1 00:00:00,000 --> 00:00:00,000 starttime 1267470033.52173 2 00:00:01,001 --> 00:00:02,000 LEGISLATION TO EXTEND THE 3 00:00:02,001 --> 00:00:04,000 PROGMS WHICH EXPIRED AT 4 00:00:04,001 --> 00:00:06,000 MIDNIGHT ON SUNDAY. 5 00:00:06,001 --> 00:00:07,000 SENATOR BUNNING OBJECTED TO 6 00:00:07,001 --> 00:00:09,000 $10 BILLION MEASURE SAYING IT 7 00:00:09,001 --> 00:00:10,000 WOULD ADD TO THE BUDGET DEFICIT. 8 00:00:10,001 --> 00:00:20,000 LIVE SENATE COVERAGE NOW HERE ON 9 00:00:20,001 --> 00:00:25,000 C-SPAN2. 10 00:00:25,001 --> 00:00:29,000 THE CHAPLAIN: LET US PRAY. 11 00:00:29,001 --> 00:00:33,000 O GOD WHOSE APPROVAL WE SEEK 12 00:00:33,001 --> 00:00:37,000 ABOVE HUMANITY'S HOLLOW 13 00:00:37,001 --> 00:00:41,000 APPLAUSE, WE PAUSE TODAY TO 14 00:00:41,001 --> 00:00:43,000 EXPERIENCE THE WARMTH OF YOUR 15 00:00:43,001 --> 00:00:47,000 PRESENCE, AS YOU LIFT THE LIGHT 16 00:00:47,001 --> 00:00:52,000 OF YOUR COUNTENANCE UPON US. 17 00:00:52,001 --> 00:00:56,000 GIVE TO THE MEMBERS OF THIS BODY 18 00:00:56,001 --> 00:00:58,000 PURE HEARTS AND A PASSION TO 19 00:00:58,001 --> 00:01:02,000 FAITHFULLY SERVE YOU AND 20 00:01:02,001 --> 00:01:08,000 COUNTRY. 21 00:01:08,001 --> 00:01:11,000 ACROSS THEIR TOILING HOURS, KEEP 22 00:01:11,001 --> 00:01:13,000 THEIR HEARTS FIXED ON YOU, THE 23 00:01:13,001 --> 00:01:17,000 AUTHOR AND FINISHER OF THEIR 24 00:01:17,001 --> 00:01:21,000 FAITH. 25 00:01:21,001 --> 00:01:26,000 IN A WORLD OF SUSPENSE AND 26 00:01:26,001 --> 00:01:28,000 SUSPICION AND TURMOIL, BREATHE 27 00:01:28,001 --> 00:01:38,000 NOW IN THIS QUIET MOMENT YOUR 28 00:01:38,001 --> 00:01:41,000 PEACE ON EVERY HEART. 29 00:01:41,001 --> 00:01:42,000 LORD, PREPARE SOLUTIONS FOR OUR 30 00:01:42,001 --> 00:01:44,000 SENATORS' COMPLEXITIESND 31 00:01:44,001 --> 00:01:50,000 RESOLVE THEIR CONFLICTS IN A WAY 32 00:01:50,001 --> 00:01:52,000 THAT WILL GLORIFY YOU. 33 00:01:52,001 --> 00:01:58,000 WE PRAY IN YOUR SACRED NAME. 34 00:01:58,001 --> 00:01:59,000 AMEN. 35 00:01:59,001 --> 00:02:00,000 THE PRESIDING OFFICER: PLEASE 36 00:02:00,001 --> 00:02:02,000 JOIN ME IN RECITING THE PLEDGE 37 00:02:02,001 --> 00:02:03,000 OF ALLEGIANCE TOHE FLAG. 38 00:02:03,001 --> 00:02:05,000 I PLEDGE ALLEGIANCE 39 00:02:05,001 --> 00:02:06,000 TO THE FLAG 40 00:02:06,001 --> 00:02:07,000 OF THE UNITED STATES 41 00:02:07,001 --> 00:02:08,000 OF AMERICA, 42 00:02:08,001 --> 00:02:09,000 AND TO THE REPUBLIC 43 00:02:09,001 --> 00:02:10,000 FOR WHICH IT STANDS, 44 00:02:10,001 --> 00:02:12,000 ONE NATION 45 00:02:12,001 --> 00:02:13,000 UNDER GOD, 46 00:02:13,001 --> 00:02:14,000 INDIVISIBLE, 47 00:02:14,001 --> 00:02:20,000 WITH LIBERTY 48 00:02:20,001 --> 00:02:21,000 AND JUSTICE FOR ALL. 49 00:02:21,001 --> 00:02:22,000 THE PRESIDING OFFICER: THE 50 00:02:22,001 --> 00:02:23,000 CLERK WILL READ A COMMUNICATION 51 00:02:23,001 --> 00:02:25,000 TO THE SENATE. 52 00:02:25,001 --> 00:02:26,000 THE CLERK: WASHINGTON, D.C, 53 00:02:26,001 --> 00:02:28,000 MARCH 1, 2010. 54 00:02:28,001 --> 00:02:30,000 TO THE SENATE: 55 00:02:30,001 --> 00:02:31,000 UNDER THE PROVISIONS OF RULE 1, 56 00:02:31,001 --> 00:02:33,000 PARAGRAPH 3, OF THE STANDING 57 00:02:33,001 --> 00:02:34,000 RULES OF THE SENATE, I HEREBY 58 00:02:34,001 --> 00:02:36,000 APPOINT THE HONORABLE MARK R. 59 00:02:36,001 --> 00:02:37,000 WARNER, A SENATOR FROM THE 60 00:02:37,001 --> 00:02:38,000 COMMONWEALTH OF VIRGINIA, TO 61 00:02:38,001 --> 00:02:39,000 PERFORM THE DUTIES OF THE CHAIR. 62 00:02:39,001 --> 00:02:41,000 SIGNED: ROBERT C. BYRD, PRESIDENT 63 00:02:41,001 --> 00:02:42,000 PRO TEMPORE. 64 00:02:42,001 --> 00:02:43,000 MR. REID: MR. PRESIDENT? THE PRESIDING OFFICER: THE 65 00:02:43,001 --> 00:02:44,000 MAJORITY LEADER. 66 00:02:44,001 --> 00:02:45,000 MR. REID: FOLLOWING THE LEADER 67 00:02:45,001 --> 00:02:47,000 REMARKS, THERE WILL BE A PERIOD 68 00:02:47,001 --> 00:02:48,000 OF MORNING BUSINESS UNTIL 3:00 P.M. 69 00:02:48,001 --> 00:02:50,000 SENATORS PERMITTED TO SPEAK FOR 70 00:02:50,001 --> 00:02:51,000 UP TO TEN MINUTES EACH. 71 00:02:51,001 --> 00:02:55,000 AT 3:00 P.M., WE'LL TURN TO THE 72 00:02:55,001 --> 00:02:57,000 CONSIDERATION OF H.R. 4213, THE 73 00:02:57,001 --> 00:02:58,000 TAX EXTENDERS LEGISLATION. 74 00:02:58,001 --> 00:02:59,000 SENATOR BAUCUS WILL BE 75 00:02:59,001 --> 00:03:00,000 RECOGNIZED TO CALL UP THE AMENDMENT. 76 00:03:00,001 --> 00:03:01,000 AS PREVIOUSLY ANNOUNCED, THERE 77 00:03:01,001 --> 00:03:02,000 WILL BE NO ROLL CALL VOTES 78 00:03:02,001 --> 00:03:03,000 TODAY. 79 00:03:03,001 --> 00:03:06,000 THE FIRST VOTE OF THE WEEK WILL 80 00:03:06,001 --> 00:03:08,000 OCCUR AT 12:15 P.M. TOMORROW. 