Trent Lott: “It has taken a long time for the Senate to finally come to the point where we are today. It has been delayed for…”

“It has taken a long time for the Senate to finally come to the point where we are today. It has been delayed for weeks--actually, I guess, months--so I do wish to thank the distinguished Democratic leader for his cooperation in setting up this process that we begin voting on today. I also especially thank the chairman of the Finance Committee and the ranking member of the Finance Committee. They did a very good job in the committee on the small business relief package. It was passed unanimously, I believe. We now have a leaders'-managers' amendment that will further improve it, and I think that is a very significant part of this legislation. I commend them for the work they have done. I remind my colleagues today that we need to remember that small businesses play a crucial, in fact, probably the most important, role in the creation of new jobs in this country. More than 75 percent of all new employment opportunities in America occur in small businesses. They account for over 50 percent of all sales and produce 55 percent of our gross domestic product. In that context, I have always been reluctant to vote for any measure which would restrict the formation and expansion of small business.”