Jim Bunning

Mr. BUNNING

Mr. BUNNING. Madam President, today I congratulate Ulus Johnson of Symsonia, KY on being named by the Benton Kiwanis Club this year's Grand Marshal of events for the annual Tater Day Parade. Mr. Johnson, who was with the Navy Seabees during WWII and served 28 months in the South Pacific, is believed to be the first non-Marshall Countian ever to be named Grand Marshal in he Parade's 159 years of existence. Like Mr. Johnson, Tater Day has survived the various twists and turns of history. During the 1950s and 1960s, many believed the parade was on the brink of being canceled. But with the help of friends, Ulus Johnson was able to revive the tradition of Tater Day for future generations. Tater Day has its origins on the first Monday in April because this day also happened to be County Court Day and a good time for farmers to gather from across Kentucky in Benton to stock up on supplies, including sweet potatoes, for the upcoming planting season. They could also visit with neighbors, swap horses, dogs, knives and more than a few quality stories and tales. Johnson vividly remembers pretending to be ill on this day as a young boy so that he could miss school and attend the events of Tater Day. For many years, Johnson even drove his stagecoach to the parade for the sake of tradition, but now this item stands in a glassed-in enclosure at the rear of his home, where school children often come to learn about modes of transportation from the past. Ulus Johnson has been a vital figure for the Tater Day Parade almost his entire life and will certainly do a great job carrying on its tradition and legacy. I once again congratulate Mr. Johnson for this honor and wish him and the rest of the participants a glorious Tater Day.

Mr. BUNNING

Mr. BUNNING. Mr. President, today I ask my fellow colleagues to join me in praising the entrepreneurial spirit of Mike ``Doc'' Howard of Lebanon, KY. Mr. Howard was recently named the Outstanding Businessperson of 2001 by the Lebanon/Marion County Chamber of Commerce for his progressive economic vision and innovative genius. Doc Howard received his first lesson in economics from his Uncle Howard when he was just 12 years of age. Doc was put to work by his uncle at the Arista Theater, Lebanon Drive-In, and local gas station, where he ran the projector, operated the grill, and pumped the gas. At a young age, Doc Howard seemed to firmly grasp the simple but often elusive concept of saving money in order to make money. This economic axiom has stuck with him ever since his days of flipping burgers and pumping gas. In the early 1970s, Howard, with the help of several business partners, opened a printing business and so began his career as an entrepreneur for Marion County. Since then, Doc has been fiscally involved in all of the following industries: entertainment, carpentry, real-estate, lumber, agriculture, produce, retail and restaurant. He has owned drive-ins, built houses, sold houses, owned grocery stores and delis, and even found time to become a farmer. Currently, Doc is attempting to build on his previous successes and bring even greater economic opportunities to the residents of Marion County. He recently bought the Lincoln Heritage Shopping Center, which now includes Sears, Dollar General, Central Kentucky Staffing, an Italian restaurant, a physical therapist, and a tobacco store. The people of Marion County will definitely benefit from these quality additions. Since the early 1970s, Doc Howard has diligently committed his efforts to making Lebanon/Marion County a more attractive place to do business. He deserves our praise for being a pillar of capitalism. I congratulate Mr. Howard on his award and thank him for investing his time and money into the future of Marion County.

Mr. BUNNING

Mr. BUNNING. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. BUNNING

Mr. BUNNING. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. BUNNING

Mr. BUNNING. Madam President, I proudly pay tribute to Drew Henderson of Henry Clay High School in Lexington, KY for his most recent academic accomplishment. Drew Henderson recently discovered, via his mom's delivery bright and early one morning, that he belongs to an elite academic category. He is one of only 12 students nationwide to score a perfect 36 on the ACT Assessment. Drew has been blessed with natural learning abilities and has worked extremely hard to ensure that these talents are not ignored or denied the proper attention. Drew has already applied to 11 schools, with his top choices being Harvard, Princeton, and Penn State. He wants to focus his studies primarily on biology during his time as an undergraduate and then pursue a career in the area of medicine. Besides his commitment to his studies, Drew serves as the National Honor Society treasurer at Henry Clay High School, belongs to both the debate team and beta club, and is the captain for the golf team. I applaud Drew for his academic as well as his extra curricular achievements and wish him the best of luck in his future endeavors. Drew has made Henry Clay High School and the Commonwealth of Kentucky very proud.