81 00:03:08,001 --> 00:03:10,000 THAT VOTE WILL BE ON THE MOTION 82 00:03:10,001 --> 00:03:12,000 TO INVOKE CLOTURE ON THE 83 00:03:12,001 --> 00:03:14,000 NOMINATION OF BARBARA KEENAN TO 84 00:03:14,001 --> 00:03:15,000 BE A UNITED STATES CIRCUIT JUDGE 85 00:03:15,001 --> 00:03:17,000 FOR THE FOURTH CIRCUIT. 86 00:03:17,001 --> 00:03:20,000 MR. PRESIDENT, THERE ARE TWO 87 00:03:20,001 --> 00:03:21,000 BILLS, I'M TOLD, AT THE DESK DUE 88 00:03:21,001 --> 00:03:22,000 FOR SECOND READINGS. 89 00:03:22,001 --> 00:03:28,000 THE PRESIDING OFFICER: THE CLERK 90 00:03:28,001 --> 00:03:32,000 WILL REPORT. 91 00:03:32,001 --> 00:03:33,000 THE CLERK: H.R. 4626, AN ACT TO 92 00:03:33,001 --> 00:03:35,000 RESTORE THE APPLICATION OF THE 93 00:03:35,001 --> 00:03:36,000 FEDERAL ANTITRUST LAWS TO T 94 00:03:36,001 --> 00:03:38,000 BUSINESS OF HEALTH INSURANCE TO 95 00:03:38,001 --> 00:03:40,000 PROTECT COMPETION AND 96 00:03:40,001 --> 00:03:41,000 CONSUMERS. 97 00:03:41,001 --> 00:03:43,000 H.R. 4691, AN ACT TO PROVIDE A 98 00:03:43,001 --> 00:03:45,000 TEMPORARY EXTENSION OF CERTAIN 99 00:03:45,001 --> 00:03:46,000 PROGRAMS, AND FOR OTHER 100 00:03:46,001 --> 00:03:47,000 PURPOSES. 101 00:03:47,001 --> 00:03:48,000 MR. REID: MR. PRESIDENT, I WOULD 102 00:03:48,001 --> 00:03:49,000 OBJECT TO ANY FURTHER 103 00:03:49,001 --> 00:03:51,000 PROCEEDINGS WITH RESPECT TO 104 00:03:51,001 --> 00:03:52,000 THESE TWO BILLS. 105 00:03:52,001 --> 00:03:55,000 THE PRESIDING OFFICER: OBJECTION IS HEARD. 106 00:03:55,001 --> 00:04:05,000 THE BILLS WILL BE PLACED ON THE CALENDAR. 107 00:04:05,001 --> 00:04:07,000 MR. REID: MR. PRESIDENT, EVERY 108 00:04:07,001 --> 00:04:09,000 NIGHT, TOO MANY OUT-OF-WORK 109 00:04:09,001 --> 00:04:12,000 NEVADANS AND AMERICANS, PEOPLE 110 00:04:12,001 --> 00:04:14,000 WHO WANT TO WORK, WHO NEED TO 111 00:04:14,001 --> 00:04:16,000 SUPPORT THEIR FAMILIES BUT CAN'T 112 00:04:16,001 --> 00:04:18,000 FIND A JOB, GO TO BED WITH AT 113 00:04:18,001 --> 00:04:20,000 LEAST THE COMFORT OF HAVING 114 00:04:20,001 --> 00:04:21,000 UNEMPLOYMENT INSURANCE AND 115 00:04:21,001 --> 00:04:23,000 HEALTH BENEFITS. 116 00:04:23,001 --> 00:04:24,000 LAST NIGHT, MORE THAN A MILLION 117 00:04:24,001 --> 00:04:26,000 OF THEM, PEOPLE THROUGHOUT 118 00:04:26,001 --> 00:04:29,000 AMERICA, WENT TO SLEEP RELYING 119 00:04:29,001 --> 00:04:30,000 ON THOSE BENEFITS WOKE UP 120 00:04:30,001 --> 00:04:32,000 WITHOUT THE CONFIDENCE THEY WL 121 00:04:32,001 --> 00:04:34,000 BE THERE NOW. 122 00:04:34,001 --> 00:04:35,000 EARLY THIS MORNING WHEN THEY 123 00:04:35,001 --> 00:04:37,000 WOULD RATHER BE SPENDING THEIR 124 00:04:37,001 --> 00:04:39,000 MORNINGS WORKING, MOTHERS AND 125 00:04:39,001 --> 00:04:42,000 FATHERS IN EVERY STATE WOKE UP 126 00:04:42,001 --> 00:04:43,000 AT THE UNEMPLOYMENT OFFICE IN A 127 00:04:43,001 --> 00:04:44,000 LONG LINE. 128 00:04:44,001 --> 00:04:46,000 NEWS REPORTS TODAY THAT THESE 129 00:04:46,001 --> 00:04:49,000 LINES ARE REALLY LONG TODAY, ALL 130 00:04:49,001 --> 00:04:53,000 OVER THE COUNTRY, FROM VIRGINIA, 131 00:04:53,001 --> 00:04:54,000 NEVADA, TO KENTUCKY. 132 00:04:54,001 --> 00:04:55,000 THEY ARE LONG BECAUSE THESE 133 00:04:55,001 --> 00:04:57,000 PEOPLE ARE WORRIED ABOUT HOW 134 00:04:57,001 --> 00:05:02,000 THEY ARE GOING TO PUT FOOD ON 135 00:05:02,001 --> 00:05:04,000 THE TABLE AND PAY THE BILLS. 136 00:05:04,001 --> 00:05:05,000 FOR FAR TOO MANY AMERICANS, 137 00:05:05,001 --> 00:05:06,000 THOSE BENEFITS WERE SET TO 138 00:05:06,001 --> 00:05:08,000 EXPIRE LAST NHT. 139 00:05:08,001 --> 00:05:09,000 SO SIX TIMES LAST WEEK, 140 00:05:09,001 --> 00:05:11,000 DEMOCRATS ASKED TO EXTEND THEIR 141 00:05:11,001 --> 00:05:13,000 UNEMPLOYMENT BENEFITS FOR A 142 00:05:13,001 --> 00:05:15,000 SHORT TIME WHILE THEY WORK ON A 143 00:05:15,001 --> 00:05:20,000 LONGER EXTENSION. 144 00:05:20,001 --> 00:05:22,000 SIX TIMES, REPUBLICANS SAID NO. 145 00:05:22,001 --> 00:05:23,000 THEY DIDN'T JUST SAY NO TO US, 146 00:05:23,001 --> 00:05:25,000 THAT IS MEMBERS OF THE SENATE. 147 00:05:25,001 --> 00:05:27,000 THEY SAID NO TO THEIR FAMILIES 148 00:05:27,001 --> 00:05:29,000 IN THEIR OWN STATES AND ALL OUR 149 00:05:29,001 --> 00:05:30,000 STATES COUNT ON US TO ACT WHEN 150 00:05:30,001 --> 00:05:32,000 WE NEED ACTION. 151 00:05:32,001 --> 00:05:33,000 THEY COUNT ON US TO RESPOND IN 152 00:05:33,001 --> 00:05:35,000 THE EVENT OF AN EMERGENCY. 153 00:05:35,001 --> 00:05:36,000 THIS IS AN EMERGENCY. 154 00:05:36,001 --> 00:05:38,000 E REPUBLICANS IN THE SENATE 155 00:05:38,001 --> 00:05:40,000 ARE STANDING BETWEEN THESE 156 00:05:40,001 --> 00:05:44,000 FAMILIES AND THE HELP THEY NEED 157 00:05:44,001 --> 00:05:47,000 WHILE THESE BENEFITS EXPIRE AND 158 00:05:47,001 --> 00:05:49,000 EXPIRED. 