Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3357) to restore sums to the Highway Trust Fund and for other purposes, as amended. Mr. Speaker, I ask unanimous consent that Members have 5 legislative days to revise and…
Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3357) to restore sums to the Highway Trust Fund and for other purposes, as amended.
Mr. Speaker, I ask unanimous consent that Members have 5 legislative days to revise and extend their remarks on the bill H.R. 3357, as amended.
I yield myself such time as I may consume.
Mr. Speaker, transportation is one of the most important issues in our country, so I am proud to have served on both the Ways and Means Committee and on what was then the Public Works and Transportation Committee.
I would like to thank Chairman Rangel and Chairman Oberstar for their leadership on this important issue.
The bipartisan bill before the House today will provide the necessary funds to keep important transportation projects operating in States around the country. As we all know, the Highway Trust Fund will run out of funding by September. We must act, and we must act now.
In 1998, Congress passed a highway bill that took more than $8 billion out of the trust fund and put it in the Treasury. In addition, Congress stopped the Highway Trust Fund from earning interest on its investment. If these steps had not been taken, the balance in the Highway Trust Fund would be nearly $20 billion more than it is now.
Last year we transferred $8 billion back, and the legislation we are considering today would transfer $7 billion more.
I want to be clear, Mr. Speaker. No new money is spent under this bill. This bill should keep the Highway Trust Fund fully funded until 2009. If we fail to act today, our people, our States, and our economy will be harmed. In Georgia, where unemployment is already above 10 percent, we cannot afford to lose another 8,500 jobs because of failure to act.
Last year, all sides understood how critical highway funding is to our economy. I hope the legislation we are considering today will enjoy similar bipartisan support. I urge all of my colleagues on both sides of the aisle to support this important legislation.
I reserve the balance of my time.
Mr. Speaker, I'm pleased to yield 2 minutes to the gentleman from Minnesota, the Chair of the Transportation Committee, Mr. Oberstar.
I yield the gentleman another 1 minute.
Mr. Speaker, I am pleased to yield 2 minutes to the gentleman from Washington, the Chair of the Income Security Subcommittee of the Ways and Means Committee, Congressman McDermott.
(Mr. McDERMOTT asked and was given permission to revise and extend his remarks.)
I yield an additional 1 minute.
Mr. Speaker, I am pleased to yield 3 minutes to the gentleman from Massachusetts (Mr. Neal), the Chair of the Select Revenue Measures Subcommittee of the Ways and Means Committee.
Mr. Speaker, I am pleased to yield 1 minute to the gentleman from Massachusetts (Mr. Neal).
Mr. Speaker, I am now pleased to yield 2 minutes to the gentleman from Oregon (Mr. Blumenauer), a member of the Ways and Means Committee, who long has been active in highways, waterways and many environmental efforts.
I am pleased to yield to the gentleman an additional 1 minute.
Mr. Speaker, I am pleased to yield 2 minutes to the gentleman from Oregon, Congressman DeFazio, the Chair of the Highways and Transit Subcommittee of the Transportation Committee.
Mr. Speaker, may inquire about how much time I have left?
I thank the gentleman from Michigan.
Mr. Speaker, having one speaker remaining, I would like to yield 2 minutes to the gentleman from Massachusetts, Congressman Olver from the Appropriations Committee.
Mr. Speaker, I fully support H.R. 3357. In the future, the Ways and Means Committee will need to look at different funding proposals and administrative changes to keep the Highway Trust Fund running for the long term. Today we need to make sure it doesn't run out of money. This very simple bill does not cost a single dollar, and I urge all of my colleagues to support this commonsense, bipartisan piece of legislation.
Mr. Speaker, I yield back the balance of my time.