[Congressional Record (Bound Edition), Volume 156 (2010), Part 7]
[Senate]
[Page 10276]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     OIL SPILL LIABILITY TRUST FUND

  Mr. SANDERS. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of S. 3473, introduced earlier 
today.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The legislative clerk read as follows:

       A bill (S. 3473) to amend the Oil Pollution Act of 1990 to 
     authorize advances from Oil Spill Liability Trust Fund for 
     the Deepwater Horizon oil spill.

  There being no objection, the Senate proceeded to consider the 
resolution.
  Mr. CONRAD. Mr. President, this is the Statement of Budgetary Effects 
of PAYGO Legislation for S. 3473. This statement has been prepared 
pursuant to section 4 of the Statutory Pay-As-You-Go Act of 2010 
(Public Law 111-139), and is being submitted for printing in the 
Congressional Record prior to passage of S. 3473 by the Senate.

       Total Budgetary Effects of S. 3473 for the 5-year Statutory 
     PAYGO Scorecard: $0.
       Total Budgetary Effects of S. 3473 for the 10-year 
     Statutory PAYGO Scorecard: $0.

  Also submitted for the Record as part of this statement is a table 
prepared by the Congressional Budget Office, which provides additional 
information on the budgetary effects of this act.

   CBO ESTIMATE OF THE STATUTORY PAY-AS-YOU-GO EFFECTS FOR S. 3473, A BILL TO AMEND THE OIL POLLUTION ACT OF 1990 TO AUTHORIZE ADVANCES FROM OIL SPILL
                 LIABILITY TRUST FUND FOR THE DEEPWATER HORIZON SPILL, AS PROVIDED TO CBO BY THE SENATE BUDGET COMMITTEE ON JUNE 8, 2010
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         By fiscal year in millions of dollars--
                                ------------------------------------------------------------------------------------------------------------------------
                                   2010     2011     2012     2013     2014     2015     2016     2017     2018     2019     2020   2010-2015  2010-2020
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                       Net Increase or Decrease (-) in the Deficit
 
Statutory Pay-As-You-Go Impact.       50        0      -50        0        0        0        0        0        0        0        0         0          0
--------------------------------------------------------------------------------------------------------------------------------------------------------
Note: The bill would allow the Coast Guard to draw up to an additional $850 million from the Oil Spill Liability Trust Fund to respond to the Deepwater
  Horizon oil spill. CBO estimates that additional spending would be recovered from the responsible party.

  Mr. SANDERS. I ask unanimous consent that the bill be read three 
times, that the bill be passed, and the motion to reconsider be laid 
upon the table; further, that any statements relating to the measure be 
printed in the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (S. 3473) was ordered to be engrossed for a third reading, 
was read the third time, and passed, as follows:

                                S. 3473

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. ADVANCES FROM OIL SPILL LIABILITY TRUST FUND FOR 
                   DEEPWATER HORIZON OIL SPILL.

       Section 6002(b) of the Oil Pollution Act of 1990 (33 U.S.C. 
     2752) is amended in the second sentence--
       (1) by inserting ``(1)'' after ``Coast Guard''; and
       (2) by inserting before the period at the end the 
     following: ``and (2) in the case of the discharge of oil that 
     began in 2010 in connection with the explosion on, and 
     sinking of, the mobile offshore drilling unit Deepwater 
     Horizon, may, without further appropriation, obtain 1 or more 
     advances from the Fund as needed, up to a maximum of 
     $100,000,000 for each advance, with the total amount of all 
     advances not to exceed the amounts available under section 
     9509(c)(2) of the Internal Revenue Code of 1986, and within 7 
     days of each advance, shall notify Congress of the amount 
     advanced and the facts and circumstances necessitating the 
     advance''.

     SEC. 2. BUDGETARY EFFECTS.

       The budgetary effects of this Act, for the purpose of 
     complying with the Statutory Pay-As-You-Go-Act of 2010, shall 
     be determined by reference to the latest statement titled 
     ``Budgetary Effects of PAYGO Legislation'' for this Act, 
     submitted for printing in the Congressional Record by the 
     Chairman of the Senate Budget Committee, provided that such 
     statement has been submitted prior to the vote on passage.

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