total outlays are $49 billion. rounds to 50 billion for 2013. >> how does that compare to what we spent this year? >> current spending for -- $89 billion in budget authority, and $92.7 billion in outlays. >> 92 billion this year in outlays. 89 billion budget authority. you would take that down to 57 billion in authority, and about 50 billion in outlay? >> yes, sir. >> thank you. >> thank you. this is one of the areas of the budget that we were confused about so i want to make sure i understand it. so, your budget presumes that compared to the level of transportation funding in this fiscal year, in outlays, you will reduce that by 40, $50 billion in the next fiscal year. is that correct? >> yes, sir. >> have you done any analysis on what impact that would have on projects that are on going? >> the trust fund has a -- right now expenditures are well above revenues. it's going to go bankrupt in fiscal year 2013 if congress doesn't take action, it's going to start having to make dramatic reductions under current law to

and $92.7 billion in outlays. >> okay. $92 billion this year in outlays. $89 billion budget authority. you would talk that done to $57 bin authority. and about $50 billion in outlay. >> correct, yes, sir. >> thank you. >> thank you. >> this is one of the areas in the budget we werei want to makd it. so, your budget presumes, compared the level of transportation funding in this fiscal year, outlays, you will reduce that by whatever, $40 billion, $50 bill fiscal year is that correct? >> yes, sir. >> have you done any ys that wo on -- projects that are -- ongoing? >> the trust fund has a -- is right now, expenditures are well above revenues. bankrupt in fiscal year 2013. if congress doesn't take action, it's going to start having to make dramatic reductions under current law to rebalance, bring spending down in line with revenues. so as i mentioned before. the chairman's mark has a policy to donis, one is a reserve fund that allows if congress findsti that can be used to increase, to avoid reductions from occurring. >> just so i understand. your budget changes will not occur. is that rig

specifically it talks about on page nine at this time cdo cannot estimate the effects for federal outlays on medicaid or the quality of care. nevertheless with significant efficiency gains the magnitude of the reduction relative means that states would need to increase spending on the programs. at the end of the day forgive me if i don't trust the governors. the governor of my state -- >> time has expired. >> i yield back. >> the question to the amendment offered from florida. all those in favor say aye. record the vote is requested. the clerk will call the roll. >> mr. garret, no. mr. simpson, no. mr. campbell, no. mr. calvert, no. mr. aiken, no. mr. cole, no. mr. price, no. mr. mcclintock, no. mr. stetsman, no. mr. langford, no. ms. black, no. mr. ribbal, no. mr. florous, no. mr. mulvaney, no. mr. young, no. mr. amish, no. mr. o ketoa, no. mr. ghenta, no. mr. woodal, no. mr. van hallen, aye. ms. schwartz, aye. mr. dogt, aye. ms. mcculm, aye. mr. yarmouth, aye. mr. pascarel. aye. mr. honda, aye. mr. ryan of ohio, aye. mr. schultz, aye. ms. moor, aye. ms. caster, aye. ms. bass, aye. mr. c

you look at the amendment as it is before you would help cover the gap that we've got in terms of outlays in the next fiscal year and it would continue for 2014 and 2015. it would help get us through deficit.ruly a crisis and not i suggest that failure to this gives us a choice because it if we don't do this, it's going to be like the alternative minimum tax. when push comes to shove, we blink. because we're i hope, going to down construction activities in thisnt obligation but we will be doing it adding to the deficit. adding to the deficit. this is a way to do it n them t certainty that they need, people who are relying on us, who largely small -- almost all of this is contracted out, the businesses, and it supports family wage . anything, too conservative. the $50 billion here with a conservative multiper family wa over the next couple of years. i would strongly urge my colleagues look at this amendment. i hope you'll support it >> the time for the gentleman has expired. i recognize mr. langford for 0 ten minutes. recognize myself for the first three minutes. we do understand full well

