[Congressional Record Volume 155, Number 118 (Friday, July 31, 2009)]
[Extensions of Remarks]
[Page E2136]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 FISCAL SOLVENCY OF CERTAIN TRUST FUNDS

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                               speech of

                         HON. MICHELE BACHMANN

                              of minnesota

                    in the house of representatives

                        Wednesday, July 29, 2009

  Mrs. BACHMANN. Mr. Speaker, I rise in support of H.R. 3357, however I 
do so with great hesitation.
  This legislation infuses the Highway Trust Fund with $7 billion from 
the Treasury in order to prevent a shortfall that will impact the fund 
in only a few short weeks. The Highway Trust Fund, which is financed by 
the gas tax, is facing insolvency, again. For months it has brought in 
less revenue than previously expected as families have felt the pinch 
at the pump and were forced to conserve more than ever before.
  Important transportation projects across Minnesota would be seriously 
jeopardized or delayed should this fund go bankrupt. That is simply not 
something we can allow. And that is why I must vote for this 
legislation.
  You will recall that we faced this very same Hobson's choice last 
year. Transferring funds from general revenue to cover the HTF 
shortfall must not become a precedent and Congress must set itself 
seriously to the task of reforming the way it pays for infrastructure 
improvements.
  Furthermore, this is a stark reminder of the dramatic ripple effect 
our dependence on foreign oil continues to have throughout our nation. 
Our failure to aggressively pursue energy independence hurts all 
aspects of our economy. We must implement an ``all of the above'' 
energy strategy and increase our domestic supply of energy resources 
now so that we do not continue to band-aid this transportation crisis 
time and again.
  Perhaps most disappointing in this specific instance is that the 
majority also loaded up this legislation with a hodgepodge of entirely 
unrelated spending, increasing spending levels for three other 
government programs facing shortfalls. It increased the Federal Housing 
Administration's capital fund to $400 billion, from $315 billion, 
thereby increasing the fund's statutory floor. It increased Ginnie 
Mae's guarantee of mortgage-backed securities by $100 billion, from 
$300 billion to $400 billion. And, finally, it authorized ``such sums 
as necessary'' to shore up the Federal Unemployment Account which may 
encounter a shortfall due to rising claims for unemployment benefits.
  Talk about a blank check. In one fell swoop, and after only 40 
minutes of debate on the House floor, this bill spends billions upon 
billions of dollars. Members barely had a chance to know what was being 
voted on as the text of the legislation was not even available until 
the very last minute.
  We must restore the integrity of this House and stop shoving 
legislation through that Members have not even had a chance to read and 
fully digest. I hope that the Majority will work with the Minority in 
the future to ensure more time and transparency is allotted throughout 
the legislative process.
  And, I hope that we will have an opportunity to address the long-term 
flaws in each of these programs so that taxpayers are properly 
protected from these emergency shortfalls.
  Thank you, Mr. Speaker, and I yield back the balance of my time.

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