Mr. BUNNING

Mr. BUNNING. Madam President, I have the distinct honor today of recognizing the recent accomplishments of Sarah Conn and Jewell, both residents of Winchester, KY. At this year's 126th Westminster Kennel Club Dog Show held in New York City, 12-year-old Sarah Conn and her graceful Boston Terrier, Jewell, put on quite a performance, taking Best in Breed and winning the prestigious Open Junior Handler title. In winning Best in Breed, Sarah amazingly bested a woman who has been showing Boston Terriers for an astonishing 50 years and a man who is rated the top handler in the Boston Terrier category. Sarah and Jewell rose to the occasion, overcoming all obstacles to prove that they do indeed belong at the top. Sarah and Jewell have obviously worked extremely hard to earn this honorable distinction and deserve our praise for their diligent efforts. I know that the people of Winchester as well as the people of the Commonwealth of Kentucky are proud of their achievements. I finally ask my colleagues to join me in thanking Sarah and Jewell for proudly representing the Commonwealth of Kentucky in this year's Westminster Dog Show.

Mr. BUNNING

Mr. BUNNING. Madam President, I stand today among my distinguished colleagues to congratulate the students, administration, and faculty of Daviess County High School for winning a Preparing America's Future Award from the U.S. Department of Education. This recent accolade is just one in the line of many bestowed upon the diligent students and devout faculty of Daviess County High School. In 2001, the U.S. Department of Education selected Daviess County High School as a 1999-2000 National Blue Ribbon School shortly after the Commonwealth awarded them with a Kentucky Blue Ribbon award. The prestigious Preparing America's Future prize is presented to six high schools throughout the entire Nation that have taken significant strides in improving their academic standards for all students. Daviess County High School was among this elite group based specifically upon their reputation for excellence and a rigorous evaluation of their progress in 12 key school improvement strategies. The review showed above all else that the school is accurately meeting the needs and expectations of today's students. I would like to offer a special thanks to Principal Brad Stanley for his inspiring leadership and robust commitment to the education of our nation's and the Commonwealth's future. With this competent captain at the helm, Daviess County High School will surely experience smooth sailing ahead. I hope Daviess County High School is as proud of this accomplishment as I am. This award highly reflects upon not only the students and faculty but also the overall community and its dedication to its children. I thank you all for working towards a better educated Kentucky.

Mr. BUNNING

Mr. BUNNING. Mr. President, I stand today among my distinguished colleagues to congratulate the students, administration, and faculty of Daviess County High School for winning a Preparing America's Future Award from the U.S. Department of Education. This recent accolade is just one in the line of many bestowed upon the diligent students and devout faculty of Daviess County High School. In 2001, the U.S. Department of Education selected Daviess County High School as a 1999-2000 National Blue Ribbon School shortly after the Commonwealth awarded them with a Kentucky Blue Ribbon award. The prestigious Preparing America's Future prize is presented to six high schools throughout the entire nation that have taken significant strides in improving their academic standards for all students. Daviess County High School was among this elite group based specifically upon their reputation for excellence and a rigorous evaluation of their progress in 12 key school improvement strategies. The review showed above all else that the school is accurately meeting the needs and expectations of today's students. I would like to offer a special thanks to Principal Brad Stanley for his inspiring leadership and robust commitment to the education of our nation's and the Commonwealth's future. With this competent captain at the helm, Daviess County High School will surely experience smooth sailing ahead. I hope Daviess County High is as proud of this accomplishment as I am. This award highly reflects upon not only the students and faculty but also the overall community and its dedication to its children. I thank you all for working towards a better educated Kentucky.

Mr. BUNNING

Mr. BUNNING. Mr. President, today I rise to congratulate the hard-working members of the Russellville Middle School academic team for winning their third straight district championship in the district Governor's Cup tournament. The academic team won the contest with ease, soundly beating the rest of the field with their intellectual prowess. Russellville Middle School students impressively placed in every single event and captured First Place finishes in the categories of quick recall and future problem-solving. I ask my fellow colleagues to join me in specially recognizing Jonathan White, Ben Kees, and Nikki Koller for placing first in their individual categories. Throughout the school year, the Russellville team has diligently worked together towards achieving this goal and proved that teamwork leads to success. I commend the Russellville Academic team for their commitment to their studies and applaud them on winning their third consecutive district Governor's Cup title. I wish them and all participating the best of luck in the upcoming regional tournament.

