Current Status Bill Number:
590Type of Legislation: Senate Resolution SRIntroducing Body: SenateIntroduced Date: 19950301Primary Sponsor: LeathermanAll Sponsors: LeathermanDrafted Document Number: jic\5480htc.95Date Bill Passed both Bodies: 19950301Subject: Truth in budgeting
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19950301 Introduced, adoptedView additional legislative information at the LPITS web site.
MEMORIALIZING THE CONGRESS OF THE UNITED STATES TO ENACT H.R. 842, THE TRUTH IN BUDGETING ACT, REMOVING THE HIGHWAY TRUST FUND, AVIATION TRUST FUND, INLAND WATERWAYS TRUST FUND, AND HARBOR MAINTENANCE TRUST FUND FROM THE GENERAL FUND FEDERAL BUDGET.
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, currently a thirty-three billion dollar cash balance, including eighteen and one-half billion dollars in unobligated funds, 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, every time a motorist puts gas in the tank or a traveler buys an airline ticket, user fees are paid into the Highway and Aviation Trust Funds and Congress imposed these fees and other taxes with the assurance to the public that they would be spent on infrastructure improvements; and
Whereas, economists agree that investment in infrastructure helps productivity, creates jobs, and is essential for economic growth, and infrastructure spending is the 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", will remove these trust funds from the general fund budget and by doing so restore integrity to the trust funds which are user financed, self-supporting, and directed at specific needs, and also restore integrity to the general fund budget whose real deficits are currently masked by these trust funds. Now therefore,
Be it resolved by the Senate:
That the Congress of the United States is memorialized to enact H.R. 842, the Truth in Budgeting Act, removing the Highway Trust Fund, Aviation Trust Fund, Inland Waterways Trust Fund, and Harbor Maintenance Trust Fund from the general fund federal budget.
Be it further resolved that a copy of this resolution be forwarded to the Speaker of the United States House of Representatives, President of the United States Senate, and each member of South Carolina's congressional delegation.