>> $89 billion in budget authority and $92.70 billion in outlays. >> ok. $92 billion this year in outlays9 billion in budget authority. we would take that down to $57 billion in a 40 and about $50 billion in outlay? >> correct, sir. >> thank you. [unintelligible] >> this is the budget we were confused about. i want to make sure we understand it. your budget presumes that compared to the level of transportation funding this fiscal year outlays, you will reduce that by $40 billion-$50 billion in the next fiscal year. is that correct? >> yes, sir. >> have you done any analysis on what impact that would have on projects that are ongoing? >> the trust fund has -- right now, its expenditures are well above revenue. it will go bankrupt in the fiscal year 2013 if congress does not take action. it will have to make dramatic reductions under current law to rebalance and bring spending down in line with revenue. there is a policy to deal with that. one is a reserve fund where if congress finds additional savings elsewhere, that can be used to avoid these reductions from occurring. >> just to underst

working met elaine, we estimate that the capital outlay for the project would be approximately six planform million dollars. that covers the capital cost, and debt service reserve, and a p the long-term debt solution is some months off. mayor lee and supervisor: have introduced a supplemental appropriation ordinance that the board of supervisors that would reappropriate some money from the back land project, part of the 2010 revenue bonds project. it has been designed. it is ready to go to construction this summer. the proposal here would be to borrow funds on a temporary basis from th p

>> the initial outlay was just 20 cents, but the return was massive.hey still gamble in the village pub, but they are no longer waiting for that big win. every single one of them has a list 100,000 euros to their name. some are even billionaires', but the mood is distinctly modest. >> now i have to pay the barman. he never lets me off. >> he is just catching his winnings to pay for these coffees. >> he tells us what happened on december 22, the day they became millions of euros richer. >> we drank a lot that day. there was a lot of celebration. tv broadcasters, interviews. it was crazy, crazy day. >> spain's national lottery is a television extravaganza. schoolchildren single out the winning numbers. in spain, lottery players buy shares in number. all the shares in the winning number in christmas lottery were bought in and around this village. the champagne flowed for days. spain's credit rating dropped two grades, but the party continued. the rural tranquillity has since returned, and people are now showing more restraint. they are not keen on being a

working met elaine, we estimate that the capital outlay for the project would be approximately six planform million dollars. that covers the capital cost, and debt service reserve, and a p the long-term debt solution is some months off. mayor lee and supervisor: have introduced a supplemental appropriation ordinance that the board of supervisors that would reappropriate some money from the back land project, part of the 2010 revenue bonds project. it has been designed. it is ready to go to construction this summer. the proposal here would be to borrow funds on a temporary basis from that project until the long-term debt proceeds are available. elaine has been working with the controller's office to fashion that proposal, which would be certificates of participation. the real advantage to that, while it would be repaid by harbor funds, the city has an excellent credit, and an issuance will result in very low projected interest rates on the project. $780,000 a year is what we estimate. based on the four cents per kilowatt hour, we estimate an 8.3 -- $8.3 million revenue source. we think suppo

billion this year in outlay. 89 billion-dollar budget authority. you would take that down to $57 billion in authority and about $50 billion in outlay? >> correct, sir. >> thank you. >> thank you it is the budget we were confused about so i just wanted to make sure i understand it. so, your budget for sam's that compare to the level of transportation funding in this fiscal year in outlays, you will reduce that by 40 or $50 billion in the next fiscal year, is that correct? is going to start having to make dramatic reductions under current law to rebalance bring spending down in line with revenue before the chairman's mark has a policy to deal with that. one of the resume funds allows congress to find additional savings elsewhere that can be used to avoid these reductions from occurring. >> just so i understand your budget presumes that those changes will not occur, right? is that right? >> the levels reflect current law, but the budget resolution policies are to provide a new source of revenue by virtue of oil and gas exploration. it will take time b

