Paul Coverdell: “the bipartisan education savings account which was passed in March and had been threatened by a veto from the President…”

“the bipartisan education savings account which was passed in March and had been threatened by a veto from the President makes education more affordable for millions of Americans. I might say, during that debate of our proposal to empower parents, to empower local school districts and communities, there was a similar debate with the Senator from Virginia on a similar subject. We prevailed at that time. At that time, the Senator from Virginia basically was attempting to fund this idea of his by removing the loss of tax revenue that occurs in the education savings account. As I understand the amendment now, it would reduce the tax relief in the budget resolution. So it is a very similar debate that is occurring between the Senator from Virginia and our side. I want to refresh the Senate on what has passed the Senate and will soon find its way to the President's desk. As I said a little earlier, the President has at least given an indication that he would veto it, so I think it is entirely appropriate that we reassert our position in the budget resolution. The education savings account starts with the current law, which allows families to save up to $500 per year while the interest in an account is exempt from taxes as long as the savings are used for college education.”