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PLEASE
JOIN ME IN RECITING THE PLEDGE
OF ALLEGIANCE.
I PLEDGE ALLEGIANCE TO
THE FLAG OF THE
UNITED STATES OF AMERICA
AND TO THE REPUBLIC
FOR WHICH IT STANDS,
ONE NATION UNDER GOD,
INDIVISIBLE,
WITH LIBERTY AND
JUSTICE FOR ALL.
CLERK WILL READ A COMMUNICATION
THE
TO THE SENATE.
WASHINGTON, D.C,
JUNE 29, 2011.
TO THE SENATE:
UNDER THE PROVISIONS OF RULE 1,
PARAGRAPH 3, OF THE STANDING
RULES OF THE SENATE, I HEREBY
APPOINT THE HONORABLE KIRSTEN E.
GILLIBRAND, A SENATOR FROM THE
STATE OF NEW YORK, TO PERFORM
THE DUTIES
OF THE CHAIR.
SIGNED: DANIEL K. INOUYE,
PRESIDENT PRO TEMPORE.
MADAM PRESIDENT?
THE
MAJORITY LEADER.
AFTER LEADER
REMARKS, THE SENATE WILL BE IN
MORNING BUSINESS FOR AN HOUR.
THE REPUBLICANS WILL CONTROL THE
FIRST HALF, THE MAJORITY THE
FINAL HALF.
FOLLOWING MORNING BUSINESS, THE
SENATE WILL RESUME CONSIDERATION
OF THE PRESIDENTIAL APPOINTMENT
EFFICIENCY AND STREAMLINING ACT.
AT 11:00 THERE WILL BE UP TO
FIVE VOTES ON SEVERAL AMENDMENTS
AND PASSAGE OF S. 679.
WE ARE HOPEFUL THAT SOME OF THE
AMENDMENTS WILL BE DISPOSED OF
BY VOICE VOTE.
FOLLOWING THAT, THE SENATE WILL
BEGIN CONSIDERATION OF S. RES.
16, WHICH COMES OUT OF THE RULES
COMMITTEE.
ADDITIONAL ROLL CALL VOTES ON
AMENDMENTS AND THE RESOLUTION
ARE EXPECTED TODAY.
MADAM PRESIDENT, OFTEN VERY GOOD
IDEAS, NO MATTER HOW IMPORTANT,
TAKE TIME TO RIPEN.
EVEN WHEN THEY ARE RIPENED --
WHEN THEY ARE RIPE, THEY NEED
A REALITY.
DEDICATED ADVOCATES TO MAKE THEM
LET ME GIVE YOU ONE EXAMPLE.
PRESIDENT HARRY TRUMAN ONCE
SAID, "MILLIONS OF OUR CITIZENS
DO NOT NOW HAVE THE FULL MEASURE
OF OPPORTUNITY TO ACHIEVE AND
ENJOY GOOD HEALTH.
MILLIONS DO NOT NOW HAVE
PROTECTION OR SECURITY AGAINST
ECONOMIC EFFECTS OF SICKNESS.
AND THE TIME IS NOW ARRIVED FOR
ACTION TO HELP THEM ATTAIN THAT
OPPORTUNITY, HELP THEM GET THAT
PROTECTION."
THAT WAS A QUOTE BY HARRY
TRUMAN.
IN 1945, WHEN HE SPOKE THOSE
WORDS TO CONGRESS, TIME HAD NOT
YET TRULY ARRIVED.
IN FACT, IT WOULD BE ANOTHER 20
YEARS BEFORE TRUMAN'S GOOD IDEA
WAS REALIZED.
IT WAS 20 YEARS BEFORE TRUMAN
BECAME THE FIRST 19 MILLION
AMERICANS TO RECEIVE A MEDICAID
CARD -- MEDICARE CARD.
PRESIDENT LYNDON JOHNSON SIGNED
MEDICARE AND MEDICAID INTO LAW
IN THE TRUMAN PRESIDENTIAL
LIBRARY IN INDEPENDENCE,
MISSOURI.
THE LAW TOOK EFFECT ALMOST A
YEAR LATER.
45 YEARS AGO THIS WEEK ON JULY
1, 1966.
THE TIME THAT MEDICARE TOOK
EFFECT, ONLY HALF OF AMERICANS
65 AND OLDER HAD ACCESS TO
HEALTH CARE COVERAGE.
A THIRD OF AMERICA'S SENIORS
LIVED IN POVERTY.
POVERTY WAS SO COMMON THAT WE
DIDN'T KNOW IT HAD A NAME,
PRESIDENT JOHNSON SAID,
DESCRIBING THE TIME BEFORE
MEDICARE.
TODAY VIRTUALLY EVERY AMERICAN
CARE.
OVER 65 HAS ACCESS TO HEALTH
THE NUMBER OF SENIORS THAT LIVE
BELOW THE POVERTY LINE HAS
DROPPED BY 75%.
THAT'S NO ACCIDENT.
MEDICARE PROVIDES 47 MILLION
AMERICANS WITH THE ACCESS TO
CARE AND PROTECTION IN POVERTY
THAT PRESIDENT TRUMAN ENVISIONED
YEARS AGO.
AND MEDICARE AND MEDICAID NOT
ONLY PROTECT SENIORS FROM
POVERTY, THEY ALSO PROTECT THOSE
SENIORS' CHILDREN.
MIDDLE-CLASS FAMILIES OFTEN
SPENT THEMSELVES INTO THE POOR
HOUSE HONORING THEIR COMMITMENTS
TO THEIR MOMS AND DADS.
TODAY SENIORS AND THEIR CHILDREN
HAVE THE SECURITY AND MEDICARE
AND MEDICAID WILL BE THERE TO
HONOR THEIR COMMITMENT OF
PROVIDING HEALTH CARE, NURSING
HOME CARE WHEN THEY NEED IT.
BUT MEDICARE DOESN'T ONLY SAVE
AMERICAN SENIORS MONEY; IT SAVES
THEIR LIVES.
IN 1964, JUST BEFORE MEDICARE
WAS SIGNED INTO LAW, SENIORS
LIVED AN AVERAGE OF NOT QUITE 70
YEARS.
TODAY THE NATIONAL AVERAGE IS
MORE THAN 78 YEARS.
THERE IS PERHAPS NO ACHIEVEMENT
GREATER THAN THAT.
THIS LAW LITERALLY EXTENDED
AMERICANS' LIFE EXPECTANCY.
46 YEARS AGO BEFORE SIGNING
MEDICARE INTO LAW, PRESIDENT
JOHNSON MADE THIS VOW:
QUOTE -- "NO LONGER WILL THIS
NATION REFUSE THE HAND OF
JUSTICE TO THOSE WHO HAVE GIVEN
A LIFETIME OF SERVICE AND WISDOM
AND LABOR TO THE PROGRESS OF
THIS PROGRESSIVE COUNTRY."
END OF QUOTE.
DEMOCRATS TO INTEND THAT SOLEMN
VOW, PRESIDENT JOHNSON'S.
BUT TODAY MEDICARE IS UNDER
SIEGE.
REPUBLICANS WOULD TRADE AWAY THE
HEALTH AND SAFETY OF TRADE'S
SENIORS FOR THE SAKE OF TAX
BREAKS FOR BILLIONAIRES, WEALTHY
OIL COMPANIES, AND CORPORATIONS
THAT SHIP JOBS OVERSEAS.
THEY WOULD TRADE THAT SENSE OF
SECURITY, THAT HAND OF JUSTICE,
JOHNSON DESCRIBED, FOR THE TAX
BREAKS AND CORPORATE JETS AND
THEIR YACHTS.
THEIR IDEOLOGICAL BUDGET WOULD
END MEDICARE AS WE KNOW IT, ONCE
AGAIN SUGGEST THING SENIORS TO
THE RISING COST OF HEALTH CARE.
DEMOCRATS REFUSE TO LET THAT
HAPPEN.
A LOT HAS CHANGED SINCE 1966 AND
THAT LAW.
NEW TECHNOLOGIES AND MEDICINES
ARE THERE FOR DIABETES,
ALZHEIMER'S, PARK KIN SON'S.
WE NOW HAVE HIP REPLACEMENTS AND
CHEMOTHERAPY, NOW PERFORMED IN
THE UNITED STATES EVERY SINGLE
DAY.
MEDICINE THAT IS CHANGED FOR THE
BETTER.
ONE THING HASN'T CHANGED:
SENIORS NEED MEDICARE.
IN FACT, THE RISING COST OF
HEALTH CARE TODAY MEANS SENIORS
NEED MEDICARE'S PROTECTION MORE
NOW THAN EVER.
THAT'S WHY WE WILL NEVER STOP
FIGHTING TO PRESERVE THIS
SUCCESSFUL PROGRAM.
AS LONG AS I'M IN THE SENATE,
I'LL OPPOSE REPUBLICAN PLANS TO
WEAKEN AND UNDERMINE IT BECAUSE
THE REPUBLICANS' PLAN TO END
MEDICARE IS ONE IDEA WHOSE TIME
MADAM PRESIDENT, I NOTE THE
WILL NEVER COME.
ABSENCE OF A QUORUM.
THE
CLERK WILL CALL THE ROLL.
QUORUM IMOARMQUORUM CALL:
MADAM
PRESIDENT?
THE
REPUBLICAN LEADER.
ARE WE IN A
QUORUM CALL?
YES, WE
ARE.
I ASK CONSENT
THAT THE QUORUM CALL BE
DISPENSED WITH.
WITHOUT
OBJECTION.
OVER THE PAST
SEVERAL DAYS, THE AMERICAN
PEOPLE HAVE WATCHED A SERIOUS
DEBATE UNFOLD RIGHT HERE IN
WASHINGTON ABOUT OUR NATION'S
DEBT AND ABOUT THE FUTURE OF OUR
ECONOMY.
AND FOR MANY, THE DEBATE HAS
BEEN EXTREMELY ILLUMINATING.
IT'S DONE A LOT TO CLARIFY WHERE
THE TWO PARTIES STAND.
BOTH SIDES AGREE THAT OUR
DEFICITS ANSDEFICITS AND OUR DEBT ARE
UNSUSTAINABLE BUT BEYOND THAT
THE DIFFERENCES ARE STARK.
REPUBLICANS BELIEVE THAT IF YOU
INCREASE SPENDING TO THE POINT
THAT YOU CAN NO LONGER PAY THE
BILLS, THEN YOU NEED TO FIND A
WAY TO CUT COSTS.
DEMOCRATS SEEM TO THINK THAT IF
YOU INCREASE SPENDING TO THE
POINT THAT YOU CAN NO LONGER PAY
THE BILLS, YOU NEED TO FIND
OTHER PEOPLE TO PICK UP THE TAB.
THIS IS A FUNDAMENTAL DIFFERENCE
BETWEEN THE TWO PARTIES.
REPUBLICANS THINK THAT DEMOCRATS
SHOULD BE HELD ACCOUNTABLE FOR
THE WAY THEY'VE MISMANAGED THE
NATIONAL CHECKBOOK OVER THE PAST
TWO YEARS, AND DEMOCRATS SEEM TO
THINK THAT TAXPAYERS SHOULD TAKE
THE HIT.
DEMOCRATS SPEND BEYOND THEIR
MEANS AND NOW THEY EXPECT A
BAILOUT FROM THE TAXPAYERS.
THAT'S WHAT THIS DEBATE IS
REALLY ALL ABOUT.
IT'S ABOUT HOLDING WASHINGTON
ACCOUNTABLE FOR A CHANGE.
IT'S ABOUT DRAWING A LINE IN THE
SAND AND SAYING, NO, THE
TAXPAYERS WILL NOT BAIL OUT
POLITICIANS.
IT'S ABOUT REFUSING TO SUBSIDIZE
THE DEMOCRATS' IRRESPONSIBLE
SPENDING HABITS ANOTHER DAY.
DEMOCRATS HAVE SHOWN THROUGH
THEIR RECKLESS SPENDING OVER THE
PAST TWO YEARS THAT THEY'RE NOT
AT ALL CONCERNED ABOUT OUR
FISCAL FUTURE.
THEY SHOULDN'T EXPECT TO BE
REWARDED FOR THAT.
THE ENTIRE DEMOCRATIC APPROACH
TO THIS DEBATE HAS BEEN
ASTONISHLY REALLY.
I MEAN, HERE WE ARE IN THE MIDST
OF TWO NATIONAL CRISES -- 14
MILLION UNEMPLOYED AND MORE THAN
$14 TRILLION IN DEBT.
14 MILLION UNEMPLOYED AND $14
TRILLION IN DEBT.
CHRONIC UNEMPLOYMENT AND RECORD
DEFICITS AND DEBT.
HIGHER TAXES AND MORE SPENDING.
IN THE MIDDLE OF A JOBS CRISIS,
THEY WANT TO SLAM
ALREADY-STRUGGLING BUSINESSES
WITH A MASSIVE TAX HIKE.
IN THE MIDDLE OF A DEBT CRISIS,
THEY WANT TO BORROW AND SPEND
MORE MONEY AS A SOLUTION TO THE
PROBLEM.
THIS ISN'T A NEGOTIATION.
IT IS A PARODY.
