The second of Congressman Tom Reed’s amendments to HR 1, the Continuing Resolution to pay for government operations beyond March 4, has passed on a bipartisan vote of 239-186. The amendment defunds the Presidio Trust Fund to save $23 million for taxpayers. The Presidio Trust Fund was created in 1996 to establish a fund for the Presidio National Park, a former military compound in San Francisco.
“All areas must be brought under scrutiny as we face one of the most dire fiscal situations in our nation’s history,” Reed said. “Whether it is $1 or $1 billion, we must take a hard look at all government spending to see what can be eliminated. The Presidio Trust fund is such a program.”
“The original idea was for Congress to oversee the Presidio Trust fund while it transitioned to a self-sufficient entity,” remarked Reed as he introduced the amendment on the House floor. “It is high time that this fund uses the private capital raised to fund itself – the government does not need to subsidize development when private funds are already doing it at the Presidio. We cannot afford duplicative special trust funds.”
Combined with the successful Reed amendment defunding the Tijuana, Mexico sewer project, Reed’s first two amendments will save American taxpayers $33 million.