[Congressional Record (Bound Edition), Volume 146 (2000), Part 2]
[Senate]
[Page 1472]
[From the U.S. Government Publishing Office, www.gpo.gov]



               AFFORDABLE EDUCATION ACT OF 1999--Resumed

  Mr. LOTT. Mr. President, I believe we did not actually get morning 
business put in place. But I ask unanimous consent the clerk report the 
bill on education savings loans.
  The PRESIDING OFFICER. Without objection, it is so ordered. The clerk 
will report the bill by title.
  The legislative clerk read as follows:

       A bill (S. 1134) to amend the Internal Revenue Code of 1986 
     to allow tax-free expenditures from education individual 
     retirement accounts for elementary and secondary school 
     expenses, to increase the maximum annual amount of 
     contributions to such accounts, and for other purposes.

  Mr. LOTT. Mr. President, before I put forward this request, we have 
been working to develop an agreement as to how to proceed on this 
legislation. I think we are close to getting that done, but we may 
still need a little more time to work on it. In that effort, I ask 
unanimous consent that all amendments be relevant to the subject matter 
of education and/or education-related taxes.
  Mr. REID addressed the Chair.
  The PRESIDING OFFICER. The Senator from Nevada.
  Mr. REID. Reserving the right to object, I say to the leader, we 
appreciated very much the minority having the opportunity yesterday to 
speak about education. We believe this is a time we should be talking 
about education; it is that important to the American people. But this 
is the first amendable vehicle we have had this session. I respectfully 
suggest to the majority, on behalf of the minority let's have the 
opportunity to have a vehicle we can amend.
  We hope that very shortly the majority will understand we are trying 
to move education along. We have no great plan in mind to move off 
education into some other area. But we would like to do that. If the 
leader believes that cannot be done, we are willing to continue working 
to see if we can come up with some reasonable effort to move forward on 
this legislation.
  Mr. LOTT. Mr. President, I understand there will be an objection.
  Mr. REID. I object.
  The PRESIDING OFFICER. Objection is heard.
  Mr. LOTT. We will continue to work to get an agreement developed. 
Certainly amendments on education or education-related taxes would be 
something we would want to have and with which we would have no 
problem. We were hoping it would not run far afield to all kinds of 
unrelated issues that would delay a bill that has overwhelming support.
  The support for this idea of being able to save a little for your own 
children's education--up to $2,000 per year per child, kindergarten 
through the 12th grade--has a lot of support, especially when you 
realize we can do it for our children's college education but not for 
our children's needs in the 4th grade. I hope we can work it out. I 
think maybe we can. We will keep working on that.
  I now ask unanimous consent, after Senator Leahy has spoken, the 
Senate proceed to a period of morning business, with the first 8 
minutes under the control of Senator Thurmond, the succeeding 30 
minutes under the control of Senators Torricelli and Specter, the 
succeeding 10 minutes under the control of Senator Campbell, the 
following hour under the control of Senators Cleland and Roberts, and 
following that time the Senate resume consideration of the pending 
legislation and I be immediately recognized.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Mr. LOTT. I yield the floor.
  The PRESIDING OFFICER. The Senator from Vermont.

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