IN A DISCUSSION ABOUT REDUCING
THE DEBT, THEY WANT TO INCREASE
-- IN DISCUSS A DISCUSSION ABOUT
REDUCING THE DEBT, THEY WANT TO
INCREASE SPENDING.
IN THE MIDDLE OF A JOBS CRISIS,
THEY WANT TO RAISE TAXES, EVEN
AS THEY CLAIM TO SUPPORT JOB
CREATION.
WELL, WHICH IS IT?
YESTERDAY THE PRESIDENT WENT TO
A MANUFACTURING PLANT TO TOUT
JOBS.
YET EVEN AS HE WAS SPEAKING, HIS
ADMINISTRATION WAS LOOKING TO
SADDLE MANUFACTURING COMPANIES,
INCLUDING THE ONE HE WAS
VISITING YESTERDAY, WITH
BILLIONS OF DOLLARS IN NEW
TAXES.
ACCORDING TO A LETTER FROM A
GROUP OF TRADE ASSOCIATIONS,
INCLUDING THE NATIONAL
ASSOCIATION OF MANUFACTURERS,
THIS PARTICULAR TAX WOULD BE
DEVASTATEING TO MANUFACTURERS.
THE PRESIDENT HIMSELF SAID AS
RECENTLY AS JUST SIX MONTHS AGO
-- SIX MONTHS AGO, THE PRESIDENT
SAID THAT KEEPING TAXES WHERE
THEY ARE ENABLES BUSINESSES TO
HIRE MORE WORKERS.
SIX MONTHS AGO THE PRESIDENT
SAID THAT.
IN OTHER WORDS, HE WAS SAYING
THAT RAISING TAXES LEADS TO
FEWER JOBS.
SO HE CAN CALL FOR TAX HIKES,
BUT HE CAN'T CALL FOR TAX HIKES
AND JOB CREATION.
IT'S ONE OR THE OTHER.
SIX MONTHS AGO MAKING THE
ARGUMENT THAT TAX HIKES LOSE
JOBS.
TODAY OUT COUNTING JOBS ON THE
ONE HAND AND PUSHING FOR HIGHER
TAXES ON THE OTHER.
CAN'T HAVE IT BOTH WAYS.
THE DEMOCRATS' SPENDING SPREE
HAS BROUGHT US TO THE BRINK OF
AN ECONOMIC CALAMITY AND NOW
THEY'RE TELLING TAXPAYERS THEY
WON'T DO ANYTHING TO PREVENT IT
UNLESS THE TAXPAYERS HAND OVER
MORE MONEY IN THE FORM OF TAX
HIKES.
AND THEY HAVE THE NERVE TO CALL
THEIR CRITICS "IMMORAL."
WELL, I WANT TO YOU KNOW THAT
YOU CAN CALL SPENDING TRILLIONS
MORE THAN YOU HAVE AND THEN
EXPECTING OTHERS TO PICK UP THE
TAB.
THAT'S WHAT THIS IS ALL B
SPENDING TRILLIONS MORE THAN YOU
HAVE AND SPECKING SOMEBODY ELSE
TO PICK UP THE TAB.
WHO OPPOSES TAX HIKES?
DOES ANYBODY SERIOUSLY PROPOSE
TAX HIKES AS A SOLUTION TO A
JOBS CRISIS?
WHO PROPOSES MORE SPEND AS A
SOLUTION TO A DEBT CRISIS?
AND WHO REALLY THINKS THAT IF WE
RAISE THE DEBT LIMIT NOW WITHOUT
ENACTING SERIOUS SPENDING CUTS
AND MEANINGFUL REFORMS FIRST, IT
WILL LEAD TO GREATER FISCAL
LATER?
THIS IS AN IMPORTANT PRINCIPLE
AT STAKE IN THIS DEBATE.
IT'S NOT ABOUT RICH VERSUS POOR.
IT'S NOT ABOUT AN ELECTION.
IT'S ABOUT WHETHER WASHINGTON
WILL EVER, EVER BE HELD
ACCOUNTABLE FOR ITS MISTAKES.
THAT'S WHY REPUBLICANS REFUSE TO
LET THE TAXPAYERS TAKE THE HIT
WHEN IT COMES TO REDUCING THE
DEBT.
AND THAT'S WHY ALL 47
REPUBLICANS IN THE SENATE
SUPPORT A BALANCED BUDGET
AMENDMENT TO THE U.S.
CONSTITUTION.
THE DEBATE WE'VE BEEN HAVING
HERE OVER THE PAST FEW DAYS
SHOWS MORE THAN EVER WHY WE NEED
A BALANCED BUDGET AMENDMENT IN
CONGRESS.
A BALANCED BUDGET AMENDMENT
WOULD REQUIRE THAT LAWMAKERS
STOP SPENDING MONEY WE DON'T
HAVE.
WHEN WE COME BACK AFTER JULY 4,
WE'LL FIGHT FOR AN OPPORTUNITY
TO VOTE ON IT.
BROKE OR BALANCED, THAT'S THE
CHOICE.
THE AMERICAN PEOPLE SHOULD KNOW
WHERE THEIR SENATORS STAND ON
THIS ISSUE OF ACCOUNTABILITY.
SENATORS CAN TALK ALL DAY LONG
ABOUT THE IMPORTANCE OF
BALANCING THE BOOKS AND LIVING
WITHIN OUR MEANS, BUT A VOTE IN
FAVOR OF THE BALANCED BUDGET
ACTUALLY MEAN IT.
AMENDMENT WILL SHOW THAT WE
A VOTE AGAINST IT WILL SHOW THAT
WE DON'T.
LOOK, NO ONE DENIES THAT BOTH
PARTIES ARE GUILTY OF SPENDING
BEYOND OUR MEANS, BUT THIS WHITE
HOUSE -- THIS WHITE HOUSE -- HAS
TAKEN WASTEFUL SPENDING TO NEW
HEIGHTS, AND ITS ALLIES IN
CONGRESS ARE ALL TOO QUICK TO
DEFEND IT.
THE LAST TIME THE SENATE VOTED
ON A BALANCED BUDGET AMENDMENT,
THE GOVERNMENT'S ANNUAL DEFICIT
WAS ABOUT $100 BILLION.
THE NATIONAL DEBT WAS ABOUT $5.5
TRILLION.
AND IT FAILED BY A SINGLE VOTE.
A SINGLE VOTE.
TODAY THE ANNUAL DEFICIT IS $1.6
TRILLION AND THE NATIONAL DEBT
IS $14.5 TRILLION.
THE PRESIDENT AND HIS PARTY NEED
TO BE HELD ACCOUNTABLE.
THE FISCAL MESS THEY'VE HELPED
CREATE CALLS FOR REHAB.
THAT'S WHAT THE BALANCED BUDGET
AMENDMENT WOULD PROVIDE, A
SPENDING STRAITJACKET.
NO MORE BLANK CHECKS.
IF DEMOCRATS WON'T PASS A BUDGET
OF THEIR OWN, IT'S TIME
AMERICANS IMPOSE A BUDGET ON
THEM.
AMERICANS AREN'T ABOUT TO LET
DEMOCRATS USE ANOTHER CRISIS AS
AN EXCUSE TO EXPAND THE SIZE OF
GOVERNMENT.
IF EVER THERE WAS A TIME FOR
WASHINGTON TO PASS THROUGH A
CRISIS AND COME OUT SMALLER ON
THE OTHER SIDE, IT IS RIGHT NOW.
REPUBLICANS ARE TOTALLY UNITED
IN THIS EFFORT.
ALL WE NEED IS 20 DEMOCRATS TO
JOIN US.
WASHINGTON SHOULD BE FORCED TO
MAKE THE KIND OF DIFFICULT
CHOICES THE REST OF THE COUNTRY
HAS TO MAKE.
LAWMAKERS SHOULD HAVE TO MAKE
THE CASE FOR A SPENDING INCREASE
BEFORE THEY APPROVE IT.
NEVER AGAIN CAN THEY JUST SPEND
AWAY AND THEN DEMAND IN THE
TEETH OF A CRISIS THAT TAXPAYERS
COUGH UP THE MONEY.
AS I SAID EARLIER, A TAXPAYER
BAILOUT.
IT'S TIME TO PUT THE AMERICAN
PEOPLE BACK AT THE HELM OF OUR
SHIP OF STATE.
AND IF THAT'S WHAT THIS VOTE
ACHIEVES, THEN THIS DEBATE WE'RE
HAVING THIS SUMMER WILL HAVE
BEEN WORTH IT.
IF WASHINGTON IS FORCED TO
FINALLY REFORM ITS WAYS, THEN
ONE DAY WE'LL LOOK BACK AND SAY
THAT THE AMERICAN PEOPLE WON
THIS DEBATE.
AND WE'LL SAY THAT THE BALANCED
BUDGET AMENDMENT WAS JUST THE
THING WE NEEDED TO GET THE HOUSE
IN ORDER.
BROKE OR BALANCED, THAT'S THE
CHOICE BEFORE US.
SO I LOOK FORWARD TO THIS VOTE.
THE AMERICAN PEOPLE CLEARLY WANT
IT.
LET'S HOLD WASHINGTON
ACCOUNTABLE AND LET'S BEGIN TO
RESTORE POWER TO THE PEOPLE WHO
SENT US HERE NOT TO DO OUR OWN
WILL, BUT TO CARRY OUT THEIRS.
THAT'S THE PRINCIPLE AT STAKE
HERE.
IT'S ABOUT THE KIND OF
GOVERNMENT WE WANT TO HAVE, A
GOVERNMENT OF THE PEOPLE OR A
GOVERNMENT ABOVE THE PEOPLE.
THAT'S THE CHOICE.
MUCH DEPENDS ON THE OUTCOME.
MADAM PRESIDENT, I YIELD THE
UNDER
FLOOR.
THE PREVIOUS ORDER, THE
LEADERSHIP TIME IS RESERVED.
UNDER THE PREVIOUS ORDER, THE
SENATE WILL BE IN A PERIOD OF
MORNING BUSINESS FOR ONE HOUR
WITH SENATORS PERMITTED TO SPEAK
THEREIN FOR UP TO TEN MINUTES
EACH, WITH THE TIME EQUALLY
DIVIDED AND CONTROLLED BETWEEN
THE TWO LEADERS OR THEIR
DESIGNEES, WITH REPUBLICANS
CONTROLLING THE FIRST HALF AND
THE MAJORITY CONTROLLING THE
SECOND HALF.
MADAM PRESIDENT?
THE
SENATOR FROM UTAH.
MADAM PRESIDENT, I
ASK UNANIMOUS CONSENT TO ENGAGE
COLLEAGUES.
IN A COLLOQUY WITH MY REPUBLICAN
WITHOUT
OBJECTION.
MADAM PRESIDENT,
TODAY WE'RE BEGINNING WHAT MIGHT
PROVE ONE OF THE MOST
CONSEQUENTIAL DEBATES IN OUR
NATION'S HISTORY.
THE AMERICAN PEOPLE ARE
DEMANDING THAT CONGRESS DEBATE
AND PASS A BALANCED BUDGET
AMENDMENT TO THE CONSTITUTION.
THEY'RE GOING TO GET THAT
DEBATE, AND I AM CONFIDENT THAT
IF CONGRESSMEN AND SENATORS
LISTEN TO THEIR CONSTITUENTS,
THE CITIZENS OF THIS NATION ARE
GOING TO HAVE THE OPPORTUNITY TO
RATIFY A BALANCED BUDGET
AMENDMENT THIS YEAR.
ALL 47 REPUBLICAN MEMBERS OF THE
SENATE ARE OF ONE MIND ON THE
NEED FOR A BALANCED BUDGET
AMENDMENT TO THE CONSTITUTION.
CONSTITUENTS WHO ARE PLEADING
WE HAVE LISTENED TO OUR
WITH US TO TAKE ACTION THAT WILL
AFFIRMATIVELY -- PERMANENTLY
RESOLVE OUR DEBT CRISIS AND KEEP
US FROM GETTING INTO THIS
SITUATION AGAIN.
THAT SITUATION IS A DISASTER.
WE ALL KNOW THE NUMBERS.
THREE STRAIGHT
TRILLION-DOLLAR-PLUS DEFICITS.
$14.5 TRILLION IN DEBT RISING
EVERY DAY.
$62 TRILLION IN TOTAL THRAOEUBLT
THAT THIS -- IN TOTAL LIABILITY
THAT THIS GOVERNMENT OWNS.
SINCE SENATE DEMOCRATS LAST
PASSED A BUDGET, THAT WAS OVER
790 DAYS AGO, OUR NATIONAL DEBT
HAS RISEN BY $3.2 TRILLION.
AND NOW THE ADMINISTRATION IS
ASKING FOR MORE.
WE SIMPLY CAN'T DO THIS ANYMORE.
100% OF OUR TAX REVENUES ARE
SPENT ON MANDATORY SPENDING AND
INTEREST ON THE DEBT.
EVERY OTHER PENNY IS BORROWED.
THE MONEY IS SIMPLY NOT THERE TO
FINANCE A GOVERNMENT OF THIS
SIZE, AND EVERYONE KNOWS THIS,
IT.
THOUGH NOT EVERYONE WILL ADMIT
THEY KNOW THAT DEFICIT SPENDING
AND SKYROCKETING DEBT HAVE COME
TO AN END.