Mr. BUNNING

Mr. BUNNING. Mr. President, I rise today with great pride to ask my colleagues to join me in paying tribute to one of Kentucky's finest citizens, Dr. Lee Todd. On Friday, February 15, Dr. Lee Todd was officially inaugurated as the University of Kentucky's 11th President. In 1968, Lee Todd completed the first stage of his relationship with the University of Kentucky when he received his Bachelor of Science degree in electrical engineering. After completing his undergraduate studies at UK, Dr. Todd earned his M.S. and Ph.D. degrees in electrical engineering from the Massachusetts Institute of Technology. During his time as a graduate student, he amazingly received six U.S. patents for his innovative work in the area of high-resolution display technology. Dr. Todd's professional career officially began in 1974 when he embarked on the second stage of his UK relationship by becoming a professor of electrical engineering. During his nine- year tenure as a professor, Dr. Todd published various research articles spanning numerous topics, gave multiple conference presentations, and won several teaching accolades including the prestigious UK Alumni Association Great Teacher Award. He also served on the University Senate for seven years; served on the President's Advisory Committee that established the first Selective Admissions policy; and chaired the College of Engineering Dean Search Committee. In 1981, he temporarily left UK and founded Projectron, Inc., a manufacturing company specializing in the production of cathode ray tubes for the flight simulation industry. The Projectron picture they developed was successfully used in nearly 90 percent of commercial flight simulators as well as numerous military simulators. Besides his work with Projectron, Inc., Dr. Todd has been significantly involved with various programs attempting to educate the Kentucky citizenry on the areas of economic development and technological advancement. He cofounded a not-for-profit organization called the Kentucky Science and Technology Corporation, which aims to increase university research capacity and develop science and technology education programs encouraging an entrepreneurial economy in the Commonwealth of Kentucky. He has been appointed to statewide committees related to education and economic development by various Governors, even serving as the chair for Governor Collins' Governor's Council on Science and Technology. He also is a proud member of UK's Engineering Hall of Distinction. Dr. Todd recognizes the rapid pace at which the country and the rest of the world is progressing and understands that Kentucky cannot afford to be left behind clinging to the ways of the past. Throughout his entire life, Dr. Lee Todd has tirelessly and selflessly worked toward the betterment of Kentucky. He possesses the desired knowledge, vision, and strength to help further advance the University of Kentucky's standing in the academic as well as the athletic community. He has experienced what the University has to offer from the standpoint of a student, teacher, and now president. He is more than prepared to meet head on the various challenges involved in successfully managing UK. I applaud Dr. Todd's lifelong commitment to the education of Kentucky's future political, economic, and social leaders. Finally, I thank him for accepting the challenge of leading the University of Kentucky into the 21st century.

Mr. BUNNING

Mr. BUNNING. Mr. President, I rise today in order to respectfully recognize the selfless actions of Roy Lewis, a long-time resident of Ashland, KY. For the last 10 years, Mr. Lewis, 91 years-young, has been the man who every Monday evening hands out tickets at the Community Kitchen in Ashland, KY. Mr. Lewis has been a dedicated and loyal member of the First Baptist Church in Ashland since 1936 and fulfills his ticket duties at the Kitchen only after honoring his commitment as a member of the church teller committee, which counts and prepares the church's Sunday offering to be deposited in the bank. He also regularly teaches Sunday School and serves as the church clerk. I ask my fellow Members of the Senate to furthermore join me in congratulating Mr. Lewis for being named Deacon Emeritus and Trustee Emeritus last year, and for his 53 years of diligent and undaunted service to the church and the community. Instead of enjoying his retirement from Ashland Oil by playing golf or traveling, Roy Lewis has chosen to give back to the community and people he has so dearly loved for 91 years. I praise Mr. Lewis for his willingness to put other's needs ahead of his own and thank him for having such a strong character and heart.

