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economic impact of the treaties. The facts simply are not available. Consider the following problems:
 A study by American Management Systems, consultant to the corrmittee, concludes that the two major systems of methodology for projecting traffic and revenues are inadequate and based upon guesswork, resulting in wide disparities in the extant professional projections.
 A study commissioned by the Department of State and the Panama Canal Company by International Research Associates-a study which was supposed to be definitive-was strongly criticized by the president of the Panama Canal Company for being overly optimistic on its projections of revenues from North Slope oil. The study is not yet available to Congress.
 The implementing legislation establishing the structure of the Panama Canal Commission, its accounting practices, and the range of labor benefits was promised for last October, but is still being withheld from Congress.
 Basic financial issues yet remain to be negotiated with Panamaissues involving millions of dollars annually-and Governor Parfitt and other witnesses testified that the United States and Panamanian positions stand at opposite poles.
 Millions of dollars of costs associated with implementation of the treaties do not appear in the Panama Canal Company budget or the projected Commission budgets because these costs will be transferred to other accounts as yet unselected-for example educational facilities may be transferred to the Department of Defense budget, and then again they may not.
 Panama Canal Company projections are based upon unrealistic inflation assumption-for example 5 per annum as against actual 6.7 percent today-and upon the forgoing of interest to the U.S. Treasury and of4 agreed-upon payments to Panama out of "surplus"
 The Comptroller General of the United States estimated that deficits the first year could range from $37 million to $79 million, depending upon which set of assumptions as to accounting practices is used.
 The Panama Canal Commission will lose 58 percent of the land available to the present company for operating the canal, 43 percent of its present U.S. employees, 52 percent of its present Panamanian employees, and 69 percent of its nontoll revenues-35.6 percent of all revenues. Although some of these employees may transfer to other United States or Panamanian entities. there is considerable doubt that present. pay rates and job benefits will be preserved.
 There is agreement on one thing, however; the American taxpayers will be paying billions of dollars in appropriated funds for the luxury of giving the canal to Panama. Although the language of the treaties suggests that payments will be paid to Panama out of tolls and other income by the Panama Canal Commission, the fact is that the Commission ought to be a U.S. Government corporation. if legal precedent is followed. As such, the Commission can pay no revenues to Panama; they will be paid into the U.S. Treasury-ais the Panama Canal Company does at present-where they become funds belonging to the U.S. taxpayer.
 According to the U.S. Constitution. no money shall be drawn from thep U.S. Treasury but in consequence of appropriations mad,(e by law.