OUR NATION'S CURRENT DEBT, THE
G.D.P. RATIO, IS 95%.
COUNTRIES WITH DEBT OF 90% ABOVE
G.D.P. HAVE COUNTRIES 1% BELOW
NORMAL.
OUR DEBT IS A LEAD WEIGHT AROUND
THE NECK OF THE ECONOMY.
BUT IN THE CURRENT NEGOTIATIONS
OVER THE DEBT LIMIT, THE
ADMINISTRATION INSISTS THAT IT
IS REPUBLICANS WHO BY REFUSING
TO PASS AN INCREASE OF THE DEBT
LIMIT THAT DOES NOT INCLUDE
MEANINGFUL EFFORTS TO ADDRESS
OUR FISCAL SITUATION ARE HOLDING
BACK THE ECONOMIC RECOVERY AND
MARKETS.
UNDERCUTTING THE STOCK AND BOND
BACKWARD.
THIS HAS THINGS EXACTLY
THE MARKETS UNDERSTAND THAT OUR
LONG-TERM DEFICIT PROJECTIONS
ARE MOVING TOWARD A FULL-BLOWN
DEBT CRISIS.
THE MARKETS UNDERSTAND THAT WE
ARE CURRENTLY ON THE GLIDE PATH
TO GREECE.
AND THE MARKETS WOULD RESPOND
LIKE GANGBUSTERS TO SPENDING
CUTS, SPENDING CAPS AND A
BALANCED BUDGET AMENDMENT THAT
BRINGS OUR LONG-TERM FISCAL
PROBLEMS UNDER CONTROL.
I AM MORE CONVINCED THAN EVER
THAT A BALANCED BUDGET AMENDMENT
TO THE CONSTITUTION IS ESSENTIAL
IF WE ARE TO RIGHT OUR FISCAL
SHIP.
THIS IS NOT THE FIRST TIME THAT
WE'VE BEEN DOWN THIS ROAD, BUT
THE STAKES COULD NOT BE HIGHER
THIS TIME.
AND THE AMENDMENT COULD NOT BE
BETTER DESIGNED TO ADDRESS THE
CRISIS.
OUR AMENDMENT IS NOT JUST AN
AMENDMENT FOR FISCAL BALANCE.
IT IS AN AMENDMENT THAT TAKES ON
THE ROOT CAUSE OF OUR CURRENT
DEBT CRISIS, AND THAT IS
GOVERNMENT SPENDING.
OUR AMENDMENT REQUIRES A
BALANCED BUDGET.
IT ESTABLISHES A SPENDING CAP OF
18% OF G.D.P. AND IT ESTABLISHES
SUPERMAJORITY REQUIREMENTS FOR
TAX INCREASES OR FUTURE DEBT
LIMIT INCREASES.
WE WILL HEAR A NUMBER OF TIRED
ARGUMENTS AGAINST THE B.B.A.
IT'S OPPONENTS WILL SAY THAT THE
AMENDMENT IS NOT PROPERLY
VETTED.
BUT WE'VE BEEN TALKING ABOUT THE
BALANCED BUDGET AMENDMENT FOR
DECADES.
AND IF WE HAD PASSED IT BACK IN
1997 WHEN IT FAILED BY ONE VOTE
SHORT OF BEING SENT TO THE
STATES FOR RATIFICATION, WE
WOULD NOT BE IN THE MESS WE'RE
IN TODAY.
THEY WILL SAY THAT IT STACKS THE
DEBT BY REQUIRING SPENDING CUTS
RATHER THAN TAX INCREASES TO
BALANCE THE BUDGET.
THIS IS AN ISSUE THAT I WILL
ADDRESS AT LENGTH, BUT THE
AMERICAN PEOPLE UNDERSTAND THAT
THE SOLUTION TO A SPENDING
CRISIS IS NOT TO GIVE THE
GOVERNMENT MORE MONEY TO SPEND,
ESPECIALLY THIS GOVERNMENT.
THEY WILL SAY THAT A BALANCED
BUDGET AMENDMENT IS UNNECESSARY;
CONGRESS JUST NEEDS TO DO ITS
JOB.
BUT WE'VE HEARD THIS OVER AND
OVER BEFORE, AND THE AMERICAN
PEOPLE KNOW THAT WAITING FOR
CONGRESS TO BALANCE THE BUDGET
AND SHRINK THE SIZE OF
GOVERNMENT WITHOUT A
CONSTITUTIONAL AMENDMENT IS LESS
FRUITFUL THAN WAITING FOR A
GADO.
THEY WILL SAY THE SPENDING CUTS
REQUIRED AS A RESULT OF THIS
B.B.A. WILL HURT TKHEURPB AND
THE ELDERLY, BUT THE REAL HARM
TO OUR CHILDREN WILL BE WHEN WE
HAND THEM A FUTURE OF NATIONAL
INDEBTEDNESS.
THE REAL HARM TO THE ELDERLY
WILL BE THE BANKRUPTCY OF THE
NATION'S ENTITLEMENT PROGRAMS.
THE GUARANTEED RESULT OF THE
PRESIDENT'S FAILURE TO LEAD ON
ENTITLEMENT REFORM.
FINALLY THEY WILL SAY THAT THE
AMENDED.
CONSTITUTION SHOULD NOT BE
I AGREE THAT IT SHOULD NOT BE
AMENDED LIGHTLY, BUT THE
FOUNDERS THEMSELVES EXPECTED
THAT CHANGING CIRCUMSTANCES AND
NATIONAL EMERGENCIES WOULD
DEMAND AMENDMENTS TO THE
CONSTITUTION FROM TIME TO TIME.
THE AMERICAN PEOPLE UNDERSTAND
THAT THIS IS ONE OF THOSE TIMES.
IN THIS COUNTRY, THE PEOPLE ARE
SOVEREIGN.
THE CONSTITUTION IS THEIR
CONSTITUTION, AND THEY ARE
DEMANDING THAT CONGRESS PASS A
BALANCED BUDGET AMENDMENT AND
SEND IT TO THEM AND THE STATES
FOR RATIFICATION.
MY HOPE IS THAT THE PARTY OF
THOMAS JEFFERSON WILL LISTEN TO
THEIR CONSTITUENTS AND FOLLOW
THEIR FOUNDER'S LEAD KEEPING
FAITH IN THE PEOPLE AND THEIR
GOOD SENSE AND STEWARDSHIP OVER
THE CONSTITUTION.
LATER THIS SUMMER WE WILL VOTE
ON A BALANCED BUDGET AMENDMENT,
GOD WILLING THIS FALL THE PEOPLE
IN THE STATES WILL START DOWN
THE ROAD TO RATIFICATION.
I AM PROUD TO BE JOINED THIS
MORNING BY SEVERAL OF MY
COLLEAGUES WHO HAVE BEEN
CRITICAL LEADERS ON THE BALANCED
BUDGET AMENDMENT.
EACH BRINGS A UNIQUE PERSPECTIVE
TO THIS DEBATE, AND I THINK IT
IS GREAT THAT THEY ARE STANDING
UP TO LEAD ON THIS ISSUE.
MR. PRESIDENT, I WOULD LIKE TO
YIELD FIVE MINUTES TO MY
COLLEAGUE, THE JUNIOR SENATOR
FROM KENTUCKY.
HE IS A REMARKABLE SPOKESPERSON
FOR LIMITED GOVERNMENT AND I'M
GLAD TO HAVE HIM ON MY SIDE IN
THE COMING FIGHT FOR THE
BALANCED BUDGET AMENDMENT.
THANK YOU.
MR. PRESIDENT --
MADAM PRESIDENT, THE BALANCED
BUDGET AMENDMENT, I THINK IS
INTERESTING WHEN YOU LOOK AT
SORT OF POLLS AND YOU ASK THE
AMERICAN PUBLIC: DO YOU APPROVE
OF WHAT CONGRESS IS DOING?
DO YOU APPROVE OF CONGRESSIONAL
ACTION?
DO YOU THINK THEY'RE DOING A
GOOD JOB.
14% TO 15% OF THE AMERICAN
PUBLIC THINK WE'RE DOING A GOOD
JOB.
THE OTHER SIDE OF THAT EQUATION
IS YOU ASK THE IN DO YOU THINK A
BALANCED BUDGET AMENDMENT WOULD
HELP CONGRESS DO A BETTER JOB?
ABOUT 75% TO 80% THINK WE WOULD
DO A BETTER JOB.
I DON'T THINK THIS IS A PARTISAN
ISSUE, BUT I'D LIKE TO ASK THE
QUESTION BOTH TO THE SENATOR
FROM UTAH AND PERHAPS FOR AN
OPINION FROM THE SENATOR FROM
TEXAS: DO YOU THINK THIS SHOULD
BE A PARTISAN ISSUE OR DO YOU
THINK THIS GOES BEYOND
PARTISANSHIP AND CAN WE GET THE
DEMOCRATS TO UNDERSTAND THIS
ISN'T A REPUBLICAN-DEMOCRAT
ISSUE BUT REALLY AN ISSUE FOR
THE GOOD OF COUNTRY?
THIS SHOULD GO WAY
BEYOND PARTISANSHIP.
IF WE PASS IT HERE BY THE
REQUISITE TWO-THIRDS VOTE AND WE
PASS IT IN THE HOUSE -- WHICH WE
WILL -- THIS WOULD BE SUBMITTED
TO THE STATES.
AND THEN THE STATES CAN MAKE THE
DETERMINATION WHETHER OR NOT WE
AMENDMENT.
HAVE A BALANCED BUDGET
THE DEMOCRATS WHO HATE THE
BALANCED BUDGET AMENDMENT --
SOME OF THEM; IN FACT, MOST OF
THEM -- ALL WE HAVE TO DO IS GET
13 STAYS TO DEFEAT IT -- STATES
TO GHEIT IT.
FRANKLY, WE WILL WIN THIS
WE HAVE TO GET 38 STATES TO WIN.
BECAUSE THE AMERICAN PEOPLE ARE
WITH US.
THIS IS THE RIGHT THING TO DO.
IT'S THE RIGHT THING TO DO AT
THIS TIME.
IT IS THE ONLY THING THAT IS GET
US TO RIGHT THIS FISCAL SHIP.
WHAT DO YOU SAY TO
THOSE WHO SAY STATUTORY CAPS
WOULD WORK; SOMETHING LIKE
GRAMM-RUDMAN, SOMETHING LIKE
PAY-AS-YOU-GO.
GRAM-RUDMAN LASTED
A YEAR AND A HALF, TWO YEARS
BEFORE THE SAME PEOPLE WENT ON A
SPENDING SPREE AGAIN, THOUGH IT
WAS A LIGHT SPENDING SPREE
COMPARED TO TODAY.
TODAY IT'S MULTITRILLIONS OF
DOLLARS.
THAT HAS NEVER WORKED.
WE'VE GOT TO PUT A STRAITJACKET
INTO THIS MATTER WHERE THE
CONGRESS HAS TO LIVE LIKE 49
STATES HAVE TO LIVE.
THERE IS ONLY ONE STATE THAT
DOESN'T REQUIRE A BALANCED
BUDGET IN THEIR STATE
CONSTITUTIONS.
WHY SHOULDN'T WE HAVE A
REQUISITE -- A REQUISITE DESIRE,
NOT ONLY DESIRE BUT RULE TO HAVE
A BALANCED BUDGET AS WELL?
I'M CONVINCED WE'VE GOT TO DO
IT, AFTER BEING IN THE SENATE
FOR 35 YEARS AND SEEING YEAR
AFTER YEAR AFTER YEAR PEOPLE
UNWILLING TO DO THIS.
I THINK WHAT'S
INTERESTING, IF YOU LOOK AT THIS
AND YOU REALLY LOOK AT POLLING
DATA AND SAY WHO IS FOR THE
BALANCED BUDGET AMENDMENT, IT
GOES ACROSS ALL PARTY LINES.
IF YOU LOOK AT INDEPENDENTS, IF
YOU LOOK AT DEMOCRATS,
REPUBLICANS, IT'S IN THE HIGH
60'S TO THE MID70'S IN THE
PERCENTAGES OF THE PUBLIC WHO
WOULD LIKE TO SEE THIS.
I THINK IT GOES HAND IN HAND
WITH THE FACT THAT THEY DON'T
THINK WE'RE DOING A GOOD ENOUGH
JOB UP HERE AND WE NEED MORE
BACK PWOEB AND THE
CONSTITUTION -- BACKBONE AND THE
CONSTITUTION IS SUPPOSED TO BE
OUR BACKBONE.
IT HELPS US RESTRAIN THE SIZE
AND GROWTH OF GOVERNMENT.
I CAN'T SEE AN ARGUMENT AGAINST
THIS.
I DON'T UNDERSTAND HOW A VAST
MAJORITY OF THE PUBLIC CAN BE
FOR THIS AND THIS BODY REFUSES
TO ACT.
I THINK THE SENATOR
MAKES SOME VERY GOOD POINTS
THERE.
FRANKLY, I KNOW THIS BODY VERY
WELL.
I'VE BEEN HERE -- I'M THE MOST
SENIOR REPUBLICAN.
I'VE BEEN HERE 35 YEARS.
