October 1.4, 1978
Page 37452
Mr. MUSKIE. Mr. President, I support the conference agreement on H.R. 5263 because it provides financial assistance to consumers who have heeded the President's call for energy conservation and because it does not, by itself, breach the revenue floor of the second budget resolution. These positive aspects of the agreement outweigh my reservations about certain provisions, such as those relating to intangible drilling costs.
However, I must note the impact of this bill on the conference on the Revenue Act of 1978. Enactment of the conference agreement on H.R. 5263 will reduce the potential for other tax cuts by $1 billion. That means $1 billion less than was available during Senate consideration of the Revenue Act.
I believe that Senator LONG and the other Senate conferees will insist that the total tax reductions in all bills be consistent with the second budget resolution. So I remind my colleagues that the $1 billion in tax reductions in this energy tax conference agreement means $1 billion less of other tax reductions.
With that reminder, I shall vote for the conference agreement on H.R. 5263.
Mr. President, let me also note that this conference agreement is subject to a section 303 point of order under the Budget Act consistent with the Chair's ruling last week. In view of the Senate's vote on the appeal of that ruling, I now merely point out this violation, and reserve my right to reopen the issue at an appropriate time.