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A SENATOR: MADAM PRESIDENT?
THE
SENATOR FROM ALASKA.
A SENATOR: I ASK THAT
PROCEEDINGS UNDER THE QUORUM
CALL BE SUSPENDED.
WITHOUT
OBJECTION.
THANK YOU,
MADAM PRESIDENT.
LAST WEEK I SPOKE ON FIVE OF THE
STEPS THAT WE NEED TO TAKE TO
INCREASE DOMESTIC OIL
PRODUCTION, AND TODAY I'D LIKE
TO TAKE A FEW MOMENTS TO SPEAK
MORE BROADLY ABOUT OUR NATION'S
ENERGY POLICIES AS A WHOLE, WHAT
THE PROPER GOALS FOR SAWCH A
POLICY SHOULD BE -- SUCH A
POLICY SHOULD BE AND THE FALSE
CHOICE BETWEEN INCREASED
DOMESTIC PRODUCTION AND REDUCED
OIL CONSUMPTION.
ENERGY POLICY HAS REPEATEDLY
BEEN BROUGHT UP AS AN AREA WHERE
THIS CONGRESS AND THIS PRESIDENT
CAN FIND COMMON GROUND, KNOWING
THAT SOMETHING ACTUALLY NEEDS TO
BE DONE, HOWEVER, IS NO
GUARANTEE THAT IS WILL BE DONE.
BUT THE TRUTH OF IT IS, MOST OF
US KNOW THAT WE CAN IMPROVE IN
THE AREA OF ENERGY.
AND WITH OIL PRICES AT ABOVE
$100 A BARREL, THE PRICE AT THE
PUMP HEADING TOWARDS $4 A
GALLON, WE NEED TO DEVELOP A
COHERENT NATIONAL ENERGY POLICY
TO FIND THAT COMMON GROUND.
THAT NEED HAS TAKEN ON EVEN
GREATER URGENCY.
SO -- SO WHAT MAKES FOR GOOD
ENERGY POLICY AND HOW CAN WE
ENSURE THAT AGREEMENT IS FINALLY
REACHED ON MEANINGFUL ENERGY
LEGISLATION?
I THINK WE SHOULD HAVE
ESSENTIALLY FIVE GOALS AND THOSE
FIVE GOALS ARE AN EMERGENCY THAT
IS ABUNDANT, THAT IS AFFORDABLE,
THAT IS CLEAN, DIVERSE, AND
DOMESTIC.
NOW, I -- I REALIZE THAT THESE
WORDS, ESPECIALLY IN EXINGS WITH
WITH -- IN COMBINATION WITH ONE
ANOTHER, DON'T LEND A CLEVER
ACRONYM OR A CATCHY SLOGAN.
MAYBE WE NEED TO REARRANGE THEM
AND FIGURE OUT WHAT WORD WE CAN
MAKE.
BUT IF WE FOLLOW THESE, IF WE
FOLLOW THESE AS OUR GUIDING
PRINCIPLES AND MAKE SURE THAT
OUR LEGISLATIVE EFFORTS REFLECT
EACH AND EVERY ONE, I BELIEVE
THAT GENUINE PROGRESS CAN BE
WITHIN OUR REACH.
SO LET'S START WITH THE CONCEPT
OF AFFORDABLE ENERGY BECAUSE
THAT'S CERTAINLY THE MOST
RELEVANT TOPIC RIGHT NOW.
TIMES LIKE THESE SERVE AS A
WAKE-UP CALL AS TO HOW IMPORTANT
ENERGY, AND PARTICULARLY
AFFORDABLE DOMESTIC ENERGY, HOW
IMPORTANT THIS REALLY IS TO OUR
NATION.
ENERGY PROVIDES THE BASE OF
EVERYTHING THAT WE DO, NOT JUST
TO HEAT AND POWER AND LIGHT AND
TRANSPORTATION, BUT THE FOOD
THAT WE EAT, THE CLOTHES THAT WE
WEAR -- EVERYTHING.
WHETHER FOR A SERVER FARM OR FOR
A SOYBEAN FARM, ABUNDANT AND
AFFORDABLE ENERGY IS REALLY THE
FOUNDATION FOR A ROBUST ECONOMY.
BUT, UNFORTUNATELY, THERE SEEM
TO BE THOSE WHO FEEL THAT THE
KEY TO CLEAN ENERGY IS TO MAKE
ENERGY SCARCE AND EXPENSIVE.
WE DON'T NEED AN EXPERIMENT OR
AN ACT OF CONGRESS TO KNOW THAT
AN ECONOMIC RECESSION REDUCES
EMISSION AND A DEPRESSION, OF
COURSE, WOULD EVEN DO MORE SO.
THE CURRENT PRICE OF OIL IS A
STARK REMINDER THAT WHILE MAKING
ENERGY SCARCE AND EXPENSIVE MAY,
IN FACT, REDUCE OUR EMISSIONS,
IT'S AN EVEN MORE EFFECTIVE WAY
TO CRUSH AN ECONOMIC RECOVERY.
THAT'S NOT GOOD FOR US.
THE PRESIDENT HAS PROPOSED THAT
WE SHOULD RAISE THE TAXES ON OIL
COMPANIES, BUT IN THE MIDDLE OF
TOUGH ECONOMIC TIMES, THE
AMERICAN PEOPLE ARE NOT OPEN TO
THOSE POLICIES THAT WILL
INCREASE THEIR ENERGY COSTS.
THERE IS A BETTER PATH THAT
WOULD DO MORE TO BOLSTER OUR
ENERGY SECURITY, MORE TO CREATE
JOBS, MORE TO GENERATE
GOVERNMENT REVENUES AND EQUALLY,
MORE TO REDUCE OUR DEFICIT.
INSTEAD OF PUNISHING ONE
INDUSTRY TO PROMOTE ANOTHER,
LET'S USE OUR TREMENDOUS
RESERVES OF CONVENTIONAL
RESOURCES WHICH ACCOUNT FOR MORE
THAN 80% OF OUR ENERGY SUPPLY.
LET'S USE THESE TO FUND THE NEXT
GENERATION OF CLEAN TECHNOLOGIES
TECHNOLOGIES.
LET'S PROVE UP AND PRODUCE OUR
RESOURCES AND THEN PUT THESE
REVENUES TOWARDS WHETHER IT'S
ADDITIONAL RESEARCH, WHETHER
TAX INCENTIVES, WHETHER IT'S
IT'S STUDIES AT OUR
UNIVERSITIES, YOU NAME IT, BUT
LET'S -- LET'S USE THESE WISELY.
SPEAKING SPECIFICALLY TO THE
REGULATORY BURDENS ON ENERGY, I
THINK WE ALL RECOGNIZE THAT THE
CLEAN AIR ACT HAS MADE OUR AIR
CLEANER AND CERTAINLY IMPROVED
OUR HEALTH.
CARBON MONOXIDE, SOX, NOX, A
HOST OF OTHER POLLUTANTS HAVE
LARGELY BEEN REMOVED FROM
SMOKESTACK AND TAILPIPE
EMISSIONS, AND THERE'S MORE THAT
WE CAN DO.
I THINK WE RECOGNIZE IN TERMS OF
THE REGULATION OF H.F.C.'S AND
OTHER GREENHOUSE GASES WHICH,
WHILE THEY EMIT A MUCH LESSER
QUANTITIES, THEY CERTAINLY HAVE
POTENT GREENHOUSE EFFECTS.
BUT THE CLEAN AIR ACT IS NOT THE
PROPER LEGAL FRAMEWORK FOR
REGULATION OF CARBON DIOXIDE,
WHICH IS EMITTED IN HUGE
QUANTITIES BY ALMOST EVERY HUMAN
ACTIVITY, WHOSE EFFECT CANNOT BE
CONFINED TO A NONATTAINMENT AREA
AND WHICH, IN ITSELF, IS NOT
HARMFUL TO HEALTH.
ALL OF US, MADAM PRESIDENT, WANT
A CLEANER ENERGY SUPPLY, BUT THE
APPROACH TAKEN OVER THE LAST
SEVERAL YEARS SEEMS TO HAVE BEEN
ONE OF ALL OR NOTHING INSTEAD OF
THE ALL OF THE ABOVE APPROACH.
AND I THINK IT'S BEEN
COUNTERPRODUCTIVE.
WE NEED TO SEEK OUT AND ACCEPT
POLICIES THAT WILL LEAD TO
STEADY PROGRESS.
NOW, WE DON'T YET KNOW THE BEST
WAY TO PROVIDE ENERGY THAT IS
CLEAN AND ABUNDANT AND
AFFORDABLE, BUT WHAT WE DO KNOW
IS THAT THERE IS A WHOLE -- A
WHOLE MYRIAD OF OPPORTUNITIES.
WE HAVE OIL, NATURAL GAS, WE'VE
GOT WIND, WE'VE GOT SOLAR, WE'VE
GOA HYDRO , WE'VE GOT
GEOTHERMAL, COAL, BIOFUELS,
FISSION, FUSION.
JUST NAMING THE TYPES OF -- OF
ENERGY AND THE SUBCATEGORIES
WITHIN ENERGIES, THAT'S A WHOLE
FLOOR SPEECH IN AND OF ITSELF.
AND WHETHER IT TURNS OUT TO BE
FIREFLIES THAT YOU COLLECT IN A
BOTTLE OR SOMETHING THAT WE --
WE SIMPLY HAVEN'T EVEN IMAGINED
YET, WE DON'T KNOW WHAT SOURCE
OR WHAT COMBINATION OF SOURCES
WILL ACTUALLY TURN OUT TO BE
BEST FOR AMERICA.
AND THAT SHOULD BE CAUSE FOR
THOSE OF US HERE IN CONGRESS TO
BE EXTRAORDINARILY CAREFUL IN
TRYING TO PREDETERMINE WHAT
SOURCES SHOULD EITHER WIN OR
LOSE.
WE'RE ALWAYS TALKING AROUND HERE
ABOUT WE NEED TO STEER CLEAR OF
PICKING WINNERS AND LOSERS, AND
YET THAT SEEMS THAT'S WHAT WE DO
ALL THE TIME.
A DIVERSITY OF ENERGY SOURCES
PROVIDES THE BEST PROVING GROUND
AND INSURANCE AGAINST
OVERRELIANCE ON ANY ONE SOURCE
AND A HEALTHY ECONOMY PROVIDES
THE BEST DEMAND FOR THE CLEANEST
SOURCES AVAILABLE.