159 00:05:49,001 --> 00:05:50,000 IT MIGHT WORK UNDER THE SENATE 160 00:05:50,001 --> 00:05:51,000 RULES THEY CAN DO THAT, BUT IT 161 00:05:51,001 --> 00:05:52,000 CERTAINLY DOESN'T WORK FOR 162 00:05:52,001 --> 00:05:54,000 WORKING FAMILIES. 163 00:05:54,001 --> 00:05:55,000 THE NEED TO BUY GROCERIES DOES 164 00:05:55,001 --> 00:05:57,000 NOT EXPIRE. 165 00:05:57,001 --> 00:06:01,000 THE NEED TO HEAT YOUR HOMES, PUT 166 00:06:01,001 --> 00:06:02,000 GAS IN YOUR CAR, MAKE PAYMENTS 167 00:06:02,001 --> 00:06:06,000 FOR THE FURNITURE YOU BOUGHT, 168 00:06:06,001 --> 00:06:10,000 THE CAR YOU BOUGHT, YOUR HOUSE 169 00:06:10,001 --> 00:06:12,000 PAYMENT. 170 00:06:12,001 --> 00:06:13,000 THE NEED TO TAKE MEDICINE OR 171 00:06:13,001 --> 00:06:15,000 SUPPORT AN AGING PARENT OR TAKE 172 00:06:15,001 --> 00:06:16,000 CARE OF THE KIDS, THEY DON'T 173 00:06:16,001 --> 00:06:18,000 EXPIRE. 174 00:06:18,001 --> 00:06:20,000 THOSE OPPOSED TO HELPING OUR 175 00:06:20,001 --> 00:06:21,000 FELLOW CITIZENS AT THE TIME OF 176 00:06:21,001 --> 00:06:23,000 GREATEST NEED WANT TO TALK ABOUT 177 00:06:23,001 --> 00:06:25,000 PROCESS, PROCESS. 178 00:06:25,001 --> 00:06:26,000 MY REPUBLICAN COLLEAGUES CAME TO 179 00:06:26,001 --> 00:06:28,000 THE FLOOR AND TALKED ABOUT PROCESS. 180 00:06:28,001 --> 00:06:30,000 THEY HAD A RIGHT TO DO THAT. 181 00:06:30,001 --> 00:06:33,000 WELL, UNDER THE RULES, I GUESS 182 00:06:33,001 --> 00:06:35,000 THAT'S TRUE, MR. PRESIDENT. 183 00:06:35,001 --> 00:06:38,000 IF YOU CAN'T AFFORD TO FEE YOUR 184 00:06:38,001 --> 00:06:39,000 KIDS, THAT DOESN'T MEAN ANYTHING 185 00:06:39,001 --> 00:06:40,000 ANYTHING -- MEAN ANYTHING TO 186 00:06:40,001 --> 00:06:42,000 THEM ABOUT PROCESS. 187 00:06:42,001 --> 00:06:43,000 WE TALK OFTEN ABOUT THE COST OF 188 00:06:43,001 --> 00:06:44,000 INACTION. 189 00:06:44,001 --> 00:06:46,000 IT'S THE REASON WE INSIST ON 190 00:06:46,001 --> 00:06:48,000 CREATI JOBS AND MAKING HEALTH 191 00:06:48,001 --> 00:06:49,000 CARE MORE AFFORDABLE AND 192 00:06:49,001 --> 00:06:50,000 STRENGTHEN OUR INTERNATIONAL 193 00:06:50,001 --> 00:06:52,000 SECURITY. 194 00:06:52,001 --> 00:06:53,000 WHEN WE LK ABOUT THE COST OF 195 00:06:53,001 --> 00:06:54,000 INACTION, IT'S MORE THAN JUST 196 00:06:54,001 --> 00:06:57,000 RHETORIC. 197 00:06:57,001 --> 00:06:58,000 IT COMES WITH DIRE CONSEQUENCES. 198 00:06:58,001 --> 00:07:00,000 THE AMERICANS WHO WOKE UP THIS 199 00:07:00,001 --> 00:07:01,000 MORNING WITHOUT THE BENEFITS 200 00:07:01,001 --> 00:07:04,000 THEY NEED NOW KNOW THAT BETTER 201 00:07:04,001 --> 00:07:07,000 THAN ANYONE ELSE. 202 00:07:07,001 --> 00:07:09,000 MR. PRESIDENT, ASSOCIATED PRESS 203 00:07:09,001 --> 00:07:10,000 RUNS ALL OVER THE COUNTRY, NEWS 204 00:07:10,001 --> 00:07:11,000 WIRE. 205 00:07:11,001 --> 00:07:14,000 AMONG OTHER THINGS, THIS ARTICLE 206 00:07:14,001 --> 00:07:15,000 SAYS THIS MORNING, 2,000 FEDERAL 207 00:07:15,001 --> 00:07:22,000 TRANSPORTATION WORKERS WILL BE 208 00:07:22,001 --> 00:07:24,000 FURLOUGHED WITHOUT PAY TODAY. 209 00:07:24,001 --> 00:07:27,000 AND, MR. PRESIDENT, THE REASON 210 00:07:27,001 --> 00:07:28,000 WE'RE TALKING ABOUT 2,000, THIS 211 00:07:28,001 --> 00:07:30,000 DOESN'T COUNT THE THOUSANDS AND 212 00:07:30,001 --> 00:07:31,000 THOUSANDS, UP TO A MILLION 213 00:07:31,001 --> 00:07:33,000 PEOPLE WHO ARE NOT GOING TO HAVE 214 00:07:33,001 --> 00:07:34,000 ANY -- HAVE JOBS AS A RESULT OF 215 00:07:34,001 --> 00:07:38,000 NOT EXTENDING THE HIGHWAY BILL. 216 00:07:38,001 --> 00:07:41,000 THAT'S WHAT WE WANT TO DO. 217 00:07:41,001 --> 00:07:42,000 LET THESE PEOPLE WORK. 218 00:07:42,001 --> 00:07:45,000 BECAUSE THAT'S WHAT HAPPENED IS 219 00:07:45,001 --> 00:07:47,000 EVEN THE INSPECTORS CAN'T GO OUT 220 00:07:47,001 --> 00:07:49,000 AND DO THEIR JOBS, SO PEOPLE ARE 221 00:07:49,001 --> 00:07:51,000 JUST WALKING AWAY FROM THESE JOBS. 222 00:07:51,001 --> 00:07:52,000 SECRETARY LAHOOD, THE SECRETARY 223 00:07:52,001 --> 00:07:53,000 OF TRANSPORTATION -- BY THE WAY, 224 00:07:53,001 --> 00:07:55,000 A REPUBLICAN CONGRESSMAN UNTIL 225 00:07:55,001 --> 00:07:56,000 HE WAS APPOINTED HERE -- SAID 226 00:07:56,001 --> 00:07:58,000 CONSTRUCTION WORKERS WILL BE 227 00:07:58,001 --> 00:08:02,000 SENT HOM FROM JOB SITES BECAUSE 228 00:08:02,001 --> 00:08:03,000 FEDERAL INSPECTORS MUST BE 229 00:08:03,001 --> 00:08:09,000 FURLOUGHED. 230 00:08:09,001 --> 00:08:10,000 THEY MEAN A LONG LIST OF 231 00:08:10,001 --> 00:08:12,000 CONSTRUCTION SITES THAT WILL BE 232 00:08:12,001 --> 00:08:15,000 HALTED -- GEORGE WASHINGTON 233 00:08:15,001 --> 00:08:16,000 PARKWAY IN 234 00:08:16,001 --> 00:08:19,000 BRIDGE -- I DON'T KNOW WHERE 235 00:08:19,001 --> 00:08:23,000 THAT IS, BUT IN VIRGINIA. 