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DAD, AND AS AN AMERICAN WHO
BELIEVES OUR COUNTRY'S BETTER
AND BRIGHTER DAYS LIE AHEAD.
I YIELD BACK THE BALANCE OF MY
TIME.
MR. PRESIDENT?
THE
REPUBLICAN LEADER IS RECOGNIZED.
I JUST WANT TO CONGRATULATE OUR
NEW SENATOR FROM KANSAS FOR HIS
INSPIRING FIRST SPEECH TO HIS
COLLEAGUES AND SUGGEST THAT IT
SEEMS LIKE WE HAVE A NEW SENATOR
FROM KANSAS IN THE TRADITION OF
BOB DOLE AND SAM BROWNBACK AND
PAT ROBERTS, AND I CONGRATULATE
OUR NEW COLLEAGUE ON A FINE,
INSPIRATIONAL FIRST SPEECH.
THE
SENATOR FROM KANSAS.
I SUGGEST THE ABSENCE
OF A QUORUM.
THE CLERK
WILL CALL THE ROLL.
QUORUM CALL:
QUORUM CALL:
THE
SENATOR FROM ALABAMA'S
RECOGNIZED.
MR. PRESIDENT, WE
HAD TWO IMPORTANT VOTES --
THE
SENATOR IS NOTIFIED THAT WE'RE
IN A QUORUM CALL.
I THANK THE CHAIR
AND ASK THAT THE QUORUM CALL BE
DISPENSED WITH.
OBJECTION, SO ORDERED.
MR. PRESIDENT, WE
HAD TWO IMPORTANT VOTES
YESTERDAY ON WHAT WE'RE GOING TO
ABOUT THE SURGING SET THAT THIS
NATION IS INCURRING AND THE
DANGERS THAT DEBT POSES TO THE
FUTURE HEALTH OF OUR ECONOMY,
PROSPERITY OF OUR PEOPLE, THE
EMPLOYMENT OF OUR PEOPLE.
WE HAD A DEBT CRISIS, FINANCIAL
CRISIS IN 2007, AND WE STILL
HAVEN'T RECOVERED FROM IT
DAMAGED US.
IT DAMAGED AMERICAN INDIVIDUALS.
THERE ARE PEOPLE EMPLOYED --
UNEMPLOYED TODAY IN LARGE
NUMBERS BECAUSE OF THAT AND WE
HAVEN'T YET RECOVERED FROM IT.
WE HAVE SOME GROWTH, BUT WE HAVE
NOT COME OUT OF IT.
AND WE'VE GOT TO DEAL WITH THAT
IN A SERIOUS WAY.
SO THE PROPOSAL WAS, AS PASSED
BY THE HOUSE, TO REDUCE THE
SPENDING FOR THE REST OF THIS
SEVEN MONTHS IN THIS FISCAL YEAR
ENDING SEPTEMBER 30th, BY
BY $61 BILLION AND OUR
COLLEAGUES IN THE SENATE
PROPOSED TO DO NOTHING,
BASICALLY, $4.6 BILLION
REDUCTION IN SPENDING OVER THE
REST OF THIS FISCAL YEAR.
THAT'S AN UNACCEPTABLE NUMBER.
PERHAPS WE CAN DISAGREE OVER
WHERE CUTS OUGHT TO OCCUR, BUT
IT'S CRITICALLY IMPORTANT AT
THIS TIME IN HISTORY AS I WILL
DISCUSS THAT WE TAKE REAL ACTION
THAT SENDS A MESSAGE.
AND THAT ACTUALLY SAVES MONEY.
NOT WASHINGTON SPEAK ABOUT
SAVING MONEY, BUT REAL SAVINGS
IN MONEY AND WE CAN DO THAT.
EVERY CITY, COUNTY AND STATE IS
DOING THAT ALL OVER THE COUNTRY
AND FAR -- AND FAR BIGGER
DEDUCTIONS IN SPENDING THAN
WE'RE DISCUSSING HERE.
SO THE HOUSE PROPOSAL WAS TO
REDUCE DISCRETIONARY SPENDING,
SPENDING, $61 BILLION, WHICH IS
ABOUT 6% REDUCTION IN THE PLAN
AND SPENDING LEVEL.
THAT'S NOT GOING TO -- PLANNED
SPENDING LEVEL.
THAT'S NOT GOING TO DESTROY OUR
IT'S STILL WELL ABOVE THE LEVELS
WE WERE SPENDING IN 2008.
BUT THAT $61 BILLION, WHEN
CALCULATED OVER 10 YEARS,
BECAUSE IT REDUCES THE BASELINE
OF OUR GOVERNMENT SPENDING --
WHEN WE CALCULATE OUR NET
SAVINGS OF $862 BILLION COUNTING
INTEREST.
BECAUSE IT'S AT $61 BILLION
EVERY YEAR PLUS THE INTEREST.
AND WE PAY INTEREST ON THE DEBT
WE'RE RUNNING UP.
THIS YEAR WE STARTED OUT
PROJECTING A $1.3 TRILLION
DEFICIT THIS YEAR, THE LARGEST
IN THE HISTORY OF THE REPUBLIC,
BUT NOW THE SCORES HAVE GONE UP
AND WE'RE LOOKING LIKE OVER
OVER $1.6 TRILLION.
WE TAKE IN $3.8 TRILLION -- JUST
GET THIS -- WE TAKE IN -- NO, WE
SPEND $3.8 TRILLION, BUT WE'RE
BRINGING IN ONLY $2.2 TRILLION.
THIS IS WHY 40% OF WHAT WE ARE
SPENDING THIS YEAR IS BORROWED.
