Current Status Bill Number:3692 Type of Legislation:House Resolution HR Introducing Body:House Introduced Date:19950228 Primary Sponsor:Kelley All Sponsors:Kelley Drafted Document Number:dka\3743cm.95 Date Bill Passed both Bodies:19950302 Subject:Truth in Budgeting Act
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19950302 Adopted House 19950302 Committee report: Favorable 24 HIMR House 19950228 Introduced, referred to Committee 24 HIMRView additional legislative information at the LPITS web site.
MEMORIALIZING THE CONGRESS OF THE UNITED STATES TO ADOPT H. R. 842, THE "TRUTH IN BUDGETING ACT".
Whereas, the Highway Trust Fund, the Aviation Trust Fund, the Inland Waterways Trust Fund, and the Harbor Maintenance Trust Fund are wholly user-financed and do not contribute to the federal deficit; and
Whereas, a $33 billion cash balance ($18.5 billion unobligated balance) is languishing in these trust fund accounts as an accounting measure designed to mask the actual size of the federal deficit and federal spending in other areas; and
Whereas, each time a motorist purchases gasoline or a traveler buys an airline ticket, user fees are paid into the Highway and Aviation Trust Funds; and
Whereas, Congress imposed these fees with the assurance to the American public that they would be spent on infrastructure improvements; and
Whereas, investment in infrastructure helps productivity, creates jobs, and is essential for economic growth, and infrastructure spending is one area that has widespread public support and actually provides a return on taxpayer investment; and
Whereas, by combining these trust funds with the federal General Fund Budget, these trust fund balances have accrued at the expense of billions of dollars in productivity and safety; and
Whereas, H. R. 842, the "Truth in Budgeting Act", removes the Highway Trust Fund, Aviation Trust Fund, the Inland Waterways Trust Fund, and the Harbor Maintenance Trust Fund from the General Fund Budget, restores integrity to the trust funds which are user-financed, self-supporting, and directed at specific needs, and restores integrity to the General Fund Budget whose real deficits are currently masked by these trust funds.. Now, therefore,
Be it resolved by the House of Representatives:
That the members of the General Assembly memorialize the Congress of the United States to adopt H. R. 842, the "Truth in Budgeting Act".
Be it further resolved that a copy of this resolution be forwarded to the President of the United States Senate; the Speaker of the United States House of Representatives; and each member of the South Carolina Congressional Delegation in Washington, D.C.