236 00:08:23,001 --> 00:08:24,000 BRIDGE CONSTRUCTION IN CORD CA 237 00:08:24,001 --> 00:08:27,000 LEAN, IDAHO. 238 00:08:27,001 --> 00:08:29,000 ALL OVER THE COUNTRY, IT'S HAPPENING. 239 00:08:29,001 --> 00:08:31,000 THE TRANSPORTATION INSPECTORS, 240 00:08:31,001 --> 00:08:35,000 SAFETY INSPECTORS, NO PAY SO 241 00:08:35,001 --> 00:08:36,000 THEY HAVE TO LEAVE, AND NOTHING 242 00:08:36,001 --> 00:08:38,000 IS HAPPENING. 243 00:08:38,001 --> 00:08:39,000 THIS IS GOING TO LEAD TO UNTOLD 244 00:08:39,001 --> 00:08:41,000 NUMBERS OF PEOPLE. 245 00:08:41,001 --> 00:08:48,000 I SAID UP TO A MILLION PEOPLE 246 00:08:48,001 --> 00:08:50,000 WON'T BE ABLE TO WORK. 247 00:08:50,001 --> 00:08:52,000 IT'S JUST REALLY WNG WHAT'S 248 00:08:52,001 --> 00:08:54,000 TAKEN PLACE HERE, MR. PRESIDENT. 249 00:08:54,001 --> 00:08:55,000 IT'S NOT TOO LATE TO RIGHT THAT 250 00:08:55,001 --> 00:08:57,000 WRONG. 251 00:08:57,001 --> 00:08:58,000 I HOPE REPUBLICANS WILL 252 00:08:58,001 --> 00:09:00,000 RECONSIDER, THINK ABOUT THEIR 253 00:09:00,001 --> 00:09:02,000 CONSTITUENTS STANDING IN THE 254 00:09:02,001 --> 00:09:05,000 UNEMPLOYMENT LINE A WE SPEAK. 255 00:09:05,001 --> 00:09:09,000 BASED ON THAT, MR. PRESIDENT, I 256 00:09:09,001 --> 00:09:12,000 WOULD ASK UNANIMOUS CONSENT THAT 257 00:09:12,001 --> 00:09:15,000 THE SENATE PROCEED TO H.R. 4691, 258 00:09:15,001 --> 00:09:17,000 WHICH I A 30-DAY EXTENSION OF 259 00:09:17,001 --> 00:09:20,000 PROVISIONS WHICH EXPIRED 260 00:09:20,001 --> 00:09:21,000 YESTERDAY. 261 00:09:21,001 --> 00:09:22,000 UNEMPLOYMENT INSURANCE, COBRA, 262 00:09:22,001 --> 00:09:25,000 THE HEALTH INSURANCE FOR PEOPLE 263 00:09:25,001 --> 00:09:27,000 OUT OF WORK, FLOOD INSURANCE, 264 00:09:27,001 --> 00:09:28,000 SATELLITE HOME VIEWER ACT. 265 00:09:28,001 --> 00:09:29,000 A MILLION AND A HALF PEOPLE ARE 266 00:09:29,001 --> 00:09:32,000 UNABLE TODAY TO WATCH THE TV 267 00:09:32,001 --> 00:09:33,000 THAT THEY COULD LAST NIGHT AT MIDNIGHT. 268 00:09:33,001 --> 00:09:35,000 HIGHWAY FUNDING -- AND I'VE 269 00:09:35,001 --> 00:09:37,000 TALKED ABOUT THAT. 270 00:09:37,001 --> 00:09:38,000 S.B.A. BUSINESS LOANS, SMALL 271 00:09:38,001 --> 00:09:41,000 BUSINESS PROVISIONS IN THE 272 00:09:41,001 --> 00:09:44,000 AMERICAN RECOVERY ACT, AND THE 273 00:09:44,001 --> 00:09:46,000 DOCTORS FIX, S.G.R. AND POVERTY GUIDELINES RECEID FROM THE 274 00:09:46,001 --> 00:09:47,000 HOUSE AND AT THE DESK. 275 00:09:47,001 --> 00:09:48,000 THAT THE BILL BE READ THREE 276 00:09:48,001 --> 00:09:50,000 +WMES, PASSED, THE MOTION TO 277 00:09:50,001 --> 00:09:51,000 RECONSIDER BE LAID UPON THE TABLE. 278 00:09:51,001 --> 00:09:53,000 THE PRESIDING OFFICER: IS THERE 279 00:09:53,001 --> 00:09:54,000 OBJECTION? 280 00:09:54,001 --> 00:09:55,000 A 281 00:09:55,001 --> 00:09:57,000 THE ESIDING OFFICER: OBJECTION 282 00:09:57,001 --> 00:09:59,000 IS HEARD. 283 00:09:59,001 --> 00:10:00,000 MR. REID: THANK YOU, 284 00:10:00,001 --> 00:10:01,000 MR. PRESIDENT. 285 00:10:01,001 --> 00:10:02,000 MR. BUNNING: MR. PRESIDENT? 286 00:10:02,001 --> 00:10:04,000 THE PRESIDING OFFICER: UNDER A 287 00:10:04,001 --> 00:10:05,000 PREVIOUS ORDER, THE LEADERSHIP TIME IS SERVED. 288 00:10:05,001 --> 00:10:07,000 THERE WILL NOW BE A PERIOD OF 289 00:10:07,001 --> 00:10:08,000 MORNING B 290 00:10:08,001 --> 00:10:10,000 WITH SENATORS PERMITTED TO SPEAK 291 00:10:10,001 --> 00:10:12,000 THEREIN FOR UP TO TEN MINUTES 292 00:10:12,001 --> 00:10:13,000 EACH. 293 00:10:13,001 --> 00:10:14,000 MR. BUNNING: MR. PRESIDENT? 294 00:10:14,001 --> 00:10:15,000 THE PRESIDING OFFICER: THE 295 00:10:15,001 --> 00:10:16,000 SENATOR FROM KENTUCKY. 296 00:10:16,001 --> 00:10:18,000 MR. BUNNING: THANK YOU. 297 00:10:18,001 --> 00:10:23,000 JUST A BRIEF EXPLANATION OF WHY 298 00:10:23,001 --> 00:10:26,000 WE ARE WHERE WE'RE AT WITH THIS 299 00:10:26,001 --> 00:10:29,000 EXTENSION BILL, THE BRIEF 300 00:10:29,001 --> 00:10:32,000 EXTENSION OF 30 DAYS. 301 00:10:32,001 --> 00:10:35,000 THERE WAS AN AGREEMENT BETWEEN 302 00:10:35,001 --> 00:10:37,000 THE MAJORITY LEADER OF THE 303 00:10:37,001 --> 00:10:42,000 FINANCE COMMITTEE AND THE 304 00:10:42,001 --> 00:10:44,000 MINORITY LEADER IN THE FINANCE 305 00:10:44,001 --> 00:10:46,000 COMMITTEE, SENATORS BAUCUS AND 306 00:10:46,001 --> 00:10:50,000 GRASSLEY, ON A THREE-MONTH 307 00:10:50,001 --> 00:10:51,000 EXTENSION OF THESE VERY SAME 308 00:10:51,001 --> 00:10:52,000 PROVISIONS. 309 00:10:52,001 --> 00:10:57,000 THERE WERE MORE PROVISIONS IN 310 00:10:57,001 --> 00:11:00,000 THE BILL ALSO. 311 00:11:00,001 --> 00:11:01,000 IT COST A LITTLE MORE THAN THE 312 00:11:01,001 --> 00:11:04,000 THE $10 BILLION THAT IS ASKED 313 00:11:04,001 --> 00:11:05,000 FOR BECAUSE IT WAS A THREE-MONTH 314 00:11:05,001 --> 00:11:08,000 EXTENSION. 