WE HAVE AN OPPORTUNITY NOW, THIS
C.R. IS IT.
WE NEED TO REDUCE SPENDING NOW.
YOU SAY, WELL, WE CAN WAIT.
WE DON'T WANT TO REDUCE SPENDING
PROGRAMS.
THIS IS DAMAGING.
WE HEAR THE OLD SPEECHES THAT
SOUND LIKE THEY WERE GIVEN 20
YEARS AGO ABOUT ANY PROPOSAL TO
CUT ANY SPENDING LEVEL AS SEEN
AS SOME TOTAL DISASTER
SUGGESTING THE REPUBLIC WILL
CEASE TO EXIST.
AND, OF COURSE, AMERICANS KNOW
THAT'S NOT SO.
THEY'RE NOT BUYING THAT.
WHAT WORLD ARE WE IN?
THE PRESIDENT SUBMITS A BUDGET
THAT BASICALLY DOES NOTHING BUT
CONTINUE THE INCREASE IN
SPENDING.
WE JUST HAD THE STATE DEPARTMENT
IN THE BUDGET COMMITTEE, I'M
RANKING REPUBLICAN ON THE
BUDGET, THEY'RE ASKING FOR A
A $10.00 -- 10.5% INCREASE IN
STATE DEPARTMENT SPENDING.
THE DEPARTMENT OF EDUCATION WAS
IN LAST WEEK, THEY WANT 11%.
THE DEPARTMENT OF INTERIOR WAS
IN, THE PRESIDENT PROPOSED A
9.5% INCREASE IN THEIR SPENDING.
PROPOSAL.
WHAT WORLD ARE THEY IN?
WHAT ABOUT TRANSPORTATION?
YOU KNOW WHAT THEY PROPOSED TO
INCREASE TRANSPORTATION BY?
$62 BILLION EXCUSE ME -- 62%.
THIS -- THIS -- WHAT WORLD ARE
WE OPERATING IN?
ALL RIGHT.
YOU SAY YOU JUST EXAGGERATING,
IT'S BUSINESS AS USUAL, WE DON'T
HAVE TO MAKE ANY CHANGES.
WE NEED TO MAKE INVESTMENTS,
SESSIONS.
THIS COUNTRY NEEDS TO HAVE MORE
INVESTMENTS.
THE STATE DEPARTMENT HAD A 33%
INCREASE IN TWO YEARS.
EDUCATION DEPARTMENT'S HAD A 30%
INCREASE.
I MEAN, WHEN DOES IT STOP?
IF YOU REDUCE SOME OF THE
INCREASES THAT'S BEEN OBTAINED
IS THAT SOME REAL CUT OR IS IT
LEVEL?
THAT'S WHAT IT IS.
BUT WHEN YOU DON'T HAVE MONEY,
YOU HAVE TO MAKE TOUGH
DECISIONS.
SO, AGAIN, THE QUESTION IS, ARE
YOU JUST RAISING THIS
POLITICALLY?
YOU'RE JUST TRYING TO MAKE A
POLITICAL POINT OR IS IT REALLY
SOMETHING HERE THAT'S HAPPENING
IN AMERICA THAT'S DANGEROUS AND
REQUIRES US TO TAKE THIS STEP
WHETHER WE WANT TO TAKE THIS
STEP OR NOT?
ARE WE REQUIRED TO?
IS IT REAL?
DO WE HAVE A CRISIS THAT'S
DANGEROUS FOR US?
THIS IS WHAT MR. ERSKINE BOWLES,
MR. BOWLES WAS PRESIDENT
CLINTON'S CHIEF OF STAFF.
HE WAS APPOINTED BY PRESIDENT
OBAMA AND CO-CHAIRED THE DEBT --
DEBT COMMISSION THAT DID THEIR
REPORT.
THIS IS WHAT HE SAID THE DAY
BEFORE WED.
BOTH OF THEM -- YESTERDAY.
BOTH OF THEM.
THIS WAS A SIGNED JOINT
STATEMENT TO THE BUDGET
YESTERDAY.
"WE BELIEVE THAT IF WE DO NOT
TAKE DECISIVE ACTION, OUR NATION
FACES THE MOST PREDICTABLE
ECONOMIC CRISIS IN ITS HISTORY."
CLOSE QUOTE.
ARE THESE EXTREMISTS?
THEY SPENT MONTHS STUDYING THE
CRISIS THE NATION IS IN, WHAT IT
TAKES TO GET US OUT OF IT.
THEY PROPOSED SOME SUBSTANTIAL
CHANGES IN WHAT WE ARE DOING.
AND JUST YESTERDAY THEY SAID,
WE'RE FACING A CRISIS, THE MOST
PREDICTABLE THIS NATION HAS EVER
FACED IN ITS HISTORY.
IN OTHER WORDS, YOU CAN SEE IT
COMING.
PEOPLE SAY, OH, I -- IT WON'T
HAPPEN US TO.
WELL, THEY SHOULD PROBABLY PICK
UP THE BOOK, "THIS TIME IT'S
DIFFERENT" BY PROFESSOR ROGOFF
AT RINEHART, I BELIEVE, ONE OF
THE GREAT UNIVERSITIES.
THEIR BOOK PROPOSES AND SHOWS
HOW GOVERNMENTS, SOVEREIGNS GET
INTO FINANCIAL TROUBLE AND HOW
QUICKLY BAD THINGS CAN HAPPEN
SOMETHING.
THE TITLE IS "THIS TIME IT'S
AND THE TITLE SUGGESTS THAT ALL
OF THESE GREAT FINANCEERS AND
THESE COUNTRIES THAT RAN UP TOO
MUCH DEBT NEVER THOUGHT IT WAS
GOING TO HAPPEN TO THEM.