we estimate -- these estimates are based on taxable debt of $6.3 million capital outlay, based on theion. we have a debt service reserve of just over $600,000, and a very low $50,000 cost of issuance, because we are proposing to combine the debt issuance with the debt required for the cruise terminal project. the long-term financing would probably be certificates of participation. we paid by port harbor funds. we are estimating that over the 10-year timeframe of financing that we would recover at least 75% of the project costs through the sfpuc contribution to the project and the 4¢ per kilowatt hour equip in charge. >supervisor avalos: just a question related to the electricity charges, there is a story in the business section today about the ferry building. it looks like pg&e could be -- i think it is suing the city, because that of their rates that we have for tenants at the ferry building. i wonder if this controversy would apply to our cruise ships and our ships at drydock and repair. is this an incidence that is particular to the ferry building and their electrical themselves? >

we're looking at a national defense outlays that are roughly 25% above where they were in the late 1980s, when the soviet union was still around. 70% above where they were as recentry as the late 1990s. i hear-if i can go to the second slide. >> this is 126789. >> that's slide number 4. i i'm. >> that was a different power point we did this morning. >> even with the 487 which you gentlemen are looking at. the sequester, which mr. secretary you have described variously ---it's a 9% cut, but it's a 9% cut off off a number that's increased 70% since the year 2000. why is it so hard? i want to accomplish the same things you want to accomplish, but why is it so hard to cut 9% from a budget that's up over 30% from last year. >> we have never cut the defense budget by half a trillion dollars, so inns a very significant cut that the congress gave us to reduce the defense budget by. and to do it at a time when we're facing the threats that we're facing in the world, i think that has to be taken into consideration. if you continue to come back at defense and continue to cut it, the margin of error

$30 billion in new transportation user goi to with the already allocated item, the new mandatory outlays, plus the once suspending in water and aviation. i str either do this, or i guarantee you we'll do it adding to the deficit next year. >> time has expired. >> the question is now agreeing to the amendment offered by the member from oregon. all if favor say aye. noes have it. record of vote is requested. the clerk will call the role. mr. garret, no. mr. simpson. mr. simpson, no. mr. campbell. mr. calvert, no. mr. lankford, no. miss black, no. mr. flores, no. mr. mulvaney, no. mr. young. mr. young, no. mr. mosh. mr. mosh, no. mr. unta, no. mr. aiken. mr. aiken, no. mr. hollen. mr. van hollen, aye. miss schwartz, aye. miss captor, aye. mrs. mccollum, aye. mr.aye. mr. honda -- aye. mrs. wasserman-schultz. >> aye. mr. caster, aye. aye.chuler. mr. campbell. no. >> mr. campbell, no. mr. chairman. >> no. >> mr. chairman, no. miss bass. miss bass, aye. >> any other members looking to vote or to change their vote? if not, the clerk shall report. >> mr. chairman on that vote, the ayes are 16. th

. >> whenever you outlay an option trade to know your risk and getting into that trade. when you talk about las vegas sands, it trades at beta. if you see 5% or so, you may see las vegas sands fall 15% or more. i wanted to find that risk. what i want to do is play to the upside. play to the $65 target and use the money i'm collecting to buy a june 60, 65 call spread with that. between the structure, you collect about 10 cents on this trade. if the stock is around this level, i collect 10 cents here. from 60 to 65, i have the potential of making $5 on the call spread. the risk here is the stock falls below 46, you would be obligated to purchase that stock. you have to be prepared for that. i like this risk reward profile here to still play to the upside. >> dan, we just had a conversation how nike could be poised to move lower because of challenging international growth. if you're a believer that china is saying we are going to be in a slowdown, can you also be a believer in the fundamental thesis for las vegas sands? >> that's a great question. when you saw earlier in th

all the volatility between 9 and 10, you can forget about that because all you're outlaying 15 cents. earnings coming up in mid-april so you get a chance to play into that. that's why i went out all the way to may to have a chance to play on that earnings front. >> would bank of america be the stock that you put this sort of trade on? >> yeah, i think it is. here is one of the things about this, it looks like it's very tight but notice, of course, that it's still 7% -- actually a little bit more down to that lower strike. it seems like they're only $1 apart. in percentage terms that's a notable discount. instead of buying a stock, it gives you an opportunity to trade around what happens in the market. if the market does rally, you'll probably have an opportunity to potentially sell an upside call, buy that downside put back and be locked into a trade for no money that gives you upside with limited downside. >> i think the key here is that brian says that he wants to buy bank of america if it gets down to 9 bucks. this makes all the sense in the world and gets the option math in your f