WINSTON CHURCHILL ONCE SAID, "ON
NO ONE QUALITY, ON NO ONE
PROCESS, ON NO ONE COUNTRY, ON
NO ONE ROUTE AND ON NO ONE FIELD
MUST WE BE DEPEND HEENT.
SAFETY AND CERTAINTY IN OIL LIE
IN VARIETY AND VARIETY ALONE.
NOW, WINSTON CHURCHILL WAS
TALKING ABOUT OIL BUT HIS WORDS
AS APPLICABLE TO OUR
NEED FOR DIVERSITY IN ALL OF OUR
TYPES OF ENERGY.
NOW, FINALLY, THE NEED TO MAKE
OUR ENERGY DOMESTIC TO THE
GREATEST DEGREE POSSIBLE IS
SOMETHING THAT WE'VE ALL KNOWN.
WE ALL KNOW THAT WE NEED TO DO
THIS, BUT WE HAVE FAILED TO DO
ANYTHING ABOUT IT FOR DECADES,
AND IT SHOULDN'T TAKE AN
UPHEAVAL IN NORTH AFRICA TO
CONVINCE US THAT SENDING
BILLIONS OF DOLLARS A DAY OUT OF
OUR ECONOMY TO COUNTRIES THAT --
THAT ARE NOT OUR FRIENDS, THAT
THIS IS A BAD IDEA.
WE KNOW IT'S A BAD IDEA AND YET
WE CONTINUE YEAR AFTER YEAR
AFTER YEAR.
WE -- WE NEED TO FOCUS ON TWO
PARALLEL TRACKS HERE --
INCREASED DOMESTIC PRODUCTION
AND DECREASED CONSUMPTION.
WE ABSOLUTELY, ABSOLUTELY SHOULD
REDUCE OUR DEPENDENCE ON OIL.
IN -- IN THE EARLY DAYS OF THE
AUTOMOBILE, WE SAW A WIDE RANGE
OF EXPERIMENTS IN INVENTORS AND
ENTREPRENEURS WHO STROVE TO FIND
THE BEST APPROACH, AND I THINK
AGAIN WE'RE ON THE VERGE OF
THIS -- THIS RENAISSANCE IN
VEHICLE TECHNOLOGIES WHERE WE
EXPLORE ELECTRIC VEHICLES, WE
LOOK AT BIOFUELS, FUEL CELLS,
EFFICIENT DIESELS, NATURAL GAS,
PROPANE, OTHER APPROACHES, BUT
FOR RIGHT NOW, FOR TODAY, MADAM
PRESIDENT, WE USE
20 MILLION BARRELS OF OIL A DAY,
AND FOR THE VAST MAJORITY OF
USES, THERE IS NO IMMINENT
SUBSTITUTE.
I SAID LAST WEEK IN MY COMMENTS
THAT FOR THE SAKE OF OUR
NATIONAL ECONOMY, FOR THE SAKE
OF OUR NATIONS SECURITY, AND FOR
THE SAKE OF THE WORLD'S
ENVIRONMENT, WE SHOULD PRODUCE
THE HIGHEST POSSIBLE PERCENTAGE
OF THE OIL THAT WE CONSUME HERE
AT HOME.
DOMESTIC PRODUCTION IS CURRENTLY
BEING STIFLED BY THOSE WHO
ENGAGE IN WHAT -- I DON'T KNOW,
I GUESS YOU WOULD CALL IT
MAGICAL THINKING, THAT -- THAT
IF ONLY, IF ONLY WE WOULD STOP
PRODUCING OIL HERE IN THE UNITED
STATES, THEN THE WORLD'S NEED
FOR OIL IS GOING TO GO AWAY.
WELL, YOU KNOW, THE SKITTLES ARE
GOING TO FALL FROM THE SKY,
YOU'RE GOING TO HAVE UNICORNS
PRANCING IN THE STREET.
IT'S NOT REAL.
THE HARSH REALITY IS THAT OUR
FOREIGN OIL DEPENDENCE
CONTRIBUTES TO CONFLICTS WHERE
YOUNG MEN AND YOUNG WOMEN DIE OR
COME HOME WITHOUT LIMBS, AND WE
WRECK OUR ECONOMY.
THERE WILL -- THERE ALWAYS WILL
BE FUTURE CONFLICTS IN THE
WORLD, WHETHER IN THE MIDDLE
EAST OR ELSEWHERE, AND AS A
NATION, WE WILL HAVE TO DECIDE
ON OUR PROPER ROLE IN EACH.
WE CAN AND WE SHOULD DO
EVERYTHING POSSIBLE, HOWEVER, TO
ELIMINATE FOREIGN OIL DEPENDENCE
AS A STRATEGIC CONSIDERATION.
AND, MADAM PRESIDENT, NONE OF
THIS IS DUE TO AMERICA RUNNING
OUT OF OIL.
IN -- IN ALASKA, MY HOME STATE,
WE HAVE ESTIMATED RESERVES IN
EXCESS OF 65 YEARS' WORTH OF
PERSIAN GULF IMPORTS.
SO, AGAIN, IN ALASKA ALONE, ONE
STATE, WE HAVE GOT RESERVES IN
EXCESS OF 65 YEARS OF WHAT WE
TAKE FROM THE PERSIAN GULF.
THERE ARE ALSO, OF COURSE,
TREMENDOUS RESERVES IN OTHER
STATES AND OF COURSE OFFSHORE.
FOR DECADES, OPPONENTS OF
DOMESTIC PRODUCTION HAVE ARGUED
THAT WE SHOULDN'T PRODUCE MORE
BECAUSE WE'RE NOT GOING TO SEE
THIS COME ONLINE FOR YEARS TO
COME.
IF 20 YEARS AGO OR EVEN TEN
YEARS AGO WE HAD IGNORED THOSE
WHO HAD SAID THAT ANWAR WAS SUN
SUN -- UNACCEPTABLE BECAUSE IT
WOULD TAKE A DECADE TO DEVELOP,
WE WOULD NOW AT THIS POINT IN
TIME BE ENJOYING ANOTHER MILLION
BARRELS OF DOMESTIC PRODUCTION
PER DAY, BUT WE SAID TEN YEARS
AGO, 20 YEARS AGO THAT, OH, IT'S
GOING TO TAKE TOO LONG TO BRING
THAT ANWAR OIL ONLINE, AND SO WE
JUST OUGHT NOT DO IT.
TODAY.
WELL, LOOK WHERE IT PUTS US
OPPONENTS ALSO LIKE TO SAY THAT
THE POLICY OF INCREASED DOMESTIC
PRODUCTION WILL HAVE NO
IMMEDIATE EFFECT ON OIL PRICES.
YOU DON'T EVEN WANT TO WASTE
TIME ARGUING THE FOLLY OF TRYING
TO DISMISS GOOD NATIONAL ENERGY
POLICY BECAUSE IT'S LONG TERM.
I'LL ALSO NOTE THAT USING THE
STRATEGIC OIL RESERVE TO
MITIGATE HIGH OIL PRICES, TO
MAYBE PUSH THEM BACK BELOW $100
A BARREL FOR A SHORT TERM, MAYBE
A COUPLE OF WEEKS, THIS SHOULD
BE UNACCEPTABLE TO US.
IT SHOULD BE UNACCEPTABLE.
WE NEED A VIABLE LONG-TERM
ANSWER, NOT A SHORT-TERM AND
SHORT-SIGHTED POLITICAL ALIBI.
THERE IS NOTHING THAT OPEC FEARS
MORE THAN AMERICA COMMITTING TO
THE TWIN TRACKS OF INCREASED
DOMESTIC PRODUCTION AND REDUCED
CONSUMPTION.
WERE WE TO DO SO, YOU WOULD SEE
OPEC DOING EVERYTHING IN THEIR
POWER TO DRIVE DOWN WORLD OIL
PRICES TO MAKE US ABANDON OUR
POLICIES, AND ONCE AGAIN
HAMSTRING OURSELVES, ONCE AGAIN
MAKE US RELIANT ON THEM FOR OUR
OIL.
BUT I WANT TO OFFER AN IMPORTANT
PERSPECTIVE ON THIS.
EVEN IF YOU CANNOT ACCEPT THAT
AMERICA INCREASING PRODUCTION
AND DECREASING CONSUMPTION WOULD
AFFECT GLOBAL OIL PRICES,
REMEMBER, PRICE IS NOT THE ONLY
REASON TO ADVANCE SUCH A POLICY.
RIGHT NOW, THE HIGH PRICE OF OIL
WORKS AGAINST AMERICA AND IT
WORKS FOR EVERY NATION THAT
DELIBERATELY PRODUCES ITS
RESERVES.
PRODUCTION PROVIDES THEM WITH
JOBS, IT PROVIDES THEM WITH
REVENUE FOR THEIR GOVERNMENTS,
IT PROVIDES BETTER TRADE
BALANCES AND NATIONAL SECURITY,
BUT ALL AT OUR COUNTRY'S
EXPENSE.
WE ARE THE ONLY COUNTRY THAT HAS
IDENTIFIED A HUGE RESOURCE BASE
AND THEN ABSOLUTELY REFUSED TO
PRODUCE IT.
SO OFTEN WE HEAR ON THIS FLOOR
DISCUSSION ABOUT CHINA EATING
OUR LUNCH AND CLEAN ENERGY,
ABOUT JAPAN AND GERMANY
OUTPACING US IN -- IN WIND AND
SOLAR TECHNOLOGY, BUT DOES
ANYBODY THINK THAT IF THOSE
COUNTRIES HAD A GULF OF MEXICO
OR AN ANWAR THAT THEY WOULD NOT
BE DRILLING IN THOSE AREAS AS WE
SPEAK?
DOES ANYONE THINK THAT THOSE
NATIONS DEMAGOGUE NUCLEAR POWER
OR REFUSE TO PERMIT COAL PLANTS?
THEIR -- THEIR ENERGY POLICIES
ARE ON BETTER TRACK THAN OURS.
THEY -- THEY'RE NOT JUST LOOKING
AT WHAT IS HAPPENING TODAY,
THEY'RE LOOKING -- THEY'RE
LOOKING TOMORROW, THEY'RE
LOOKING TODAY.