AND WHEN PEOPLE RAISED QUESTIONS
THEY SAID, DON'T WORRY, THIS
TIME IT'S DIFFERENT.
WELL, IS THIS AN EXTREME BOOK?
IS THIS A DANGEROUS BOOK?
BECAUSE THEY SAY THAT WHEN YOUR
DEBT, BASED ON HISTORY AND
WORLDWIDE STUDIES, REACHES 90%
OF YOUR TOTAL ECONOMY, YOUR
TOTAL DEBT REACHES 90% OF YOUR
G.D.P., YOUR ECONOMY ON AVERAGE
LOSES 1% GROWTH AND IS AT RISK
OF A -- A CATASTROPHIC
ADJUSTMENT.
SOME SORT OF CRISIS.
WELL, WHAT PERCENT OF G.D.P. ARE
WE NOW?
WE'VE GONE OVER 95% AND THE
EXPERTS TELL US THAT BY
SEPTEMBER 30th, WHEN THIS
FISCAL YEAR ENDS, WE'LL BE AT
100% OF G.D.P.
SO IS THIS SOME SORT OF
FEARMONGERRING TALK OR ARE WE
DEALING WITH REALITY?
ARE WE REALLY SEEING A -- FACING
A CRISIS THAT WE CAN SEE IN
FRONT OF US?
MR. GEITHNER, THE SECRETARY OF
THE TREASURY, UNLIKE THE BUDGET
DIRECTOR, ALSO TESTIFIED BEFORE
THE BUDGET COMMITTEE,
MR. GEITHNER WAS MORE TBRANG
WHEN ASKED, DID YOU AGREE WITH
THE ROGOFF STUDY, IS IT A SOUND
WRE, I BELIEVE IT IS.
AND THEN HE SAID THIS, FRANKLY,
I THINK IT UNDERSTATES THE RISK.
UNDERSTATES THE RISK.
WHEN ASKED ABOUT THAT, HE SAID,
BASICALLY, THERE CAN BE SYSTEMIC
IMMEDIATE SHOCKS THAT OCCUR THAT
ARE UNPLEA UNPREDICTABLE LIKE IN 2007
WHEN WE WENT FROM A BOON TO A
THESE THINGS HAPPENED IN GREECE,
IRELAND, ICELAND.
THESE THINGS CAN HAPPEN IN THIS
MODERN WORLD OF ELECTRONIC
FINANCIAL TRANSFER VERY, VERY
QUICKLY.
NOW, I -- I BELIEVE WE CAN
PREVENT THIS.
I BELIEVE WE CAN PREVENT IT.
BUT WE'VE GOT TO TAKE ACTION OR
WE'RE HEADING IN THE WRONG
DIRECTION.
WELL, DID YOU NOTICE THE NEWS
YESTERDAY?
BILL GROSS, WHO RUNS THE WORLD'S
BIGGEST BOND FUND AT PACIFIC
INVESTMENT MANAGEMENT, A TOTAL
TOTAL -- THE BIG BOND FUND --
ANNOUNCED THAT THEY HAD TOTALLY
ELIMINATED U.S.-GOVERNMENT
RELATED DEBT FROM THEIR
FLAGSHIP -- SHIP FUND.
"AS THE UNITED STATES GOVERNMENT
PROJECTED RECORD DEFICITS."
SO THAT'S A BIG DEVELOPMENT,
I MEAN, HE MANAGES MORE MONEY
THAN ANYBODY IN THE WORLD, I
WORLD.
HE'S ELIMINATED GOVERNMENT DEBT
FROM THE TOTAL RETURN FUND.
AND THAT WAS JUST ANNOUNCED.
SO IS THAT SOMETHING WE SHOULD
BE CONCERNED ABOUT?
I THINK IT IS.
BECAUSE WHO'S GOING TO BUY OUR
DEBT?
WHO WILL BUY OUR TREASURY BONDS
AT NOW 10-YEAR BONDS AT 3.5% OR
SO INTEREST?
PEOPLE GET WORRIED ABOUT YOUR
THEY SELL THEIR BONDS, WHO'S
GOING TO BUY THEM?
WHERE ARE WE GOING TO GET PEOPLE
TO -- TO BUY OUR BONDS WITHOUT
PAYING HIGHER AND HIGHER
INTEREST RATES?
AND -- WELL, WE'RE -- IS OUR
CRISIS COMING UPON US?
LET ME SHARE WITH YOU THE
TESTIMONY THAT MR. SIMPSON AND
MR. BOWLES GAVE TO THE BUDGET
COMMITTEE JUST TWO DAYS AGO.
THIS IS WHAT MR. BOWLES SAID,
CO-CHAIRMAN APPOINTED BY
PRESIDENT OBAMA.
HE'S VERY WORE WRID.
" -- WORRIED.
HAPPEN.
IT IS A PROBLEM.
WE'RE GOING TO HAVE TO FACE UP
TO IN MAYBE TWO YEARS, MAYBE
MAYBE A LITTLE MORE."
CLOSE QUOTE.
HE'S TALKING ABOUT A CRISIS.
HE SAID IT'S THE MOST
PREDICTABLE CRISIS THE NATION'S
EVER FACED.
HE'S PLEADING WITH US TO GET OFF
THE COURSE, THE UNSUSTAINABLE
PATH WE ARE ON.
AND THEN WHAT ABOUT ALAN
SIMPSON, A GREAT, DISTINGUISHED
SENATOR FROM WYOMING WHO'S SO
FRANK AND ARTICULATE IN HIS
EXPRESSIONS.
HE'S ALWAYS A DELIGHT TO HEAR.
