Fiscal Solvency Of Certain Trust Funds

Floor Speech

Fiscal Solvency Of Certain Trust Funds

* Mr. HENSARLING. Mr. Speaker, as a member of the House Budget Committee and House Financial Services Committee, one of my top priorities is to get the job engine running again in America. Over the past year, Congress has spent over $1 trillion to get the economy moving again, but 2.6 million Americans have lost their jobs since President Obama took office and we have the highest unemployment rate in 25 years. Clearly, Washington Democrats' plan for economic recovery has been an abject failure.

* I support policies that will provide struggling Texas small businesses with tax relief, enabling small businesses, which create 2 of every 3 jobs in America, to begin hiring workers. But we also must ensure that those who have lost their jobs through no fault of their own have a temporary safety net to help them weather this economic storm. That is why I voted for H.R. 6867 on October 3, 2008. H.R. 6867 provides up to 59 weeks of unemployment compensation benefits, and I was pleased that it was signed into law on November 21, 2008.

* The House recently considered H.R. 3357, which transferred $7 billion from the General Fund to the Highway Trust Fund to cover a projected shortfall of funds. This legislation also would provide funds for the Unemployment Trust Fund.

* I support those provisions that would ensure the Unemployment Trust Fund, which is the funding mechanism for federal unemployment compensation benefits, has the resources it needs. In these tough economic times, I know how important unemployment benefits are to those who have lost their job. I do not, however, support provisions of H.R. 3357 that would transfer $7 billion from the General Fund to the Highway Trust Fund, as this would add $7 billion to the deficit and send the bill to our children and grandchildren. While I support a first-class highway system and would not want to see the Highway Trust Fund run short of funds, simply adding $7 billion to the deficit was not the solution to the Highway Trust Fund's problems. This $7 billion is on top of an $8 billion transfer in 2008 and the $27 billion provided to the Highway Trust Fund in the so-called stimulus bill.

* Unfortunately, Members of Congress have wasted billions of taxpayer dollars on transportation earmarks over the last decade, helping lead to the depletion of the fund. While not all earmarks are bad, too many have diverted funds from the fund to pay for the Bridge to Nowhere, parking garages and bike paths. Had Members of Congress spent Highway Trust Fund money more wisely, we may not have been forced to replenish the fund.

* Even though I support the Unemployment Trust Fund provision of H.R. 3357, at a time when the federal government is running a record debt in excess of $11 trillion, a projected record deficit of $1.8 trillion, and a 9.5 percent unemployment rate that is the highest unemployment rate in over 25 years, I simply could not support a bill that would borrow $7 billion and send the bill to future generations.

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