Kent Conrad: “I am very much in sympathy with the Senator on the notion of paying for this. In fact, I spent much of the morning…”

“I am very much in sympathy with the Senator on the notion of paying for this. In fact, I spent much of the morning trying to figure out a way I could offer a pay-for which I think the Senator and I might agree with and I think most of the body would agree with. It would more than pay for this. I have been advised by legal counsel that if we offer a pay-for in the context of this bill and this amendment, we would then be subject to rule XVI. Under rule XVI, any Senator can raise it and the amendment would fall with no vote. So we are in a very unfortunate circumstance. We can't offer a pay-for. Let me be very direct about what the pay-for is which I would have offered today if I weren't prevented by the rules from doing so. It turns out the Interior Department failed in contracts with oil companies to provide for royalties when oil prices went above a certain amount. Oil prices are above that amount today. The loss to the Treasury, I am told, is in the range of $11 billion. That would pay for this twice over. Unortunately, we can't offer our proposal and the Senator can't offer his without being subject to rule XVI. I wanted to say that for the Record. I appreciate very much that the Senator knows I wish to pay for this as well. We have a way to do a pay-for, but I am precluded by the rules from offering it.”