William Roth

Mr. ROTH

Mr. ROTH. That is correct.

Mr. ROTH. I say to my distinguished friend from Arizona we could set such a list. I thought at the beginning we would move informally, but as time proceeds we will try to set a list.

Mr. ROTH

Mr. ROTH. I ask for the yeas and nays.

Mr. ROTH. Mr. President, I would like to express my sincere gratitude to my colleagues and good friends who have been instrumental to the successful culmination of this important budget reconciliation process. I am gratified by the results. I think we have indeed made history. We have passed a reconciliation package that balances the budget, while offering American families their first real tax cut in 16 years. I am happy to say that we have done it in a bipartisan way. It never could have happened, in my humble judgment, without the good will, cooperation, and intelligence of the many Members who have contributed to this important piece of legislation. In the process, Mr. President, we have made significant progress in our ongoing efforts to preserve and strengthen the Medicare Program, a program of critical importance to our senior citizens, and to give State governments greater voice and authority in the administration of Medicaid. We have increased the ability of families and individuals to save their money, to become more self-reliant, and to invest in the future of America. We have passed significant proposals to help our youth and their families with their education. And we have saved who knows how many family small businesses and farms from extinction wrought by death taxes. We can go home during this Independent Day recess with our heads held high. We have done what our constituents sent us here to do. As I said, we have accomplished these important objectives in a bipartisan spirit. Mr. President, the Senate's success of the last few days would not have been possible without the leadership and example of my distinguished colleague and close friend, Senator Moynihan. He is a scholar, a statesman and--perhaps, most important--a gentleman and trusted friend. I appreciate the other Members of the Senate Finance Committee. It was interesting to watch the process as the cooperative spirit on that committee worked to refine and build rather than denigrate and destroy. The cream indeed rose to the top through our days, weeks, even months of hearings, conferences, meetings, and debates. I am proud of every member and, if time permitted, I would give specific examples of how each one of them rose to the challenge that has resulted in the success we produced today. Mr. President, I would like to thank, again, the many professional staff members whose work and expertise made this possible. No one appreciates these men and women more than those of us who watch their tireless efforts and depend on their support. Our gratitude to them as individuals, and for their work, is perhaps best demonstrated by the incredible trust we place in their judgment and by the way we depend on their advice and support. Particularly, Mr. President, among our professional staff, I would like to thank: Lindy Paull, Frank Polk, Mark Prater, Rosemary Becchi, Doug Fisher, Brig Gulya, Sam Olyck, Tom Roesser, Joan Woodward, Ashley Miller, Mark Patterson, Nick Giordano, Patricia McClanahan, Maury Passman, Bill Fant, David Podoff, and also Ken Kies and his capable staff at Joint Tax. These men and women, along with the leadership of the members on the Finance Committee, share in the tremendous success, a success for which I give them my most sincere thanks and a success, Mr. President, that will bless the lives of all Americans. Mr. MOYNIHAN addressed the Chair.

Mr. ROTH. I move to lay that motion on the table. The motion to lay on the table was agreed to. Mr. LOTT addressed the Chair.

Mr. ROTH. I ask for the yeas and nays.

Mr. ROTH. I ask unanimous consent that the Senate proceed to the House companion bill, H.R. 2014, and all after the enacting clause be stricken, the text of the Senate amendment be inserted, which includes amendment 449 which was inadvertently dropped, the bill be advanced to third reading, and the Senate proceed to passage of H.R. 2014, as amended.

Mr. ROTH. Third reading.

Mr. ROTH. I will also be pleased to look at the issue in conference. for an additional tobacco tax increase

Mr. ROTH. I would like to assure my colleagues from Michigan and Oklahoma that it is my intention to work with House and Senate conferees to eliminate any competitive advantages that foreign carriers may enjoy and resolve this controversy. net operating losses

Mr. ROTH. That is correct.

Mr. ROTH. The Senator is correct. The committee thought it was appropriate to provide prospective application for the codification of standards which must be met for tax exemption. However, the committee expressly acknowledged the fact that a number of States had established entities that were operating as tax exempt organizations. The motivation for codifying the standards as part of the Internal Revenue Code was to help these entities and the Internal Revenue Service more easily apply the law. However, our report expressly states that tax exemption may be available to many such State-sponsored entities under present law and no interference was intended to be drawn from our action that the income of those entities was not already tax-exempt.

Mr. ROTH. I would be pleased to respond to the Senator from Louisiana.

Mr. ROTH. Rest assured that the committee will give every consideration to the addressing the transportation excise tax equity matters raised by my colleague from Montana.

Mr. ROTH. Again the Senator is correct in his assessment.

Mr. ROTH. The Senator is correct.

Mr. ROTH. I would be happy to discuss this matter with my colleague from Montana.

Mr. ROTH. I look forward to working with the Senator.

Mr. ROTH. I agree that this is a very important provision and I will urge my colleagues to consider this proposal in conference.

Mr. ROTH

Mr. ROTH. Mr. President, reserving the right to object, I suggest that I would like to have an opportunity to confer with the leader on this matter.

Mr. ROTH. Mr. President, I did not hear that. Are we talking about the appointment of conferees?

Mr. ROTH

Mr. ROTH. Mr. President, I ask unanimous consent on behalf of the Governmental Affairs Committee to meet on Friday, June 27, after last vote, for a business meeting on issues relating to the matter of issuing subpoenas for the special investigation hearings.

Mr. ROTH

Mr. ROTH. So have a good recess.

Mr. ROTH. You are very kind. I must say, I think we have all had a great experience of working together. I feel very strongly that this spirit of bipartisanship should continue. I know the Senator from Montana is of the same school as I am.

Mr. ROTH. If the distinguished Senator from Montana would just yield for a comment. You do not have to stop complimenting. As far as I am concerned, I could sit here all day and listen to it.