the cbo estimates that by 2022, federal outlays for medicaid are expected to total 605 billion, more than twice the 2012 amount. obviously, many millions of new people would be covered by medicaid at that point, but it certainly is a pretty disastrous budget outlook. so as you know the president's budget forces about $60 billion of medicaid burden on states. and states already can't afford their medicaid programs. i know the problems we have in north carolina. as long as the administration doesn't allow the states more flexibility and insists on enrolling these millions of new medicaid recipients, how are we going to afford as a country double spending on the program in less than a decade and i don't see that the budget really addresses it this year. >> well, congresswoman, the affordable care act laid out a program as you say that in 2014 regardless of where an individual lives in the country the medicaid enrollment eligibility will be identical so that individuals up to 133% of poverty will qualify for medicaid, those up to 400% will qualify for tax credits in the exchange program.

to historic levels, under 20%, and ensures that we see the closing of the gap of expenses versus outlays. our budget does i think three things. number one, we can get to balance as quickly as four to six years, depending on certain market indicators and economic policies if they're put in place. secondly, we reduce our short-term deficit by several hundred billion dollars and continue to ensure declines. and finally, we ensure that this model occurs with a reform of the tax code. we hear when we go home every week that we want simplicity, we want fairness, we want competitiveness. on the individual side, we reduce the brackets from 6 to 2, 10 and 25%. we also eliminate the something that is blatantly unfair to americans across the nation. on the corporate side, we ensure competitiveness with the rest of the world. we reduce the rate down to 25%. and we shift to a territorial system. something i believe has bipartisan support in this committee and wind the congress. we need to act now to ensure that our country a long-term economic crisis. and i think we go a long way in this budget propo

address, and as a mart of arithmetic it is true that over time the increasing share of the total outlay will go with medicare, medicaid and other health-related programs. it's very important to address that. on page 7 of your testimony you say the employment is largely determined by non-monetary factors. in my remaining time i want to pursue this theme. i certainly agree with the assessment, but i question after three years in the most highly accommodative monetary policy i believe in the history of our nation, the recent announcement that we will continue this policy for two more years. i mean, i note according to your own statistics, public companies are 2.1 trillion in excess liquid wit and banks have a trilian xaf of excess liquidity, which suggests that perhaps monetary policy is not the challenge that we have today. recently the dallas fed president, richard fisher, made me aware of a harvard business study showing the greatest impediments to job creation to be taxation, red tape and uncertainty. a recent gallup poll of small businesses show that ruffly half believe that health ca

there may be some differences with respect to extension of tax relief with regard to outlays, but overall, our net revenue number relative to the -- to the current law baseline is a $4.4 trillion reduction relative to the current law baseline, and there's no change relative to how we construct a current policy baseline. we provide the additional information that we posted on our website that shows how we crosswalked the current policy baseline. >> all right. mr. chairman, with your agreement, i freed need to purss with the understanding if the information on the website doesn't result is a satisfactory answer, to what is really a technical question that we would be provided additional -- >> there's another potential, john points out to me -- sometimes in the past the current policy baseline is dealt with the upper income level, differently. we assumed as does o & b, the permanent extension of all tax relief but will go ahead and follow-up with your staff and see if in terms of, if they have questions on the exact assumption, but we assume permanent extension of all 2001, 2003 and again on

