Fiscal Solvency of Certain Trust Funds

FISCAL SOLVENCY OF CERTAIN TRUST FUNDS -- (House of Representatives - July 29, 2009)

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Mr. NEAL of Massachusetts. Mr. Speaker, I want to thank Mr. Lewis for bringing this legislation to the floor. I am in full support of this proposal, and I want to speak additionally in support of the transfer of the Highway Trust Fund as it appears before us.

None of us would like to see pink slips issued around the country at vital road and bridge building projects, including about 4,000 jobs in Massachusetts. We are doing our best to create more of these jobs, not to end the current ones.

Last week, my subcommittee, the Select Revenue Measures Subcommittee, held a 4-hour, four-panel hearing on long-term financing options for the Highway Trust Fund. The consistent statement we heard was that States are desperate for funding.

We heard that roads and bridges are deteriorating at such a pace that current funding will not cover the maintenance, let alone the improvements that are needed. That is why our colleague, Mr. Oberstar, has pushed for a short-term patch while we continue to sort out the longer-term solutions for our transportation infrastructure. I am in support of the Oberstar position.

I understand the hesitance of some our colleagues to talk about increasing fund revenues in this economy. I want to assure you, they will be at every groundbreaking and they will be at every ribbon cutting, even though they question the financing we propose down the road.

But the reality of this situation is simple: we need to pay for these repairs. There were a variety of proposals discussed at our hearing, last week, good ones, by Republicans and Democrats. Good options were offered: tolls, vehicle miles traveled, excise taxes, the gas and diesel tax, among other ideas.

I want to say of interest, the United States Chamber of Commerce last week proposed a 10 cent increase in the gasoline tax for many of these long-term needs. I think that in and of itself speaks to the bipartisan nature of what we are trying to do now, and I hope in about another month a long-term proposal as well.

Now, whether these proposals are through triggers, indexing or commissions, we need to start working on the long-term plan in whatever politically feasible way we can find a way forward. Kicking the can down the road on infrastructure needs will not work. Our highways, our roadways, our airports, our bridges and our railroads are all in need of an infusion of public support. We all ought to be able to agree on that basic responsibility as Members of this House.

As one witness told us last week, the costs of delaying the longer-term bill are higher than the costs to pass it. A reminder as well, there is an opportunity in this atmosphere with the downturn to get some great pricing, and we should take advantage of that as well.

So I want to urge support of this proposal today, and I hope it takes us on to a longer-term solution.

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