A terminating element is connected between the terminating ends of a transmission line pair. A switching mechanism coupled to the originating ends of the transmission line pair steers a constant current through the transmission line pair. In response to input control signals, the switching mechanism steers the constant current in a complementary fashion into one of the lines of the transmission lines pair to creates a differential output voltage across the terminating element. Controlling the differential voltage by manipulating current flow allows for acurate control over V.sub.OH and V.sub.OL levels. Since the terminating element is connected between terminating ends of the transmission line pair, nearly all of the constant current flowing the driver contributes to the differential output voltage, thereby reducing power undesirable power dissipation. Further, the alternating current flow through the transmission line pair creates a virtual ground at the center of the terminating element and thereby allows drivers in accordance with the present invention to obtain twice the output voltage swing of conventional transmission line drivers without requiring additional current. In this manner, a further reduction in power consumption is achieved.