. >>> schools are sending outlay off notices as the deadline gets closer. to handout several notices trying to beat that deadline. the school district could lose more employees and more jobs could be lost if they failed to do the proposed tax increase. san francisco school district has already issued more than 500 layoff notices. >>> an important public piece of art is becoming the target, it is an incredible piece of art. it was only unveiled in september but it has already been defaced several times. the final piece is not expected to be installed until later this year and it will feature a piece of steel from the world trade center already a remarkable piece of artwork. >> and you would think graffiti artists haven't lists would leave -- vandals would leave that alone. is the fire affecting traffic? >> yes, it is in the south campus area. let's go to news chopper 2, i want to show you these pictures we have on berkeley and dwight way. so pam to answer your question, a lot of people use dwight way to get to this area of the south campus. this is three or

for this big outlay that you are claiming. first, can i ask you this?earth friendly about using electricia electrico charge a car? half comes from coal anyway. >> bob: we're years away from a battery to work and make it run. all of these thanks take a while. right now it takes coal burning in the air to get the batteries to be charged, right? you can almosting that is a coal car. that's one of the arguments against it. i agree with it. all the things take time. there will come a day in the not too distant future every car is powered partially by electricity. >> greg: i have a solution to make volt a success. if you buy a volt, $48,000, you get a clunker with it. remember cash for clunkers? so they have cars that are still around that actually work. they're better than the volt. >> dana: but you can't go in the hov lane in clunker. >> greg: that is true. tow the volt, which is basically a government funded arts and crafts project. >> bob: do you own a car? >> greg: yeah. i own two cars. they're in pennsylvania. >> kimberly: i had one that worked well. bu

what they did is weighed the purchase price, depreciation, insurance costs and, of course, outlays foresults might surprise you. the most affordable compact car aquia sole. midsized hyundai sonata. suv hang on to your hats, gang, a ford expedition, most affordable. and a luxury an audi a-5. now, for more on low cost cars amid rising gas prices, go to moneywatch.com. we have the complete list. there are some surprises. >> jim we are talking about how people are filling up most in the west these highs costs of gas in the northeast. is that because there are so many more options? >> reporter: we have more robust public transportation system. if you ask the average new yorker you say when is the last time you drove? maybe a week or two ago. so we're little more immune to it. in the northeast there's a lot more people using heating oil which jumped in price. >> how much is a gallon of gas in new york right now per se? >> in the city, it's about i think 3.80 for premium. >> oh, man. >> i mean for -- sorry for regular. then for premium it's over 4, 4.11 or so. >> could you send us some gas, j

the major telco companies are stalling and delaying their big capital outlays. could ciena give us the turn we've been waiting for? keep your hands in your pockets. in addition to earnings honeywell is holding its investor conference call. you believe it will reiterate its targets and give you a rebirth in commercial construction. and that's what we need to hear. that is what could propel this stock. through the $60 retaining wall. if we keep drifting down in today's fashion for the first couple of days, listen up. you might want to buy some honeywell going into the meeting. thursday we hear from one of -- this is one of these ones that i just -- i can't get it off my radar screen. i like it so much. it's called ulta salons. we've talked about it. u-l-t-a. this fast grower has been a total home run. we got behind it in october. it's up 29.8% since then. this beauty retailer has been putting up new stores left and right. you know we like growth. while still managing to deliver double-digit, same-store sales for six straight quarters. the stores are doing better y

the pending measure, s. 1831 as amended, will exceed the aggregate level of budget authority and outlays for the fiscal year 2012 as set out in the most recent budget resolution deemed by the budget control act of 2011. therefore, i raise a point of order under section 311-a-2-a of the congressional budget act of 1974. ms. er: madam president. the presiding officer: the senator from california. mrs. boxer: with great respect for my friend and i appreciate his opinion on this, this bill is paid for. it's paid for through the highway trust fund and it is paid for through bipartisan work in the finance committee, who worked overtime to come up with a plan to ensure that this trust fund has enough in it to support the work we need to do to fix our bridges and our highways and to support 1.8 million jobs, more than 11,000 businesses out there, as well as the real possibility of creating an additional million jobs with an enhanced program we called tifia, which leverages federal funds. so, madam president, with due respect but pursuant to section 904 of the congressional budget act of 197, the

