[Congressional Record Volume 147, Number 75 (Saturday, May 26, 2001)]
[Senate]
[Pages S5802-S5803]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              THE TAX BILL

  Mr. BROWNBACK. Mr. President, I want to take just a few minutes at 
the closing to congratulate some key individuals, starting with Senator 
Chuck Grassley of Iowa. Senator Grassley has worked doggedly to get 
this tax bill completed. He has done an artful, masterful job. He has 
worked with numbers of individuals--everybody in the Congress, in the 
House, the Senate, the White House--in order to get this bill on 
through. He deserves our applause and great thanks and appreciation. 
Senator Max Baucus led on the

[[Page S5803]]

Democrat side. He did a great job as well on getting this bill and 
moving it on through.
  I also want to recognize our leadership, Trent Lott and Don Nickles 
in particular, both of them, in their aggressive efforts to get this 
tax bill, this tax cut that is needed by the American economy, that is 
deserved by the American public, on through the system. Without their 
efforts, it would not have taken place.
  Of course, I also want to recognize and thank the House of 
Representatives, Chairman Thomas on the Ways and Means Committee, 
Speaker Hastert, and people there who pushed this bill on through so it 
could get done.
  Finally, I recognize the person who, a year ago, started talking 
about the need for major tax relief in this country, and that is 
President George W. Bush, who put this forward in the campaign. I might 
note that was accompanied by a fair amount of consternation on the part 
of a number of people, saying it is too big, too much; we cannot afford 
to do this; it is not the right thing, it is not the right time--all of 
which proved to be false. He was right. The American economy needs 
this. The American people deserve this. This is the right time. It is 
the right place. Now we are going to do that $1.35 trillion worth of 
tax relief for which the President has asked.

  If you are getting a headache coming on, most people would say take 
an aspirin before it really sets in hard. If you get a recession that 
is coming on, and a downturn in the economy, most economists would note 
to you: Act early and act surely and act clearly to try to prevent 
that. The Federal Reserve has done that by easing the monetary supply 
and lowering interest rates five times. Five times the Federal Reserve 
has done that in anticipation of a slowing economy, saying we are going 
to do everything we can to keep this economy from going into recession. 
Economists would say that is monetary policy.
  There is fiscal policy on the other side. In fiscal policy, you cut 
taxes if you anticipate a slowing of the economy. You need to do so 
clearly. You need to do so in ways that stimulate the economy, and you 
need to do it early before recession sets in. It is similar to that 
headache: If it starts pounding and you take two aspirin, it doesn't do 
much. But if you start much earlier, when it is just starting, then you 
can pull back out of it.
  The same is true with fiscal policy. We needed this tax cut for the 
economy. Rate reduction is the key way to do that. This is primarily 
about rate reduction, although it has great provisions on marriage 
penalty relief, educational savings relief, death taxes, and a number 
of different provisions in the bill--retirement security, adoption tax 
credits so people can be in a better position to afford the cost of 
adoption.
  This is what the doctor ordered. This is what the economists have 
said we need and we need to do now. This should be the package enabling 
us to assure that the economy, while slowing, does not go into 
recession. This is exactly what the doctor ordered.
  The individuals who led in this effort should be commended and 
recognized and given a real attaboy for seeing this early and putting 
us in the situation where now we are in the latter part of May putting 
this through and getting it done now, before we really could get into 
some trouble spots.
  I think this is exactly the appropriate thing for management of this 
great economy in the United States that has had some difficulties here 
lately, for us to do the right thing. The individuals I mentioned 
certainly deserve our praise and accolades for getting it done.
  This is a great day for the country. It is an important day for the 
economy. It is a necessary day for the economy. It is the right thing 
and a deserved day for the American taxpayers.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from West Virginia.
  Mr. ROCKEFELLER. Mr. President, I ask unanimous consent to speak in 
morning business for a period of 7 minutes.
  The PRESIDING OFFICER. The Senator is recognized for that purpose.
  Mr. ROCKEFELLER. I thank the Chair. (The remarks of Mr. Rockefeller 
pertaining to the introduction of S. 981 are located in today's Record 
under ``Statements on Introduced Bills and Joint Resolutions.'')
  Mr. ROCKEFELLER. I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. ROCKEFELLER. Mr. President, I ask unanimous consent the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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