Pete Domenici: “I thank the Chair. I have 1 minute on this amendment. Let me just say there is a statement behind me that was made in…”

“I thank the Chair. I have 1 minute on this amendment. Let me just say there is a statement behind me that was made in the budget by the President of the United States. It is very simple. It says: The construction and renovation of school facilities has traditionally been the responsibility of State and local government, financed primarily by local taxpayers; we are opposed to the creation of a new Federal grant program for school construction. I acknowledge that is a grant program. But I believe that we should change that word and say, ``We are opposed to tax credits for school construction,'' because I don't believe the U.S. Government ought to change its tax laws to allow a total tax deduction, which is what a credit is for the interest that a bond will yield if it is for construction of schools in the United States. There is no formula. We don't know how we will do this. We don't know whether poor districts will get it. I think we ought not start down this path.”