Mr. BUNNING

Mr. BUNNING. Mr. President, today I rise to recognize the recent success of the Third Annual Polar Bear Plunge for Special Olympics Kentucky. This always exciting, entertaining, and chilling polar plunge was able to shatter previous year's records for participants and money raised. With nearly 260 ``Polar Bears'' taking the icy plunge, Special Olympics Kentucky raised more than $45,000 to help support year round sports training and competition for Kentuckians with mental disabilities. Special attention needs to be paid to such groups as the Lexington Police/FOP Bluegrass Lodge No. 4 for raising $4,694 and Louisa Elementary School for contributing $845. I applaud the selfless efforts of the participants of this year's Third Annual Polar Bear Plunge, and would also like to pay my respects to the organizers of Special Olympics Kentucky for their strength of character and progressive vision. We should all thank them for their commitment to the betterment of Kentucky's disabled community.

Mr. BUNNING

Mr. BUNNING. Mr. President, today I ask my colleagues to join me in honoring the most recent accomplishment of Allison Church of Corbin, KY. Allison, a junior at Corbin Independent High School, has been chosen as one of only 350 students nationwide to be a participant in this year's National Youth Leadership Forum on Defense, Intelligence, and Diplomacy, which will take place later in February right here in our Nation's capital. Allison earned this distinction based upon her excellent academic record, extensive involvement in extracurricular activities, and expressed interest in a career related to national security. I commend Allison for her strong commitment to her studies, school, and country's protection. After the horrific attacks perpetrated on September 11, 2001, I can see no better time than the present for our nation's youth and future leaders to be learning about the importance of such topics as international diplomacy, defense, and intelligence. I believe Allison will learn valuable political and social tools which she will carry with her for the rest of her life. I thank Allison for proudly representing Corbin Independent High School and the entire Commonwealth of Kentucky.

Mr. BUNNING

Mr. BUNNING. Madam President, it is with great pleasure and honor that I rise today to duly recognize the Success By 6 Partnership initiative for its tireless work in the area of early childhood development for the community of Gainesway in Lexington, KY. Less than a year ago, a unique partnership was formed between the United Way of the Bluegrass and LexLinc, which aimed to address the many educational and social needs of Kentucky children from birth to age 6. The Success By 6 initiative attempts to ready parents and children for school by the time the schools are ready for them by focusing on communication as the primary tool for problem solving. This initiative, adopted in more than 300 communities nationwide, does a phenomenal job of bringing together area leaders and families in order to properly identify the needs of parent, child, and teacher. Success By 6 has already helped organize a citywide safety seat giveaway program in Gainesway and has sparked awareness in the community of the importance of early childhood learning. On January 8, 2002, President George W. Bush signed into law the No Child Left Behind Act, and I think initiatives such as this will work hand-in-hand with this Act to insure families that no child will be left without access to an education. I would like to personally thank all of the participants and organizers of the Success By 6 initiative for their strong and diligent commitment to the future generations of the Commonwealth of Kentucky. Education can never be taken serious enough by either members of Congress or area leaders, and I sincerely applaud the progressive steps taken by this initiative program. I believe that soon communities throughout Kentucky will see not only the educational advantages but also the social benefits of this program and begin measures to work this initiative into their educational agendas.

Mr. BUNNING

Mr. BUNNING. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. BUNNING

Mr. BUNNING. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. BUNNING

Mr. BUNNING. Mr. President, I have an amendment at the desk, as modified. I call up amendment No. 2699.

Mr. BUNNING. Mr. President, I yield the floor.

