John Danforth: “I know I am repeating myself because just a little while ago in debating, I stated that one of the things we could do in…”

“I know I am repeating myself because just a little while ago in debating, I stated that one of the things we could do in order to help American business in research is to make permanent the R&D tax credit. The R&D tax credit--which could be made permanent and which could be improved and should be improved --is very different from an industry specific grant of funds, because it is generic. It applies to all industries, and it keeps at risk dollars that are invested by the private sector. So I do not view it as the kind of industry-specific approach that is taken in this legislation. With respect to the so-called Aerotech proposal, the chairman is correct. In response to the agreement that was reached by the prior administration with Airbus, it was the position of this Senator that that agreement adopted the position that certain subsidies for the aerospace industry would henceforth be permitted, very much the same as the green-lighting and the subsidies code that has been agreed to in the GATT would permit certain subsidies. It was my position then and is my position now that, if the U.S. Government is going to agree that subsidies are going to be permitted, then we better figure out where we go from here.”