Water Resources and River Basin Monetary Authorization Act of 1975 (S. 2798). The vote is on the Buckley amendment to raise the discount rate to 6 and 7/8 percent for all the projects authorized in the bill. This would allow a much more realistic evaluation of the true costs and benefits of dams, canals, and other potentially destructive water projects. A coalition of 13 environmental organizations recommended that the discount rate be set at 10% to compare with private interest rates, but the government still pretends that interest costs less than 6% when evaluating water projects. The Buckley amendment would eliminate many of the projects now authorized, and save the taxpayers billions of dollars. The President supported the amendment. January 22, 1974. Rejected 21-63. YES is the correct vote.