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Old 07-15-2014, 11:02 PM   #1
bimmerfan08
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Our country is screwed

We have politicians worrying about saving their own asses instead of what's best for the people. Pulling money from other funds and avenues to fund a fund that one would think would have enough funding in the budget. Can't imagine what happens long term and the implications this creates.

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House Passes Highway Bill as Deadline Looms

With an August deadline looming, the House voted Tuesday to temporarily patch over a multibillion-dollar pothole in federal highway and transit programs while ducking the issue of how to put them on a sound financial footing for the long term.

The action cobbles together $10.8 billion by using pension tax changes, customs fees and money from a fund to repair leaking underground fuel storage tanks to keep the federal Highway Trust Fund, which pays for transportation programs nationwide, solvent through May 2015. The vote was 367 to 55. A similar bill is pending in the Senate.

Without congressional action, the Transportation Department says that by the first week in August the fund will no longer have enough money to cover promised aid to states, and the government will begin to stretch out payments. Congress has kept the highway trust fund teetering on the edge of bankruptcy since 2008 through a series of temporary fixes because lawmakers have been unable to find a politically acceptable long-term funding plan.

The most obvious solution would be to raise the federal 18. 4 cents a gallon gasoline and 24.4 cents a gallon diesel tax, which haven't been increased in over 20 years. But lawmakers are reluctant to raise taxes in an election year - especially Republicans for whom a vote in favor of any tax increase could trigger a backlash from their party's base.

As a result, Congress has had to look elsewhere for transportation money while not increasing the federal deficit. The bill by Ways and Means Committee Chairman Dave Camp, R-Mich., relies on tax changes that are forecast to generate revenue over 10 years, but provide only enough money to keep the highway and transit programs going for another 10 months.

The largest chunk of the money, $6.4 billion, results from allowing employers to defer payments to their employee pension plans. Funding pension plans normally results in a tax savings for companies, and deferring those payments means they will pay more in taxes and increase federal revenue. But several lawmakers suggested the revenue from the pension changes is illusory.

"Come on, really, it's pretty phony stuff," said Rep. Peter DeFazio, D-Ore. "Let's get real about how we're going to fund our transportation" programs.

House Speaker John Boehner, R-Ohio, defended the bill while acknowledging its limits. "Listen, these are difficult decisions in difficult times in an election year," he said. "The long-term problem is still there and needs to be addressed."

President Barack Obama, touring a transportation research center in Virginia, said he supports the House and Senate bills to keep aid flowing to states, but wants more.

"All this does is set us up for the same crisis a few months from now. So Congress shouldn't pat itself on the back for averting disaster for a few months," he said. Earlier this year, Obama offered a $302 billion plan to increase transportation spending and keep programs going for another four years. The plan, which was paid for by closing business tax loopholes, was received coolly by Republicans.

Democrats and some Republicans complained that it won't be any easier under the GOP bill to reach a compromise on sustainable, long-term means to pay for programs by pushing off a decision until next year when the presidential campaign is heating up. Republicans, however, may be in a better position to shape a transportation bill to their liking next year if they re-take control of the Senate in this fall's midterm elections.

Republicans are divided over transportation policy. A significant minority of the party's more conservative House members want to slash federal gas and diesel taxes, dramatically scale back transportation aid and leave it to states to come up with the money to pay for roads, bridges, buses and trains.

The conservative Club for Growth and Heritage Action for America, which are influential with Tea Party Republicans, urged lawmakers to vote against the Camp bill. But as a sop to conservatives, House GOP leaders allowed an amendment by Rep. Tom Graves, R-Ga., that says Congress should "increase the authority and responsibility of the states" to fund and manage their transportation systems.

But Democrats said greater federal spending is needed to repair and replace the nation's aging infrastructure, meet the needs of a growing population and keep pace with other nations like China which are spending a greater share of their economies on transportation than the U.S.

States have been told to expect an average 28 percent reduction in aid if Congress doesn't act. The fund is expected to reach a zero balance by the end of August. Some states already have begun to delay or cancel construction projects due to the uncertainty of federal money.

The House defeated along party lines a motion by Rep. Earl Blumenauer, D-Ore., that would reduce the money in the bill to about $8 billion - just enough to pay for highway and transit aid through Dec. 31 - in the hope that another quick deadline would force Congress to come to an agreement on a long-term funding plan this year.
http://abcnews.go.com/Politics/wireS...looms-24561806
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Last edited by bimmerfan08; 07-15-2014 at 11:04 PM.
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Old 07-16-2014, 12:13 AM   #2
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The US govt borrowing from Peter to pay Paul so Paul can pay Luke who pays Peter.

If this kinda thing means our country is screwed....it's been screwed since at least the Nixon administration. OK it's "SUSFU", but, it's not new. Hell...it's barely news.
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Old 07-16-2014, 06:10 AM   #3
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Congress. Got to love them, all.....


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Old 07-16-2014, 06:25 AM   #4
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Yes we are screwed. Leave while you still can.
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Old 07-16-2014, 07:13 AM   #5
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Yes we are screwed. Leave while you still can.
It's cute that you said "We," like you live here or something
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Old 07-16-2014, 07:18 AM   #6
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It's cute that you said "We," like you live here or something
Does my residence make me any less American?
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Old 07-16-2014, 07:27 AM   #7
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Yes we are screwed. Leave while you still can.
People have been saying this for the past 50 years.
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Old 07-16-2014, 07:39 AM   #8
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People have been saying this for the past 50 years.
People have been saying this since the founding of the Fed. The problem is, financially we are reaching the end of the line.
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Old 07-16-2014, 07:46 AM   #9
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yep, this is the end, just like obamacare will be dead in 2014. what other doomsday predictions is the right making?
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Old 07-16-2014, 07:49 AM   #10
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yep, this is the end, just like obamacare will be dead in 2014. what other doomsday predictions is the right making?
We'll see. Time will tell.
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Old 07-16-2014, 08:37 AM   #11
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yep, this is the end, just like obamacare will be dead in 2014. what other doomsday predictions is the right making?
Well, we're still waiting on Jesus.
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Old 07-16-2014, 08:37 AM   #12
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Well, we're still waiting on Jesus.
any day now guys
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Old 07-16-2014, 09:53 AM   #13
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Yes we are screwed. Leave while you still can.
I'm glad you left, and will be even more pleased if you convince other people like you to leave.
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Old 07-16-2014, 11:44 AM   #14
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Originally Posted by Gatriel View Post
People have been saying this since the founding of the Fed. The problem is, financially we are reaching the end of the line.
Did you just come from a timewarp of the 70's, 80's, 90's, or 00's? We have been reaching that line since before the govt was founded. The line always exists.

Yes, eventually the USA will exist no more. Next week, next month, next century, next millienia. Everything ends. Your point would be?

Someday the sun will not rise. Only time will tell exactly when. But, eventually it will go supernova and no longer exist and hence no longer rise.
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