THIS IS WHAT HE SAID -- QUOTE --
"I THINK IT WILL COME BEFORE TWO
YEARS.
I'M JUST SAYING AT SOME POINT I
THINK WITHIN A YEAR, AT THE END
OF THE YEAR IF THEY -- THE
PEOPLE WHO HOLD OUR DEBT -- JUST
THOUGHT YOU'RE PLAYING WITH
FLUFF, 5%, 6%, 7%, THEY'RE GOING
TO SAY 'I WANT SOME MONEY FOR MY
FAVOR.'
IF THERE'S ANYTHING GUYS LOVE,
IT'S MONEY.
AND MONEY GUYS WHEN THEY START
HRAOUGS MONEY -- START LOSING
MONEY PANIC.
AND LET ME TELL YOU THEY WILL,
IT WON'T MATTER WHAT THE
GOVERNMENT DOES THEN, THEY'LL
SAY I WANT MY MONEY.
I'VE GOT A BETTER PLACE FOR IT.
JUST SAYING FOR ME, IT WON'T BE
A YEAR.
DO WE HAVE A TIME AGREEMENT?
THE
TIME EXPIRED SOME MOMENTS AGO.
A LIMIT OF TEN MINUTES.
I THANK THE
CHAIR AND WRAP UP AND ASK FOR
TWO ADDITIONAL MINUTES.
OBJECTION, SO ORDERED.
LET ME ADD A FEW
MORE THINGS THAT HAVE HAPPENED.
IN AN ANALYSIS -- THIS IS "THE
WASHINGTON POST," LATE JANUARY
-- QUOTE -- "IN AN ANALYSIS OF
THE U.S. DEBT LAST WEEK, S&P,
STANDARD & POOR'S, SAID THE
UNTHINKABLE COULD OCCUR UNLESS
THE U.S. OFFICIALS TAKE ACTION.
IT GOES ON TO SAY -- QUOTE --
"THE U.S. OFFICIALS MUST ACT
QUICKLY TO CONTROL GOVERNMENT
DEFICITS OR FACE SLOWER GROWTH
OR EVEN MORE DIFFICULT CHOICES
IN THE FUTURE.
THE INTERNATIONAL MONETARY FUND
SAID THURSDAY IN A REPORT
CRITICIZING THE TEPID U.S.
RESPONSE TO THE RISING DEBT.
ADMIRAL MULLEN, CHAIRMAN OF THE
JOINT CHIEFS OF STAFF, I BELIEVE
THAT OUR DEBT IS THE GREATEST
THREAT TO OUR NATIONAL SECURITY.
CLOSE QUOTE.
SECRETARY HILLARY CLINTON,
SECRETARY OF STATE IN THE OBAMA
ADMINISTRATION, QUOTE, SKATER
HILLARY CLINTON WEIGHTED INTO
THE DEBATE CALLING THE DEFICIT A
MEASURE OF WEAKNESS
QUOTE, CLINTON SAYS THE DEFICIT
IS A NATIONAL SECURITY THREAT.
IT WAS 1.3 WHEN SHE SAID THAT.
THE DEFICIT NOW IS 1.3-PLUS.
SECRETARY GEITHNER, AS I
INDICATED, SAID THE SAME.
MR. PRESIDENT, WE'VE HAD A
DEBATE.
WE'VE HAD TEN DEMOCRATS.
THE EFFECT FROM THE DEMOCRATIC
BILL THAT DID NOTHING SAYING WE
NEEDED TO GO FURTHER.
TWO REPUBLICANS DEFECTED, ONE
INDEPENDENT DEFECTED PROBABLY
THOUGHT IT WAS CUTTING TOO MUCH.
BUT THE MAJORITY OF PEOPLE SEEM
TO BE SAYING WE NEED TO REDUCE
MORE.
I SUGGEST OUR LEADERS GET
TOGETHER, IF THERE'S A
DISAGREEMENT ABOUT WHERE THE
REDUCTIONS OUGHT TO OCCUR, SO BE
IT, LET'S WORK THAT OUT.
BUT WE NEED TO REDUCE SPENDING
SIGNIFICANTLY.
THE HOUSE NUMBER, IN MY VIEW, IS
A MINIMAL AMOUNT.
I BELIEVE IT WILL SEND A MESSAGE
TO THE WORLD THAT THIS COUNTRY
IS WILLING TO TAKE ACTION, EVEN
TOUGH ACTION TO GET OFF THE
UNSUSTAINABLE PATH WE ARE ON.
I THANK THE CHAIR AND WOULD
YIELD THE FLOOR.
MR. PRESIDENT?
THE
SENATOR FROM VERMONT IS
MR. PRESIDENT,
I'M GOING TO TRY TO BRING THIS
BUDGET DEBATE DOWN TO EARTH AND
TALK A LITTLE BIT ABOUT THE
REALITY OF WHAT'S HAPPENING AND
GO BEYOND -- THERE WILL BE A LOT
OF NUMBERS THAT ARE OUT THERE.
MY GOOD FRIEND FROM ALABAMA WHO
SITS WITH ME ON THE BUDGET
COMMITTEE MAKES THE POINT THAT
THIS COUNTRY HAS A SEVERE BUDGET
AND HE IS RIGHT.
HE IS RIGHT.
THE QUESTION IS: HOW DID WE GET
TO WHERE WE ARE TODAY AND HOW DO
WE GO FORWARD IN A WAY THAT IS
FAIR AND RESPONSIBLE TO ADDRESS
THIS CRISIS?
AND IN THAT REGARD, THE SENATOR
FROM ALABAMA AND I HAVE SOME
VERY STRONG DISAGREEMENTS.
