host: jim mcintyre?uest: in washington, you have two treasures from two of the six states that have no personal income tax. for most states, that is the largest revenue stream. we get about half of our revenue from the general fund in washington and from retail sales tax and we get another large tax source from the gross proceeds tax which is about 20%. those are the major sources. some comes from property taxes. host: how much do you get from federal government? guest: in tennessee, 40% of our overall expenditures are from federal funds. that comes in a lot of different forms, federal highway money transportation medicaid, the 10 care program in tennessee is our version of medicare. guest: i think that percentage is lower. it is significant. host: ted, raymond, new hampshire, and independent collar. caller: my question to the gentleman is, they hold the bonds for a lot of the buildings and construction of state schools and stuff. new england has had some of the worst weather in years and a lot of school

jim mcintyre guest:. good point. we have to do pay attention to this. we do not issue bonds -- pabon's for more than 25 years. under federal tax law, the projects have to last longer than our bond payments, so as a result, we do think we are matching the time period for this. in many cases, we are building large project and it is very difficult for us to be able to do those on the pay-go basis. i think both of us have urged our states to do more pay-as-you-go financing for capital projects, transportation . to save taxpayers money. we lowered our debt limit to push that. host: do you have to be a millionaire? guest: no, you do not. to binding is supposed bonds you do not have to be a millionaire. it depends on the practices of the particular state, many have a retail sales. -- retail sales period. we encourage retail purposes with our bonds and they are limited to 20 years. we are cutting that interest cost as opposed to a 30 year bond alike treasurer mcintyre was talking about. it is important to think about that. host: what is happening with the invis

host: david lillard, tennessee state treasurer, jim mcintyre, treasurer for washington state thank you for being here. now we will go to live coverage of the house. the house will be gaveling in for the prayer and pledge, and then they will recess until approximately 10:45 when the senate will be joined by the house with a joint meeting to hear from the afghan president ghani. thank you for watching and we will be back tomorrow morning. the speaker pro tempore: the house will be in order. the chair lays before the house a communication from the speaker. the clerk: the speaker's room washington, d.c. march 25 2015. i hereby appoint the honorable alexander x. mooney to act as speaker pro tempore on this day. signed, john a. boehner, speaker of the house of representatives. the speaker pro tempore: the prayer will be offered by the guest chaplain reverend tim crumpton of clevern county baptist church in arkansas. the chaplain: let's pray. dear heavenly father, thank you almighty god, for the promise in your holy word that says whoever believes in your only begotten son jesus christ has ev

host: jim mcintyre? guest: in washington, you have two treasures from two of the six states that have no personal income tax. for most states, that is the largest revenue stream. we get about half of our revenue from the general fund in washington and from retail sales tax and we get another large tax source from the gross proceeds tax which is about 20%. those are the major sources. some comes from property taxes. host: how much do you get from federal government? guest: in tennessee, 40% of our overall expenditures are from federal funds. that comes in a lot of different forms, federal highway money transportation medicaid, the 10 care program in tennessee is our version of medicare. guest: i think that percentage is lower. it is significant. host: ted, raymond, new hampshire, and independent collar. caller: my question to the gentleman is, they hold the bonds for a lot of the buildings and construction of state schools and stuff. new england has had some of the worst weather in years and a lot of scho