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<br />\ . <br />, <br />, - <br /> <br />z a :: '7 <br /> <br />You keep talking about ,111 of thrse costs being reimbursable. That <br />is not true, because you figure the interest lUlU JOU are gOlllg to have <br />to borrow this mouey at 5 percent, approximately that, for a period <br />of 50 )'ears. And the ta"payers all over the NatIOn are gonlg to <br />have to pay that interest. And yet when you begm to pay the mterest <br />back, you Hre only going to pay it back at 2.G32. SO there is a subsidy <br />in there ill addition to these nonreimbursable items. But the way I <br />think, a lot of those items are completely out of line. You are dlat"ging <br />ot\' first approxim'ltcly $18 million. That is one. Now if It IS for <br />flood control 01' other things that will benefit the people of the Nation, <br />that is one thing. But I think that is where you arc going to get into <br />trouble. You ollght to tell the people frankly, YOll ought to tell the <br />Congress frankly, that ill e\'er,}' one of these pI:ojects, there is a hidden <br />subsidy amount going to approximately the e.ntire cost of it when <br />you figure out the interest over n. periou of 50 years. <br />.And you know that, 1 know tha.t, we all know t.hat 2 and 2 makes <br />4-. It does not down ill your Depart.ment and it does not in GU\'ern- <br />ment. But, actually, that. is what is happening. We are continuing <br />to bOl'l.o\.... mone.y to Luihl t.hese projects a.nd why do you not return <br />to the taxpayers the amonnt of money that they have to pay for! <br />I do not see why my people in Florida should not be frankly told <br />uIl of these things so they can make up their minds if they want to <br />support reclnmutlOlI awl irrigat.ion and I think if you did, they would <br />come along with you. But the constant misleading: of the American <br />people that all of t.hese t.hings are reimbursable, you are going to get <br />your money back in 50 .rears~you know it. is not true, I know it. is <br />not true. <br />And if your DepaJ't,ITIE'.nt figures it that way, you just do not know <br />your arit.hmetic. <br />Mr. ASPINALL. If the gentleman will yield to me, there are two <br />sides of t.his coin. ~ly colleague has developments going on in his <br />State that get mane,)' on short-t.erm loans. Those moneys are drawing <br />the rate of interest he ::iugg-ests. Thi~ is on a Jong~term loan. It so <br />happens those of uS who loan Oul' money to Uncle Sam on long-term <br />loans sueh as purchase of E-bonds, we do not get any 5 pereent and <br />my colleap:ue knows thnt. This is not short-term mone)'. I do not <br />want to take the time here this morning, because. my colleague and I <br />will go into this when we get to writing up the bill. But t.here is " <br />di ffeJ'ellce find my colleagne~s area is just. the sa.me :IS the area which <br />will be served by this projeet in that it does reeei\"e eertain slIbsidies <br />throug-h the use of Government money. <br />If )70U are talking about short-tenn loa.ns, my colleague is COl"l''8Ct. <br />If YOIl Hre tHlking abollt long-term loans-there will be a mHrket for <br />th€:,;;e loans, :MI'. pJl,lmer-these long-term loans t.hev are figuring on. <br />It may ,'ary back and forti.' over the 50-year period. It may be 3.2 <br />noW Rllrl 5 years.from now It may be 2.2. But as far as Uncle Sam's <br />posit.ion is cOlllJ,erned on interest'in these project..':l, the subsidy is not <br />on t.hese mte, 'nil del' the 'Vater Facilities Act at all; the subsidy is <br />on the interest.- free m.onev. <br />It is nIl right for my cnJIen'u4e, to bring up this question so we have <br />it. nil Ollt in front of liS. But fh~')"edamation West is not t.he donee of <br />all of the henefits from Government spending by any means. <br /> <br />FRYING PAN-ARKANSAS PROJECT, COLORADO <br /> <br />45 <br /> <br />1~f)7B"":-Gl--4 <br /> <br />'y. <br />