HOW DID WE GET TO WHERE WE
WERE -- WHERE WE ARE TODAY WHEN
NOT SO MANY YEARS AGO, THE DAY
THAT GEORGE W. BUSH BECAME
SURPLUS?
WE HAD A SURPLUS WHEN CLINTON
LEFT OFFICE.
NOW WE HAVE A MAJOR DEFICIT
WELL, THERE ARE A NUMBER OF
REASONS.
NUMBER ONE, AGAINST MY VOTES, WE
ARE FIGHTING A WAR IN IRAQ,
WHICH BY THE TIME WE TAKE CARE
OF OUR LAST VETERAN IS GOING TO
COST US SOME $3 TRILLION.
THE WAR IN IRAQ.
I DIDN'T HEAR ANY OF MY
REPUBLICAN FRIENDS SAYING WE
CAN'T GO TO WAR UNLESS WE FIGURE
OUT A WAY TO PAY FOR THAT.
NUMBER TWO, MY REPUBLICAN
FRIENDS FOR YEARS HAVE BEEN
PUSHING HUGE TAX BREAKS FOR THE
VERY, VERY WEALTHIEST PEOPLE IN
THIS COUNTRY.
I DIDN'T HEAR THEM ASK HOW THAT
WAS GOING TO BE PAID FOR.
NUMBER THREE, UNDER PRESIDENT
BUSH, WITH STRONG REPUBLICAN
SUPPORT AGAINST MY VOTE,
CONGRESS PASSED A $400
PRESCRIPTION DRUG PROGRAM
WRITTEN BY THE INSURANCE
COMPANIES.
DROVE UP THE DEFICIT.
NUMBER OF COURSE AGAINST MY
VOTE, CONGRESS VOTED FOR A
MASSIVE BAILOUT OF WALL STREET.
DIDN'T HEAR TOO MANY PEOPLE
TALKING ABOUT HOW CAN WE PAY FOR
THAT?
$700 BILLION TO BAIL OUT WALL
STREET; DIDN'T HEAR THEM ARGUING
THAT IT WAS TOO MUCH MONEY,
WOULD DRIVE UP THE DEFICIT.
NOW, THE REPUBLICANS YESTERDAY,
MR. PRESIDENT, BROUGHT FORTH AND
VOTED ON H.R. 1, AND ALMOST ALL
OF THEM VOTED FOR IT.
AND THOSE THAT DIDN'T ACTUALLY
WANTED TO GO FURTHER.
NOW, THE MAIN POINT THAT I WANT
TO MAKE THIS MORNING IS, A, WE
DO HAVE TO ADDRESS THE DEFICIT
BUT, BEFORE, WE HAVE TO ADDRESS
IT IN A WAY THAT IS FAIR AND IS
RESPONSIBLE, AND NOT SOLELY ON
THE BACKS OF WORKING FAMILIES,
THE MIDDLE CLASS, THE ELDERLY,
THE SICK AND THE POOR.
THAT IS IMMORAL.
THAT IS WRONG, AND THAT IS BAD
ECONOMICS.
TO MY MIND, IT IS ABSOLUTELY
ABSURD THAT WHEN MY REPUBLICAN
FRIENDS TALK ABOUT DEFICIT
REDUCTION, THEY FORGET TO TALK
ABOUT THE REALITY THAT THE
WEALTHIEST PEOPLE IN THIS
COUNTRY TODAY HAVE NEVER HAD IT
SO GOOD, THAT THE EFFECT OF THE
REAL TAX RATE FOR THE RICHEST
PEOPLE IN THIS COUNTRY IS THE
LOWEST ON RECORD, AND THAT THE
WEALTHIEST PEOPLE IN THIS
COUNTRY -- THE TOP 2% -- HAVE
RECEIVED MANY, MANY HUNDREDS OF
BILLIONS OF DOLLARS IN TAX
BREAKS.
SO I ASK MY REPUBLICAN FRIENDS,
WHY DO YOU WANT TO BALANCE THE
BUDGET ON THE BACKS OF
LOW-INCOME CHILDREN, LOW-INCOME
SENIOR CITIZENS, THOSE THAT ARE
SICK, THOSE THAT ARE VULNERABLE
WITHOUT ASKING THE WEALTHIEST
PEOPLE IN THIS COUNTRY WHO HAVE
NEVER HAD IT SO GOOD TO PUT ONE
PENNY -- ONE PENNY -- INTO
DEFICIT REDUCTION?
I THINK THAT IS WRONG, AND THE
WRONG.
WHEN WE TALK ABOUT DEFICIT
REDUCTION, WE HAVE GOT TO TALK
ABOUT SHARED SACRIFICE.
EVERYBODY PLAYING A ROLE.
NOT JUST LITTLE KIDS, NOT JUST
THE ELDERLY, NOT JUST THE SICK.
BUT EVEN DARE I SAY IT, PEOPLE
WHO HAVE A WHOLE LOT OF MONEY
AND WHO HAVE NEVER DONE SO WELL.
MR. PRESIDENT, I HAVE NOT BEEN
IMPRESSED AT HOW THE MEDIA HAS
BEEN COVERING THIS ISSUE BECAUSE
I THINK THEY HAVE NOT MADE IT
CLEAR TO THE AMERICAN PEOPLE HOW
DEVASTATING THE CUTS ARE THAT
THE REPUBLICANS WANT TO IMPOSE
ON WORKING FAMILIES.
LET ME JUST VERY BRIEFLY TICK
SOME OF THEM OFF.
THE REPUBLICANS WANT TO THROW
OVER 200,000 CHILDREN OFF OF THE
HEAD START PROGRAM.