I'VE SEEN YEAR AFTER YEAR AFTER
YEAR EXCUSES TO GO INTO DEBT,
EXCUSES TO DEFICIT SPEND,
EXCUSES FOR WHY THEY'RE PUTTING
OUR COUNTRY INTO THIS TERRIBLE
STATE OF BANKRUPTCY.
JUST PLAIN EXCUSES.
OF COURSE THEY HIDE BEHIND THE
FACT THAT THEY'RE TRYING TO DO
IT FOR THE GOOD OF THE PEOPLE.
IT'S NOT FOR THE GOOD OF THE
PEOPLE.
IT'S NOT GOOD TO LIVE -- TO NOT
LIVE WITHIN YOUR MEANS.
UNFORTUNATELY, THAT'S WHAT'S
BEEN GOING ON HERE FOR ALL OF
THE TIME I'VE BEEN HERE.
I THINK ONE OF THE
ALARMING THINGS THAT WE SEE IS
THAT ON THE COURSE WE ARE TAKING
NOW, IF WE DO NOTHING DRAMATIC
TO REFORM THE PROCESS, IF WE
DON'T PASS A BALANCED BUDGET
AMENDMENT, WITHIN ABOUT A DECADE
THE BUDGET WILL BE ENTIRELY
CONSUMED BY ENTITLEMENTS AND
INTEREST.
THIS IS BEING DRIVEN BY
SOMETHING REALLY BEYOND THE
CONTROL OF REPUBLICANS, BEYOND
THE CONTROL OF DEMOCRATS.
OUT OF EVERYONE'S HANDS.
IT HAS TO DO WITH THE FACT THAT
WE'RE LIVING LONGER AND THAT
THERE ARE FEWER YOUNG PEOPLE AND
MORE OLD PEOPLE BECAUSE A LOT OF
BABIES WERE BORN AFTER WORLD WAR
II.
THESE ARE DISEM GRAPHIC FACTS WE
CAN'T ESCAPE.
WHEN YOU LOOK AT SOME OF THE
CHARTS OF WHAT GOES ON WITH
THIS, YOU'LL SEE WHAT HAPPENS IF
WE DO NOTHING.
YOU SEE THE PROJECTED DEBT
LEVELS THAT GO OUT HERE.
MOST OF THIS DEBT PROBLEM IS THE
ENTITLEMENTS.
WE HAVE TO COME TOGETHER AS
PARTIES -- THE BALANCED BUDGET
AMENDMENT WILL HELP US TO DO
THIS, BUT THEN WE NEED TO
ACKNOWLEDGE THAT THESE PROBLEMS
EXIST, AND WE NEED TO COME
TOGETHER, BOTH PARTIES, AND
FIGURE OUT SOLUTIONS.
BUT I THINK THE BALANCED BUDGET
AMENDMENT MAY WELL BE WHAT
DISCUSSION.
FORCES US TO REALLY HAVE THE
I THINK TO BE GOOD LEGISLATE,WE
NEED TO DECIDE PRIORITIES.
INSTEAD OF JUST ADDING ON NEW
PROGRAM AFTER NEW PROGRAM, WE
HAVE 80 DINCH FEDERAL PROGRAMS
THAT ARE -- 80 DIFFERENT FEDERAL
PROGRAMS THAT ARE WORK PROGRAMS.
WE NEED TO BE CONSOLIDATING AND
MINIMIZING GOVMENT BUT WE HAVE
TO DO T AND I THINK THE BALANCED
BUDGET AMENDMENT WOULD ALLOW US
TO HAVE A DISCUSSION IN THIS
BODY ON WHERE WE WOULD CUT
SPENDING.
I WANT TO THANK THE
DISTINGUISHED SENATOR FROM
KENTUCKY.
HE STATES IT VERY, VERY WELL.
THAT'S THE WHOLE PURPOSE OF THE
BALANCED BUDGET AMENDMENT.
LET ME JUST THANK HIM FOR HIS
COGENT REMARKS.
LAST WEEK I SIGNED A PLEDGE THAT
MANY PEOPLE IN THIS BODY ARE
HEARING ABOUT FROM THEIR
CONSTITUENTS.
IT IS CALLED THE CUT, CAP, AND
BALANCE PLEDGE.
THOSE OF US WHO SIGN THIS PLEDGE
COMMITTED OURSELVES TO
SIGNIFICANT SPENDING CUTS.
A CAP ON GOVERNMENT SPEND AND A
BALANCED BUDGET AMENDMENT TO THE
CONSTITUTION AS A CONDITION FOR
SUPPORTING ANY INCREASE IN THE
DEBT LIMIT.
AND I WAS PLEASED TO WORK WITH
MY COLLEAGUE FROM UTAH, SENATOR
LEE, IN DEVELOPING THE BALANCED
BUDGET AMENDMENT THAT IS
SUPPORTED BY EVERY REPUBLICAN IN
THIS BODY.
AND OF COURSE WE WORKED WITH
MANY OTHERS AS WELL, ESPECIALLY
SENATOR CORNYN.
I AM NOW PLEASED TO BE WORK WITH
HIM ON THE GOALS OF THE CUT,
CAP, AND BALANCE COALITION, A
REMARKABLE GROUP OF GRASS-ROOTS
ACTIVISTS COMMITTED TO GETTING
CONTROL.
OUR NATION'S SPENDING UNDER
NOW, MR. PRESIDENT, I YIELD --
MADAM PRESIDENT, I YIELD FIVE
MINUTES TO MY FRIEND AND
COLLEAGUE FROM UTAH, SENATOR
LEE.
THANK YOU VERY MUCH.
I WANT TO THANK THE
DISTINGUISHED SENATOR, MY SENIOR
SENATOR FROM UTAH, SENATOR
HATCH, FOR HIS LEADERSHIP ON THE
BALANCED BUDGET AMENDMENT OVER
THE YEARS.
HE'S BEEN CONSISTENT AND
STALWART ADVOCATE FOR THE CAUSE
OF AMENDING THE CONSTITUTION IN
SUFFICIENT A WAY THAT WE
RESTRICT CONGRESS'S ABILITY TO
ENGAGE IN DEFICIT SPENDING.
IT IS THE PRACTICE OF PERPETUAL
RECKLESS DEFICIT SPENDING THAT
HAS CREATED THIS ALMOST $15
TRILLION DEBT THAT WE'RE NOW
DEALING WITH.
IT IS THIS PRACTICE OF PERPETUAL
EXCESSIVE DEFICIT SPENDING THAT
HAS FUELED THE EXPANSION OF THE
FEDERAL GOVERNMENT FAR BEYOND
THE LIMITS THAT THE FOUNDING
FATHERS HAD IN MIND, AND FAR
BEYOND THE NATURAL LIMITS THAT
THIS GOVERNMENT CAN HANDLE.
IT IS IMPORTANT TO REMEMBER THAT
WE'RE NOW SPENDING THROUGH THE
FEDERAL GOVERNMENT MORE THAN 25%
OF OUR ANNUAL G.D.P., MORE THAN
A QUARTER OF EVERY DOLLAR THAT
MOVES THROUGH THE AMERICAN
ECONOMY IS CONSUMED BY
WASHINGTON.
THIS IS A PROBLEM.
THIS IS A PROBLEM, AND IT'S
UNFORTUNATELY NOT SOMETHING THAT
IS AT ALL CONSISTENT WITH WHERE
AMERICANS.
WE HAVE BEEN HISTORICALLY AS
WE HAVE TO REMEMBER THAT FOR
ABOUT THE FIRST 140 YEARS OF OUR
REPUBLIC'S EXISTENCE UNDER THE
CONSTITUTION, OUR FEDERAL
SPENDING WAS NOWHERE NEAR THIS
HIGH AS A PERCENTAGE OF G.D.P.
BETWEEN 1790 AND THE EARLY
1930'S, THE FEDERAL GOVERNMENT
TENDED TO SPEND BETWEEN $1 1.5% AND
4% OF G.D.P. EVERY YEAR, YEAR IN
AND YEAR OUT.
THERE WERE TWO BLIPS, ONE DURING
THE CIVIL WAR AND ONE AFTER
WORLD WAR I.
BUT AFTER THEY PASSED, WE WENT
RIGHT BACK TO WHERE WE HAD BEEN
BEFORE.
THAT STARTED TO CHANGE IN THE
1930'S AND WE HAVE BEEN UPON A
GRADUAL UPSWING ALMOST EVER
SINCE THEN TO WHERE WE'RE NOW
ABOVE 25%.
BUT IF GETS WORSE.
BY THE YEAR 2035, WE ARE
PREDICTED TO BE SPENDING ALMOST
34% OF GROSS DOMESTIC PRODUCT
THROUGH THE FEDERAL GOVERNMENT
EVERY SINGLE YEAR.
AS A RESULT, THE FEDERAL
GOVERNMENT WILL BE COMMANDING
VERY SUBSTANTIAL PORTION OF THE
AMERICAN ECONOMY.
FREE.
THAT MAKES EVERY AMERICAN LESS
THE MORE GOVERNMENT SPENDS, THE
MORE MONEY IT HAS ACCESS TO.
AND THE MORE IT BORROWS ON OUR
BEHALF, THE LESS FREE WE BECOME,
THE LESS INDIVIDUAL LIBERTY WE
HAVE TO SPEND OUR MONEY, TO USE
OUR RESOURCES TO DEVOTE OUR
LIVES IN THOSE PURSUITS THAT WE
WOULD CHOOSE.
THAT'S WHY THE CUT, CAP, AND
BALANCE PLEDGE IS NECESSARY TO
SUPPORT INDIVIDUAL LIBERTY, TO
PROTECT OUR MOST BASIC FREEDOMS,
IS BECAUSE IT WILL PROTECT US
FROM THE INEXORABLE GROWTH OF
GOVERNMENT.
WHAT IT SAYS IS WE'RE AT AN
IMPORTANT TIME IN AMERICAN
HISTORY, A TIME WHERE WE ARE
BEING ASKED TO EXTEND OUR DEBT
LIMIT AGAIN, A TIME WHEN WE ARE
BEING ASKED TO LET THE FEDERAL
GOVERNMENT BORROW EVEN MORE
MONEY AGAINST OUR CHILDREN AND
GRANDCHILDREN.
THIS IS A PROBLEM.
NOW, ONE REASON WHY WE'RE
WILLING TO SIGN THIS PLEDGE,
WE'RE WILLING TO SAY, OKAY,
WE'VE BEEN PUT 0EN A PATH WHERE
THE GOVERNMENT IS SPENDING AT
THIS RATE -- WE CAN'T HALT THAT
IMMEDIATELY -- WE'RE WILLING TO
EXTEND THE LIMIT, BUT ONLY IF
CERTAIN CONDITIONS HAVE BEEN
SATISFIED.
WE NEED CUTS.
WE NEED SOME KIND OF SIGNIFICANT
CUTS TO OUR SPEND RIGHT NOW.
WE NEED SOME KIND OF STATUTORY
SPENDING CAP TO PUT US ON A
GRADUAL GLIDE PATH TOWARD A
BALANCED BUDGET.
AND MOST IMPORTANTLY WE HAVE TO
AMEND THE U.S. CONSTITUTION SO
AS TO SAY THAT THIS WILL NOT
CONTINUE IN PERPETUITY AND
FUTURE CONGRESSES WON'T BE ABLE
TO DO WHAT SENATOR HATCH
REFERRED TO A MINUTE AGO, WHICH
IS EXEMPT ITSELF OUT OF
STATUTORY SPENDING CAPS ONCE IT
HAS ADOPTED THEM.
WE CAN'T BIND A FUTURE CONGRESS
TO CUT $2 TRILLION OVER THE
COURSE OF A DECADE OR MORE
BECAUSE WE CAN'T COMMIT A FUTURE
CONGRESS TO DO WHAT WE WANT IT
TO DO, UNLESS OF COURSE WE AMEND
THE CONSTITUTION, WHICH IS WHY
WE HAVE TO DO THAT RIGHT NOW.
THIS IS ESSENTIAL TO ECONOMIC
PROGRESS IN AMERICA.
THIS IS ESSENTIAL TO ECONOMIC
WELL-BEING AND TO INDIVIDUAL
LIBERTY IN AMERICA THE.
I'D LOO LOVE TO TALK TO ANYONE
ABOUT THIS WHO WANTS TO.
I'VE INVITED UTAHANS WHO MAY BE
IN TOWN AND I INVITE ANYONE
WITHIN THE SOUND OF MY VOICE,
HERE OR ELSEWHERE, TO SCWHROIN
ME IN MY OFFICE, THIS WEDNESDAY
AND EVERY WEDNESDAY AT 3:30
WHERE WE HAVE WHAT WE REFER TO
AS A JELL-O BAR.
UTAH CONSUMES MORE JELL-O PER
CAPITA THAN ANY OTHER STATE IN
THE UNION.
WE WILL TALK TO YOU ABOUT THE
CUT, CAP, AND BALANCE PLEDGE.
THANK YOU VERY MUCH.
I WANT TO THANK MY
COLLEAGUE FROM UTAH.
HE IS A WONDERFUL MAN AND IT IS
A WONDERFUL PRIVILEGE TO SERVING
WITH HIM IN -- TO SERVE WITH HIM
IN THE SENATE.