there is no such horror among i agree piss-off left greece allow the public debt and its outlays to soar in relation to tax revenue. the moral to be drawn is spend what you like but pay your bills on time. a press report tells us ordinary citizens of greece did not know of the now scandalous under reporting of the under taxation. the report say that the crisis results from the unpreparedness of the country to determine how the cost ought to be share and benefits adjusted. tax increase or rollback of civil service pay. everybody is that loggerhead. the moral of the story is do not keep the truth from the public. we need openness transparency. nothing to do with the welfare state or pay for civil servants. both lead us to believe a country that indulges in deficit spending and unfunded entitlements come as those other claims on future tax revenue, it would be fine again. was sick cats it under control even if it suffers a sharp recession resulting from the increases of tax rates are cutbacks that have to take place that is open to a fall and fast recovery. a hollywood happy ending. hi enti

[laughter] greece allowed its public debt and its public outlays to soar in relation to tax revenue.so the correct moral should be drawn here is, spend what you like but pay your bills on time. now, press reports tell us that ordinary citizens in greece did not know of the now scandalous underreporting of the undertaxation. the reports say that the crisis result or the implies that the crisis results from the unpreparedness of the country to determine how the costs ought to be shared, and the benefits adjusted your tax increases or rollbacks of civil service pay, or some givebacks intentions for a while. what, everybody longer has. but i think the correct moral of this story is, do not keep the truth from the public. we need openness, transparency. because nothing you do with the signs for the welfare state or pay for civil servants. both views lead us to believe that a country that indulges relying -- for a long time and unfunded entitlement, you know, those things that are claims on future tax revenues, that after indulging in those things where longtime, the country will be fine a

together those -- that outlay rather costs 45 billion or as apple might think of it pretty much lunch money. the maker of iphone, ipads and imacs has more than $97 billion cash on hand. >>> the land of lincoln is the battleground. mitt romney may still have puerto rico on his mind. over the weekend romney absolutely crushed rick santorum in the puerto rican primary. 83% to 8. campaigning this morning, springfield, illinois, at a diner there romney showed a bit of an appetite for victory. >> i need only one thing from you, number one, pancakes and number two, i need you to go vote tomorrow. i need you to -- as we used to say massachusetts, vote early and vote often. that happens to be a chicago line, as well. >> 54 delegates are at stake in the primary. >>> the shortest month of the year was huge for president obama. his re-election team says it raised more than $45 million in february. almost all of it in donations of $250 or less. the average was $59 per donor. that brings team obama's total to more than $300 million since fund-raising kicked off last april. >>> what you're seeing he

it's a big part of outlays for u.s. consumers. it matter.t pnc. >>> when we come back, new numbers on how the airlines are treating you. >>> and we have gordon bethune when we come back. we're back in two minutes. used to be we socked money away and expected it to grow. then the world changed... and the common sense of retirement planning became anything but common. fortunately, td ameritrade's investment consultants can help you build a plan that fits your life. take control by opening a new account or rolling over an old 401(k) today, and we'll throw in up to $600. how's that for common sense? ♪ i want to get away >>> the dow might be hovering awfully close in the flat line. look at bank of america. today, for the first time in a long time, has a nine handle. up almost 3%. that is above the 50-day moving average after the stress test left it considered more one of the winners than the losers. >>> time for "squawk on the beat." who has the most delays of the airlines and ho is most likely to lose your bags? phil lebeau is live in chicago. >

were spending represents four% -- of the total government outlays in the last 10 years.bers because it is essential that washington engages in fax based -- fact- based budgeting. we will have to experience reductions in all areas, including defense. i know you are working on that now and that is important for you. these decisions should be guided by an honest assessment of facts and the fact is, the only thing the president seems willing to cut significantly is defense. the rest of the budget will continue to surge out of control. by the year 2013, nearly every penny of revenue the government receives will go to the entitlement and interest payments. leaving no money outstanding for defense education, highway and other matters. we should chart a different course, control the growth of government, and in power the public sector to maintain a strong cost effective national defense. if we do this, we will create growth, good paying jobs, reduce health care and energy costs, and pass a better future to our children. thank you gentlemen for your service to your country and i

