Jeff Bingaman: “let me first say that the general sentiment that the Senator from Florida has expressed is one I agree with--which is…”

“let me first say that the general sentiment that the Senator from Florida has expressed is one I agree with--which is that I am disappointed that we have not come up with a proposal to offset the cost of the various tax provisions in this bill. I hoped we could do that in the Finance Committee. I think that clearly would be the better course to follow, and perhaps, if we could get the support from the administration, we could move in that direction. But that has not been possible. I am constrained to oppose the amendment of the Senator from Florida. This amendment would simply pick out the tax provisions in the bill, and the particular provision that he finds objectionable, which is intended to maintain domestic production when world oil prices are lower. We have several provisions in the bill which are so-called countercyclical provisions, which basically say that when the oil price goes down below certain levels, there is a tax incentive for companies to stay in the business and not to shut down production in this country. This is one of several provisions intended to maintain reasonable cashflows to keep the service sector in the oil economy working. The provision would stimulate the economy and producing areas in our country. For that reason, I urge my colleagues to oppose the Graham amendment that has been presented to the Senate at this time. I yield the floor.”