Political Quotes

“Madam Speaker, I yield myself such time as I may consume. I rise in support of this bill, and I commend the gentleman from Virginia, who just finished making his remarks. H.R. 5604 rescinds $106.8 million in contract authority from the National Highway Traffic Safety Administration and the Federal Transit Administration. This rescission of contract authority will come from the following programs: $81 million from NHTSA's safety belt performance grant program; $8.5 million from NHTSA's administrative expenses, the National Driver Registry, and research and development programs; and $17.4 million from FTA's formula and bus grant programs. In total, H.R. 5604 rescinds approximately $107 million in contract authority, which is a type of budget authority. However, the Congressional Budget Office has determined that H.R. 5604, while certainly well intentioned and worthy of support, will not have any impact on outlays or direct spending. According to the CBO, the budget deficit is defined as the amount by which the Federal Government's total outlays exceed its total revenues. Because CBO's official cost estimate for H.R. 5604 finds that this legislation will not reduce the Federal Government's outlays, this bill, unfortunately, will not reduce the budget deficit. This bill could ultimately lead to savings if the Congress does not simply spend this money someplace else.…”