John Culberson: “My colleague from Oregon is confusing the issue here. The amendment is very straightforward. Let me read from the…”

“My colleague from Oregon is confusing the issue here. The amendment is very straightforward. Let me read from the amendment itself. The applicant transit agency has to have a current operating ratio of current assets to current liabilities of 1:1. They have to have the same current level of debt as they do assets in order to be eligible to apply for a Federal transit grant. This isn't about making money. This is about making sure the taxpayers are not going to give another brick to a transit agency that has already got too much debt and is overloaded and is in a position where they may not be able to take full advantage of the grant. Taxpayers, our constituents, should not have to put their hard-earned tax dollars into a transit agency that is carrying more debt than they have assets. This is very straightforward. I reserve the balance of my time. Mr. DeFAZIO. Mr. Chairman, I yield to the gentleman from Texas for him to name a transit agency that has gone bankrupt recently.”