THEY'VE GOT AN ENERGY POLICY
THAT CARRIES THEM OUT.
THERE IS AN ARTICLE IN "THE
WALL STREET JOURNAL" YESTERDAY
BY NANCEN SALARI.
HE CONCLUDES THIS ARTICLE WITH
THE STATEMENT THAT THE U.S. DOES
NOT HAVE AN ENERGY PROBLEM, IT
HAS AN ENERGY STRATEGY PROBLEM.
THINK ABOUT THAT.
IT'S NOT LACKING THE RESOURCES.
IT'S THE STRATEGY FOR HOW WE
DEVELOP OUR ENERGY RESOURCES.
DURING HIS CAMPAIGN, PRESIDENT
OBAMA LIKED TO QUOTE DR. MARTIN
LUTHER KING, AND HE TALKED ABOUT
THE FIERCE URGENCY OF NOW.
AND THERE ARE FEW ISSUES MORE
IMPORTANT OR MORE FUNDAMENTAL TO
OUR NATION'S LONG-TERM SUCCESS
THAN A VIABLE ENERGY POLICY.
PEOPLE ARE VERY CORRECT WHEN
THEY SAY THAT PARTS OF THIS
WILL -- WILL TAKE TIME.
PARTS OF IT WILL TAKE A LONGER
PERIOD OF TIME, BUT NOW IS
NEVERMORE FIERCELY URGENT THAN
WHEN WE HAVE SUCH AN IMPORTANT
AND SUCH A LONG JOURNEY AHEAD OF
US.
IF WE'RE EVER GOING TO TAKE
CONTROL OF OUR ENERGY FUTURE,
NOW IS THE TIME TO GET -- TO
COME TOGETHER, SUPPORT THE
POLICIES THAT PROMOTE ABUNDANT,
AFFORDABLE, CLEAN, DIVERSE AND
DOMESTIC ENERGY.
CRITICALLY IMPORTANT TO US,
MADAM PRESIDENT, AND I LOOK
FORWARD TO THESE CONVERSATIONS
THAT WILL CONTINUE ON THE FLOOR
AS WE TALK ABOUT WAYS THAT WE
NOT ONLY WORK TO REDUCE OUR
BUDGET, WAYS THAT WE NOT ONLY
WORK TO CREATE JOBS IN THIS
COUNTRY, BUT WAYS THAT WE TRULY
BUILD A STRATEGIC ENERGY POLICY
FOR THE LONG TERM FOR THIS
COUNTRY.
THANK YOU, MADAM PRESIDENT.
WITH THAT, I YIELD THE FLOOR AND
SUGGEST THE ABSENCE OF A QUORUM.
THE CLERK
WILL CALL THE ROLL.
QUORUM CALL:
A SENATOR: MADAM PRESIDENT?
THE
SENATOR FROM NEVADA.
MADAM PRESIDENT, I
ASK THE CALL OF THE QUORUM BE
DISPENSED WITH.
WITHOUT
MADAM PRESIDENT,
OBJECTION.
TODAY I WANT TO TALK ABOUT
GASOLINE PRICES AND ENERGY.
JUST A FEW YEARS AGO, THIS
NATION WAS IN THE MIDDLE OF AN
ENERGY CRISIS NOT UNLIKE THE ONE
THAT WE ARE IN TODAY.
BACK THEN, NEVADANS WERE
CONFRONTED WITH RECORD PRICES AT
THE GAS PUMP, AND THIS BODY DID
NOTHING TO RELIEVE THEIR BURDEN.
WHEN I JOINED WITH MY COLLEAGUES
TO DEMAND THAT WE EXPLORE OUR
OWN DOMESTIC ENERGY
POSSIBILITIES, THE CALL FELL ON
DEAF EARS.
IN MAY OF 2007, I SAID THAT --
QUOTE -- "MOVING AMERICA TOWARD
ENERGY INDEPENDENCE NEEDS TO BE
MORE THAN A BUMPER STICKER AND A
CAMPAIGN SLOGAN."
UNFORTUNATELY, IT REMAINED JUST
THAT.
CAMPAIGN PROMISES TO PROTECT OUR
NATION'S SECURITY INTERESTS
REMAIN ON THE CAMPAIGN TRAIL,
AND CHEERS FROM POLITICAL
RALLIES TO INCREASE AMERICA'S
ENERGY INDEPENDENCE WERE LEFT
BEHIND WITH DEFLATEED BALLOONS
AND FORGOTTEN CONFETTI.
WELL, HERE WE ARE.
MY COLLEAGUES ON THIS SIDE OF
THE AISLE AND I WARNED AGAINST
WHAT AN UNSTABLE MIDDLE EAST
COULD MEAN FOR OUR GASOLINE
NEEDS, AND YET TODAY WHAT ARE WE
WITNESSING?
TURMOIL IN THE REGION AND
ESCALATING GASOLINE PRICES AT
HOME ONCE AGAIN.
UNFORTUNATELY, THIS TIME AROUND,
OUR ECONOMY IS ALSO IN TROUBLE.
MY STATE OF NEVADA HAS CONTINUED
TO SUFFER THE MOST DURING THIS
RECESSION, AND ECONOMISTS ARE
NOT PREDICTING QUICK TURNAROUND
ANY TIME SOON.
THE
THE PROBLEM WITH THIS NEW ENERGY
CRISIS IS THAT A RECORD NUMBER
OF PEOPLE IN NEVADA AND AROUND
THE COUNTRY ARE NOW WITHOUT JOBS
AND WITHOUT HOMES, SO HOW ARE
THEY SUPPOSED TO AFFORD
$4-A-GALLON GASOLINE OR MAYBE
EVEN $5-A-GALLON GASOLINE AT THE
PUMP?
I TELL YOU SIMILE: THEY CAN -- I
TELL YOU SIMPLY THEY CANNOT
AFFORD THIS.
RECENT UNREST HAS FORCED GAS
PRICES TO RISE NEARLY 40 CENTS A
GALLON IN THE RECENT WEEKS.
TO THOSE STRUGGLING BACK IN MY
STATE, THAT IS VERGE ON
UNAFFORDABLE.
TO THOSE WHO ARE WORSE OFF, IT
ALREADY IS.
THE PRICE OF GAS IS AT A TWO
INFORM YEAR HIGH.
THE AVERAGE PRICE FOR A GALLON
OF GASOLINE IS NOW $3.52 IN
AMERICA.
AND WHEN PRESIDENT OBAMA FIRST
TOOK OFFICE, THE AVERAGE PRICE
$1.84.
FOR A GALLON OF GASOLINE WAS
THAT'S A 91% INCREASE TO DATE,
AND WHAT ARE WE DOING?
NOTHING.
IN NEVADA, GAS PRICES ARE RISING
AND NOW ABOVE $3.60 A GALLON.
THE BIGGEST CONCERN WITH THE
RISING COST OF GASOLINE IS THAT
IT TRANSLATES INTO HIGHER PRICES
AT THE GROCERY STORE, IN UTILITY
BILLS, AND VIRTUALLY FOR
EVERYTHING THAT WE DO.
AND I'VE SPOKEN AT LENGTH OVER
THE PAST FEW YEARS ABOUT PEOPLE
IN MY STATE WHO ARE BEING FORCED
TO DECIDE BETWEEN PAYING THE
RENT AND PUTTING FOOD ON THE
TABLE TO FEED THEIR FAMILIES.
BUT WHAT ARE THEY GOING TO DO IF
THEY CAN AFFORD TO DO NEITHER?
THIS IS A SADDENING THOUGHT FOR
ME BUT A REALITY FOR MANY
OTHERS.
MEMBERS FROM BOTH SIDES OF THE
AISLE HAVE COME TO THE FLOOR TO
TALK ABOUT PEOPLE BACK IN THEIR
HOME STATES WHO ARE SUFFERING.
PHILOSOPHICAL DIFFERENCES ASIDE,
BOTH PARTIES HAVE PUT FORTH
LEGISLATION THAT THEY BELIEVE
WILL HELP THE ECONOMIC PLIGHT OF
MANY AMERICANS.
WHAT HAVE WE DONE ABOUT ENERGY
PRICES THAT THREATEN TO DERAIL
RECOVERING FAMILIES?
NOTHING.
RISING GAS PRICES AFFECT NEARLY
EVERY SECTOR OF OUR ECONOMY.
EVERYWHERE YOU LOOK IN AMERICA
TODAY, OUR ECONOMY CONTINUES TO
BE DIRECTLY AFFECTED BY THE
SKYROCKETING PRICE OF FUEL, AND
AT A TIME WHEN UNEMPLOYMENT IS
OVER 14% IN MY HOME STATE AND
AMERICANS ARE ALREADY STRUGGLING
FINANCIALLY, WE CAN NO LONGER
ALLOW THIS PROBLEM TO BE IGNORED
OR TO BE SET ASIDE.
WE NEED REAL SOLUTIONS THAT
DEVELOP OUR DOMESTIC ENERGY AND
OIL PRODUCTION, AND WE NEED
THOSE SOLUTIONS TO DECREASE OUR
DEPENDENCE ON DANGEROUS FOREIGN
OIL.
WE SEND OVER $500 BILLION A YEAR
OUT OF THIS COUNTRY TO BUY
FOREIGN OIL, AND A LOT OF THAT
MONEY ENDS P FINANCING THE I
HAVE--ENDS UP FINANCING THE VERY
PEOPLE WHO WOULD DO US HARM.
WHAT AMERICA NEEDS IS A
"EVERYTHING BUT FOREIGN OIL FROM
DANGEROUS COUNTRIES."
THAT NEEDS TO BE OUR ENERGY
POLICY SO THAT WE CAN ENSURE THE
PRICE OF GAS DOES NOT FURTHER
CRIP MANY OUR -- CRIPPLE OUR
CRUMBLING COMMITMENT OF THE 2008
-- IN 2008 I SPOKE ON THE SENATE
FLOOR:
"THE AMERICAN PEOPLE ARE LOOKING
TO US FOR SOLUTIONS.
WE HAVE A RESPONSIBILITY TO MAKE
DECISIONS HERE IN ORDER TO
PROVIDE THEM MUCH-NEEDED RELIEF
AT HOME.
AND FOR MANY MONTHS REPUBLICANS
HAVE BEEN WORKING TO PROVIDE
THAT RELIEF.