315 00:11:08,001 --> 00:11:11,000 SENATOR REID PULLED THAT BILL 316 00:11:11,001 --> 00:11:12,000 FROM THE FLOOR OF THE U.S. 317 00:11:12,001 --> 00:11:14,000 SENATE. 318 00:11:14,001 --> 00:11:16,000 HE DID IT. 319 00:11:16,001 --> 00:11:21,000 THE LEADER OF THE DEMOCRATS 320 00:11:21,001 --> 00:11:24,000 PULLED THAT BILL FROM THE FLOOR. 321 00:11:24,001 --> 00:11:27,000 I SUPPORT EXTENDING UNEMPLOYMENT 322 00:11:27,001 --> 00:11:31,000 BENEFITS, COBRA BENEFITS, FLOOD 323 00:11:31,001 --> 00:11:35,000 INSURANCE, HIGHWAY BILL FIX, DOC 324 00:11:35,001 --> 00:11:37,000 FIX, SMALL BUSINESS LOANS, 325 00:11:37,001 --> 00:11:38,000 DISTANT NETWORK TELEVISION FOR 326 00:11:38,001 --> 00:11:41,000 SATELLITE VIEWERS. 327 00:11:41,001 --> 00:11:46,000 IF WE CAN'T FIND $10 BILLION TO 328 00:11:46,001 --> 00:11:48,000 PAY FOR SOMETHING THAT WE ALL 329 00:11:48,001 --> 00:11:50,000 SUPPORT, WE WILL NEVER PAY FOR 330 00:11:50,001 --> 00:11:52,000 ANYTHING ON THE FLOOR OF THIS 331 00:11:52,001 --> 00:11:54,000 U.S. SENATE. 332 00:11:54,001 --> 00:11:58,000 I HAVE OFFERED SEVERAL WAYS TO 333 00:11:58,001 --> 00:11:59,000 DO THIS, INCLUDING TRYING TO 334 00:11:59,001 --> 00:12:01,000 335 00:12:01,001 --> 00:12:03,000 NEGOTIATE WITH THE MAJORITY 336 00:12:03,001 --> 00:12:07,000 LEADER'S STAFF. 337 00:12:07,001 --> 00:12:10,000 NONE HAVE BEEN SUCCESSFUL. 338 00:12:10,001 --> 00:12:14,000 WE CANNOT KEEP ADDING TO THE DEBT. 339 00:12:14,001 --> 00:12:16,000 IT'S OVER $14 TRILLION AND GOING 340 00:12:16,001 --> 00:12:18,000 UP FAST. 341 00:12:18,001 --> 00:12:22,000 IF THE BUDGET THAT IS BEFORE US 342 00:12:22,001 --> 00:12:25,000 PASSES, IT WILL ADD ANOTHER 343 00:12:25,001 --> 00:12:26,000 ANOTHER $1.5 TRILLION TO THE 344 00:12:26,001 --> 00:12:30,000 DEBT. 345 00:12:30,001 --> 00:12:31,000 LAST WEEK, -- WELL, NOW IT'S A 346 00:12:31,001 --> 00:12:34,000 LITTLE PAST LAST WEEK -- WE 347 00:12:34,001 --> 00:12:35,000 PASSED PAY-GO. 348 00:12:35,001 --> 00:12:38,000 FOR THOSE WHO DON'T KNOW WHAT 349 00:12:38,001 --> 00:12:43,000 PAY-GO IS, IT MEANS YOU HAVE TO 350 00:12:43,001 --> 00:12:46,000 PAY FOR EVERYTHING THAT YOU 351 00:12:46,001 --> 00:12:52,000 BRING BEFORE THE SENATE, AND YOU 352 00:12:52,001 --> 00:12:53,000 CAN'T CHARGE IT ON THE DEBT. 353 00:12:53,001 --> 00:12:58,000 YOU CAN'T CHARGE IT. 354 00:12:58,001 --> 00:13:01,000 THAT'S WHAT PAY-GO SAYS. 355 00:13:01,001 --> 00:13:03,000 SO UNDERSTANDING THAT, I HOPE 356 00:13:03,001 --> 00:13:05,000 THE AMERICAN PEOPLE UNDERSTAND 357 00:13:05,001 --> 00:13:13,000 MY SERIOUS OBJECTIONS. 358 00:13:13,001 --> 00:13:14,000 NOW, I WOULD LIKE TO ASK FOR 359 00:13:14,001 --> 00:13:17,000 UNANIMOUS CONSENT THAT THE 360 00:13:17,001 --> 00:13:23,000 SENATE PROCEED TO THE IMMEDIATE 361 00:13:23,001 --> 00:13:24,000 CONSIDERATION OF H.R. 4691, THAT 362 00:13:24,001 --> 00:13:27,000 THE AMENDMENT AT THE DESK WHICH 363 00:13:27,001 --> 00:13:29,000 OFFERS A FULL OFFSET BE AGREED 364 00:13:29,001 --> 00:13:32,000 TO, THE BILL AS ANDED BE READ 365 00:13:32,001 --> 00:13:35,000 A THIRD TIME AND PASSED, AND THE 366 00:13:35,001 --> 00:13:37,000 MOTION TO RECONSIDER BE LAID 367 00:13:37,001 --> 00:13:38,000 UPON THE TABLE. 368 00:13:38,001 --> 00:13:39,000 THE PRESIDING OFFICER: IS THERE 369 00:13:39,001 --> 00:13:40,000 OBJECTION? 370 00:13:40,001 --> 00:13:41,000 MR. REID: RESERVING THE RIGHT TO OBJECT. 371 00:13:41,001 --> 00:13:45,000 THE PRESIDING OFFICER: THE 372 00:13:45,001 --> 00:13:53,000 MAJORITY 373 00:13:53,001 --> 00:13:57,000 MR. REID: MR. PRESIDENT, HISTORY 374 00:13:57,001 --> 00:13:58,000 IS SOMETHING I THINK YOU HAVE TO 375 00:13:58,001 --> 00:14:00,000 BE INVOLVED IN TO UNDERSTAND 376 00:14:00,001 --> 00:14:01,000 WHAT REALLY TRANSPIRED. 377 00:14:01,001 --> 00:14:03,000 FIRST OF ALL, THERE WAS NO BILL 378 00:14:03,001 --> 00:14:06,000 ON THE FLOOR FOR ME TO TAKE OFF 379 00:14:06,001 --> 00:14:12,000 THE FLOOR. 380 00:14:12,001 --> 00:14:16,000 THERE WAS DISCUSSIONS BETWEEN 381 00:14:16,001 --> 00:14:17,000 DEMOCRATS AND REPUBLICANS ON THE 382 00:14:17,001 --> 00:14:19,000 THURSDAY BEFORE WE LEFT FOR THE 383 00:14:19,001 --> 00:14:21,000 LAST WK-LONG BREAK THAT WE TOOK. 384 00:14:21,001 --> 00:14:24,000 I WAS IN THE BACK HALL HERE WITH 385 00:14:24,001 --> 00:14:25,000 SENATORS GRASSLEY, BAUCUS, AND 386 00:14:25,001 --> 00:14:27,000 McCONNELL, AND SENATOR 387 00:14:27,001 --> 00:14:28,000 McCONNELL, MY FRIEND, SAID 388 00:14:28,001 --> 00:14:30,000 THAT THEY WEREN'T READY TO AGREE 389 00:14:30,001 --> 00:14:31,000 TO ANYTHING YET. 390 00:14:31,001 --> 00:14:32,000 WELL, IT'S VERY CLEAR, 391 00:14:32,001 --> 00:14:35,000 MR. PRESIDENT, THAT