[Congressional Record Volume 143, Number 160 (Thursday, November 13, 1997)]
[Senate]
[Pages S12563-S12564]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               AMENDING THE INTERNAL REVENUE CODE OF 1986

  Mr. THURMOND. Mr. President, I rise today to advise Members of the

[[Page S12564]]

Senate why I have objected to the Senate consideration of H.R. 2513. 
This bill, which was sent by the House to the Senate in the closing 
days of this session, would provide tax relief for certain matters 
involving active financing income from foreign personal holding company 
income and sale of stock in agricultural processors to certain farmers' 
cooperatives.
  First of all, Mr. President, I have no objection to the provisions 
which provide tax relief in these matters. However, I do object to the 
manner in which the House has proposed that we pay for these tax 
reductions. The use of sales of defense stockpiles to finance these tax 
relief measures is, in my opinion, inappropriate and inconsistent with 
section 311 of the Budget Act.
  While I am removing my objection to the consideration of H.R. 2513, I 
want to make clear to Members in both the Senate and the House that I 
do not consider that a precedent is being established for using defense 
assets as offsets for non-defense-related expenditures. I want to make 
it clear also that I intend to object to any similar tax relief 
legislation which is paid for in such a manner in the future.
  As the majority leader moves to close out the remaining business so 
that the Senate can adjourn, I want to take this opportunity to commend 
him for his superb leadership and the outstanding manner in which he 
has managed the Senate's business as the majority leader. I look 
forward to continuing to work with him in the future.

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