WE'VE BEEN FOCUSED ON A
THREE-PRONGED APPROACH: BOOSTING
RENEWABLE ENERGY AND ALTERNATIVE
ENERGY, ENCOURAGING ENERGY
EFFICIENCY, AND GROWING AMERICAN
ENERGY SUPPLY.
THIS LINE OF ATTACK BALANCES THE
NEED FOR US TO BE RESPONSIBLE
STEWARDS OF OUR ENVIRONMENT WITH
THE NEED FOR RELIABLE,
AFFORDABLE ENERGY TO FUEL OUR
LIVES AND OUR ECONOMY."
AGAIN, THIS IS WHAT I SAID BACK
IN 2008 WHEN REPUBLICANS WANTED
TO ADDRESS THE NEED FOR AMERICAN
ENERGY INDEPENDENCE.
BUT THE DEMOCRAT MAJORITY HAD
OTHER PRIORITIES.
WE WILL, WE SIMPLY CANNOT --
WELL, WE SIMPLY CANNOT CONTINUE
TO PASS THE BUCK ON TO ANOTHER
CONGRESS AND KICK THE CAN DOWN
THE ROAD.
WE NEED TO TAKE ACTION AND WE
NEED TO DO IT NOW.
JUST LIKE THE SPENTDZING CUTS,
EVERYTHING -- JUST LIKE THE
SPENDING CUTS, EVERYTHING NEEDS
TO BE ON THE TABLE WHEN
DISCUSSING AMERICAN ENERGY
INDEPENDENCE.
AND BY WORKING TO ERADICATE OUR
DANGEROUS DEPENDENCE ON FOREIGN
OIL FROM THE MIDDLE EAST AND
VENEZUELA, WE CAN PROTECT
MERNTION FROM CHOOSING BETWEEN
-- WE CAN PROTECT AMERICANS FROM
CHOOSING BETWEEN PAYING THE
RENT, PROVIDING FOOD FOR THEIR
FAMILIES OR PAYING FOR GAS TO
DRIVE TO WORK.
SO WHAT DOES AN "EVERYTHING BUT
DANGEROUS FOREIGN OIL" APPROACH
LOOK LIKE?
IT MEANS 10 BILLION BARRELS OF
OIL FROM ANWR UP IN ALASKA.
IT MEANS 28 BILLION BARRELS FROM
DEEP-SEA EXPLORATION.
ABOUT 1.8 TRILLION BARRELS
POSSIBLY FROM OIL SHELL IN
COLORADO, UTAH, AND WYOMING.
TRILLIONS OF CUBIC FEET IN
AMERICAN NATURAL GAS.
AND IT ALSO MEANS A 230-YEAR
SUPPLY OF COAL AND GREAT
POTENTIAL FOR NUCLEAR ENERGY.
THESE ARE AMERICAN SOURCES OF
ENERGY, AND IF WE COMBINE THOSE
WITH CONSERVATION AND AGGRESSIVE
INVESTMENT IN RENEWABLE AND
GREEN ENERGY, SOLAR, WIND,
GEOTHERMAL, HYDROPOWER, FUEL
CELLS, ELECTRIC VEHICLES ARE ALL
INDEPENDENCE.
KEY TO OUR AMERICAN ENERGY
I VISITED RECENTLY A COUPLE OF
DIFFERENT PLACES IN MY HOME
STATE OF NEVADA THAT ARE
PRODUCING ELECTRIC CARS.
THOSE ARE GREAT, BUT YOU STILL
HAVE TO PRODUCE THE ENERGY TO
PRODUCE THE ELECTRICITY TO RUN
THOSE ELECTRIC CARS.
THAT'S WHY WE NEED THIS "ALL OF
THE ABOVE" APPROACH FOR AMERICAN
ENERGY INDEPENDENCE.
MY HOME STATE OF NEVADA IS
ACTUALLY A SHINING EXAMPLE OF
MANY INNOVATIONS BEING MADE ON
RENEWABLE ENERGY FRONTS.
NEVADA SOLAR ONE IS ONE OF THE
LARGEST PLANTS IN THE WORLD AND
GENERATES ENOUGH POWER TO 14,000
HOUSEHOLDS A YEAR.
A PHOTOVOLTAIC POWER SYSTEM
POWERS THE BASE.
AND HEN DISH SON, EACH HOME HAS
A ROOFTOP SOLAR ELECTRIC SYSTEM.
AND LATE IN 2007, ASRA INC.
SELECTED LAS VEGAS AS THE SITE
FOR THE FIRST UNITED STATES
MANUFACTURING PLANT FOR SOLAR
THERMAL POWER SYSTEMS.
AND THE WORLD'S THIRD-LARGEST
GEOTHERMAL POWER PRODUCER IS
HEADQUARTERED WITH RENO, NEVADA.
AND NEVADA IS HOME TO THE ONLY
ASSOCIATE DEGREE PROGRAM IN THE
NATION IN ENERGY EFFICIENCY.
SO IT'S ABSURD TO THINK THAT
PEOPLE IN NEVADA ARE GOING TO BE
CRIPPLED BY INCREASING PRICES AT
THE GAS PUMP AT THE SAME TIME
THAT OUR STATE IS LEADING THE
WAY IN RENEWABLE ENERGY.
SIMPLY BECAUSE CONGRESS WILL NOT
ACT TO ADDRESS THIS CRISIS.
THROUGHOUT THIS LAST YEAR, BILLS
WERE PASSED, FILLED WITH
UNINTENDED CONSEQUENCES.
BECAUSE EVERY DIP IN THE ECONOMY
WAS DEEMED BY SOME TO BE A
CRISIS THAT REQUIRED AN
IMMEDIATE SOLUTION.
AND YET WE KNOWINGLY CONTINUE TO
IGNORE THE ENERGY CRISIS THAT WE
ARE CONTINUING TO BE PLAGUED
WITH BY OUR COUNTRY EVERY TIME
THAT THE MIDDLE EAST CANNOT GET
ALONG.
ACCORDING TO THE DEPARTMENT OF
ENERGY, OIL IS THE SOURCE OF
MORPH THAN 40 -- THE SOURCE OF
MORE THAN 40% OF OUR TOAMENT
ENERGY DEMANDS AND MORE THAN 99%
OF THE FUEL THAT WE USE IN OUR
CARS AND TRUCKS.
THE SENATOR FROM ALASKA, SENATOR
MURKOWSKI, WAS JUST ON THE FLOOR
TALKING ABOUT HOW WE ALL WANT TO
TRANSITION TO MORE OF A GREEN
ECONOMY, BUT THE FACT IS THAT IS
GOING TO BE YEARS AND EVEN
DECADES AWAY.
SO WE HAVE TO HAVE AMERICAN
SOURCES OF ENERGY HERE NOW.
THE UNITED STATES CONSUMES ABOUT
ALMOST 19 MILLION BARRELS OF OIL
PER DAY, AT LEAST OF PETROLEUM
PRODUCTS IN 2009.
WE RECEIVE OVER HALF OF THIS
OIL, 51%, FROM FOREIGN SOURCES,
EAST, AFRICA, AND CENTRAL
PREDOMINANTLY FROM THE MIDDLE
AMERICA.
BUT WE CANNOT CONTINUE TO IGNORE
THIS ISSUE.
INACTION IS NO LONGER AN OPTION.
THE OBAMA ADMINISTRATION'S
APPROACH TO DEVELOPING DOMESTIC
ENERGY PRODUCTION HAS BEEN TO
IMPOSE REGULATIONS, WITHDRAW
PERMITS, SHUT OFF ACCESS TO
LANDS THAT CONTAIN VALUABLE OIL
AND NATURAL GAS DEPOSITS.
IN ADDITION, THE E.P.A. IS
CURRENTLY REGULATING DOMESTIC
ENERGY RESOURCES FOR GREENHOUSE
AIR ACT.
GAS EMISSIONS UNDER THE CLEAN
WE WILL, WE CAN NO LONGER AFFORD
ORGANIZATIONS SUCH AS THE E.P.A.
CLAIMING AUTHORITY TO CUT OFF
OUR ACCESS TO RESOURCES BECAUSE
OF ARBITRARY RULES BASED ON
UNSOUND SCIENCE.
THESE BACKDOOR CLIMATE
REGULATIONS COULD INCREASE THE
COST OF GASOLINE AND ELECTRICITY
BY 50%.
THESE POLICIES WORK TO PROMOTE
OUR DEPENDENCE ON FOREIGN OIL,
AND THEY DO NOTHING TO REDUCE
THE COST FOR ORDINARY AMERICANS.
10 BILLION BARRELS IN ANWR UP IN
ALASKA MEAN THAT DRILLING --
MEANS THAT NOT DRILLING IS NOT
AN OPTION.
ANWR IS ROUGHLY THE SIZE OF
SOUTH CAROLINA, BUT DRILLING IN
ANWR WILL ONLY BE ABOUT THE SIZE
OF McCARRAN AIRPORT IN THE
CITY OF LAS VEGAS.
SO ABOUT 2,000 ACRES OUT OF THE
SIZE OF SOUTH CAROLINA.
IF YOU HAD A MAP HERE, IT
LITERALLY WOULD BE A DOT ON A
HUGE MAP.
THAT'S HOW TINY OF AN AREA THAT
WE HAVE TO DISTURB TO GET THIS
10 BILLION BARRELS OF OIL OUT OF
ANWR.
WE WILL -- AND WE CAN -- WELL,
AND WE CAN EVEN ACCESS ANWR
DURING THE WINTER MONTHS, DRIVE
OUT ON ICE ROADS THAT ARE
SIX-FEET THICK AND THEN IN THE
SPRING WHEN EVERYTHING STARTS TO
MELT AND THE ANIMALS NEED TO
COME OUT FOR THEIR BREEDING IN
THE SPRINGTIME, WE CAN TAKE ALL
OF THOSE THINGS, CAP THE WELLS,
TAKE ALL OF THE EQUIPMENT OFF
AND LET NATURE TAKE ITS COURSE
IN THE SUMMER MONTHS.
WE WILL, ADDITIONALLY, AT LEAST
40 BILLION BARRELS OF
RECOVERABLE OIL IN THE NATIONAL
PETROLEUM RESERVE -- ALASKA --
AND I HOPE I'M PRONOUNCING THIS
RIGHT, IN THE CHUKRHI AREA CAN
REPLACE CRUDE IMPORTS IN THE
PERSIAN GULF FOR NEARLY 65
YEARS.