IF WE'RE 392 00:14:35,001 --> 00:14:40,000 GOING TO EXTEND BENEFITS FOR A 393 00:14:40,001 --> 00:14:43,000 LOT OF TAX PROVISIONS THAT ARE 394 00:14:43,001 --> 00:14:45,000 VERY IORTANT TO BUSINESS, WE 395 00:14:45,001 --> 00:14:47,000 SHOULD AT LEAST CONSIDER 396 00:14:47,001 --> 00:14:49,000 EXTENDING BENEFITS FOR PEOPLE 397 00:14:49,001 --> 00:14:52,000 WHO ARE DOWN AND OUT FOR THE 398 00:14:52,001 --> 00:14:55,000 SAME PERIOD OF TIME. 399 00:14:55,001 --> 00:14:58,000 SO UNDERSTAND THE BILL THAT CAME 400 00:14:58,001 --> 00:15:00,000 BEFORE THE SENATE INCLUDED A 401 00:15:00,001 --> 00:15:01,000 JOBS PACKAGE THAT EXTENDED THE 402 00:15:01,001 --> 00:15:04,000 HIGHWAY BENEFITS FOR ONE YEAR, 403 00:15:04,001 --> 00:15:06,000 SAVING A MILLION JOBS, CREATING 404 00:15:06,001 --> 00:15:07,000 JOBS BY ALLOWING SMALL 405 00:15:07,001 --> 00:15:08,000 BUSINESSES OR ANY BUSINESSES TO 406 00:15:08,001 --> 00:15:11,000 HIRE SOMEBODY THAT HAS BEEN OUT 407 00:15:11,001 --> 00:15:12,000 OF WORK FOR 60 DAYS. 408 00:15:12,001 --> 00:15:15,000 THEY DON'T HAVE TO PAY THEIR 409 00:15:15,001 --> 00:15:16,000 WITHHOLDING TAX AND THEY GET A 410 00:15:16,001 --> 00:15:17,000 A $1,000 TAX CREDIT AT THE END 411 00:15:17,001 --> 00:15:18,000 OF THE YEAR. 412 00:15:18,001 --> 00:15:19,000 IN ADDITION TO THAT, SMALL 413 00:15:19,001 --> 00:15:21,000 BUSINESSES, MR. PRESIDENT, MADE 414 00:15:21,001 --> 00:15:23,000 A PROVISION IN THERE TO ALLOW 415 00:15:23,001 --> 00:15:25,000 SMALL BUSINESS TO WRITE OFF, NOT 416 00:15:25,001 --> 00:15:27,000 DEPRECIATE UP TO $250,000 OF 417 00:15:27,001 --> 00:15:32,000 PURCHASES IN A YEAR. 418 00:15:32,001 --> 00:15:33,000 VERY IMPORTANT TO STIMULATE BUSINESSES. 419 00:15:33,001 --> 00:15:35,000 WE ALSO HAD A FROITION STIMULATE 420 00:15:35,001 --> 00:15:37,000 THE ECONOMY BY EXTENDING THE 421 00:15:37,001 --> 00:15:39,000 BUILD-AMERICA BONDS THAT WAS SO 422 00:15:39,001 --> 00:15:40,000 SUCCESSFUL IN O RECOVERY ACT. 423 00:15:40,001 --> 00:15:44,000 THOSE FUNDS HAVE EXPIRED. 424 00:15:44,001 --> 00:15:46,000 SO, MR. PRESIDENT,, WE CAN HAVE 425 00:15:46,001 --> 00:15:47,000 ALL THE EXCUSES ONE WANTS. 426 00:15:47,001 --> 00:15:50,000 THE FACT IS MY FRIENDS ON THE 427 00:15:50,001 --> 00:15:52,000 OTHER SIDE OF THE AISLE ARE 428 00:15:52,001 --> 00:15:53,000 OPPOSING EXTENDING UNEMPLOYMENT 429 00:15:53,001 --> 00:15:54,000 BENEFITS FOR PEOPLE WHO ARE OUT 430 00:15:54,001 --> 00:15:56,000 OF WORK. 431 00:15:56,001 --> 00:15:58,000 I WOULDLSO SAY THIS: 432 00:15:58,001 --> 00:15:59,000 PAYGO IS VERY INTERESTING. 433 00:15:59,001 --> 00:16:00,000 I'M GLAD MY FRIEND BROUGHT THAT 434 00:16:00,001 --> 00:16:01,000 UP. 435 00:16:01,001 --> 00:16:04,000 I'M GLAD HE BROUGHT UP THE BIG 436 00:16:04,001 --> 00:16:05,000 DEFICIT BECAUSE IT IS VERY BIG. 437 00:16:05,001 --> 00:16:07,000 BUT WHERE WAS MY FRIEND FROM 438 00:16:07,001 --> 00:16:08,000 KENTUCKY WHEN WE HAD TWO WARS 439 00:16:08,001 --> 00:16:10,000 THAT WERE UNPAID FOR DURING THE 440 00:16:10,001 --> 00:16:14,000 BUSH ADMINISTRATION? 441 00:16:14,001 --> 00:16:16,000 TAX CUTS 442 00:16:16,001 --> 00:16:18,000 TRILLION, UNPAID FOR, WHERE WAS 443 00:16:18,001 --> 00:16:23,000 MY FRIEND AND THE REPUBLICANS 444 00:16:23,001 --> 00:16:29,000 OBJECTING TO THAT? 445 00:16:29,001 --> 00:16:31,000 NOW, MR. PRESIDENT, PAYGO IS 446 00:16:31,001 --> 00:16:33,000 IMPORTANT, AND WE PASSED PAYGO 447 00:16:33,001 --> 00:16:34,000 HERE -- WE, THE DEMOCRATS, 448 00:16:34,001 --> 00:16:36,000 PASSED IT. 449 00:16:36,001 --> 00:16:38,000 MY FRIEN 450 00:16:38,001 --> 00:16:39,000 IT PASSED BECAUSE DEMOCRATS 451 00:16:39,001 --> 00:16:40,000 VOTED FOR IT. 452 00:16:40,001 --> 00:16:42,000 NOT A SINGLE REPUBLICAN VOTED 453 00:16:42,001 --> 00:16:44,000 FOR T WE HAD THESE IN EFFECT 454 00:16:44,001 --> 00:16:47,000 DURING THE CLINTON YEARS, AND IT WORKED. 455 00:16:47,001 --> 00:16:50,000 WE PAID DOWN THE DEBT IN THE 456 00:16:50,001 --> 00:16:54,000 LAST CLINTON YEARS. 457 00:16:54,001 --> 00:16:57,000 WE ALSO UNDERSTAND HOW IMPORTANT 458 00:16:57,001 --> 00:16:59,000 THE DEBT OF THIS COUNTRY IS, 459 00:16:59,001 --> 00:17:00,000 BUILT UP -- STARTED TO BUILD UP 460 00:17:00,001 --> 00:17:01,000 SO STRONG DURING EIGHT YEARS OF 461 00:17:01,001 --> 00:17:04,000 THE BUSH ADMINISTRATION. 462 00:17:04,001 --> 00:17:06,000 WE BROUGHT TO THIS FLO THAT 463 00:17:06,001 --> 00:17:09,000 THE PRESIDING OFFICER -- NO ONE 464 00:17:09,001 --> 00:17:11,000 WORKED HARDER THAN THE PRESIDING 465 00:17:11,001 --> 00:17:13,000 OFFICER TO COME UP WITH 466 00:17:13,001 --> 00:17:14,000 SOMETHING TO ADDRESS THE DEBT, 467 00:17:14,001 --> 00:17:16,000 WITH THE CHAIRMAN OF THE BUDGET 468 00:17:16,001 --> 00:17:18,000 COMMITTEE AND OTHERS. 