I DON'T HAVE ENOUGH GOOD WORDS
TO SAY ABOUT MY FRIEND FROM
TEXAS, WHO WAS ON THE TEXAS
SUPREME COURT BEFORE COMING
HERE, SENATOR CORNYN.
FROM THE MINUTE THAT HE SET FOOT
IN THIS CHAIRNLINGS HE HAS BEEN
A STRONG CONSERVATIVE DEDICATED
TO CONSERVATISM.
FROM THE BEGINNING, HE KNEW WE
AMENDMENT.
NEEDED TO PASS A BALANCED BUDGET
I YIELD FIVE MINUTES TO MY
FRIEND AND COLLEAGUE FROM TEXAS,
SENATOR JOHN CORNYN.
MADAM PRESIDENT, I
JOIN MY COLLEAGUES FROM KENTUCKY
AND THE JUNIOR SENATOR FROM UTAH
IN RECOGNIZING THE LEADERSHIP OF
THE SENIOR NOR FROM UTAH,
SENATOR HATCH, ON THIS EVEN MORE
COMPELLING ISSUE, THE BALANCED
BUDGET AMENDMENT, TODAY THAN IT
WAS EVEN BACK IN 1997, AND I
COULDN'T HELP BUT BE STRUCK BY
THE FIGURES THAT THE SENIOR
SENATOR FROM UTAH MENTIONED
EARLIER WHEN HE SAID THAT IN
1997 THE HOUSE OF
REPRESENTATIVES PASSED A
BALANCED BUDGET AMENDMENT.
IT CAME TO THE SENATE AND FAILED
BY ONE VOTE.
THE DEFICIT IN 1997 WAS RUFFLY
$-- WAS ROUGHLY $107 BILLION.
TODAY IT IS $1.5 TRILLION.
THE NATIONAL DEBT IN 1997, IF I
RECALL WHAT THE SENATOR SAID --
HE CAN CORRECT ME IF I AM WRONG
-- TODAY IT IS ROUGHLY $14.3,
TRILLION, APPROACHING $15
TRILLION.
BACK IN 1997, IT WAS $5
TRILLION.
DID I GET THOSE FIGURES CORRECT?
BACK IN 1-9D 9 1997, WE
LOST IT BY ONE VOTE.
WE HAD 67 VOTES.
ONE OF OUR SENATORS SLIPPED ON
US AND WE LOST IT BY ONE VOTE.
I AGREE WITH THE
SENATOR FROM KENTUCKY WHO SAYS
THAT THIS IS NOT A PART SARIN.
BACK IN 1997, 11 OF OUR
DEMOCRATIC COLLEAGUES JOINED
REPUBLICANS TO VOTE IN FAVOR OF
A BALANCED BUDGET AMENDMENT AND
IF THERE IS AN ISSUE THAT
THREATENS NOT ONLY THE ECONOMY
BUT ALSO OUR NATIONAL SECURITY
TODAY, MORE THAN THE NATIONAL
DEBT, I DON'T KNOW WHAT IT IS.
THE CHAIRMAN OF THE JOINT CHIEFS
OF STAFF, ADMIRAL MULLEN, SAID
THAT THE SINGLE LARGEST THREAT
TO OUR NATIONAL SECURITY IS THE
DEBT.
SECRETARY OF STATE HILLARY CLINE
CLINTON SAID THAT THE DEBT SENDS
A MESSAGE OF WEAKNESS
INTERNATIONALLY.
I WOULD SAY TO MY COLLEAGUES, I
WAS JUST OVER IN -- OVER AT THE
HERITAGE FOUNDATION GIVING A
SPEECH.
THEY'RE STUDYING THE ROLE OF
CHINA IN THE WORLD.
THE RISE OF CHINA.
BUT PARTICULARLY WHAT I WAS
CONCERNED ABOUT AND THE SUBJECT
OF MY REMARKS WAS THE FACT THAT
THE TREASURY DEPARTMENT
ESTIMATES THAT $1.1 TRILLION OF
U.S. DEBT IS HELD BY THE
COMMUNIST CHINESE GOVERNMENT.
THAT'S ABOUT A THIRD OF ALL OF
OUR OUTSTANDING DEBT.
AND WE KNOW THAT AT LEAST ON ONE
OCCASION A RETIRED CHINESE
GENERAL SAID THAT IF WE DIDN'T
DO WHAT CHINA WANTED, THAT THEY
WOULD THEN THREATEN TO DISRUPT
OUR ECONOMY BY SELLING OFF THE
DEBT THAT THEY OWN.
BUT I WOULD JUST LIKE TO ASK MY
COLLEAGUES IF THEY WOULD CARE TO
COMMENT.
I KNOW LARRY LINDSEY, THE
RENOWNED ECONOMIST, WROTE AN
ARTICLE RECENTLY WHERE HE CITED
THERE ARE THREE THINGS THAT
WORRY HIM MOST ABOUT HIGH
UNEMPLOYMENT AND THE -- REALLY,
THE HAS TIEWD OF THE -- THE
LACITUDE OF THE PRIVATE SECTOR.
HE SAID IT IS SLOW ECONOMIC
GROWTH, OF COURSE, BECAUSE MANY
IN THE PRIVATE SECTOR ARE
DISCOURAGED, THE ENTREPRENEURS
WHO CREATE JOBS, THE JOB
CREATORS WHO WOULD OTHERWISE
EXPAND ARE -- SLOW ECONOMIC
GROWTH CONCERNS HIM.
THE LAST QUARTER REQUESTS 1.8%
OF OUR GROSS DOMESTIC PRODUCT.
NOT ENOUGH TO GENERATE THE KIND
OF JOBS TO GET PEOPLE BACK TO
WORK.
AND ONE REASON FOR OUR HIGH
EMPLOYMENT.
BUT HE SAID THE OTHER TWO THINGS
THAT WORRY HIM THE MOST ARE THE
INTEREST PAYMENTS ON OUR
NATIONAL DEBT.
AND HE POINTS OUT THAT OUR --
BECAUSE OF THE FEDERAL RESERVE
POLICY, THE INTEREST RATES ON
OUR NATIONAL DEBT ARE AT BELOW
HISTORIC NORMS.
AND HE POINTS OUT, IF, FOR
EXAMPLE, INFLATION WERE TO KICK
IN OR THE FEDERAL RESERVE FOR
SOME REASON SHOULD DECIDE TO
TIGHTEN ITS POLICY AND RAISE
INTEREST RATES WHASHES IT WOULD
DO TO -- WHAT IT WOULD DO TO
BALLOON THE INTEREST PAYMENTS ON
OUR NATIONAL DEBT AND THREATEN
OUR ABILITY TO FUND NATIONAL
DEFENSE AND OTHER ISSUES AS W HE
ALSO POINTS OUT THAT THE
EXPLODING COST OF THE HEALTH
CARE BILL WITH MORE AND MORE
EMPLOYERS INCENTIVIZED TO DUMP
PEOPLE ON THE STATE-BASED
EXCHANGES SUBSIDIZED BY
TAXPAYERS AS OPPOSED TO THEIR
EMPLOYERS, BUT I WONDER IF ANY
OF MY COLLEAGUES -- I SEE THE
SENATOR FROM KENTUCKY MAY HAVE
SOME COMMENTS ABOUT THE INTEREST
ON THE DEBT AND WHAT HE VIEWS AS
A THREAT TO OUR ECONOMY AND OUR
SECURITY.
WELL, HE TALKS ABOUT
RISE.
WHAT HAPPENS IF INTEREST RATES
FROM EVERY POINT IN INTEREST
RATES RISING, IT ADDS $140
BILLION.
SO IF WE GET BACK TO AN HISTORIC
AVERAGE IT WOULD ADD $4.9
TRILLION TO OUR DEBT PROBLEM.
HERE'S THE RUB.
WE'RE HAVING DISCUSSIONS WHERE
PEOPLE ARE TALKING ABOUT, WE'RE
GOING TO CUT $2.5 TRILLION OVER
TEN YEARS.
WELL, SENATOR HATCH POINTS OUT
CONGRESSES.
THAT WE CANNOT BIND FUTURE
SENATOR LEE HAS SAID THE SAME
THING.
SO WHEN THEY PROMISE US THEY'RE
GOING TO CUT $2.5 TRILLION,
DPAIR THAT TO WHAT HAPPENS IF --
COMPARE THAT TO WHAT HAPPENS IF
INTEREST RATES RISE.
ALL OF A SUDDEN WE HAVE $5
TRILLION IN EXTRA EXPENSES.
WE MUST BIND OURSELVES BY
AMENDING THE CONSTITUTION.
I COULDN'T AGREE
KENTUCKY.
MORE WITH THE SENATOR FROM
THIS IS REALLY THE SILENT BUT
POTENTIALLY DEADLY THREAT TO OUR
WHOLE ECONOMY IF INTEREST RATES
WERE TO GO UP, IF CHINA OR --
MINUTES.
SENATOR, YOU HAVE CONSUMED FIVE
THEY'RE NOT GOING
TO BUY IT AT CURRENT RATES.
WE'RE GOING TO OFFER A BETTER
RATE OF RUN.
SO I JOIN MY COLLEAGUES IN
AMENDMENT.
SUPPORTING THE BALANCED BUDGET
I LOOK FORWARD TO THE VOTE ON
THIS AMENDMENT SOMETIME DURING
THE WEEK OF JULY THE 18th, I
THINK THE WE'RE SHOOTING FOR.
WE INVITE OUR COLLEAGUES ON THE
OTHER SIDE TO JOIN US.
AND THE REASON WE'RE HERE TODAY
IS BECAUSE IT IS IMPORTANT TO
LET THE PEOPLE ACROSS THE
COUNTRY KNOW WHAT WE ARE DOING,
THE SOLUTION WE ARE PROPOSING
AND TO ASK THEM TO ENCOURAGE
OTHER SENATORS AND CONGRESSMEN
TO SUPPORT IT BECAUSE THIS IS, I
THINK, THE SINGLE MOST IMPORTANT
THING WE COULD DO GET OUR
ECONOMY BACK ON TRACK AND TO
SAVE GENERATIONS IN THE FUTURE.
I WANT TO THANK MY
COLLEAGUE FOR HIS COGENT
REMARKS.
MR. PRESIDENT, MY COLLEAGUES IN
NORTH DAKOTA, SENATOR HOEVEN,
KNOWS A THING OR TWO ABOUT
BALANCING BUDGETS.
AS HE FORMER GONE, HE KNOWS THAT
THIS IS SOMETHING THAT STATES
HAVE TO GO EVERY DAY.
GOVERNORS AND LEGISLATORS
BALANCE THEIR BOOKS --
LEGISLATURES BALANCE THEIR BOOKS
BY MAKING THE TOUGH DECISIONS
THE FEDERAL GOVERNMENT IS
TOO OFTEN UNWILLING TO MAKE.
SO,, MR. PRESIDENT, I YIELD THE
REMAINING TIME TO SENATOR
HOEVEN.
I WANT TO THANK
THE DISTINGUISHED SENATOR FROM
UTAH FOR TAKE A LEAD ON THIS
BALANCED BUDGET AMENDMENT.
I AM PLEASED TO JOIN HIM,
PLEASED TO BE ONE OF THE
ORIGINAL COSPONSORS, AND I AM
EXTREMELY PLEASED THAT EVERY
MEMBER OF THE REPUBLICAN CAUCUS
ARE SUPPORTING THIS BALANCED
BUDGET AMENDMENT.
AND DOING EVERYTHING WE CAN TOW
REACH ACROSS THE AISLE AND BRING
OUR DEMOCRAT COLLEAGUES WITH US
AND THEN TO SEND THIS BALANCED
BUDGET AMENDMENT, TO VOTE TO
PASS THIS BALANCED BUDGET
AMENDMENT BY TWO-THIRDS VOTE AND
THEN SEND IT TOUT TO THE STATES
FOR RATIFICATION.
THREE-FOURTHS OF THE STATES
I BELIEVE THEY WILL.
WOULD HAVE TO RATIFY IT AS WELL.
WHAT A GREAT WAY FOR US TO JOIN
TOGETHER AT A FEDERAL AND A
STATE LEVEL TO MAKE SURE THAT WE
LIVE WITHIN OUR MEANS, THAT WE
BALANCE OUR BUDGET AND WE DO THE
THINGS WE NEED TO DO TO NOT ONLY
GET THIS ECONOMY BACK ON TRACK
BUT TO MAKE SURE THAT FUTURE
GENERATIONS CAN ENJOY THE GREAT
COUNTRY, THE GREAT OPPORTUNITY
THAT WE AND THOSE THAT HAVE GONE
BEFORE US HAVE ENJOYED IN THE
UNITED STATES OF AMERICA.
WE HAVE THAT OPPORTUNITY.
WE NEED TO SEIZE THAT
OPPORTUNITY BY PASSING THIS
BALANCED BUDGET AMENDMENT.
AS THE SENIOR SENATOR FROM UTAH
CORRECTLY MENTIONED A MINUTE
AGO, I HAD THE OPPORTUNITY,
GREAT HONOR AND PRIVILEGE TO
SERVE MY STATE AS GOVERNOR.