LET ME REPEAT THAT.
ALASKA -- NEW OIL IN ALASKA CAN
REWHAT WE IMPORT -- ARE WE PLACE
WHAT WE IMPORT FROM THE PERSIAN
GULF FOR THE NEXT 65 YEARS.
IF THAT'S NOT IN THE INTEREST OF
AMERICA, OUR NATIONAL SECURITY
INTERESTS AND OUR NATIONAL
ECONOMIC INTERESTS, I DON'T KNOW
WHAT IS.
AND I BET YOU THAT'S A STATISTIC
THAT THE OBAMA ADMINISTRATION
WOULD RATHER KEEP HIDDEN.
AS A MATTER OF FACT, THEY ARE
KEEPING IT HIDDEN, BECAUSE THE
E.P.A. IS BLOCKING THE ABILITY
OF AMERICANS TO GO IN AND GET
RESERVES.
THOSE OIL AND NATURAL GAS
WELL ALSO IN LOUISIANA, DRILLING
FOR NATURAL GAS IN THE HANES
HANESVILLE SHALE ESTIMATED IN AN
ESTIMATED $5.7 BILLION FOR
LOUISIANA RESIDENTS IN 2009 AND
IT CREATES OVER 50,000 JOBS.
I MENTION THIS BECAUSE GOING
AFTER ENERGY IN AMERICAN --
GOING AFTER AMERICAN ENERGY
PRODUCES AMERICAN JOBS, AND --
AND I THINK EVERYBODY IN THIS
CHAMBER AGREES THAT WE NEED
AMERICAN JOBS TODAY.
WELL NOW WE'RE FINDING THAT
THERE ARE MORE RESERVES LOCATED
IN CENTRAL LOUISIANA AND SOUTH
MISSISSIPPI, AND THEY MAY
CONTAIN 7 BILLION MORE BARRELS
OF NATURAL GAS.
BUT WE'VE ALSO FOUND MANY
NATURAL GAS RESERVES IN THE REST
OF THE COUNTRY.
SHALE RESERVES IN PENNSYLVANIA
AND OHIO, IN NEW YORK AND
OKLAHOMA AND WEST VIRGINIA COULD
PROVIDE US LITERALLY WITH
BILLIONS AND BILLIONS OF MORE
BARRELS OF NATURAL GAS.
YET IN THE MIDST OF THIS
ABUNDANCE, THE ADMINISTRATION
HAS STRAPPED DOWN THESE RESERVES
WITH REGULATIONS AND TOO LONG
TOO-LONG-TO-COMPLY-WITH PERMITS.
WE NEED TO STREAMLINE THE
PROCESS TO ALLOW AMERICA TO
ACCESS OUR OWN RESOURCES, WALLET --
WITHOUT THE HINDRANCE OF
BUREAUCRATIC RED TAPE.
WE WOULD BE ONE STEP FURTHER TO
STREELING AN AFFORDABLE AND
ENVIRONMENTALLY SAFE COMPRESSED
NATURAL GAS VEHICLES.
THIS WILL NOT ONLY CURB OUR
RELIANCE ON DANGEROUS FOREIGN
OIL BUT ALSO CREATE EVEN MORE
JOBS AND POTED US AT THE
FOREFRONT OF ALTERNATIVE FUEL
TECHNOLOGY.
BY USING OUR OWN NATURAL GAS
RESERVES, WE CAN BUILD MORE
POWER PLANTS, IMPROVE OUR
TRANSPORTATION NEEDS THROUGH
BUSES AND TRUCKS THAT RUN ON
NATURAL GAS, POWER OUR FLEETS,
AND IMPROVE OUR COUNTRY'S
TO MANUFACTURE STEEL,
FABRIC, GLASS, AND PLASTIC THAT
WE NEED INSTEAD OF OUTSOURCING
THESE JOBS OVERSEAS, WHICH IS
WHAT'S BEEN HAPPENING.
28 BILLION BARRELS OF DEEP-SEA
OIL MEAN THAT THE OBAMA
ADMINISTRATION CANNOT CONTINUE
TO HOLD THESE RESERVES HOSTAGE
BY BANNING DEEP-SEA DRILLING.
THE GULF OF MEXICO AND ATLANTIC
COAST ALONE HOLD COMMERCIAL OIL
RESERVES EVER 28 BILLION BARRELS
OF OIL AND UP TO 140 TRILLION
CUBIC FEET OF NATURAL GAS.
THESE ARE HUGE RESERVES.
DESPITE THE ADMINISTRATION
LIFTING ITS MORATORIUM ON
PERMITS LATE LAST YEAR, ONLY ONE
DEEPWATER WELL PERMIT HAS BEEN
ISSUED IN THE LAST MONTHS.
WE CAN AND WE MUST DO BETTER
THAN THIS.
YESTERDAY IT WAS REPORTED THAT
THE OBAMA ADMINISTRATION WILL
ISSUE ANOTHER HANDFUL OF
DEEPWATER DRILLING PERMITS IN
THE NEAR FUTURE.
THIS COMES RAT
-- AT A TIME WHEN THE
ADMINISTRATION IS APPEALING A
RULING FROM A FEDERAL COURT WHO
HAS ORDERED FOR IT, THE
ADMINISTRATION, TO ACT ON THE
PERMITS THAT HAVE BEEN PENDING
AND THAT HAVE BEEN VIRTUALLY
IGNORED BY THE ADMINISTRATION.
SECRETARY SALAZAR YESTERDAY, IN
A SENATE SUBCOMMITTEE JUST
YESTERDAY SAID THAT OIL
PRODUCTION IN THE GULF WILL NOT
DROP SIGNIFICANTLY AS A RESULT
OF THE ADMINISTRATION'S DELAY.
HE SAID WE MAY SEE A BLIP.
WELL, THIS COUNTRY CANNOT AFFORD
TO SEE A DOWNWARD BLIP.
AS A MATTER OF FACT, WE NEED TO
SEE AN UPWARD TICK.
WE NEED TO SEE MORE PRODUCTION
COMING OUT OF THE GULF OF
MEXICO.
RECENTLY, SENATOR VITTER DRAFTED
HIS NO-COST STIMULUS PLAN, AS HE
CALLS IT, OR HIS THREE D'S.
THOSE THREE D'S ARE DOMESTIC
ENERGY, DOMESTIC JOBS, AND
REDUCING THE DEFICIT.
THIS BILL AIMS TO INCREASE OUR
ABILITY TO ACCESS DOMESTIC
ENERGY SOURCES TO INCREASE OUR
ENERGY INDEPENDENCE.
IT WOULD USE THESE DOMESTIC
ENERGY RESOURCES TO CREATE
THOUSANDS OF REAL PRIVATE
SECTOR, LONG-TERM JOBS IN AREAS
SUCH AS MY STATE WHERE WE HAVE
THE POTENTIAL TO LEAD THE NATION
IN RENEWABLE ENERGY.
IN 2009, THE OBAMA
ADMINISTRATION CANCELED 77 OIL
AND GAS LEASES IN UTAH, AND IN
2010, IT CANCELED ANOTHER 61 OIL
AND GAS LEASES IN MONTANA.
THIS IS ASTOUNDING TO ME BECAUSE
NOW INSTEAD OF ACTING ON
AMERICAN ENERGY INDEPENDENCE, WE
ARE TRYING TO STIFLE THE
PROGRESS THAT WE ARE MAKING.
SO SENATOR VITTER'S LEGISLATION
WOULD DIRECT THE OBAMA
ADMINISTRATION TO REINSTATE OIL
AND GAS LEASE THAT IS WERE
CANCELED AND TO OPEN UP ANWAR TO
OIL PRODUCTION.
IT WOULD ALSO ESTABLISH AN ANWAR
ALTERNATIVE ENERGY TRUST FUND SO
WE CAN PAY FOR RENEWABLE ENERGY
DEVELOPMENT WITH OUR OWN MONEY
INSTEAD OF BORROWING MONEY FROM
CHINA AND SAUDI ARABIA AND
OTHERS TO DO IT.
THE BILL ALSO RESTRICTS THE
E.P.A. FROM IMPOSING REGULATIONS
THAT CUT OFF OUR ACCESS TO OIL
AND GAS RESOURCES INSTEAD OF
UTILIZING THEM.
NOW, WE HAVE BEEN TALKING ABOUT
OVERSPENDING.
THE DEBT ON THIS FLOOR AND
WE NEED LEGISLATION TO GO AFTER
AMERICAN ENERGY -- AND BY THE
WAY, THIS LEGISLATION WON'T COST
US ANY MONEY.
AS A MATTER OF FACT, IT BRINGS
IN MONEY TO THE UNITED STATES
TREASURY BECAUSE WE GET
ENERGY.
ROYALTIES OFF OF AMERICAN
THAT'S THE DIRECTION THAT THIS
SENATE, THE HOUSE AND THE
PRESIDENT NEEDS TO TAKE OUR
COUNTRY.
LESS DEPENDENCE ON FOREIGN OIL,
MORE AMERICAN SECURITY FROM AN
ENERGY INDEPENDENT STANDPOINT,
MORE ECONOMIC SECURITY AND MORE
MILITARY SECURITY AS WELL.
NOW, REPUBLICANS HAVE SOLUTIONS,
AND WE'RE EAGER TO START THIS
DEBATE, BUT WE NEED THE MAJORITY
TO BRING THESE BILLS TO THE
FLOOR OF THE UNITED STATES
SENATE.
MADAM PRESIDENT, THE ISSUES ARE
TOO CRITICAL FOR US TO DELAY.
WE CAN'T AFFORD TO LET GASOLINE
CONTINUE TO GO UP AND UP AND UP.
$4, $5, WHO KNOWS WHERE IT'S
GOING TO STOP?
IF WE WOULD HAVE ACTED BEFORE,
UNFORTUNATELY PRESIDENT CLINTON
VETOED THE BILL THAT WOULD HAVE
OPENED UP ANWAR BACK IN THE MID
1990'S.
I THINK WE WERE ONE VOTE SHORT
IN PASSING THE ABILITY TO OPEN
UP ANWAR WHEN PRESIDENT BUSH WAS
PRESIDENT.
THIS BODY FAILED BY ONE VOTE.
