The offset could be tricky to enact as is, however, because the increased contributions to the PBGC are already included in the pending highway bill, which was approved by the Senate but is now floundering in conference committee.
Moreover, the administration has been cool to the idea of using increased pension payments for anything other than deficit reduction.
In a statement provided to the Senate Finance Committee in February, Treasury Secretary Timothy Geithner told Sen. Mike Enzi (R-Wyo.) that the PBGC funds should not be used for purposes other than paying down the debt.
“The Administration proposes that the increases in PBGC premiums reduce the deficit and not be used for other purposes. As noted earlier, the increase would increase the PBGC’s capacity to meet its commitments without taxpayer funds,” Geithner said.
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