office who does these projections is forecasting that what we are bringing in will not cover the outlays for ongoing projects so the reimbursements to states for the work that is being done. host: also talk a little about how the stimulus played into this program and as i understand it sort of floated it along. guest: it did. there was about a little over 40 billion that went towards transportation from the stimulus. 27.4 billion of that was for highways and bridges and it entered the system just like normal federal funds so that money was obligated and paid out to states over -- and those projects lasted for several years and it really helped support the transportation construction market. unfortunately, we had a pullback at the state time because of the recession -- statement for some of the state and local money for their own projects that were going on. so it helped. host: let's go to warner on the democratic line in louisville, kentucky. good morning. caller: it seems like the entire government needs more money. but it seems like one side the republicans want to hold the money back

political risk during an election year, republicans continue to offer proposals to cut future medicare outlays, that's this dramatic rise we see in medicare spending. it's not a rise associated with quality of care. it's not a rise that is associated with whether or not people get the services they need. it's a rise that is associated with an out-of-control that has no consumer involvement at all, absolutely no competition at all or free market involvement at all. and it's going broke. we have a proposal to fix it. what is our proposal? i didn't just bring our proposal, i brought our proposal and i want to compare it to the president's approach. there are two things we need to talk about when we talk about changes to medicare, mr. speaker, and you know this better than most. there are changes in the medicare program that save it for future generations and then there are changes to the medicare program that destabilize today's seniors. big difference in those two things. i'm in my 40's mr. speaker. my uncle sam has to come to me today and say rob, i know you have been paying your medicare taxes

. >> it's funny, we did get personal income and outlays from pen to january.e was down rather sharply to 3.7%, i believe. from what had been 4.3% the month prior. perhaps people dipping in to their savings to try to maintain at least where they stand right now. given still choppy economic -- >> for the economy that's quite good. that's what we need to engender to -- >> we want people to save more, but at the same time, we want them to spend money. >> paradox of thrift. >> i know you've also been focused on what's going on in spain. >> they've had a news conference in spain and they've come out, the figures look quite light. they're trying to save $27 billion. they have to half the deficit from last year from over 8% to just over 4%. but the scale, understand the scale of what they're announcing here. if proceed porti proportionately the cuts are the equivalent of president obama getting up and saying we will cut $775 billion now, not over ten years, now, throughout the u.s. system. it's a huge endeavor. they've just comefigures. they go to parliament on tuesda

this in a friendly way in the budget committee and i do agree, there are 6.5 billion more in actual outlay contracts, roads, bridges, transit projects that we are committed to than they would pay for. . it's sad that we reached this point. i hope the house rejects this rule that would allow mr. bishop to present the senate bill for an up or down vote. the republicans are afraid that actually there will be dozens of their members that will join us in a bipartisan vote. it's a pipe dream that somehow we're better off cutting the construction cycle in half, not allowing people to plan, that somehow we'll come together and merge the worst transportation bill in history that would overturn 21 years of transportation reform and the agreement of president reagan that we would dedicate money for transit, that we throw this out to the house bill that was so bad they wouldn't even have -- may i have another minute? mr. mcgovern: i yield the gentleman one minute. mr. blumenauer: they wouldn't even have a hearing on it. i served for a dozen years on the transportation committee. i've worked with the t

budget, according to the congressional budget office, would not be enough to fund the uncontrolable outlays, i.e., projects already under way by the states for which the federal government has contracted to reimburse at the end of the construction of these projects. his budget wouldn't even meet that number. and in terms of authorizing the bill, they decided for the first time in history to make this a partisan history. dwight david eisenhower, republican president, he came up with the idea of a national transportation network. ronald reagan put transit into the highway trust fund. they want to take out ronald reagan's step of putting transit in the highway trust fund as an interim step before they do away with the program altogether. that's pretty extraordinary stuff. their vision is that we will go back to this state of affairs in america. we cannot afford that. next week or the week after the highway funding -- temporary high waugh funding expires. the senate passed a bipartisan bill by overwhelming majority. the republican leadership has threatened their right-wing deaf lutionist, do aw