THAT'S UNFORTUNATE BECAUSE IF WE
WOULD HAVE OPENED UP ANWAR, WE
WOULDN'T BE NEARLY IN AS BAD OF
SHAPE AS WHAT WE ARE IN TODAY.
BUT IT ISN'T JUST ANWAR.
IT'S MANY OTHER PLACES WHERE WE
CAN HAVE AMERICAN ENERGY, AND WE
NEED TO ACT AND WE NEED TO ACT
NOW.
MADAM PRESIDENT, I YIELD THE
FLOOR.
A SENATOR: MADAM PRESIDENT?
THE
SENATOR FROM SOUTH DAKOTA.
MADAM PRESIDENT, I
RISE TODAY TO TALK ABOUT OUR
NATION'S SECURITY AND WHAT THE
CHAIRMAN OF THE JOINT CHIEFS OF
STAFF, ADMIRAL MIKE MULLEN
RECENTLY SAID IS THE GREATEST
THREAT TO AMERICA'S FUTURE.
HE MENTIONED NOT TOO LONG AGO
THAT THE GREATEST THREAT TO
AMERICA'S NATIONAL SECURITY IS
OUR NATIONAL DEBT.
NOT AL QAEDA, NOT THE IRANIAN
NUCLEAR THREAT, NOT INSTABILITY
IN THE MIDDLE EAST OR RUSSIAN
SPIES, BUT OUR NATIONAL DEBT.
THAT'S A STUNNING STATEMENT, BUT
I THINK THAT IT'S BACKED UP BY
THE NUMBERS.
DEBT.
WE ARE MORE THAN $14 TRILLION IN
IN 220 YEARS OF AMERICAN HISTORY
UP TO THE BEGINNING OF 2009 AND
43 AMERICAN PRESIDENTS, IT TOOK
US THAT AMOUNT OF TIME TO PILE
UP $6.3 TRILLION OF PUBLICLY
HELD DEBT.
UNDER THE OBAMA ADMINISTRATION'S
LATEST BUDGET, WE WILL DOUBLE
THAT IN ANOTHER TWO YEARS AND
TRIPLE IT IN TEN.
THAT BUDGET CALLS FOR A SIZABLE
ANNUAL DEFICIT EVERY SINGLE YEAR
FOR THE NEXT TEN YEARS.
THE SMALLEST BUDGET DEFICIT WE
WOULD FACE WOULD BE $607 BILLION
IN THE YEAR 2015, AND THEN OUR
DEFICITS WOULD START RISING
AGAIN.
THAT'S WHAT THE WHITE HOUSE
CALLS A BALANCED BUDGET.
I WOULD CALL IT A JOKE, BUT IT'S
NO LAUGHING MATTER.
WE JUST LEARNED THAT CHINA HOLDS
EVEN MORE OF OUR DEBT THAN THE
TREASURY HAD PREVIOUSLY
THOUGHT -- 26% OF TOTAL U.S.
DEBT HELD BY FOREIGNERS.
THE PRESIDENT'S BUDGET
INEVITABLY WOULD ADD TO THAT.
NOW, THAT CRUSHING DEBT BURDEN
THAT WE ARE IMPOSING ON FUTURE
GENERATIONS WILL SERIOUSLY LIMIT
THEIR ABILITY TO LIVE THE
AMERICAN DREAM.
FOR GENERATIONS IN THIS COUNTRY,
PARENTS HAVE SACRIFICED SO THAT
THEIR CHILDREN COULD HAVE A
BETTER LIFE, BUT TODAY, MADAM
PRESIDENT, WE ARE STANDING THAT
TRADITION ON ITS HEAD.
EXCESSIVE SPENDING AND DEBT
THREATEN TO MAKE THE NEXT
GENERATION THE FIRST IN OUR
HISTORY TO HAVE A LOWER STANDARD
BEFORE.
OF LIVING THAN THE ONE THAT CAME
DID.
THAT WAS NOT WHAT MY PARENTS
II.
MY FATHER FOUGHT IN WORLD WAR
COACH.
HE WORKED HARD AS A TEACHER, A
HE DROVE THE SCHOOL BUS, RAN A
MOTEL IN MY HOMETOWN.
BASICALLY DID ANY JOB HE COULD
GET AND MADE WHATEVER SACRIFICE
HE NEEDED TO MAKE IN ORDER TO
KEEP OUR FAMILY FED, CLOTHED AND
SHELTERED.
HIS FATHER BEFORE HIM, MY
GRANDFATHER, TRAVELED TO THIS
COUNTRY FROM NORWAY AND WORKED
DOING HARD LABOR LAYING THE
RAILROAD ACROSS THE PLAINS.
HE STARTED HIS OWN HARDWARE
STORE AND RAN IT THROUGH THE
DEPRESSION AND THE WAR UNTIL HE
COULDN'T WORK ANYMORE.
HE KNEW WHAT IT MEANT TO
FAMILY.
SACRIFICE TO TAKE CARE OF HIS
BUT TODAY, WASHINGTON SEEMS TO
BE SAYING THAT THE GENERATIONS
TO FOLLOW US WILL HAVE TO
SACRIFICE SO WE WON'T HAVE TO
MAKE THE TOUGH CHOICES.
WE DON'T WANT TO DO THE HARD
WORK OF LIVING WITHIN OUR MEANS,
AND SO OUR CHILDREN, OUR
GRANDCHILDREN WILL JUST HAVE TO
GET BY ON LESS.
MR. PRESIDENT, -- MADAM
PRESIDENT, EVERY ONE OF US IN
THIS CONGRESS SHOULD BE ASHAMED
OF THAT PROSPECT, BUT MORE THAN
SHAME FOR WHAT WE ARE DOING TO
ALARMED ABOUT WHAT WE ARE DOING
FUTURE GENERATIONS, WE SHOULD BE
TO OUR ECONOMY TODAY.
THAT SKYROCKETING DEBT MEANS A
BURDEN OF UNCERTAINTY IN OUR
ALIKE.
BUSINESSES, SMALL AND LARGE
BUSINESSES AND PEOPLE ARE
UNCERTAIN IF THERE WILL BE A
FISCAL CRISIS, THEY LIMIT THEIR
INVESTMENT.
ADD IN THE STIFLING AMOUNT OF
OVERREGULATION COMING OUT OF
CONGRESS AND THE ADMINISTRATION
THE PAST TWO YEARS, IT MEANS
THAT BUSINESSES HAVE ONE MORE
REASON TO WORRY ABOUT WHETHER
THEY CAN AFFORD TO ADD ANOTHER
PERSON TO THE PAYROLL, AND THAT
MEANS FEWER JOBS.
ONE INFLUENTIAL STUDY ENDORSED
BY NONE OTHER THAN TREASURY
SECRETARY GEITHNER FOUND THAT
COUNTRIES WITH VERY HIGH DEBT
BURDENS SUFFER FROM LOWER
ECONOMIC GROWTH RATES.
MEDIAN GROWTH RATES FOR
COUNTRIES WITH PUBLIC DEBT ABOVE
ROUGHLY THE 90% OF G.D.P.
THAN OTHERWISE.
THRESHOLD ARE ABOUT 1% LOWER
THE REASONS FOR THIS ARE SIMPLE:
GOVERNMENT BORROWING CROWDS OUT
PRIVATE INVESTMENT.
THE LESS PRODUCTIVE PUBLIC
SECTOR TAKES RESOURCES THAT
COULD AND WOULD BE BETTER USED
BY THE MORE PRODUCTIVE PRIVATE
SECTOR.
WE'VE ALREADY CROSSED THE
DANGEROUS 90% THRESHOLD GROSS
DEBT WAS 93% OF G.D.P. AT THE
END OF LAST FISCAL YEAR, AND
WE'LL TOP THE 100% BARRIER BY
THE END OF THIS FISCAL YEAR.
AND UNDER THE PRESIDENT'S
BUDGET, MADAM PRESIDENT, THE
DEBT WILL CONTINUE TO GROW
RAPIDLY, EVENTUALLY REACHING
107% OF G.D.P.
THAT'S EVEN WITH THE GIMMICKS
AND QUESTIONABLE ASSUMPTIONS
THAT THE WHITE HOUSE BUDGET
PROPOSAL CONTAINS, INCLUDING
WHAT I BELIEVE ARE VERY
ASSUMPTIONS.
UNREALISTIC ECONOMIC GROWTH
PRESIDENT OBAMA'S OWN ECONOMIC
ADVISORS HAVE ESTIMATED THAT A
1% INCREASE IN G.D.P. TRANSLATES
INTO ONE MILLION MORE JOBS.
MANY MORE PEOPLE WOULD HAVE JOBS
TODAY IF IT WEREN'T FOR THIS
CRUSHING DEBT BURDEN.
NOW, WE DID FINALLY HAVE SOME
GOOD NEWS LAST FRIDAY ABOUT
PRIVATE SECTOR JOB CREATION.
NOBODY WAS HAPPIER THAN I WAS TO
SEE THAT, BUT THE FACT REMAINS
THAT THE LABOR FORCE
PARTICIPATION RATE IN THE LATEST
UNEMPLOYMENT FIGURES WAS
UNCHANGED AT 64.2%, THE LOWEST
1980'S.
LEVEL IT'S BEEN SINCE THE EARLY
A LOT OF WORKERS HAVE BEEN SO
DISCOURAGED WITH THE LACK OF
JOBS THAT THEY HAVE SIMPLY
STOPPED LOOKING.
AND LET'S NOT FORGET THAT OUR
RECOVERY SO FAR HAS LAGGED FAR
BEHIND PAST RECESSIONS.
AT THIS POINT AFTER THE 1981-
1982 RECESSION, THE ECONOMY
HAD ALREADY EXPANDED 10%, BUT
THE CURRENT RECOVERY HAS ONLY
EXPANDED THE ECONOMY BY .14%.
PRESIDENT.
THAT'S NOT GOOD ENOUGH, MADAM
WE ALL KNOW THAT IF WE DON'T ACT
SOON TO GET CONTROL OF FEDERAL
SPENDING AND OUR SOARING DEBT,
SHORT-LIVED.
THAT ANY GOOD NEWS WILL BE
FOR TWO YEARS, THE PIED PIPERS
OF BIG GOVERNMENT TOLD US THEY
COULD SPEND THEIR WAY OUT OF
FINANCIAL TROUBLES, THAT THE
MONEY WAS FREE AND IT WOULD LEAD
TO JOBS, JOBS, JOBS.