AS A MATTER OF FACT, AT THE TIME
THAT I WAS ELECTED TO THE UNITED
STATES SENATE LAST YEAR, I WAS
THE LONGEST-SERVING GOVERNOR IN
THE UNITED STATES.
I SERVED FOR A DECADE.
EVERY SINGLE YEAR WE BALANCED
OUR BUDGET.
49 OF THE 50 STATES HAVE
BALANCED BUDGET AMENDMENT
REQUIREMENTS.
THE ONLY ONE THAT DOESN'T IS
VERMONT.
49 STATES HAVE THAT REQUIREMENT
IN THEIR CONSTITUTION.
THIS YEAR SO FAR 46 OF THE
BUDGET.
STATES HAVE BALANCED THEIR
THOSE THAT HAVE -- ALASKA,
ARIZONA, CALIFORNIA AND
WASHINGTON STATE ARE STILL
WORKING ON IT, BUT 46 HAVE
ALREADY BALANCED THEIR BUDGETS.
FAMILIES BALANCE THEIR BUDGET.
BUDGET.
BUSINESSES HAVE TO BALANCE THEIR
BUDGET.
CITIES HAVE TO BALANCE THEIR
BUDGET.
STATES HAVE TO BALANCE THEIR
THE FEDERAL GOVERNMENT NEEDS TO
BALANCE ITS BUDGET.
IT'S NOT DOING THAT.
WHEN YOU LOOK AT THE STATISTICS
RIGHT NOW -- WE'VE GONE THROUGH
THEM BEFORE -- BUT THESE
STATISTICS WE'VE GOT TO CONTINUE
TO TALK ABOUT OUR CURRENT
SITUATION IS SOMETHING WE'VE GOT
THE AMERICAN PEOPLE.
TO CONTINUE TO TALK ABOUT WITH
RIGHT NOW OUR REVENUES ARE $2.2
TRILLION.
ANNUAL REVENUES TO THE FEDERAL
TREASURY, $2.2 TRILLION.
OUR EXPENSES ARE $3.7 TRILLION.
THAT'S ABOUT A $1.5 TRILLION,
$1.6 TRILLION DEFICIT EACH AND
EVERY YEAR.
WHEN YOU ROLL THAT UP, THAT'S
WHY WE ARE NOW AT $14.5 TRILLION
IN DEBT.
AND THAT DEBT CONTINUES TO GROW.
BUT IT'S LIKE ANY DEBT, LIKE ANY
FAMILY CAN TELL YOU OR ANY
BUSINESS CAN TELL YOU OR A STATE
CAN TELL YOU THAT AS YOU
CONTINUE TO ACCUMULATE AND GROW
THAT DEFICIT AND ACCUMULATE THAT
DEBT IT, GETS HARDER AND HARDER
TO GET ON TOP OF IT.
IT'S LIKE HAVING CREDIT CARDS.
AS YOU CONTINUE TO CHARGE THAT
BALANCE ON THE CREDIT CARD, IT
GETS MORE AND MORE DIFFICULT TO
GET ON TOP OF THAT DEBT AND
DEFICIT AND REDUCE IT.
SO WE'VE GOT TO GET STARTED.
WE'VE GOT TO GET GOING.
EASIER.
THE TASK GETS HARDER, NOT
THAT'S WHAT THIS BALANCED BUDGET
AMENDMENT IS ALL ABOUT.
AND WE NEED THE PRESIDENT TO
LEAD.
WHEN WE TALK ABOUT GETTING THIS
DEBT UNDER CONTROL, WE NEED THE
PRESIDENT TO LEAD.
WE CAN'T HAVE A SITUATION WHERE
WE SPEND MORE AND THEN SIMPLY
BORROW MORE OR TRY TO RAISE
TAXES TO COVER THAT SPENDING.
THAT'S MAKING IT WORSE.
JOIN US.
WE NEED THIS ADMINISTRATION TO
WE NEED OUR COLLEAGUES TO JOIN
US TO GET A GRIP ON THIS
SPENDING TO START BY PASSING
THIS BALANCED BUDGET AMENDMENT.
YOU KNOW, IF YOU LOOK BACK TO
THE DECADE OF THE 1980'S AND
THEN INTO THE 1990'S AND YOU
LOOK AT PRESIDENT REAGAN AND HIS
APPROACH AND HIS LEADERSHIP FOR
THIS COUNTRY, HE CAME AND SAID,
YOU KNOW, WE HAVE THE MOST
DYNAMIC ECONOMY IN THE WORLD, IN
THE HISTORY OF THE WORLD, SO
WE'VE GOT TO CREATE AN
ENVIRONMENT, A PROJOBS,
PROGROWTH ENVIRONMENT THAT
STIMULATES JOB CREATION, THAT
STIMULATES PRIVATE INVESTMENT,
THAT PUTS PEOPLE BACK TO WORK,
THAT GETS THIS ECONOMY GROWING.
AND AS WE GET THAT ECONOMY
GROWING, WE HAVE THE RESOURCES
THEN TO DO THE THINGS WE NEED TO
DO, TO INVEST IN INFRASTRUCTURE,
TO MAKE SURE THAT WE TAKE CARE
OF THOSE THAT NEED HELP, TO MAKE
SURE THAT WE HAVE HEALTH CARE
FOR OUR CITIZENS.
BUT AT THE SAME TIME, AT THE
SAME TIME WE NEED TO CONTROL OUR
MEANS.
SPENDING AND LIVE WITHIN OUR
AND THAT'S THE RISING TIDE THAT
LIFTS ALL BOATS.
THAT'S HOW WE MAKE SURE THAT
EVERYBODY PARTICIPATES IN THE
GREAT OPPORTUNITY THAT IS THE
VERY FOUNDATION OF THIS COUNTRY.
BUT TO GET BACK TO THAT POINT,
AMENDMENT.
WE NEED THIS BALANCED BUDGET
WE NEED THIS FISCAL DISCIPLINE
IN WASHINGTON TO MAKE SURE THAT
WE CONTINUE TO HONOR THE LEGACY
THAT WE HAVE, THE LEGACY THAT
WE'VE BEEN GIVEN AND THAT WE
CONTINUE TO MAKE THIS COUNTRY
THE COUNTRY OF OPPORTUNITY.
AND I KNOW WE CAN DO IT.
SENATOR'S TIME HAS EXPIRED.
AND I KNOW WE CAN
DO IT.
AND I THANK YOU FOR YOUR
LEADERSHIP IN THIS EFFORT.
AND I THANK MY COLLEAGUES FOR
BALANCED BUDGET AMENDMENT.
JOINING TOGETHER ON THIS
AND I ASK ALL OF OUR COLLEAGUES
TO JOIN WITH US SO THAT WE CAN
PASS IT.
I YIELD THE FLOOR.
I THANK MY
COLLEAGUES.
I WOULD ASK FOR ONE ADDITIONAL
MINUTE, GIVING THE OTHER SIDE AN
ADDITIONAL MINUTE.
WITHOUT
OBJECTION.
THANK YOU.
COLLEAGUES HERE.
I REALLY APPRECIATE MY
THEY'VE MADE SOME VERY PRESCIENT
POINTS ON HOW IMPORTANT THIS
BALANCED BUDGET AMENDMENT IS.
BY THE PRESIDENT'S OWN ACTUARY,
BY 2020 WE'LL BE OVER $20
TRILLION IN NATIONAL DEBT.
$1 TRILLION.
THE INTEREST ALONE WILL BE OVER
WE WON'T HAVE ANY MONEY FOR THE
POOR, SICK AND THE NEEDY BECAUSE
MEANS.
WE HAVEN'T LIVED WITHIN OUR
WE SIMPLY HAVE TO GET THINGS
UNDER CONTROL.
THE ONLY TWAOEU DO THAT IS --
THE ONLY WAY TO DO THAT IS WHAT
ALL THESE 49 STATES DO EVERY
YEAR AND THAT IS BALANCE OUR
AMENDMENT.
BUDGETS THROUGH A CONSTITUTIONAL
LET ME MAKE ONE LAST POINT, AND
THAT IS THAT I DON'T KNOW WHY
THE DEMOCRATS, SOME DEMOCRATS
FIGHT AGAINST THIS.
BECAUSE LITERALLY, EVEN IF WE
PASS IT THROUGH BOTH HOUSES OF
CONGRESS BY THE REQUISITE
TWO-THIRDS VOTE THERE,'S STILL
GOING TO BE A BIG BATTLE IN THE
STATES.
IF THEY HATE IT, THEY CAN FIGHT
IT OUT THERE IN THE STATES.
I THINK THE REASON THEY FIGHT
IT, SAY NO, IS IF WE PASS IT
HERE, IT'S GOING TO PASS THROUGH
THE STATES VERY, VERY FAST
BECAUSE ALMOST EVERY STATE KNOWS
WE'VE GOT TO DO THIS.
ALMOST EVERYBODY WITH
INTELLIGENCE KNOWS WE'VE GOT TO
DO THIS.
MADAM PRESIDENT, I YIELD THE
FLOOR.
A SENATOR: MADAM PRESIDENT?
THE
SENATOR FROM IOWA.
MADAM PRESIDENT,
FIRST, I ASK UNANIMOUS CONSENT
THAT KATE WATERS, ANDREW RAH AND
JAMIE RIBEL OF MY STAFF BE
GRANTED PRIVILEGES FOR TODAY'S
PROCEEDINGS.
WITHOUT
OBJECTION.
I ASK UNANIMOUS
CONSENT THAT DERRICK SKINNER OF
SENATOR BINGAMAN'S OFFICE BE
GIVEN PRIVILEGES TO THE FLOOR
DURING S. 679.
WITHOUT
OBJECTION.
MADAM PRESIDENT,
JUST LISTENING TO MY GOOD FRIEND
FROM UTAH TALK, SPEAKING HERE --
AND HE IS A GOOD FRIEND OF
MINE -- AND OTHERS WHO HAVE BEEN
SHE CANNING HERE FOR THE LAST
HOUR -- WHO HAVE BEEN SPEAKING
AROUND HERE FOR THE LAST HOUR,
HERE.
MEMBERS REUS ARE SHORT AROUND
I MEAN REALLY SHORT.
FORGET ABOUT THE ATTENTION SPAN;
MEMORIES ARE REALLY SHORT.
HOW SOON WE FORGET THAT AT THE
END OF THE CLINTON YEARS AFTER
WE HAD WORKED WITH PRESIDENT
CLINTON TO PASS MEASURES THAT
BROUGHT IN MORE REVENUES, THAT
KEPT OUR SPENDING UNDER CONTROL,
WE HAD FOUR YEARS OF BALANCED
BUDGETS.
FOUR YEARS NOT ONLY TO BALANCE
BUDGETS; BUDGET SURPLUSES.
WHEN PRESIDENT CLINTON LEFT
OFFICE, HE LEFT GEORGE W. BUSH
THE BIGGEST SURPLUS EVER IN OUR
HISTORY.
THE C.B.O. STPAEUD WE JUST
CONTINUED -- SAID IF WE
CONTINUED ON WITH THE POLICIES
WE HAD WE WOULD HAVE PAID OFF
THE NATIONAL DEBT BY 2010.
THEN THE REPUBLICANS COME RIDING
INTO TOWN IN 2001.
THEY GOT THE WHITE HOUSE, THEY
GOT THE SENATE, THEY GOT THE
HOUSE.
WHAT'D THEY DO?
THEY TOOK THAT SURPLUS WE HAD
AND SAID, HEY, WE'VE GOT TO GIVE
THIS TO THE WEALTHY.
WE'VE GOT TO HAVE TAX CUTS FOR
THE WEALTHIEST IN OUR SOCIETY.
AND THAT'S WHAT THEY DID.
AND HOW DID THEY DO IT?
THEY SNUCK IT THROUGH ON
SOMETHING CALLED RECONCILIATION.
BUDGET MEASURE WHICH MEANS THAT
YOU CAN'T FILIBUSTER IT, AND IT
ONLY TAKES 50 VOTES.
THAT'S WHAT THE REPUBLICANS DID.
THEY SQUANDERED IT.
SQUANDERED IT.
GIVE MORE TO THE WEALTHIEST
MEMBERS IN OUR SOCIETY.
AND LOOK WHAT'S HAPPENED SINCE
THEN.
THEN WE HAD TWO UNPAID-FOR WARS.
IT TWO UNPAID-FOR.
GEORGE BUSH IN THOSE WARS, DON'T
PAY FOR THEM; JUST BORROW IT
FROM CHINA.
THEN A NEW PRESCRIPTION DRUG
BENEFIT UNPAID FOR.
WE'LL JUST BORROW MORE MONEY.
NOW THESE SAME REPUBLICANS WHO
RAN UP THE DEFICIT, SQUANDERED
THE SURPLUS ARE NOW SAYING THAT
WE'VE GOT TO BALANCE THE BUDGET
CLASS.
ON THE BACKS OF THE MIDDLE
WE'VE GOT TO BALANCE THE BUDGET
ON THOSE WHO ALREADY ARE HURTING
SO MUCH.
NO, NO, WE CAN'T RAISE REVENUES
ON THE WEALTHY.
OH, NO, NO, NO, CAN'T DO THAT.