EVERY WORKING FAMILY IN AMERICA
KNOWS HOW HARD IT IS TODAY TO
COME UP WITH AFFORDABLE CHILD
CARE, EARLY CHILDHOOD EDUCATION.
WE HAVE THE HIGHEST RATE OF
CHILDHOOD POVERTY IN THE
INDUSTRIALIZED WORLD.
REPUBLICAN SOLUTION IS SLASH
HEAD START BY 20%, CUT 200,000
KIDS OFF OF HEAD START AND LAY
OFF 55,000 HEAD START
MR. PRESIDENT, YOU WELL KNOW
THAT THE COST OF COLLEGE
EDUCATION TODAY IS SO HIGH THAT
MANY YOUNG PEOPLE ARE GIVING UP
THEIR DREAM OF GOING TO COLLEGE
WHILE MANY OTHERS ARE GRADUATING
DEEPLY IN DEBT.
REPUBLICAN SOLUTION?
SLASH PELL GRANTS BY $5.7
BILLION AND REDUCING, REDUCE OR
ELIMINATE PELL GRANTS FOR 9.4
MILLION LOW-INCOME COLLEGE
STUDENTS.
MIDDLE-CLASS FAMILIES,
WORKING-CLASS FAMILIES, YOU HEAR
WE'RE GOING TO BALANCE THE
BUDGET BY EITHER ELIMINATING OR
LOWERING PELL GRANTS, THE
ABILITY OF YOUNG PEOPLE TO GO TO
COLLEGE, FOR OVER 9 MILLION
COLLEGE STUDENTS.
NOW I KNOW IN MY OFFICE WE GET
CALLS EVERY WEEK FROM SENIOR
CITIZENS, PEOPLE WITH
DISABILITIES, WIDOWS WHO ARE
HAVING A HARD TIME GETTING A
TIMELY RESPONSE TOWARD THEIR
SOCIAL SECURITY CLAIM.
PAPERWORK.
WHAT THE REPUBLICANS WANT TO DO
IS SLASH THE SOCIAL SECURITY
ADMINISTRATION, THE PEOPLE WHO
ADMINISTER SOCIAL SECURITY FOR
SENIORS, FOR THE DISABLED, FOR
WIDOWS AND ORPHANS BY $1.7
BILLION.
AND THAT MEANS 500,000 AMERICANS
WHO ARE LEGALLY ENTITLED TO
SOCIAL SECURITY BENEFITS WILL
HAVE TO WAIT SIGNIFICANTLY
THEM.
MR. PRESIDENT, WE HAVE 50
MILLION AMERICANS WITH NO HEALTH
INSURANCE TODAY, 45,000
AMERICANS DIE BECAUSE THEY DON'T
GET TO A DOCTOR ON TIME.
LAST YEAR I WORKED VERY HARD
WITH A MEMBER, MANY MEMBERS OF
THE SENATE TO EXPAND COMMUNITY
HEALTH CENTERS SO THAT MORE AND
MORE LOW- AND MODERATE-INCOME
PEOPLE COULD WALK INTO A
DOCTOR'S OFFICE, GET HEALTH
CARE, DENTAL CARE, MENTAL HEALTH
COUNSELING.
REPUBLICANS WANT TO SLASH IN
H.R. 1, THE BILL THEY VOTED FOR
YESTERDAY, THEY WANT TO DENY
PRIMARY HEALTH CARE TO 11
MILLION AMERICANS, AT A TIME
WHEN STATE AFTER STATE IS
CUTTING BACK ON MEDICAID.
WHAT ARE YOU SUPPOSED TO DO IF
YOU'RE 50 YEARS OLD, YOU HAVE A
PAIN IN YOUR CHEST, YOU DON'T
HAVE ANY HEALTH INSURANCE?
WHERE DO YOU GO?
AND REPUBLICANS WANT TO DENY
HEALTH CARE TO ANOTHER 11
MILLION AMERICANS.
MR. PRESIDENT, FOR THE POOREST
PEOPLE IN THIS COUNTRY,
COMMUNITY SERVICES BLOCK GRANTS
PROVIDE THE INFRASTRUCTURE, THE
ABILITY TO GET OUT EMERGENCY
FOOD HELP, EMERGENCY HELP TO PAY
THE ELECTRIC BILL, LIHEAP, THEY
ARE THE INFRASTRUCTURE IN THIS
COUNTRY THAT PROTECTS THE
POOREST AND MOST VULNERABLE
PEOPLE.
REPUBLICANS WANT TO SLASH $405
MILLION FROM THE COMMUNITY
SERVICES BLOCK GRANT.
THAT IS WRONG, AND THE
PRESIDENT'S PROPOSED CUT TO THE
COMMUNITY SERVICES BLOCK GRANT
IS ALSO WRONG.
WE HAVE IN REAL TERMS 16% OF OUR
POPULATION TODAY, OUR WORKFORCE
IS REALLY UNEMPLOYED.
IF YOU ADD TOGETHER THE OFFICIAL
UNEMPLOYMENT, THOSE PEOPLE HAVE
GIVEN UP LOOKING FOR WORK.
THOSE PEOPLE WHO ARE WORKING
TIME.
REPUBLICANS WANT TO SLASH $2
PROGRAMS.
REPUBLICANS WANT TO SLASH $400
MILLION IN LIHEAP.
IN LIHEAP.
THAT IS THE PROGRAM THAT IN MY
STATE AND ALL OVER THIS COUNTRY
ENABLES PEOPLE TO STAY WARM IN
THE WINTERTIME.
WE HAVE A LOT OF SENIOR CITIZENS
IN THE STATE OF VERMONT GETTING
BY ON $13 THOUSAND, $14,000 A
YEAR INCOME.
