Paul Coverdell: “I believe, as I said, this proposal moves to failure. A State that has met its responsibilities and kept schools up to…”

“I believe, as I said, this proposal moves to failure. A State that has met its responsibilities and kept schools up to the level they should be doesn't meet the criteria in the amendment for the funding. The second point, and probably for me the most significant, is that this amendment obviates and destroys the education savings account that we have been discussing now for almost 6 months. This education savings account offers modest tax relief, which causes Americans to do very big things. About $500 million-plus tax relief on the interest buildup in the savings account will cause 14 million families, according to the Joint Tax Committee, to open such an account and save, of their own money, $5 billion in 5 years, over $10 billion in 10 years, all of which comes to the direct support of a child's need--tutor, computer, transportation, afterschool program, uniform; it goes on. So with just a modest incentive offered from the Federal Government, we cause Americans to step forward and give massive support to education.”