469 00:17:18,001 --> 00:17:20,000 WE WANTED A DEBT COMMISSION, AND 470 00:17:20,001 --> 00:17:21,000 WE BROUGHT TO THIS FLOOR A DEBT 471 00:17:21,001 --> 00:17:22,000 COMMISSION, A GOOD ONE, 472 00:17:22,001 --> 00:17:25,000 MR. PRESIDENT. 473 00:17:25,001 --> 00:17:26,000 IT WAS BASED UPON WHAT WE DID 474 00:17:26,001 --> 00:17:27,000 WITH BASE CLOSINGS, MILITARY 475 00:17:27,001 --> 00:17:30,000 BASE CLOSINGS. 476 00:17:30,001 --> 00:17:31,000 WE TRIED FOR DECADES TO CLOSE 477 00:17:31,001 --> 00:17:33,000 BASES THAT WERE UNNECESSARY IN 478 00:17:33,001 --> 00:17:36,000 THE COUNTRY ANYMORE, AFTER WORLD 479 00:17:36,001 --> 00:17:38,000 WAR II WAS GONE, KOREA WAS GONE, VIETNAM. 480 00:17:38,001 --> 00:17:39,000 WE DIDN'T NEED AWFUL THOSE BASES. 481 00:17:39,001 --> 00:17:40,000 BECAUSE OF WHAT HAPPENS IN 482 00:17:40,001 --> 00:17:42,000 TRYING TO CLOSE A BASE BECAUSE 483 00:17:42,001 --> 00:17:44,000 OF LOCAL POLITICS, WE COULDN'T 484 00:17:44,001 --> 00:17:47,000 DO IT SO WE PASSED A BILL THAT 485 00:17:47,001 --> 00:17:49,000 SAID, WE'RE GOING TO HAVE A DEBT CLOSING COMMISSION. 486 00:17:49,001 --> 00:17:51,000 THEY WILL COME BACK WITH 487 00:17:51,001 --> 00:17:54,000 RECOMMENDATIONS, AND THE HOUSE 488 00:17:54,001 --> 00:17:56,000 AND THE SENATE HAS A CHOICE: 489 00:17:56,001 --> 00:17:57,000 EITHER VOTE "NO" OR "YES" ON 490 00:17:57,001 --> 00:17:59,000 THEIR RECOMMENDATIONS AND THEY 491 00:17:59,001 --> 00:18:01,000 VOTED "YES," BOTH THE HOUSE AND 492 00:18:01,001 --> 00:18:02,000 SENATE, AND WE CLOSED NUMEROUS 493 00:18:02,001 --> 00:18:03,000 BASES ALL OVER THE COUNTRY. 494 00:18:03,001 --> 00:18:05,000 THE DEBT COMMISSION WE 495 00:18:05,001 --> 00:18:06,000 ESTABLISHED WAS BASED UPON THAT 496 00:18:06,001 --> 00:18:08,000 THE SAME THING. 497 00:18:08,001 --> 00:18:10,000 AND WE VOTED -- WE DEMOCRATS VOTED. 498 00:18:10,001 --> 00:18:12,000 IT WOULD HAVE PASSED. 499 00:18:12,001 --> 00:18:13,000 WHY DIDN'T IT PASS? 500 00:18:13,001 --> 00:18:15,000 BECAUSE SEVEN REPUBLICANS, WHO 501 00:18:15,001 --> 00:18:17,000 COSPONSORED THE LEGISLATION, 502 00:18:17,001 --> 00:18:19,000 VOTED AGAINST IT. 503 00:18:19,001 --> 00:18:21,000 SO, MR. PRESIDENT, WE DON'T NEED 504 00:18:21,001 --> 00:18:23,000 LECTURES HERE ON DEBT. 505 00:18:23,001 --> 00:18:24,000 WHAT WE NEED ISO RECOGNIZE 506 00:18:24,001 --> 00:18:26,000 THAT THERE ARE POOR PEOPLE ALL 507 00:18:26,001 --> 00:18:28,000 OVER AMERICA WHO ARE DESPERATE 508 00:18:28,001 --> 00:18:30,000 TODAY, AND PEOPLE WHO ARE 509 00:18:30,001 --> 00:18:31,000 WORKING, MAKING GOOD MONEY ON 510 00:18:31,001 --> 00:18:33,000 THESE ROAD PROJECTS ALL OVER 511 00:18:33,001 --> 00:18:35,000 AMERICA TODAY THAT ARE BEING 512 00:18:35,001 --> 00:18:39,000 TOLD TO GO HOME BECAUSE WE DON'T 513 00:18:39,001 --> 00:18:40,000 HAVE INSPECTORS TO TAKE CARE OF 514 00:18:40,001 --> 00:18:41,000 YOUR WORK. 515 00:18:41,001 --> 00:18:42,000 THEREFORE, MR. PRESIDENT, I OBJECT 516 00:18:42,001 --> 00:18:48,000 THE PRESIDING OFFICER: 517 00:18:48,001 --> 00:18:49,000 OBJECTION IS HEARD. 518 00:18:49,001 --> 00:18:51,000 MR. REID: MR. PRESIDENT, 519 00:18:51,001 --> 00:18:52,000 UNLESS MY FRIEND HAS MORE TO 520 00:18:52,001 --> 00:18:53,000 SAY, I'M GOING TO SUGGEST THE 521 00:18:53,001 --> 00:18:54,000 ABSENCE OF A QUORUM. 522 00:18:54,001 --> 00:18:55,000 I SUGGEST THE ABSENCE OF A QUORUM. 523 00:18:55,001 --> 00:18:59,000 THE PRESIDING OFFICER: THE 524 00:18:59,001 --> 00:25:38,000 CLERK WILL CALL THE ROLL. 525 00:25:38,001 --> 00:25:40,000 QUORUM CALL: 526 00:25:40,001 --> 00:25:41,000 MR. ALEXANDER: THE PRESIDING OFFICER: THE 527 00:25:41,001 --> 00:25:43,000 SENATOR FROM TENNESSEE. 528 00:25:43,001 --> 00:25:44,000 MR. ALEXANDER: MR. PRESIDENT, 529 00:25:44,001 --> 00:25:45,000 CALL BE VITIATED. 530 00:25:45,001 --> 00:25:47,000 THE PRESIDING OFFICER: WITHOUT OBJECTION. 531 00:25:47,001 --> 00:25:48,000 MR. ALEXANDER: MR. PRESIDENT, 532 00:25:48,001 --> 00:25:49,000 I ASK CONSENT TO SPEAK IN 533 00:25:49,001 --> 00:25:50,000 MORNING BUSINESS FOR UP TO 15 534 00:25:50,001 --> 00:25:51,000 MINUTES. THE PRESIDING OFFICER: WITHOUT 535 00:25:51,001 --> 00:25:52,000 OBJECTION. 536 00:25:52,001 --> 00:25:54,000 MR. ALEXANDER: THANK YOU. 537 00:25:54,001 --> 00:25:56,000 MR. PRESI WOULD THE CHAIR 538 00:25:56,001 --> 00:25:57,000 PLEASE LET ME KNOW WHEN I HAVE 539 00:25:57,001 --> 00:25:58,000 CONSUMED 12 OF THE 15 MINUTES. 540 00:25:58,001 --> 00:25:59,000 THE PRESIDING OFFICER: YES, SIR. 541 00:25:59,001 --> 00:26:00,000 MR. ALEXANDER: THANK YOU VERY 542 00:26:00,001 --> 00:26:01,000 MUCH. 543 00:26:01,001 --> 00:26:02,000 MR. PRESIDENT, IT WAS MY 544 00:26:02,001 --> 00:26:04,000 PRIVILEGE LAST THURSDAY, ALONG 545 00:26:04,001 --> 00:26:06,000 WITH SOMOTHER MEMBERS OF THE 546 00:26:06,001 --> 00:26:08,000 SENATE, TO ATTEND A HEALTH CARE 547 00:26:08,001 --> 00:26:11,000 SUMMIT AT THE INVITATION OF PRESENT OBAMA. 