Surface Transportation Savings Act Of 2010
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…
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.
For the first 9 months of fiscal year 2010, we are running a budget deficit of $1 trillion, and the deficit will reach at least $1.4 trillion by the end of the fiscal year on September 30. These are staggering, incomprehensible sums, and these deficits will only add to our growing Federal debt, which is already at over $13 trillion.
By the end of this year, the Federal debt will represent 62 percent of the Nation's economy, the highest percentage since World War II, according to CBO. This mounting debt will be passed on to our children and grandchildren. I believe, and most people believe, that Congress isn't doing enough to reduce the current budget deficit or our swelling national debt.
While this bill is certainly a step in the right direction, it will not reduce the current budget deficit or the national debt. And so while this is good legislation that I do support, we are going to have to go further if we're going to do what the American people expect and need us to do.
I reserve the balance of my time.
I continue to reserve the balance of my time.
Madam Speaker, I thank the gentleman from Minnesota (Mr. Oberstar), our outstanding chairman of the full committee, for his very accurate explanation of the confusing, convoluted way we go about the budget and contract authority differences in this Congress.
I want to commend the gentlemen from Virginia and from Michigan for bringing this legislation to the floor. It is a good bill.
As I said, even though the CBO may not count it as reducing the deficit by $107 million, it is a step in the right direction, and we should be looking for savings in every Department and agency in this Federal Government, and we are going to have to if we are ever to get the Federal deficit and our national debt under any type of control.
What we first need to be doing, though, is to stop spending hundreds of billions of dollars on very unnecessary foreign wars and turning the Department of Defense into the Department of Foreign Aid with all the nation-building that they are doing. Then we need to go to every Department and agency, and instead of building other countries with money that we don't have, we need to start building our own country. I think no one has been more of a leader in that regard than our chairman, Chairman Oberstar, but we need to start taking care of our own country and start putting the American people first once again.
I do think that this bill is a step in the right direction; so I urge my colleagues to join me in supporting this legislation.
I will be happy to yield.
Well, I thank the gentleman from Minnesota, Chairman Oberstar, for those kind words. No one in this Congress admires the chairman more than I do. Certainly no one knows the work of the Transportation and Infrastructure Committee better than Chairman Oberstar.
I yield back the balance of my time.