WELL, AS I SAID,
MADAM PRESIDENT, MEMORIES ARE
SHORT.
NOW.
THEY ALL WANT A BALANCED BUDGET
WHY DON'T WE JUST DO WHAT WE DID
UNDER THE CLINTON YEARS?
LET'S HAVE THE SAME KIND OF
ECONOMIC POLICIES THAT WE HAD
THEN, AND THEN WE'LL HAVE
BALANCED BUDGETS.
BUT, NO, NOT MY REPUBLICAN
FRIENDS.
NO.
THEY SAID THEY WANT TO LIMIT
GOVERNMENT SPENDING TO 18% OF
G.D.P.
I'D LIKE TO ASK: WHERE DOES THAT
NUMBER COME FROM?
WHY IS IT 18 STPH-BGT WHY ISN'T
IT 18.5%?
WHY ISN'T IT 17.75%?
WHY ISN'T 19.23%?
WHERE DOES 18% COME FROM?
MADAM PRESIDENT, LET ME TELL YOU
WHERE THIS COMES FROM.
THE LAST TIME THAT THE FEDERAL
GOVERNMENT WAS 18% OF G.D.P.
SPENDING WAS 1967, BEFORE
MEDICARE REALLY GOT UNDERWAY.
SO READ BETWEEN THE LINES WHAT
THE REPUBLICANS ARE SAYING, IF
THEY COULD GET THAT DOWN TO 18%,
WE COULD DO AWAY WITH MEDICARE,
ANYWAY.
WHICH IS WHAT THEY WANT TO DO
REPUBLICANS WANT TO DO AWAY WITH
MEDICARE.
IF YOU CAN GET G.D.P., THE
FEDERAL GOVERNMENT'S SPENDING
DOWN TO 18%, YOU'RE BACK DOWN TO
GUESS WHAT?
WHERE YOU WERE IN 1967.
WE CAN GET RID OF MEDICARE AND
TURN IT BACK OVER TO THE PRIVATE
INSURANCE COMPANIES.
THAT'S WHAT THE REPUBLICAN
THAT'S WHAT THE RYAN BUDGET DID,
BUDGET DID, AND THAT'S WHAT THEY
ALL VOTED FOR.
WHEN THEY TELL YOU ABOUT 18% OF
G.D.P., THINK MEDICARE.
THINK MEDICARE.
GOODBYE MEDICARE.
THAT'S WHAT THEY'RE AFTER.
MADAM PRESIDENT, WE'VE REACHED A
POINT OF MAXIMUM DANGER.
MAXIMUM DANGER IN OUR FRAGILE
ECONOMIC RECOVERY.
WE'RE MIRED IN THE MOST
PROTRACTED PERIOD OF JOBLESSNESS
SINCE THE GREAT DEPRESSION.
BUSINESSES RELUCTANT TO INVEST
AND HIRE FOR THE SIMPLE REASON
THERE IS NOT SUFFICIENT DEMAND
FOR GOODS AND SERVICES LARGELY
BECAUSE, WHY?
SO MANY PEOPLE ARE UNEMPLOYED,
20 MILLION.
PEOPLE ARE MIRED IN DEBT.
AND EVEN THOSE WHO ARE WORKING
ARE INSECURE ABOUT THEIR
EMPLOYMENT.
SO FOR MOST AMERICANS IN THE
MIDDLE CLASS AND LOWER INCOME,
THIS IS STILL A DEEP RECESSION.
SO I HAVE COME TO THE FLOOR
REPEATEDLY IN RECENT WEEKS TO
WARN AGAINST THE FOLLY, THE
FOLLY OF WASHINGTON'S CURRENT
OBSESSION WITH MAKING IMMEDIATE
DRACONIAN CUTS TO THE FEDERAL
BUDGET, SOMETHING THAT BY ITS
VERY NATURE WILL DRAIN DEMAND,
REDUCE GROWTH AND DESTROY JOBS.
THE FEDERAL RESERVE BOARD
CHAIRMAN BEN BERNANKE WARNED
JUST LAST WEEK -- AND I QUOTE --
"IN LIGHT OF THE WEAKNESS OF THE
RECOVERY, IT WOULD BE BEST NOT
TO HAVE A SUDDEN AND SHARP
FISCAL CONSOLIDATION IN THE VERY
NEAR TERM.
IT WOULD BE A NEGATIVE FOR
GROWTH."
HERE IN THE WASHINGTON BUBBLE,
MANY, ESPECIALLY THOSE ON THE
OPPOSITE SIDE OF THE AISLE, HAVE
PERSUADED THEMSELVES THAT THE
BIGGEST ISSUE IS THE BUDGET
DEFICIT.
BUT OUTSIDE THE BELTWAY, OUTSIDE
OF WASHINGTON AMERICANS ARE MOST
CONCERNED WITH A FAR MORE URGENT
DEFICIT, THE JOBS DEFICIT.
THE JOBS DEFICIT.
I'M ALSO CONCERNED,
MADAM PRESIDENT, ABOUT A THIRD
DEFICIT THAT I THINK WE HAVE
HERE.
A DEFICIT OF VISION.
A DEFICIT OF VISION.
I'M DISTURBED BY OUR FAILURE TO
CONFRONT THE CURRENT ECONOMIC
CRISIS WITH THE BOLDNESS AND THE
VISION THAT EARLIER GENERATIONS
OF AMERICANS SUMMONED IN TIMES
OF NATIONAL CHALLENGE.
OUR REPUBLICAN FRIENDS REJECT
THE VERY POSSIBILITY THAT THE
FEDERAL GOVERNMENT CAN ACT TO
SPUR ECONOMIC GROWTH, BOOST
COMPETITIVENESS, CREATE GOOD,
MIDDLE-CLASS JOBS.
THAT'S THEIR IDEOLOGICAL
POSITION AND THEY'RE STICKING TO
IT EVEN IN THE FACE OF CONTRARY
FACTS.
IT'S BASED ON A PROFOUND
MISREADING OR PERHAPS NONREADING
OF AMERICAN HISTORY.
AS AMERICANS, WE PRIDE OURSELVES
ON A ROBUST FREE-ENTERPRISE
SYSTEM, BUT THERE ARE SOME
THINGS -- BIG NATIONAL
UNDERTAKINGS -- THAT THE PRIVATE
DOING.
SECTOR SIMPLY IS NOT CAPABLE OF
AT CRITICAL JUNCTURES GOING BACK
TO THE BEGINNING OF OUR
REPUBLIC, THE FEDERAL GOVERNMENT
STEPPED UP TO THE PLATE.
WE'VE ACTED DECISIVELY TO SPUR
ECONOMIC GROWTH, FOR-PROFIT TER
INNOVATION, CREATE JOBS.
SO LET'S GO BACK, LET'S DO A
LITTLE ANALYSIS OF OUR HISTORY.
THE FOUNDING FATHERS ARE VERY
MUCH IN VOGUE THESE DAYS, SO
LET'S GO BACK TO THAT TIME.
LET'S GO BACK TO ALEXANDER
HAMILTON, A HERO OF THE FIRST
REVOLUTIONARY WAR, OUR FIRST
SECRETARY OF TREASURY.
HE PUT FORWARD A REPORT ON
MANUFACTURERS DESIGNED TO
STRENGTHEN OUR NEW ECONOMY.
IT WAS A PLAN ADOPTED BY
CONGRESS THAT INCLUDED A TARIFF
TO RAISE REVENUE AND TO PROTECT
OUR DOMESTIC MANUFACTURING BASE.
AM MILTON'S PLAN WAS AN --
HAMILTON'S PLAN WAS AN HISTORIC
SUCCESS.
IT WAS ECHOED SEVERAL DECADES
LATER BY CONGRESSMAN HENRY
CLAY'S FAMOUS AMERICAN SYSTEM.
IN THE BURST OF NATIONALISM
FOLLOWING THE WAR OF 1812, CLAY
ADVOCATED FOR MAJOR NEW FEDERAL
INVESTMENTS IN INFRASTRUCTURE.
AT THAT TIME, HE DIDN'T CALL IT
INFRASTRUCTURE.
HE CALLED IT -- QUOTE --
"INTERNAL IMPROVEMENTS."
CLAY LED IN FINANCING ROADS,
CANAL, BRIDGES, PROJECTS
DESIGNED TO EXPAND COMMERCE AND
KNIT THE NATION TOGETHER.
ONE WAS THE CUMBERLAND ROAD, OUR
FIRST TRULY NATIONAL ROAD.
IN BEGANROAD.
IT BEGAN IN MARYLAND.
IT WAS HENRY CLAY AND OTHER
WESTERNERS TO PUSHED TO EXTEND
THE ROAD FROM WHEELING, WEST
VIRGINIA, TO COLUMBUS, OHIO.
BUT AGAIN GO BACK AND READ YOUR
HISTORY.
CLAY WAS BITTERLY OPPOSED BY
THOSE WHO SAID THE FEDERAL
GOVERNMENT COULDN'T AFFORD TO
BUILD THE ROADS AND CANALS AND
HAD NO BUSINESS DOING SO.
SOUNDS FAMILIAR.
FROM WHAT I'M HEARING FROM THE
OTHER SIDE OF THE AISLE TODAY.
HISTORY SHOWS THAT THE NAYSAYERS
WERE WRONG ON ALL ACCOUNTS.
IT OPENED UP THE WEST TO
DEVELOPMENT.
OF COURSE THE MOST VISIONARY
19th CENTURY ADVOCATE OF
FEDERAL INVESTMENTS TO SPUR
ECONOMIC GROWTH WAS A REPUBLICAN
REPUBLICAN, THE FIRST REPUBLICAN
PRESIDENT, ABRAHAM LINCOLN.
DESPITE THE DISRUPTION OF THE
CIVIL WAR, LINCOLN INSISTED ON
MOVING THE NATION FORWARD
THROUGH BOLD FEDERAL INVESTMENTS
AND INITIATIVES.
IN 1862, HE SIGNED ATEDED THE PACIFIC
RAILWAY ACT TO BILLED FINANCE
THE TRANS-ATLANTIC RAILROAD AND
TO PRODUCE THE RAILS HERE IN
AMERICA RATHER THAN SHIPPING
THEM IN FROM ENGLAND, ENACTED A
STEEP TARIFF ON FOREIGN STEEL IN
ORDER TO JUMP-START THE AMERICAN
STEEL INDUSTRY.
LINCOLN DID MUCH MORE.
HE CREATED THE DEPARTMENT OF
AGRICULTURE TO DO MORE RESEARCH,
DISTRIBUTED FREE LAND TO
FARMERS, USED GOVERNMENT AGENTS
TO PROMOTE NEW FARM MACHINERY
AND AGRICULTURAL TECHNIQUES.
AS A PROUD GRADUATE OF IOWA
STATE UNIVERSITY, I NOTE THAT
LINCOLN ALSO DRAMATICALLY
INCREASED HIGHER EDUCATION BY
CREATING THE LAND-GRANT COLLEGE
SYSTEM.
TAKEN TOGETHER, THESE
INITIATIVES DURING LINCOLN'S
PRESIDENCY -- AND I REMIND YOU,
THIS WAS -- HE WAS DOING ALL
THIS DURING THE CIVIL WAR -- IT
HAD A TRANSFORMATIVE EFFECT ON
THE U.S. ECONOMY.
WE CREATED NEW DESCRIRKS
EXPANDED OPPORTUNITY, CREATED
MILLIONS OF NEW JOBS, AND HE DID
THIS DESPITE THE FACT THAT THE
FEDERAL GOVERNMENT WAS DEEPLY IN
DEBT AND RUNNING HUGE DEFICITS.
IMAGINE THAT, ABRAHAM LINCOLN.
THESE REPUBLICANS ALWAYS GO TO
THEIR LINCOLN DAY DINNERS.
WHY DON'T THEY START TALKING
ABOUT WHAT ABRAHAM LINCOLN DID
TO SPUR ECONOMIC GROWTH AND
CREATE JOBS IN OUR COUNTRY AT A
TIME WHEN OUR FEDERAL GOVERNMENT
WAS IN A DEFICIT?
IT'S ALMOST HUMOROUS TO IMAGINE
HOW THE REPUBLICANS -- OF TODAY
WOULD HAVE REACTED TO LINCOLN'S
AGENDA.
THEY WOULD V.A. TACKED HIM, I'M
SURE, AS RECKLESS AND
IRRESPONSIBLE.
THEY'D WHINE THAT WE'RE BROKE.
WE CAN'T AFFORD TO INVEST IN THE
FUTURE.
I'M SURE THAT THE TEA PARTY
CONTINGENT IN THE REPUBLICAN
PARTY WOULD HAVE DEMANDED THAT
LINCOLN BE EXPELLED FROM THE
REPUBLICAN PARTY.
MADAM PRESIDENT, MOVING INTO THE
20th CENTURY, TIME AND AGAIN
THE FEDERAL GOVERNMENT HAS ACTED
WITH BOLDNESS AND VISION TO
ACCOMPLISH BIG THINGS THAT WAS
SIMPLY BEYOND THE CAPACITY OF
THE PRIVATE SECTOR.
