Tony Thurmond: “This is the 40th defense authorization bill on which I have worked since I joined the Armed Services Committee in 1959.…”

“This is the 40th defense authorization bill on which I have worked since I joined the Armed Services Committee in 1959. It is my fourth as Chairman of the committee and as I indicated earlier this year, while I intend to remain on the Committee, this will be my last year as Chairman. I look forward to the floor debate on this bill as well as the conference with the House. I am hopeful that we are able to complete the bill and send it to the President before the July 4th recess. It is essential that we complete floor action before the Memorial Day recess in order to meet this ambitious schedule. We have accelerated significantly our process this year. I cannot recall ever bringing the defense authorization bill to the floor this early in the year. If we are successful in completing conference in late June, we may be setting a modern day record. Mr. President, the Defense Authorization bill for Fiscal Year 1999 which I bring before the Senate today is only 3.1 percent of Gross Domestic Product--the lowest since 1940. Defense outlays peaked in 1986 at 6.5 percent. President Reagan's defense buildup was one of the great investments in our history. As a result of President Reagan's strong leadership and our strengthened military, we won the Cold War. Therefore, we have been able to reduce our defense force structure. These reductions enabled the Nation to reduce the deficit and achieve a balanced budget.”