WELL, THEY WERE WRONG.
TWO YEARS OF THEIR POLICIES HAVE
LEFT US DRAMATICALLY WORSE OFF.
IT'S SIMPLE.
TOO MUCH GOVERNMENT SPENDING
MEANS TOO MUCH GOVERNMENT DEBT.
THAT MEANS A WEAKER ECONOMY AND
FEWER JOBS.
I THINK WE ARE FINALLY AT THE
POINT WHERE MOST PEOPLE EVEN
HERE IN WASHINGTON ARE WILLING
TO CONCEDE THAT WE NEED TO GET A
HANDLE ON OUR SPENDING.
EVEN THE OBAMA ADMINISTRATION,
THE BIGGEST SPENDING WHITE HOUSE
IN HISTORY, HAS FINALLY COMING
AROUND TO THE REALIZE THAT JUST
MAYBE WE SHOULD LET THE CREDIT
CARD COOL OFF A LITTLE BIT.
WELL, THERE IS NO BETTER TIME IN
AMERICA'S HISTORY TO CHANGE
COURSE REGARDING FEDERAL
SPENDING.
WE ARE AT A MOMENT WHEN WE ARE
ABOUT TO GET HIT BY A SUCCESSION
OF THREE BUDGETARY WAVES.
FIRST, THE END OF THE TWO-WEEK
CONTINUING RESOLUTION ON
MARCH 18.
THEN WE WILL HAVE TO ADDRESS THE
DEBT LIMIT SOMETIME THIS SPRING.
AND AFTER WE HAVE DEALT WITH
THOSE TWO THINGS, WE NEED TO
TAKE UP THE BUDGET FOR FISCAL
YEAR 2012 BECAUSE THE NEW FISCAL
YEAR IS ONLY SIX MONTHS AWAY.
NOW, NONE OF THOSE IS A MYSTERY.
NONE OF THEM SNUCK UP ON US.
WE HAVE SEEN THEM ALL COMING.
WE HAVE HAD PLENTY OF WARNING,
SO WE HAVE NO EXCUSE FOR BEING
UNPREPARED.
AND I'M CONFIDENT WE CAN COME
TOGETHER AND SOLVE ALL THREE OF
THOSE ISSUES.
WE SHOWED WE CAN DO IT WITH THE
TWO-WEEK C.R.,
FINDING $4 BILLION OF SPENDING
THAT WE COULD AGREE WAS NOT OUR
MOST IMPORTANT NATIONAL PRIORITY
RIGHT NOW AND COULD BE CUT.
AND THANKS TO THE GREAT WORK OF
OUR FRIEND AND COLLEAGUE,
DR. COBURN, THE G.A.O. HAS
CONFIRMED THAT THERE ARE
HUNDREDS OF BILLIONS OF DOLLARS
IN WASTE AND DUPLICATION WE CAN
BEGIN TO SCRUB OUT OF OUR
FEDERAL BUDGET.
THAT'S OUR SHORT-TERM SITUATION,
THOSE THREE CHALLENGES, BUT
THERE HAS ALSO BEEN TALK OF A
BALANCED BUDGET AMENDMENT, AND
I'M A COSPONSOR OF TWO BALANCED
BUDGET AMENDMENTS.
THAT'S NOT A SHORT-TERM FIX.
THAT'S A LONG-TERM ISSUE.
SO THAT'S THE SHORT-TERM AND THE
LONG-TERM, MADAM PRESIDENT.
IN THE MIDTERM, WE NEED TO COME
UP WITH ADDITIONAL SOLUTION TOSS
GET US OFF WHAT I CALL FEDERAL
FISCAL IRRESPONSIBILITY,
BUDGETARY BRINKSMANSHIP AND
DEFICITS AS FAR AS THE EYE CAN
SEE.
WE NEED TO GET BACK ON THE PATH
TO PROSPERITY.
THAT PATH CANNOT BE BUILT ON
BORROWED MONEY AND RECKLESS
SPENDING.
GETTING BACK ON THE RIGHT PATH
IS GOING TO REQUIRE US TO FIX
OUR BROKEN BUDGET PROCESS.
TO THAT END, I AM PROUD TO
REINTRODUCE A BILL THAT I
INTRODUCED LAST YEAR THAT WOULD
ESTABLISH COMMON SENSE REFORMS
TO IMPROVE TRANSPARENCY AND
EFFICIENCY IN OUR BUDGETING
PROCESS, AND I'M PROUD THAT
SENATORS CHAMBLISS, CRAPO,
INHOFE, JOHANNS, KIRK, PORTMAN
AND WICKER HAVE JOINED ME IN
COSPONSORING SENATE BILL 439,
THE DEFICIT REDUCTION AND BUDGET
REFORM ACT OF 2011.
IF WE DON'T DO SOMETHING TO FIX
THIS BROKEN SYSTEM AND SOON, WE
ARE GOING TO KEEP GETTING HIT BY
THESE BUDGET WAVES AND SOONER OR
LATER THEY ARE GOING TO SINK US.
MY PROPOSAL HAS THREE MAIN
PARTS.
THE FIRST IS BUDGET REFORMS.
I PROPOSE THAT WE START BY
REFORMING PAYGO RULES TO PREVENT
THE DOUBLE-COUNTING GIMMICKS
THAT TOO OFTEN ARE USED AROUND
HERE, PARTICULARLY WITH REGARD
TO OUR TRUST FUNDS.
WE SAW THAT DOUBLE COUNTING
OCCUR DURING THE HEALTH CARE
DEBATE LAST YEAR WHEN HUNDREDS
OF BILLIONS OF DOLLARS WERE
DOUBLE COUNTED, ESSENTIALLY
SPENT TWICE DURING THE HEALTH
CARE DEBATE.
MY PROPOSAL WOULD MAKE THE
FEDERAL BUDGET A BINDING JOINT
RESOLUTION, SIGNED INTO LAW BY
THE PRESIDENT.
TODAY IT IS A NONBINDING
RESOLUTION AND ROUTINELY GETS
WAVED.
MY PROPOSAL CALLS FOR A BIANNUAL
BUDGET TIME LINE, MORE TIME FOR
OVERSIGHT AND TO SEE WHAT'S
WORKING.
AND DOING A BUDGET IN EVERY
OTHER YEAR, DURING THE
ODD-NUMBERED YEARS, AND DURING
THE EVEN-NUMBERED YEARS DOING
OVERSIGHT, SO INSTEAD OF LOOKING
FOR WAYS TO SPEND TAXPAYER
DOLLARS, WE LOOK FOR WAYS TO
SAVE TAXPAYER DOLLARS.
A LEGISLATIVE LINE-ITEM VETO.
GOVERNORS HAVE IT.
THE PRESIDENT SHOULD, TOO.
MY PROPOSAL CALLS FOR PREVENTING
THE ABUSE OF EMERGENCY SPENDING
DESIGNATIONS, WHICH AGAIN HAVE
BECOME ALL TOO ROUTINE AND ALL
TOO FREQUENT AROUND HERE TO GET
AROUND SPENDING CAPS.
I WOULD ALSO MODIFY
THE TRIGGER CONTAINER TO HAVE
HONEST ACCOUNTING.
MY PROPOSAL ALSO WOULD UPDATE
THE CREDIT REFORM ACT TO SCORE
THE PURCHASES OF DEBT, STOCK,
EQUITY, AND CAPITAL USING A
DISCOUNT RATE THAT INCORPORATES
MARKET RISK RATHER THAN THE
PROCEDURE THAT'S BEEN USED IN
THE PAST, WHICH IN MY VIEW
COMPLETELY UNDERSTATES THE COST
OF MANY OF THESE PROGRAMS.
AND, MADAM PRESIDENT, I WOULD
CALL FOR A NEW STANDING JOINT
COMMITTEE OF CONGRESS FOR BUDGET
DEFICIT REDUCTION.
IF YOU CAN BELIEVE THIS, THERE
ARE 2K-6 COMMITTEES OR
SUBSUBCOMMITTEES THAT SPEND TAX
DOLLARS, NOT ONE THAT SAVES TAX
DOLLARS.
THAT JOINT COMMITTEE WOULD BE
RESPONSIBLE FOR PRODUCE AGO BILL
TO CUT THE DEFICIT BY AT LEAST
10% EVERY BUDGET CYCLE WITHOUT
RAISING TAXES.
THIS BILL WOULD GET EXPEDITED
CONSIDERATION IN BOTH CHAMBERS
OF CONGRESS AND ONLY SPENDING
REDUCTIONS, MR. PRESIDENT, NOT
TAX INCREASES.
TAX INCREASES WOULD BE OFF THE
TABLE.
THE STANDING COMMITTEE, NOT JUST
ISSUING ONE REPORT AND CLOSING
UP SHOP, ITS RECOMMENDATIONS
CONGRESS.
WOULD GET AN UP-OR-DOWN VOTE IN
AND, MR. PRESIDENT, IT IS
INTERESTING TO ME, THERE IS A
PRECEDENT FOR DOING THIS -- AND
I SEE THE SENATOR FROM WEST
VIRGINIA ON THE FLOOR.
BACK IN THE 1940'S THERE WAS A
SENATOR FROM WEST VIRGINIA NAMED
HARRY BYRD, WHO AS THEY WERE
DEBATING WHETHER OR NOT TO RAISE
TAXES TO FUND WORLD WAR II, CAME
UP WITH AN IDEA AND SAID BEFORE
WE DO THAT, WE OUGHT TO LACK AT
SAVINGS THAT WE CAN FIND IN OUR
FEDERAL BUDGET.
AND SO HE PROPOSED A JOINT
COMMITTEE CALLED THE JOINT
COMMITTEE ON THE REDUCTION OF
NONESSENTIAL FEDS EXPENDITURES
AND THEY WENT ABOUT THE PROCESS
OF SCRUBBING THE FEDERAL BUDGET
TO SEE IF THERE MIGHT BE SAVINGS
THAT COULD BE ACHIEVED THAT
WOULD PREVENT HAVING TO RAISE
TAXES TO FUND THE WAR EFFORT.
IN THE PROCESS OF DOING THAT,
THAT COMMITTEE ACHIEVED A GREAT
MANY THINGS.
IT WAS IN EXISTENCE FOR ABOUT 30
YEARS.
