June 30, 1976
Page 21499
INCREASE OF TEMPORARY LIMIT ON PUBLIC DEBT
The PRESIDING OFFICER. Under the previous order, the Senate will proceed to the consideration of the debt limit bill, which will be stated by title.
The legislative clerk read as follows:
A bill (H.R. 14114) to increase the temporary debt limit, and for other purposes.
The PRESIDING OFFICER. Is there objection to the present consideration of the bill?
There being no objection, the Senate proceeded to consider the bill (H.R. 14114) which had been reported from the Committee on Finance and the Committee on the Budget, each with an amendment:
The amendment of the Committee on Finance is on page 2, beginning with line11, insert:
Sec. 3. If—
(1) the enactment of the bill H.R. 10612 provides for a reduction in Federal revenues in fiscal year 1977 in excess of the $15,300,000,000 amount provided for in paragraph (1) of the first section of S. Con. Res. 109 of the Ninety Fourth Congress, and
(2) economic conditions warrant, then the Congress shall provide, in the second concurrent resolution on the budget for fiscal year 1977 required to be reported under section 310(a) of the Congressional Budget Act of 1974, for reductions in the level of spending for fiscal year 1977 (in addition to any reduction in such levels which otherwise would have occurred) in an amount equal to the amount by which the reduction in Federal revenues provided for that fiscal year as a result of the enactment of the bill H.R. 10612 exceeds $15,300,000,000.
The amendment of the Committee on the Budget is to strike out the amendment of the Committee on Finance and to insert:
SEC. 3. The increases in temporary public debt limit provided in this bill are consistent with the expenditure, revenue, and debt figures recommended in the First Concurrent Resolution on the Budget for Fiscal Year 1977. Congress will review the limitations provided in this legislation as well as completed expenditure and revenue legislation, economic conditions and any unforeseen circumstances in developing its Second Concurrent Resolution on the Budget.
INCREASE OF TEMPORARY LIMIT ON PUBLIC DEBT
The Senate continued with the consideration of the bill (H.R. 14114) to increase the temporary debt limit, and for other purposes.
UP AMENDMENT NO. 151
Mr. LONG. Mr. President, I send to the desk an amendment to the pending debt limit bill, and ask for its immediate consideration.
The PRESIDING OFFICER. The amendment will be stated.
The legislative clerk read as follows:
The Senator from Louisiana (Mr. LONG) proposes unprinted amendment No. 151:
On page 2 strike out all after line 10 through line 11 on page 3.
Mr. LONG. Mr. President, as to the debt limit bill to which this amendment was offered in the Senate Finance Committee, as well as the amendment offered by the Budget Committee, to which committee we requested the amended bill be referred, the time limit on the expiring limit runs out tonight. Rather than debate the difference of opinion between the two committees here today, and in the event the version of the amendment added to the bill would become subject to
further controversy in the House of Representatives, we think the better part of wisdom would be to strike both the amendments and send the bill tonight to the President as it came to us from the House of Representatives.
I have discussed this with the Senator from Maine (Mr. MUSKIE) and the ranking minority members of the Budget Committee and the Finance Committee, and I think we are all in agreement.
Mr. CURTIS. Mr. President, will the Senator yield?
Mr. LONG. I yield.
Mr. CURTIS. This would make it just the debt limit bill, with no amendments on it?
Mr. LONG. It would simply send forward the debt limit bill as it came to us from the House of Representatives.
Mr. CURTIS. Mr. President, I think that is a very good practice, rather than making it a captive of other matters.
Mr. MUSKIE. Mr. President, I think the time for an additional effort on this subject is past, and we should drop the chapter for the time being. I do not blame the Senator from Louisiana for his suggestion; in fact, I concur wholeheartedly.
The PRESIDING OFFICER. The question is on agreeing to the amendment of the Senator from Louisiana.
The amendment was agreed to.