[Congressional Record (Bound Edition), Volume 153 (2007), Part 9]
[Senate]
[Page 12982]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     CONGRATULATING SENATOR CONRAD

  Mr. NELSON of Florida. I congratulate Senator Conrad, the chairman of 
the Budget Committee, who has done an absolutely masterful job in 
charting the boat of the Budget Committee through considerably 
hazardous waters, to be able to end up with a vote like he did today, 
52 to 40, in the passage of the budget.
  It is a budget that clearly is trying to accommodate enormous 
spending that we have to do for the defense establishment, for the 
national security needs of this country, and at the same time, to 
attack the issue of how we are going to pay for it.
  The reality is, there are certain taxes we recognize we are going to 
have to do something about, because if we don't, it is going to hit the 
middle class. We have to do something about the 10-percent level for 
the lower income group. We have to do something about the child tax 
credit. Since all of them are tax cuts, it is going to cost revenue. We 
even have to tackle the issue of the estate tax, trying to craft a 
compromise which in this bill allows for then the Finance Committee to 
approach an exemption of $3.5 million per person of the estate tax and 
then reduce the tax rate from 55 to 45 percent that the balance of the 
estate would be taxed. That would protect the family farms, the family 
businesses, the vast majority of them in the country.
  I compliment the Senator from North Dakota, who has had to be so 
dextrous and so insightful. Every little jot and tittle, every nuance 
he has had to attend to. It is a real confirmation of his ability that 
he gets a resounding vote as he did today on passage of the budget.
  I yield the floor. I suggest the absence of a quorum.
  The PRESIDING OFFICER (Mr. Whitehouse). The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. NELSON of Florida. 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order for the quorum call be rescinded.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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