. The reason the committee included section 118 as written is to ensure that the refinancing of the Alameda Corridor Transportation Authority can be funded through the Transportation Infrastructure Finance and Innovation Act Program and that the cost of that refinancing to the Federal Government will not exceed $80 million. If the point of order is sustained, the refinancing costs will no longer be limited and it cannot be paid for from the TIFIA program. The effect of the elimination of these provisos may cause the Congressional Budget Office to increase their scoring of the bill by the $160 to $170 million. That would put the bill well over our 302(b) allocation. We have already had another point of order that pushed us above that allocation. We cannot afford this change.”