Mr. BUNNING. Mr. President, I rise today to offer an amendment to the underlying bill. My amendment corrects an inconsistency in the Tax Code that unfairly punishes foster care families and the foster care family members for whom they care. Many families that take in foster care family members receive a stipend from the placement agency to help provide this care. These stipends help defray the costs for food, shelter, and the basic necessities. In some cases, families get these stipends tax-free. But in others, families pay taxes on them as if they were ordinary income. My amendment replaces this patchwork system by providing a single, blanket rule that gives equal treatment to all of these stipends by simply excluding them from taxation. Because real world changes in foster care have outpaced the Tax Code, we presently have a situation where stipends are taxed depending on the age of the foster care family member, and whether or not they were placed by a for-profit agency or a nonprofit agency. This makes no sense. Presently, if the placement is done by a for-profit agency, or if the foster family member is over 18, the stipends are taxed. It is only if the foster family member is placed by a not-for-profit and they are under 18 that the stipends are not taxed. This is a distinction without a difference. It shouldn't matter if the stipends come from a for-profit or a nonprofit agency, or if it is a needy individual who is 12 or 42. We shouldn't tax love and compassion on such an arbitrary basis. Instead of sending a tax bill to the foster parents who are doing the right thing, we should give them a break and encourage their good intentions. What is important is that these needy individuals are getting help, and the families who help by offering to help should not be penalized for their good deeds. Instead of punishing foster care, we should reward it. My amendment helps to do just this by making it more attractive and more affordable to take in foster care family members. This is a noncontroversial, bipartisan idea. In fact, this proposal passed Congress as part of the 1999 tax bill that was vetoed by President Clinton. It also passed the House last year on two separate occasions as both a stand-alone bill and as part of the centrist stimulus package, H.R. 3529. I have been working on this issue for almost 5 years, and I have never heard one bit of criticism about it. It is a commonsense improvement to the Tax Code that would immediately benefit families by letting them keep more of the money that they receive for the foster care of children of any age. And it has the added, more important, benefit of promoting care and compassion for some of our most needy individuals. There are hundreds of thousands of children and adults in foster care. Both they and the families who are looking after them would benefit from my amendment. My amendment is nothing new to Congress. But let's make it new to those foster care families all across the Nation. Foster parenting is hard work. The stipends are very small. Foster care families and their charges deserve and need tax relief and fairness as much as anyone else. Mr. President, I ask for the yeas and nays on this amendment.

Mr. BUNNING. Mr. President, I ask unanimous consent that Senator Inhofe be added to this amendment as a cosponsor.

Mr. BUNNING

Mr. BUNNING. Mr. President, I rise to talk for a few minutes about the bill before us today--the reauthorization of the Elementary and Secondary Education Act. First of all, I would like to commend the members of the conference committee who worked for months to reach a final agreement. In Congress, you very rarely get exactly what you want, and in this bill I think both sides reached a good compromise that will help our children and our schools. I have 9 kids and 35 grandkids, and I know exactly how important education is. I know how crucial it is for children to be challenged and encouraged at school. It is one of the most important elements of their development. Every child in America deserves a good education, and the President is exactly right when he says no child should be left behind. This bill takes a big step in that direction. It provides increased flexibility of funds, accountability for student achievement and more options for parents. It is a win-win-win bill for students, parents and schools. First, the bill gives new options to kids who have been trapped year after year in failing schools. Schools that do not make adequate yearly progress will face increasingly stiff penalties. For example, students trapped in failing schools will be allowed to transfer to another public school. Personally, I would have preferred giving children and their parents even more options and given them the choice of going to a private or religious school as well. But there is no doubt the legislation represents a definite improvement over current law. If a school continues to fail on a long-term basis, students will receive money for supplemental services like tutoring or an after- school program. Also, I am very pleased the final version of this bill allows supplemental services to be provided by public, private or faith-based organizations. This could be especially important in smaller communities that offer fewer options to kids. Furthermore, the bill provides that schools that continue to fail students can be completely restructured. This means they could be taken over by the states or incompetent staff could be fired. I know this is drastic. No one wants to see anything like this happen. But if it's a choice between helping the kids or protecting a failing school, the choice is clear. Second, this bill provides states and school districts greater flexibility with federal education dollars. For years, many of us have argued we need to preserve local control over education and guard against a bigger federal bureaucracy. It is the local school board and state education officials who know better than anyone in Washington what works in their communities, and this bill represents a fundamental shift toward better education policy. For instance, the legislation before us allows every local school district and state to transfer certain federal funds among a variety of programs, along with establishing a local Straight A's program which will be available for 150 school districts nationwide. Straight A's is a great idea that actually lets the local officials direct federal money to their most pressing needs, whether it be hiring more teachers or buying new books, in exchange for meeting certain performance goals. I hope many schools in Kentucky take advantage of these new opportunities. If you think about it, we trust our local school officials with our children every day. But more and more, we have not been trusting them to know best how to spend education dollars. That does not make any sense to me and now that is going to change. This bill also consolidates some existing funding for class size reduction and professional development to give schools more options in improving teacher quality. Under the legislation, schools will have the ability to help teachers do their jobs better, whether it is reducing class size, providing training or recruiting new teachers. We all know good teachers are one of the keys to a good education. Now school officials are going to have more tools at their disposal to help teachers do their job. I have always said teachers have one of the hardest, most important jobs in the world, and too often they do not get the credit they deserve. I hope that starts to change. I am also glad this bill contains the important Troops to Teachers Program. There are no better role models for kids than men and women who have sacrificed for our country. The conference report is going to continue this program. Along that same line, the legislation also requires schools to give military recruiters the same access to high school students as job recruiters. Since September 11, there has been a newfound appreciation by many for our military. I hope many of our young people who feel called to serve their country will take advantage of the benefits the armed services can provide. Finally, I realize some are concerned funding for the Individuals With Disabilities Education Act was not included in this bill. This is an important program. I have long supported increasing funding for IDEA and for the Federal Government living up to its commitment of full funding at 40 percent. In fact, under a Republican controlled Congress, IDEA funding has virtually tripled from 1994 to 2001. Although we still have not met our goal and have a long way to go to fully fund this program, I am looking forward to working with my colleagues on reauthorizing IDEA next year. In conclusion, the bill we have before us is a good proposal. It is not perfect, but there is no doubt about it, it represents a clear improvement over current law. I believe our children, our Nation, and our schools will benefit from it. I look forward to voting for this bill, and I urge my colleagues to do the same. I yield the floor.