IT GETS COLD IN VERMONT.
IT GETS 20 BELOW ZERO.
YOU'VE GOT TO STAY WARM.
PEOPLE DON'T HAVE THE INCOME.
LIHEAP HAS BEEN A VERY VALUABLE
TOOL.
REPUBLICANS WANT TO SLASH $400
MILLION FROM LIHEAP.
THEY WANT TO SLASH THE E.P.A.,
ENVIRONMENTAL PROTECTION AGENCY,
THESE ARE THE PEOPLE WHO HAVE
SUCCESSLY ENFORCED THE CLEAN AIR
ACT, THE CLEAN WATER ACT, SO
THAT THE AIR WE BREATHE DOESN'T
PROVIDE
US WITH A SOUP WHICH MAKES US
SICK.
THE CLEAN AIR ACT HAS BEEN AN
OUR AIR.
THE REPUBLICANS WANT TO SLASH
THAT BY 30%.
REPUBLICANS WANT TO CUT THE
WOMEN AND INFANT NUTRITION
PROGRAMS.
THIS IS THE PROGRAM THAT
PROVIDES THE -- THE W.I.C.
PROGRAM THAT PROVIDES
SUPPLEMENTAL NUTRITION PROGRAMS
FOR WOMEN, INFANTS AND CHILDREN.
THEY WANT TO CUT THAT BY $750
MILLION.
POVERTY IN AMERICA IS
INCREASING.
WHAT WE UNDERSTAND IS THAT
PREGNANT WOMEN AND LITTLE KIDS
DO NOT GET GOOD NUTRITION, THE
LIKELIHOOD IS THAT THEY'RE GOING
TO GET, THAT THE BIRTHS MIGHT BE
LOW WEIGHT OPBD THE LITTLE
BABIES -- OR THE LITTLE BABIES
MIGHT COME DOWN WITH ILLNESSES
IF THEY DON'T GET GOOD
NUTRITION.
POVERTY IS INCREASING, YET THE
REPUBLICANS WANT TO CUT THE
W.I.C. PROGRAM BY $750 MILLION,
10%.
TITLE 1 EDUCATION FUNDING.
PROBLEMS WITH EDUCATION RIGHT
NOW, LARGE DROPOUT RATES.
REPUBLICANS WANT TO CUT $5
BILLION FROM THE DEPARTMENT OF
EDUCATION.
ON AND ON AND ON IT GOES.
NOW, WHAT DO I THINK?
DO I THINK THAT IT'S APPROPRIATE
THAT WE BALANCE THE BUDGET ON
LOW-INCOME PREGNANT WOMEN AND
INFANTS WHO NEED NUTRITION?
DO I THINK YOU SHOULD THROW
200,000 KIDS OFF THE HEAD START
PROGRAM, DO I THINK THAT YOU CUT
SOCIAL SECURITY, DO I THINK THAT
YOU CUT UNPLANNED PARENTHOOD?
DOES THAT MAKE SENSE?
I DON'T THINK SO.
I DON'T THINK THAT'S GOOD FOR
AMERICA.
BUT I DO BELIEVE WE HAVE TO MOVE
TOWARD A BALANCED BUDGET.
WHAT IS ONE WAY TO GO FORWARD
OTHER THAN SAVAGE CUTS ON
PROGRAMS FOR THE MOST VULNERABLE
PEOPLE IN THIS COUNTRY?
AND THAT IS I THINK WE HAVE GOT
TO BEGIN TALKING ABOUT REVENUE.
NOT JUST CUTS.
MR. PRESIDENT, TODAY I WILL BE
INTERUSE ITUSEINTER -- INTRODUCING
THINGS.
NUMBER ONE, IT CREATES A
MILLIONAIRE SURTAX USED FOR
DEFICIT REDUCTION.
5.4% SURTAX ON INCOME
OVER $1 MILLION.
ALL HOUSEHOLDS THAT HAVE INCOME
OVER $1 MILLION WILL PAY A 5.4%
SURTAX ON THAT INCOME WHICH WILL
GO INTO A -- AN EMERGENCY
DEFICIT REDUCTION FUND.
JUST DOING THAT, ASKING
MILLIONAIRES TO PAY A LITTLE BIT
MORE IN TAXES, AFTER ALL OF THE
HUGE TAX BREAKS THEY HAVE
RECEIVED, WILL BRING IN
APPROXIMATELY $50 BILLION A
YEAR.
NOW, MR. PRESIDENT, I THINK THAT
THAT IS A GOOD IDEA, BUT IT IS
NOT JUST ME WHO THINK IT IS A
GOOD IDEA.
RECENTLY LAST WEEK THERE WAS AN
NBC NEWS/"WALL STREET JOURNAL"
POLL, THEY ASKED WHAT IS THE
BEST WAY TO GO FORWARD ON
DEFICIT REDUCTION?
81% OF THE AMERICAN PEOPLE
BELIEVE IT IS TOTALLY ACCEPTABLE
OR MOSTLY ACCEPTABLE TO IMPOSE A
SURTAX ON MILLIONAIRES TO REDUCE
THE TEF SIT.
THE -- THE DEFICIT.
THE AMERICAN PEOPLE GET IT.
THEY UNDERSTAND YOU CAN'T MOVE
TOWARD DEFICIT REDUCTION JUST BY
CUTTING PROGRAMS THAT WORKING
FAMILIES, THE MIDDLE CLASS,
LOW-INCOME PEOPLE DESPERATELY
NEED IN ORDER TO SURVIVE IN THE
MIDST OF THIS TERRIBLE
RECESSION.