AND SO WHAT THIS WOULD DO,
MR. PRESIDENT, IS DRAW ON THAT
PRECEDENT AND CREATE A JOINT
STANDING COMMITTEE IN THE
CONGRESS THAT WOULD BE BICAMERAL
-- 10 HOUSE MEMBERS, 10 SENATE
MEMBERS -- BIPARTISAN WHO WOULD
HAVE A STATUTORY REQUIREMENT
EACH BUDGET CYCLE FOR COMING UP
WITH A SPECIFIED SPES NUMBER OF SAVINGS
THROUGH SPEND REDUCTIONS.
THIS PROPOSAL, MR. PRESIDENT,
WOULD FREEZE AND CAP SPENDING,
PROPOSE A 10-YEAR SPENDING
FREEZE AT 2008 LEVELS ADJUSTED
FOR INFLATION.
AFTER ALL, NON-DEFENSE
DISCRETIONARY SPENDING HAS
INCREASED AT AN ALARMING RATE
SINCE 2508.
22% INCREASE WHEN INFLATION HAS
AMOUNTED TO ROUGHLY 2%.
IN OTHER WORDS, NON-DEFENSE
DISCRETIONARY SPENDING HAS GROWN
IN THE LAST TWO YEARS,
MR. PRESIDENT, AT 10 TIMES THE
RATE OF INFLATION.
NOW, AS I SAID, THIS IS NOT A
QUICK FIX.
NO PLAN IS GOING TO SOLVE OUR
PROBLEMS OVERNIGHT.
AND I HOPE WE DON'T TAKE
SERIOUSLY ANYONE WHO CLAIMS TO
HAVE PLAN THAT WILL.
BUT JUST THE SAME, I DON'T THINK
WE SHOULD TAKE SERIOUSLY ANY
PLAN THAT CLAIMS AN ANNUAL
DEFICIT OF $607 BILLION IS THE
SAME AS A BALANCED BUDGET.
GOOD ENOUGH.
IT'S NOT THE SAME AND IT'S NOT
THE ONLY THING THAT IS GOOD
ENOUGH FOR OUR CHILDREN AND FOR
THE FUTURE PROSPERITY OF THIS
GREAT COUNTRY IS FOR US TO GET
OUR FISCAL HOUSE IN ORDER AND TO
EMBRACE RESPONSIBLE BUDGETING.
WE CANNOT CONTINUE TO SPEND
MONEY WE DON'T HAVE,
MR. PRESIDENT.
WE HAVE TO LEARN LIKE THE
AMERICAN PEOPLE HAVE TO LIVE
WITHIN THEIR MEANS.
OUR BELT.
WE HAVE TO LEARN HOW TO TIGHTEN
I WANT I WANT TO CLOSE WITH A
COUPLE OF STATEMENTS THAT -- I
MENTION THE HE WILLIER THE
STATEMENT BY THE CHAIRMAN OF THE
JOINT CHIEFS OF STAFF, ADMIRAL
MIKE MULLEN WITH REGARD TO THE
GREATEST THROAT OUR NATIONAL
SECURITY BEFORE OUR NATIONAL
DEBT.
I ALSO WANT TO QUOTE WHEN
SECRETARY OF STATE HILLARY
CLINTON CALLED THE UNEXPECTED
$1.3 TRILLION U.S. DEFICIT.
SHE REFERRED TO IT IT IS A
MESSAGE OF WEAKNESS
INTERNATIONALLY.
SHE WENT TON SAY, AND I QUOTE,
"IT POSES A NATIONAL SECURITY
THREAT IN TWO WAYS:
IT UNDERMINES OUR CAPACITY TO
ACT IN OUR OWN INTERESTS, AND IT
DOES CONSTRAIN US WHERE
CONSTRAINT MAY BE UNDESIRABLE."
END QUOTE.
THAT'S SECRETARY OF STATE
HILLARY CLINTON WITH REGARD TO
THESE YEAR-OVER-YEAR MASSIVE
DEFICITS THAT WE CONTINUE TO
RUN.
AND JUST TODAY WE HEARD THAT
PIMCO, ONE OF THE LARGEST MUTUAL
FUNDS IN THE COUNTRY, HAGS
DECIDED TO DUMP GOVERNMENT DEBT,
ITS GOVERNMENT DEBILITIES.
AND IN THAT STORY THAT CAME OUT
TODAY THAT WAS DISCUSSING THAT
PARTICULAR MOVE ON THEIR PART,
THERE WAS A QUOTE FROM A
GENTLEMAN, JIM ROGERS, WHO WAS
THE COFOUNDER OF THE QUANTUM
FUND AND HE SAID, "U.S.
GOVERNMENT BONDS ARE NOT A SAFE
HAVEN.
I CANNOT CONCEIVE OF LENDING
MONEY TO THE UNITED STATES
GOVERNMENT FOR 30 YEARS."
THINK ABOUT THAT, MR. PRESIDENT.
THE UNITED STATES OF AMERICA IS
BEING VIEWED INCREASINGLY AS AN
UNSAFE INVESTMENT BECAUSE OF
THIS MASSIVE DEBT THAT WE ARE
RUNNING, AND WHAT IT COULD MEAN
TO THE FUTURE WITH REGARD TO
INFLATION AND INTEREST RATES AND
THE HEALTH OF OUR ECONOMY AND
ITS ATTRACTIVENESS TO PEOPLE NOT
ONLY HERE AT HOME BUT AROUND THE
WORLD AS PLACE FOR AN
INVESTMENT.
WE HAVE A MAJOR, MAJOR PROBLEM.
THESE ARE SERIOUS TIMES.
THESE ARE SERIOUS PROBLEMS.
THESE ARE SERIOUS CHALLENGES.
THEY REQUIRE SERIOUS SOLUTIONS
AND SERIOUS LEADERSHIP.
AND I HOPE HERE IN THE UNITED
STATES SENATE THAT WE ARE UP TO
THAT.
AS I SAID BEFORE, IT STARTS ON
SEVERAL LEVELS.
IN THE NEAR-TERM WE NEED TO GET
THE SPENDING YOU UNDERSTAND
CONTROL.
WE'RE TRYING TO DO THAT WITH THE
DISCRETIONARY SPENDING BILL THAT
IS IN FRONT OF US.
WE NEED TO DEAL WITH THE
LONGER--TERM ISSUE AND I HOPE WE
CAN PASS A BALANCED BUDGET
AMENDMENT.
WE'VE HAD VOTES ON THAT IN THE
PAST HERE IN CONGRESS,
UNSUCCESSFULLY, NATURE PROLY,
BUT WE NEED TO PUT IN PLACE WHAT
SO MANY STATES HAVE THAT REQUIRE
THEM ON AN ANNUAL BASIS TO
BALANCE THEIR BUDGETS.
AND THEN WE WE NEED TO PUT IN PLACE
BUDGET PROCESS REFORMS THAT IN
MY VIEW WILL PUT MORE OF A
STRAITJACKET ON THE CONGRESS AND
FORCE US TO MAKE MORE OF THESE
HARD DECISIONS.
AND I THINK FRANKLY THAT BECAUSE
WE DO THIS EVERY YEAR, THIS
BUDGET EVERY YEAR, WE GET VERY
PREOCCUPIED WITH 12
APPROPRIATIONS BILLS AND A
BUDGET.
ALTHOUGH LAST YEAR WE DIDN'T
EVEN PASS A BUDGET NOR DID WE
PASS A SINGLE APPROPRIATION BILL
WHICH IS A MAJOR, MAJOR FAILURE
OF THIS CONGRESS WHEN YOU'RE
RUNNING A $3.7 TRILLION
ENTERPRISE CALLED THE FEDERAL
GOVERNMENT.
BUT WE NEED TO PROVIDE IN OUR
ANNUAL SCHEDULE TIME TO DO
OVERSIGHT, TIME TO LOOK AT WHAT
WE CAN BE DOING NOT TO SPEND
MORE MONEY BUT TO SAVE MONEY,
AND IF WE HAD A BIENNIAL BUDGET
PROCESS WHERE WE'RE SPENDING
MONEY IN ODD NUMBERS OF YEARS
AND DOTH APPROPRIATIONS BILLS IN
THOSE YEARS AND THEN IN THE
EVEN-NUMBERED YEARS WHEN PEOPLE
GO HOME TO RUN FOR REELECTION,
INSTEAD OF LOOKING FOR WAYS TO
SPEND MONEY WE'RE ACTUALLY
LOOKING FOR WAYS TO SPEND MONEY,
I THINK THESE ARE REFORMS THAT
ARE LONG OVERDUE, MR. PRESIDENT.
AND SOY HOPE MY COLLEAGUES WILL
TAKE SERIOUSLY THIS ISSUE OF
BUDGET PROCESS REFORM.
I KNOW IT IS NOT A GLAMOUROUS
SUBJECT.
I THINK MOST PEOPLE'S EYES GLAZE
OVER WHEN YOU TALK ABOUT BUDGET
PROCESS REFORM.
IN MY VIEW, THERE ISN'T ANYTHING
WE COULD DO THAT WOULD MORE
FUNDAMENTALLY CHANGE THE WAY
THAT WASHINGTON WORKS THAN
REFORMING THIS BUDGET PROCESS
BECAUSE IT DRIVES EVERYTHING
ELSE.
AND IF WE DON'T START THERE,
WE'RE NEVER GOING TO GET THIS
ISSUE OF SPENDING AND DEBT UNDER
CONTROL IN THE LONG TERM.
AND SO, MR. PRESIDENT, I THANK
MY COLLEAGUES WHO COSPONSORED
THIS BILL.
I WOULD HOPE THAT THERE WILL BE
MORE COLLEAGUES WHO WILL JOIN ON
THIS BILL.
IF NOT THIS ONE, SOMETHING LIKE
IT -- THAT WILL ONCE AND FOR ALL
CHANGE THE WAY THAT WASHINGTON
WORKS BY UNDERTAKING REFORMS IN
OUR BUDGET PROCESS HERE THAT
WILL LEAD US TO GREATER FISCAL
RESPONSIBILITY AND GREATER
PROSPERITY FOR FUTURE
GENERATIONS.
MR. PRESIDENT, I YIELD THE
FLOOR.
THE
SENATOR FROM WEST VIRGINIA.
MR. PRESIDENT, TOMORROW IS MARCH
11.