[Congressional Record Volume 155, Number 118 (Friday, July 31, 2009)]
[Extensions of Remarks]
[Page E2166]
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. JEB HENSARLING

                                of texas

                    in the house of representatives

                        Wednesday, July 29, 2009

  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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