Kent Conrad

Mr. CONRAD

Mr. CONRAD. Is there anything that would prevent the funds from going to private accounts?

Mr. CONRAD. Reserving the right to object, we have only been noticed on this side about one amendment.

Mr. CONRAD. All right. Let's see if we can't work that out in the next few moments. Until then, I note the absence of a quorum.

Mr. CONRAD. Could we get the second amendment?

Mr. CONRAD. Would it be out of the mandatory side of 920 or the discretionary side?

Mr. CONRAD. We have a procedure we try to follow so that we see amendments before they are sent to the desk. That would be very helpful to us. We were noticed on the Senator's first amendment. That is the amendment the Senator offered in the committee; am I correct?

Mr. CONRAD. Let me first say that in large measure, I am in agreement with what I hear the Senator saying. I have always thought we are engaged in ``funny money'' accounting around here, taking Social Security money and using it to pay other bills. That is the object of the Senator's amendment; is that correct?

Mr. CONRAD. Mr. President, if I may inquire of the Senator, for clarification purposes on her amendment, the amendment, as I understand it, on sales tax deductibility--what is the cost of that amendment?

Mr. CONRAD. Mr. President, is there anything in this amendment that would prevent it from being invested in some other securities other than Government bonds?

Mr. CONRAD. As I understand it, the Senator funds it out of section 920.

Mr. CONRAD. Madam President, this is the last vote today. We would urge all of our colleagues to vote yea on this bipartisan amendment. I think this is one of the most thoughtful amendments that has been offered throughout the process. It deserves all of our support.

Mr. CONRAD. Madam President, this is a happy moment. We can all vote for this amendment. This is an amendment I offered a number of years ago. I wish it would have passed then and been in effect because we could have avoided some of the unpleasantness that has followed in taking Social Security funds and using them for other purposes. There is no reason not to support this amendment tonight to try to once again impose the discipline that has been lacking, to prevent Social Security funds from being used to pay other bills. So I welcome colleagues voting for this amendment.

Mr. CONRAD. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.

Mr. CONRAD. Madam President, I move to reconsider the vote, and I move to lay that motion on the table. The motion to lay on the table was agreed to.

Mr. CONRAD. Madam President and colleagues, I think this amendment is well intended. I believe it will actually make the situation worse with these defense firewalls. What it means is that supposedly we are walling off nondefense money and defense money. But here is what is happening. We have had these firewalls in the past. Before we had them, we had three medical research earmarks in the defense budget. This is what happened after defense firewalls. Here are the number of earmarks in the defense budget for medical research. Does anybody believe we are better off doing medical research at the Department of the Army rather than at the National Institutes of Health? That is what this amendment is about. It will be a mistake to adopt this amendment. I urge a ``no'' vote.

Mr. CONRAD. I appreciate that. If the Senator could send up the one we have seen and withhold on the other until we have had a chance to look at that.

Mr. CONRAD. I move to reconsider the vote and to lay that motion on the table. The motion to lay on the table was agreed to. Amendment No. 476

Mr. CONRAD. Madam President, nobody has used time on either side on the first amendment; is that correct?

Mr. CONRAD. Maybe I will take the time because I am advised Senator Baucus will not be here until the vote has begun. Let me recall for our colleagues that the Baucus amendment is to provide for the middle-class tax cuts to also address this anomaly in the estate tax, where it goes from $3.5 million per person of exemption back down to $1 million. It also contains additional funding for the Children's Health Care Program. There are other elements to the Baucus amendment, as well, that were enumerated by the Senator. I hope very much that our colleagues can support the Baucus amendment. It still leaves us with a slight balance in 2012 so that we are not back into deficit. I thank the Chair.

Mr. CONRAD. Mr. President, I find myself conflicted on this amendment in the following way: On the one hand, I don't think it is particularly good tax policy to establish points of order on this matter. So as a matter of tax policy, I don't think it is a particularly good idea. On the other hand, I don't want to leave the impression that this resolution contemplates an increase in tax rates because it doesn't. So I would say to those on my side, vote your conscience on this amendment. It certainly will not do any damage to this resolution if this were to pass.

Mr. CONRAD. Mr. President, however well intended the Kyl amendment is, it spends $72.5 billion with no offset. The surplus is gone under the amendment we just adopted. The surplus is gone. So the effect of this amendment is to take us right back into deficit. This amendment blows the budget. This amendment takes us from a balance in 2012 right back into deficit. My colleagues can extend those tax cuts if they pay for them, if they offset them. The Kyl amendment does not pay for them; it does not offset them; it takes us back into deficit. It ought to be defeated.

Mr. CONRAD. Madam President, the hour of 5 o'clock having arrived, I think it is the appropriate time to start the votes.

Mr. CONRAD. Madam President, I ask for the yeas and nays.

Mr. CONRAD

Mr. CONRAD. Mr. President, I ask unanimous consent that the Committee on Agriculture, Nutrition and Forestry be authorized to conduct a hearing during the session of the Senate on Wednesday March 21, 2007 at 9:30 a.m. in 328A, Senate Russell Office Building. The title of this committee hearing is ``Examining the performance of U.S. Trade and Food Aid Programs for the 2007 Farm Bill.''

Mr. CONRAD. Mr. President, I ask unanimous consent that the Committee on Banking, Housing, and Urban Affairs be authorized to meet during the session of the Senate on March 21, 2007, at 9 a.m., to conduct a hearing on ``Minimizing Potential Threats From Iran: Assessing the Effectiveness of Current U.S. Sanctions on Iran.''