Mr. BUNNING

Mr. BUNNING. Mr. President, I rise today to applaud the extraordinary and selfless efforts of the First Federal Savings & Loan Association of Hazard, Kentucky in furthering the educational development of Hazard Community College and the surrounding area of Eastern Kentucky. In the aftermath of the attacks perpetrated on September 11, Hazard Community College found themselves at a loss for adequate funding for their newly planned building when a major philanthropist had to withdraw previously committed funds. The building was projected to be the campus' main building with plans to include a student center, bookstore, cafeteria, meeting area, economic development center for Eastern Kentucky, and a community center. Without proper funding, the project appeared to be heading for failure. However, in a Herculean display of courage and character, First Federal Savings & Loan Association, led by President and CEO Tony Whitaker, stepped in and played the heroic role. By locally rising $3 to $4 million through an eleventh-hour fundraising campaign to match state and federal funds and also graciously providing a half million dollars directly from the bank, First Federal Savings & Loan was able to secure appropriate funding for the project to continue as planned. In trying times such as these, we all can learn from the example set by Mr. Whitaker and the First Federal Savings & Loan Association of Hazard with their commitment to education and the community.

Mr. BUNNING

Mr. BUNNING. Mr. President, I thank my colleagues for their support of the nomination of Danny Reeves to be a Federal District Judge for the Eastern District of Kentucky. Danny is a Kentucky native. He grew up in Corbin in the eastern part of our Commonwealth, and later went to college at Eastern Kentucky University. He then graduated with honors from the Chase Law School in northern Kentucky, and clerked for one of Kentucky's leading jurists on the Federal bench, Gene Siler. Since then, Danny has practiced exclusively at a prominent Kentucky firm, specializing in complex civil litigation. In that time, he has not only represented a number of Kentucky's leading businesses, but he has also done a great deal of community service work, focusing on title IX compliance for the Kentucky High School Athletic Association. To be honest, I did not know Danny before I sat down earlier this year to talk with him about his interest in sitting on the Federal bench. But in the conversations we have had, it became clear that he is a bright, articulate lawyer who has the demeanor and integrity to be a fine judge. I enthusiastically support his nomination. I thank my colleagues for voting for this nomination. Danny Reeves knows the people of eastern Kentucky, he knows the law and he knows how the Federal bench in the Eastern District works. He is going to be able to hit the ground running, and he is going to do an exemplary job. The President made a fine choice in nominating him, and the sooner the Senate can confirm him, the better it will be for justice in Kentucky.