DURING THE PRESIDENCY OF
FRANKLIN ROOSEVELT, WITH THE
PRIVATE SECTOR PARALYZED,
DEPRESSION, THE FEDERAL
PARALYZED BY THE GREAT
GOVERNMENT RESPONDED WITHIN AN
ASTONISHING ARRAY OF INITIATIVES
TO CREATE JOBS.
THE LIST IS FAR TOO LONG, BUT I
WOULD MENTION RURAL
ELECTRIFICATION, THE CIVILIAN
CONSERVATION CORPS TO PLANT
TREES IN GREENWAYS ALL ACROSS
THE COUNTRY, THE TENNESSEE
VALLEY AUTHORITY WHICH BROUGHT
POWER TO APLAY CHAI, GRAND COOL
LEE DAM BRINGING POWER ACROSS
THE NORTHWEST AND SOUTHWEST,
MILLIONS OF UNEMPLOYMENT
AMERICANS INCLUDING MY FATHER --
YOU CAN COME OVER TO MY OFFICE,
I'LL SHOW YOU MY DAD'S W.P.A.
ADMINISTRATION.
CARD, WORKS PROJECTS
GOT A JOB WITH DIGNITY THANKS TO
ADMINISTRATION.
THE WORKS PROJECTS
THEY BUILT THOUSANDS OF
INFRASTRUCTURE JOBS ACROSS OUR
COUNTRY, MANY OF WHICH WE'RE
STILL USING TODAY EIGHT DECADES
LATER.
I WOULD POINT OUT ONE PROJECT MY
FATHER WORKED ON, LAKE AQUABEE
STATE PARK WHICH MY FATHER
WORKED ON WITH OTHER W.P.A.
PEOPLE.
WE'RE STILL USING IT TODAY.
BY THE END OF THE SECOND WORLD
WAR, WARTIME INVESTMENTS BY THE
FEDERAL GOVERNMENT HAD CREATED
AN INDUSTRIAL ENCLOSE COLOSSUS.
F.D.A. WAS FOLLOWED BY DWIGHT
INNS HOUR.
WHAT DID HE DO?
DID HE PULL THE PLUG ON ALL
THIS?
LET'S LOOK AT HISTORY.
EISENHOWER, A PROUD REPUBLICAN,
WAS DETERMINED TO MOVE AMERICA
FORWARD.
HE CHAMPIONED, AT A TIME WHEN
THE FEDERAL DEFICITS CONTINUED
INTO THE 1950'S FROM WORLD WAR I
I, BECAUSE THE NATIONAL DEBT
GREW SO BIG DURING WORLD WAR II,
WE WERE STILL IN DEBT AND DURING
THE 1950'S.
NOW WHAT DID EISENHOWER DO?
DID HE SAY WE HAVE TO RETRENCH,
WE CAN'T DO ANYTHING?
NO, HE CHAMPIONED -- HE
CHAMPIONED ONE OF THE GREATEST
PUBLIC WORKS PROJECTS IN
AMERICAN HISTORY, THE
CONSTRUCTION OF THE INTERSTATE
HIGHWAY SYSTEM.
THE NATIONAL INTERSTATE AND
DEFENSE HIGHWAYS ACT OF 1965
ENSURED DEDICATED FEDERAL
FUNDING TO BUILD A NETWORK OF
HIGHWAYS.
A 1996 STUDY OF THE SYSTEM
CONCLUDED THAT "THE INTERSTATE
HIGHWAY SYSTEM IS AN ENGINE THAT
HAS DRIVEN 40 YEARS OF
UNPRECEDENTED PROSPERITY AND
POSITIONED THE UNITED STATES TO
REMAIN THE PREEMINENT POWER INTO
THE 21st CENTURY."
END QUOTE.
WELL, YOU KNOW WHAT?
I'LL BET THE TEA PARTY
CONTINGENT OF TODAY PHS
REPUBLICAN PARTY WOULD PROBABLY
TRY TO RUN DRIET EISENHOWER OUT
OF THE -- TO RUN DWIGHT
EISENHOWER OUST OF OUT OF THE REPUBLICAN
PARTY.
IN MORE RECENT TIME, THE
REPUBLICAN PARTY HAS SPEARHEADED
SCIENTIFIC DISCOVERY AND
INNOVATION THAT'S CREATED
MILLIONS OF HIGH-VALUE JOBS.
I KNOW MY TIME SLIMENTED.
I JUST WANT TO MENTION A COUPLE
OF IT WAS THE FEDERAL GOVERNMENT
SPECIFICALLY THE DEFENSE
ADVANCED RESEARCH PROJECTS
AGENCY CALLED DARPA THAT CREATED
THE INTERNET.
NO, I'M SORRY, MY YOUNG FRIENDS,
IT WAS NOT GOOGLE.
AND IT WAS NOT MICROSOFT,
ALTHOUGH BILL GATES BUILT A
GREAT EMPIRE.
IT WAS THE FEDERAL GOVERNMENT
THAT CREATED THE INTERNET.
MAKING POSSIBLE EVERYTHING YOU
GET FROM E-MAIL TO SOCIAL
NETWORKING, DIMENSION TWEETING,
AND THE WORLD WARWIDE WEB.
THIS HAS REVOLUTIONIZED WAIT WE
DO BUSINESS AND HAS CREATED
UNTOLD MILLIONS OF JOBS.
IT WAS NOT A PRIVATE COMPANY.
IT WAS THE FEDERAL GOVERNMENT.
AMASSING THE MONEY THAT PEOPLE
PAY IN TAXES TO CREATE THE
INTERNET.
FEDERAL RESEARCHERS AT THIS SAME
AGENCY ALSO CREATED THE GLOBAL
G.P.S.
POSITIONING SATELLITE SYSTEM,
WHEN YOU GET IN YOUR CAR, YOU
THINK GARMI NIVMENT INVENTED
NO.
THAT?
BUT THE GARMIN COMPANY --
THERE'S A LOT OF COMPETITORS OUT
THERE -- THEY'RE MAKE THE THE
INSTRUMENTS, HIRING PEOPLE.
THE PRIVATE SECTOR IS DOING WHAT
IT SHOULD DO.
BUT IT WAS THE FEDERAL
GOVERNMENT THAT CREATED THE
GLOBAL POSITIONING SATELLITE,
AND IT WAS TAXPAYERS' DOLLARS
THAT PUT THOSE 24 SATELLITES IN
ORBIT AND STILL KEEP THEM
ORBITING TODAY.
-- OPERATING TODAY.
RESEARCHERS AT NASA HAVE MADE
DOZENS OF TECHNOLOGICAL
BREAKTHROUGHS OVER THE YEARS,
EVERYTHING FROM MICROCHIPS TO
C.A.T. SCAN TECHNOLOGY.
AND OF COURSE A DISCUSSION OF
THE FEDERAL GOVERNMENT'S ROLE IN
STIMULATING THE ECONOMY, WE HAVE
TO MENTION THE STAGGERING
ACHIEVEMENTS OF THE NATIONAL
INSTITUTES OF HEALTH.
MORE THAN 80 NOBEL PRIZES HAVE
BEEN AWARDED FOR
N.I.H.-SUPPORTED RESEARCH.
UNLESS BASIC RESEARCH IN BIOMED
SCIENCES IS FUNDED BY THE
FEDERAL GOVERNMENT, MOST OF IT
SIMPLY WON'T GET DONE.
WHY?
BASIC.
BECAUSE THIS BASIC RESEARCH IS
IT MAY NOT LEAD TO SSMGHT A LOST
IT LEADS TO DEAD ENDS.
BUT THE BASIC RESEARCH IS DONE,
THE APPLIED RESEARCH IS BUILT ON
THAT, THE PRIVATE SECTOR THEN
COMES INNINGS INNINGS IN, AADOPTS IT FOR DRUGS
AND WE MAKE PEOPLE HEALTH
YEMPLET THE ECONOMIC IMPACT OF
N.I.H. HAS BEEN PROFOUND.
THE HUMAN GENOME PROJECT,
MAPPING AND SEQUENCING THE
ENTIRE HUMAN GENE -- THE FEDERAL
GOVERNMENT INVESTED $3.8 BILLION
IN MAPPING AND SEQUENCING THE
HUMAN GENE.
JUST LAST MONTH THE BATEL
MEMORIAL INSTITUTE ISSUE ADD
REPORT ON THE ECONOMIC IMPACT OF
THE GENOMIC REVOLUTION LAUNCHED
BY THIS PROJECT.
BATEL ESTIMATES THAT AS OF 2010,
THE RETURN ON INVESTMENT.
PROJECT -- $3.8 BILLION --
RETURN ON INVESTMENT TOTALED
$796 BILLION.
THE PROJECT HAD CREATED AN
ESTIMATED 310,000 JOBS AND $244
BILLION IN PERSONAL INCOME.
IN 2010 ALONE, JUST ONE YEAR,
THE PROJECT GENERATED $67
BILLION IN ECONOMIC OUTPUT.
THE FEDERAL GOVERNMENT, FOLKS --
FEDERAL GOVERNMENT.
THE FEDERAL GOVERNMENT DID THAT.
SO A LOT OF THESE STATISTICS AND
THE HISTORICAL RECORD THAT I'VE
JUST CITED GOING CLEAR BACK TO
THE FOUNDING OF OUR REPUBLIC, IT
IS BE A STARRED CLAIM THAT THE
FEDERAL GOVERNMENT CANNOT --
ABSURD TO CLAIM THAT THE FEDERAL
GOVERNMENT CANNOT PLAY A ROLE IN
BOOSTING THE ECONOMY, IN
SPURRING INNOVATION, AND
CREATING JOBS AND IMPROVING THE
STANDARD OF LIVING OF OUR
PEOPLE.
REPUBLICANS PROTEST THAT FEDERAL
INVESTMENTINVESTMENT IN INNOVATION ARE
ABOUT THE GOVERNMENT PICKING
WINNERS AND LOSERS.
I HEAR THAT ALL THE TIME.
THE FRIEWJ IS THAT INITIATIVES
LIKE THE HUMAN GENOME PROJECT
ARE NOT ABOUT PICKING WINNERS
AND LOSERS.
THAT'S ABOUT MAKE ALL OF US
WINNERS.
IT IS ABOUT THE FEDERAL
GOVERNMENT STEPPING UP TO THE
PLATE TO UNDERTAKE BIG,
IMPORTANT, NATIONAL PROJECTS
THAT THE PRIVATE SECTOR IS
SIMPLY NOT EQUIPPED TO DO.
AT TIMES OF CRISIS SUCH AS
DURING THE GREAT DEPRESSION AND
IN THE AFTERMATH OF THE
FINANCIAL MELTDOWN OF 2008, THE
FEDERAL GOVERNMENT HAS ACTED
BOLDLY TO RESCUE THE ECONOMY
WHEN THE PRIVATE SECTOR WAS FLAT
ON ITS BACK AND YOU ABLE TO
FUNCTION NORMALLY.
THE RECOVERY ACT PASSED BY
CONGRESS SOON AFTER PRESIDENT
OBAMA TOOK OFFICE HAS MANIFESTLY
SUCCEEDED IN JUMP-STARTING
ECONOMIC ACTIVITY.
THEREON ALL MY REPUBLICAN
FRIENDS, THEY SAY THE RECOVERY
ACT, IT FAILED, IT FAILED, IT
FAILED, IT FAILED.
ACCORDING TO THE CONGRESSIONAL
BUDGET OFFICE, THE RECOVERY ACT
RAISED THE REAL
INFLATION-ADJUSTED GROSS
DOMESTIC PRODUCT BY AS MUCH AS
3.5%, INCREASED THE NUMBER OF
EMPLOYED AMERICANS BY AS MANY AS
3 MILLION.
BUT TODAY, A SHOT IN THE ARM
PROVIDED BY THE RECOVERY ACT IS
WINDING DOWN.
QUITE FRANKLY, MADAM PRESIDENT,
WE DID NOT PUT ENOUGH IN THE
RECOVERY ACT.
TO STRETCH IT OUT FOR A LONGER
PERIOD OF TIME.
THE ECONOMY IS STILL STRUGGLING.
OUR DEMOCRATIC MAJORITY IN THIS
BODY S. HAS BROUGHT TO THE FLOOR
A SERIES OF JOB-CREATING BILLS,
BUT REPUBLICANS HAVE
FILIBUSTERED AND KILLED EVERY
SINGLE ONE.
SO I REPEAT, YES, WE FACE A
LARGE BUDGET DEFICIT.
YES, WE HAVE TO ADDRESS IT IN
THE MEDIUM AND LONG-TERM.
BUT IN THE INTERMEDIATE AND LONG
TERM.
BUT IN THE IMMEDIATE TERM, WE
NEED TO CONFRONT THE JOBS
DEFICIT.
BUT WE ALSO FACE A DEFICIT I
SAID OF A POSITIVE VISION, A
POSITIVE VISION.
WE HAVE FAILED TO MEET THE
CHALLENGES OF OUR DAY WITH THE
BOLDNESS AND VISION THAT OUR
PREDECESSOR SUMMONED IN TIMES
--
PAFLT.
IN TIMES PAST.
HOW MUCH TIME DO I HAVE
REMAINING?
TEN
MINUTES.
TEN MINUTES REMAINS FOR THE
DEMOCRATIC SIDE COLLECTIVELY.
I'LL JUST TAKE