THEY UNDERSTAND THAT SERIOUS,
RESPONSIBLE DEFICIT REDUCTION
REQUIRES SHARED SACRIFICE.
IT IS INSANE -- AND I USE THAT
WORD ADVISABLY, IT IS INSANE TO
TALK ABOUT DEFICIT REDUCTION AS
MY REPUBLICAN FRIENDS DO ON ONE
HAND AND SAY, OH, YES, WE HAVE
TO GIVE HUNDREDS AND HUNDREDS OF
BILLIONS OF DOLLARS OF TAX
BREAKS TO THE TOP 1%, TOP 2%
WHEN THOSE GUYS ARE DOING
PHENOMENALLY WELL, SEEING AN
EFFECTIVE TAX RATE LOWER THAN IT
HAS BEEN IN DECADES AND
RECEIVING TAX BREAKS ALREADY.
WHY DOES ANYONE THINK IT IS
MORAL OR RATE TO MOVE TO DEFICIT
REDUCTION ON THE BACKS OF THE
WEAK AND THE VULNERABLE?
I UNDERSTAND, AND I KNOW
SOMETHING ABOUT POLITICS, I DO
UNDERSTAND THAT THE PARENTS OF
KIDS WHO ARE IN HEAD START DO
NOT MAKE LARGE CAMPAIGN
CONTRIBUTION CONTRIBUTIONS.
AND I -- CAMPAIGN CONTRIBUTIONS.
AND I KNOW THE SENIOR CITIZENS
WHO NEED SOME HELP WITH SOCIAL
SECURITY DO NOT MAKE LARGE
CAMPAIGN CONTRIBUTIONS.
I UNDERSTAND THAT THE COLLEGE
STUDENTS TRYING TO GO THROUGH
COLLEGE ON A PELL GRANT DO NOT
MAKE LARGE CAMPAIGN
CONTRIBUTIONS.
THERE IS A SENSE OF MORALITY
THAT WE HAVE TO MAKE HERE.
I THINK IT MAKES NO SENSE.
I THINK IT IS IMMORAL, I THINK
IT IS BAD ECONOMICS TO BALANCE
THE BUDGET ON THE BACKS OF
WORKING FAMILIES WHILE WE GIVE
CONTINUED TAX BREAKS TO THOSE
PEOPLE WHO DON'T NEED IT.
SO, MR. PRESIDENT, TODAY WE WILL
BE INTRODUCING A PIECE OF
LEGISLATION WHICH I HOPE WILL
HAVE STRONG SUPPORT.
I THINK IT PAVES THE WAY FOR US
TO GO FORWARD IN SERIOUS DEFICIT
REDUCTION IN A WAY THAT IS FAIR.
DO WE NEED TO MAKE CUTS?
ABSOLUTELY.
BUT DO WE ALSO NEED TO ASK THE
WEALTHIEST PEOPLE IN THIS
COUNTRY TO START CONTRIBUTING
TOWARD DEFICIT REDUCTION?
I THINK WE DO.
SO, ONCE AGAIN, THE LEGISLATION
THAT I'VE INTRODUCED TODAY
CREATES A MILLIONAIRE'S SURTAX
OF 5.4%, WHICH WOULD BRING IN
ABOUT $50 BILLION A YEAR TO BE
USED EXCLUSIVELY FOR AN
EMERGENCY DEFICIT REDUCTION FUND
AND WE ALSO END TAX BREAKS FOR
BIG OIL AND GAS COMPANIES WHICH
WOULD BRING IN ABOUT
ABOUT $3.5 BILLION A YEAR.
OVER THE PAST DECADE THE FIVE
LARGEST OIL COMPANIES IN THE
UNITED STATES HAVE EARNED
NEARLY $1 TRILLION IN PROFITS.
MEANWHILE IN RECENT YEARS SOME
OF THE VERY LARGEST OIL
COMPANIES IN AMERICA HAVE PAID
ABSOLUTELY NOTHING IN FEDERAL
INCOME TAXES.
IN FACT, SOME OF THEM HAVE
GOTTEN A REFUND, A REBATE FROM
THE I.R.S.
SO THAT IS MY PLEA.
MY PLEA IS THAT, YES, THE NEED
FOR DEFICIT REDUCTION IS REAL.
IT IS URGENT.
LET'S GO FORWARD.
BUT LET'S GO FORWARD IN A WAY
THAT IS FAIR AND RESPONSIBLE AND
NOT SIMPLY ON THE BACKS OF THE
MOST VULNERABLE PEOPLE IN IT
AND, WITH THAT, MR. PRESIDENT, I
WOULD YIELD THE FLOOR AND NOTE
THE ABSENCE OF A QUORUM.
THE CLERK
WILL CALL THE ROLL.
QUORUM CALL:
HAVE --
THE
SENATOR'S NOTIFIED WE'RE IN A
QUORUM CALL.
CALL BE VITIATED.
WITHOUT
OBJECTION.
I HAVE 10 UNANIMOUS
TO MEET TODAY.
THEY HAVE THE APPROVAL OF THE
MAJORITY AND MINORITY LEADERS.
I ASK THAT THESE REQUESTS BE
AGREED TO AND THESE REQUESTS BE
PRINTED IN THE RECORD.
WITHOUT
OBJECTION.
I NOTE THE ABSENCE
OF A QUORUM.
THE CLERK
WILL CALL THE ROLL.
QUORUM CALL:
QUORUM CALL:
A SENATOR: MADAM PRESIDENT?
THE
SENATOR FROM ALASKA.
A SENATOR: I ASK THAT
PROCEEDINGS UNDER THE QUORUM
CALL BE SUSPENDED.
WITHOUT
OBJECTION.
MADAM PRESIDENT.