Judd Gregg: “Well, I am shocked, shocked to hear an objection from the Senator on this very reasonable request to call up an…”

“Well, I am shocked, shocked to hear an objection from the Senator on this very reasonable request to call up an amendment so this bill, which is a fairly significant bill, could be voted on by the Senate in parts, because there are some parts of this bill which aren't that good, and this amendment addresses one of those parts. Specifically, this amendment says the net operating loss carry-forward provisions, which cost $17 billion over the first 3 years of this bill, would be eliminated. There are already in law net operating loss provisions. What this bill does, however, regrettably, is expand those provisions dramatically and benefits one small segment of our commercial society, to the disadvantage of other segments of our commercial society and to the distinct disadvantage of our children and our children's children who have to pay for all the money that is going to be spent in the area of a tax credit or deduction. This $17 billion will go to benefit the same industry, or part of the industry, which created the problem which this stimulus package is trying to address. It is a lot like that story of the fellow who shot both his parents and then threw himself on the court and asked for mercy because he was an orphan.”