Without the collection of these revenues, the uncommitted balance of the airport and airway trust fund is quickly being depleted. In fact, it is running dry at a rate of $175 per second --more than $15 million every day. Yesterday, officials at the Department of the Treasury announced that if no action is taken to reimpose these taxes, the trust fund could be insolvent as early as March.

For this reason, I am pleased to join my colleagues, Senators McCain, Hollings, and Ford, in sponsoring the Airport and Airway Trust Fund Taxes Short Term Reinstatement Act. This legislation will extend the existing system of aviation excise taxes through September 29, 1997, and give Internal Revenue Service authority to transfer previously collected aviation excise taxes into the airport and airway trust fund.

The numerous aviation tragedies in 1996 have, I believe, lowered the public's confidence in the safety of the U.S. aviation system. While our system continues to be the safest aviation system in the world, Congress owes it to the American people to consider this legislation as quickly as possible to ensure aviation safety, security, and capital investment are not jeopardized in any manner.