Bill Lee: “I rise in opposition to the highway spending bill before us today--and not just the failed substance of the legislation.…”

“I rise in opposition to the highway spending bill before us today--and not just the failed substance of the legislation. I rise to oppose the bill's irresponsible and unsustainable funding mechanisms and the cynical process that produced it. We are told this bill fully funds Federal highway spending for the next 5 years and that it won't add a single dime to the Federal deficit. The math may add up on paper, but does anyone really think the pay-fors in this bill are honest, responsible ways to fund a government program? Let's look at a few examples. Of the $70 billion this bill uses to bailout the highway trust fund over the next 5 years, more than $50 billion comes from an accounting gimmick that steals money from the rest of the Treasury's general fund. Here is how the shell game works. Normally, the Federal Reserve sends the profits from its portfolio assets directly to the U.S. Treasury. These surplus profits are actually one of the major reasons our Federal budget deficits have fallen in recent years below where they were a short time ago. However, this bill would siphon off that money and redirect it into the highway trust fund. Just today, Federal Reserve Chair Janet Yellen testified before the Joint Economic Committee, where she commented on this particular provision--on this particular aspect of this bill.…”