Mr. BUNNING

Mr. BUNNING. Mr. President, I rise in support of a strong economic stimulus package to help create jobs and to kick-start our economy. Right now, I don't think there is a doubt in anyone's mind that we have fallen into a recession. Consumer confidence is down. Layoffs are up. Economic activity has slowed dramatically. After years of economic good times, we are skidding into a sharp downturn. Before the horrific terrorist attacks on September 11, our economy was already teetering on the brink. But that day sent us over the edge. In the third quarter, gross domestic product ended up actually shrinking by an estimated four-tenths of 1 percent. When the revised figures come out, I am afraid that number will fall even further down, maybe a full percentage point. I think there is a chance that the fourth quarter could be worse and we could see GDP contraction of minus 2 or 3 percentage points, plus unemployment rising from 5.4 percent--which it is now--to well over 6 percent. In other words we have hit the wall. Now we have to ask: What is the best way to get America moving again. That is the issue confronting the Senate. Do we try to cut taxes and provide for efficient, long-term growth that will create jobs or do we go for more Federal spending and a short-term approach, as the majority leader suggested? To make things worse, September 11 compounded our problems. It made consumers more nervous and investors more anxious. It pushed a number of vital industries--airlines and transportation, investment companies, and tourism--to the edge of the cliff, and some over the edge. Congress has already acted quickly to help the airlines and to shore up parts of our economy that were badly wounded by September 11. Now we need to figure out what we can do to set consumers' and investors' minds at ease and to help convince them that even though we are at war, it is time to get going with our lives and our business. I believe that we must act quickly, but we must act correctly. The wrong economic package could make things worse. The best way I know to create jobs is to provide incentives to business to grow and to expand. And the best way I know to convince business to get moving is taking in the language they understand: dollars and cents. The dollars and cents that every businessman and businesswoman in America knows best is taxes. We need to cut taxes on business now, and not just nickel and dime stuff. We need real tax reductions that will have a broad impact across the economy and send a signal to the entire business community that Washington understands their problems and is going to do everything possible to help. It is not time to pick or choose with help for just a few industries. Our whole economy is hurting, and we need general relief across the board. I know that every time we have this debate the opponents of tax cuts, like our majority leader, shake their fists and point their fingers and cry out that tax cuts only benefit the rich. After awhile, they start to sound like a broken record. What the opponents of tax cuts in an economic jobs package need to understand is that these tax cuts are for businesses--and not corporate executives. No one seriously thinks and talks about helping rich people and hurting poor people. The question is how we can best act to spur business right now to create real, long-term, permanent jobs. We have all heard from our people back home--the experts who are out there everyday trying to brow their businesses and to expand their companies--about the real, broad- based tax cuts that can make a difference. We need to cut corporate AMT taxes, the punitive tax goes out of its way to punish enterprising employers, particularly those who are losing their shirt in this economy. Companies need better expensing rules and accelerated depreciation schedules so they can write off costs faster and free up their capital for investment and more job creation. And we need to slash capital gains taxes so that money can flow more quickly to businesses that are ready to invest and spend now. I don't think anyone in this body really believes that by trying to cut business taxes and create jobs we are really helping rich people. The American people don't buy those class warfare arguments, and they are a lot smarter than many in Congress give them credit. There is a world of business between cutting taxes on rich individuals and cutting taxes on business that create jobs and help families put food on their table. There is nothing better than giving a job to somebody who really wants to work. As our economy grew over the past decade, as middle-class Americans invested in the market and watched their savings grow, more and more we came to understand that what is good for business in America is good for the American people and the American worker. In the past, when the economy took a turn for the worse, Congress too often took the easy way out. Instead of pushing for tax reductions and promoting growth, we went for the public checkbook and tried to buy our way out of recession with more Government spending. But considering how quickly our budget surplus is shrinking. It doesn't make any sense to write checks that the Treasury might not be able to pay without going into debt once again. More than anything else, we must not return to the bad old days of Federal deficits and stagnant growth. It may feel good for Congress to pass more spending as a gesture to show ``we care,'' but everyone knows that in the long-run the Government doesn't create jobs--business does--and caring means we have a job for anyone who wants to work. More spending might help for a little bit, but I worry that it would just be a band-aid approach when our economy needs serious, long-term treatment. Extra spending on public works is sometimes necessary, but it is not a long-term solution to our economic problem. It is only a temporary fix. And no one has ever accused Government spending, and money for projects funded through Government programs, of getting into the economy faster than tax cuts that would right now put money into the hands of private entrepreneurs. In short, Mr. President, the best way to get our economy back on track is to cut taxes. Reducing taxes frees capital. It lets business react swiftly to market conditions and to make crucial decisions quickly. And it affects the bottom line right now. I do not think I am plowing any new ground here. We have heard a lot of these arguments before. But I can't remember a time when the debate was as important as it is now. We are at war. Our economy needs help. It is time to act now and to act swiftly. I urge my colleagues to pass an economic jobs bill now, one that really does what it's meant to do--create jobs. I yield the floor.

Mr. BUNNING

Mr. BUNNING. I have a little more than 10 minutes.