Inhofe Opening Statement at EPW Hearing Entitled, 'MAP-21 Reauthorization: The Economic Importance of Maintaining Federal Investments in Our Transportation Infrastructure.'
Thank you chairman Boxer. And thank you to our panelists for making the time to be here as well.
As we are all aware, CBO released their projections of the
As I see it, we have four choices moving forward: One, based on CBO estimates, if we don't find any new revenue in the trust fund, we are looking at a 90% cut in the program in less than 8 months, and some data actually has that figure at 100%. Two, we simply transfer more money from the general fund. Three, we raise revenue. And four, in the absence of answering the first 3 before MAP-21 expires, we once again rely on a series of short-term extensions to keep the program on life support.
Now as many of you have heard me say over the years, dramatic cuts to the Highway program is not something I am going to let happen. We've turned to the general fund in the past and though it should be a last resort, it is ultimately something we will have to return to without consensus on new long-term, sustainable revenue. Realistically, the General Fund is our only option in the short run as we're looking at a
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