Eliminating Taxpaper Financing of Presidential Elections

Floor Speech

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Mr. PETERS. Mr. Chairman, there is a strong bipartisan agreement that the long-term health of our economy necessitates confronting persistent budget deficits and the growing national debt.

Democrats and Republicans were able to work together to create balanced budgets in the 1990s and a similar attempt is needed now.

While I appreciate the efforts of the Republican leadership to put forward a specific budget cut, I have serious concerns with eliminating the public campaign financing system. However, if the House is going to vote on this, we owe it to the American people to ensure that the funds are actually used for deficit reduction and not for additional spending.

When I was reading the text of this legislation, I was surprised to find that the bill does not make specific provisions for using the remaining money in the Presidential Election Campaign Fund to reduce the deficit. This is why I am putting forward my amendment that will ensure that the $194 million in tax dollars currently sitting in the Presidential Election Campaign Fund will be used to reduce the deficit should this legislation become law.

As introduced, H.R. 359 would transfer this money to the Treasury's general fund where it could be dedicated to new spending or lent to government trust funds. My amendment would simply specify that upon transfer to the Treasury, these funds are to be used only, to be used only, for reducing the deficit.

This is about sending a message to taxpayers. If we are going to put deficit reduction in a bill's title, then we should make sure the deficit reduction is in the statutory language as well.

It is a matter of fact that the bill, as introduced, simply returns the $194 million in the Presidential Election Campaign Fund to the Treasury's general fund and it is from this fund that most expenditures are made, as well as loans to a number of government trust funds. If we are going to pass a bill to reduce the deficit, let's make sure it actually does that.

It is not uncommon or unprecedented to specify funds being returned to the Treasury to be used for deficit reduction. In fact, I am proud to be a bipartisan cosponsor of two Republican bills introduced this session, one by my colleague from Michigan, Chairman Camp, and Representative Gingrey, that would codify the requirements that unspent funds from the Members' representational allowances be used specifically for deficit reduction.

This amendment basically uses the same language as in both of those bills by Mr. Camp and Mr. Gingrey. If Congress is going to send a message to taxpayers that cutting spending is a top priority, then let's make sure those recovered funds are actually used to reduce the deficit.

My amendment is a commonsense change that ensures that the stated purpose of this bill, deficit reduction, will actually be carried out.

I yield back the balance of my time.

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