548 00:26:11,001 --> 00:26:13,000 IT WENT ON A LONG TIME, AND WE 549 00:26:13,001 --> 00:26:14,000 LEARNED ONE THING WE ALREADY 550 00:26:14,001 --> 00:26:16,000 KNEW, THAT OUR PRESIDENT IS 551 00:26:16,001 --> 00:26:17,000 SMART, KNOWS A LOT ABOUT HEALTH 552 00:26:17,001 --> 00:26:19,000 CARE. 553 00:26:19,001 --> 00:26:20,000 AND SO I STAYED THE WHOLE TIME. 554 00:26:20,001 --> 00:26:23,000 BUT IT GAVE THOSE OF US ON THE 555 00:26:23,001 --> 00:26:26,000 DON'T HAVE THE OPPORTUNITY TO 556 00:26:26,001 --> 00:26:28,000 HAVE AS OFTEN, WHICH IS TO BE ON 557 00:26:28,001 --> 00:26:30,000 CENTER STAGE AND LET THE 558 00:26:30,001 --> 00:26:32,000 AMERICAN PEOPLE KNOW, A, WHO WE 559 00:26:32,001 --> 00:26:33,000 ARE AND, B WHAT OUR IDEAS ARE. 560 00:26:33,001 --> 00:26:35,000 SO IT WAS A TERRIFIC IDEA FOR US 561 00:26:35,001 --> 00:26:37,000 TO SAY, FOR EXAMPLE, THAT WE ARE 562 00:26:37,001 --> 00:26:38,000 -- OUR GOAL IS TO REDUCE HEALTH 563 00:26:38,001 --> 00:26:44,000 CARE COSTS, THAT WE'D LIKE TO 564 00:26:44,001 --> 00:26:45,000 MOVE STEP BY STEP TOWARD THAT GOAL. 565 00:26:45,001 --> 00:26:50,000 WE IDENTIFIED A NUMBER OF AREAS, 566 00:26:50,001 --> 00:26:53,000 FOR EXAMPLE, ALLOWING INSURANCE 567 00:26:53,001 --> 00:26:55,000 TO BE TRANSFERRED ACROSS STATE 568 00:26:55,001 --> 00:26:56,000 LINES, LIMITING JUNK LAWSUITS, 569 00:26:56,001 --> 00:26:57,000 WHICH WOULD BRING DOWN THE COST 570 00:26:57,001 --> 00:26:58,000 OF PREMIUMS, WHICH IS WHAT 571 00:26:58,001 --> 00:27:00,000 AMERICANS WANT. 572 00:27:00,001 --> 00:27:02,000 DURING THE DISCUSSION EARLY ON, ACTUALLY, THE PRESIDENT AND I 573 00:27:02,001 --> 00:27:03,000 HAD A LITTLE DISAGREEMENT ABOUT 574 00:27:03,001 --> 00:27:05,000 WHETHER HIS PLAN, WHICH IS BASED 575 00:27:05,001 --> 00:27:07,000 ON THE SENATE BILL, WHICH PASSED 576 00:27:07,001 --> 00:27:10,000 ON CHRISTMAS EVE, WOULD RAISE PREMIUMS. 577 00:27:10,001 --> 00:27:12,000 WHAT I HAD SAID IN MY OPENING 578 00:27:12,001 --> 00:27:14,000 REMARKS ON BEHALF OF REPUBLICANS 579 00:27:14,001 --> 00:27:18,000 WAS THAT MILLIONS OF AMERICANS 580 00:27:18,001 --> 00:27:20,000 UNDER THE DEMOCRATIC PLAN WOULD 581 00:27:20,001 --> 00:27:21,000 PAY HIGHER INSURANCE PREMIUMS 582 00:27:21,001 --> 00:27:23,000 BECAUSE OF GOVERNMENT MANDATES 583 00:27:23,001 --> 00:27:24,000 AND TAXES. 584 00:27:24,001 --> 00:27:25,000 THE PRESIDENT SAYS THAT'S WRONG. 585 00:27:25,001 --> 00:27:27,000 I CITED A CONGRESSIONAL BUDGET 586 00:27:27,001 --> 00:27:30,000 OFCE REPORT TO SHOW I WAS 587 00:27:30,001 --> 00:27:31,000 RIGHT, AND RATHER THAN DISPUTE 588 00:27:31,001 --> 00:27:32,000 THE PRESIDENT OF THE UNITED 589 00:27:32,001 --> 00:27:36,000 STATES IN PUBLIC, I THOUGHT I 590 00:27:36,001 --> 00:27:38,000 HAD HAD ENOUGH TIME TO MAKE MY 591 00:27:38,001 --> 00:27:40,000 CASE -- I SAID I WOULD SEND LI 592 00:27:40,001 --> 00:27:41,000 HIM A LETTER, WHICH I DID THAT 593 00:27:41,001 --> 00:27:42,000 SAME DAY. 594 00:27:42,001 --> 00:27:44,000 SO I WOULD LIKE TO ASK UNANIMOUS 595 00:27:44,001 --> 00:27:45,000 CONSENT THE LETTER THAT I GAVE 596 00:27:45,001 --> 00:27:46,000 TO PRESIDENT OBAMA ON THURSDAY. 597 00:27:46,001 --> 00:27:47,000 THE PRESIDING OFFICER: WITHOUT 598 00:27:47,001 --> 00:27:49,000 OBJECTION. 599 00:27:49,001 --> 00:27:51,000 MR. ALEXANDER: THE PRESIDENT'S 600 00:27:51,001 --> 00:27:53,000 ARGUMENT -- BUT TODAY WHAT I'D 601 00:27:53,001 --> 00:27:54,000 LIKE TO DO IN THE NEXT FEW 602 00:27:54,001 --> 00:27:58,000 MINUTES IS EXPLAIN WHY I BELIEVE 603 00:27:58,001 --> 00:27:59,000 I AM CORRECT; THAT UNDER THE 604 00:27:59,001 --> 00:28:01,000 PRESIDENT'S HEALTH INSURANCE 605 00:28:01,001 --> 00:28:03,000 PLAN, WHICH IS BASED UPON THE 606 00:28:03,001 --> 00:28:05,000 SENATE PLAN, FOR MILLIONS OF 607 00:28:05,001 --> 00:28:07,000 AMERICANS PREMIUMS WOULD GO UP, 608 00:28:07,001 --> 00:28:09,000 BECAUSE OF ONE-SIZE-FITS-ALL 609 00:28:09,001 --> 00:28:11,000 GOVERNMENT MANDATES, BECAUSE OF 610 00:28:11,001 --> 00:28:12,000 TAXES THAT ARE PASSED ON TO 611 00:28:12,001 --> 00:28:15,000 CONSUMERS, BUT FOR OTHER REASONS 612 00:28:15,001 --> 00:28:17,000 AS WELL -- BY SHIFTING COSTS 613 00:28:17,001 --> 00:28:19,000 WHEN YOU DUMP 15 MILLION PEOPLE 614 00:28:19,001 --> 00:28:21,000 OR 18 MILLION PEOPLE INTO A 615 00:28:21,001 --> 00:28:23,000 PROGRAM CALLED MEDICAID, WHAT 616 00:28:23,001 --> 00:28:24,000 HAPPENS IS, WE DON'T PAY THE 617 00:28:24,001 --> 00:28:26,000 DOCTORS AND THE HOSPITALS WELL 618 00:28:26,001 --> 00:28:29,000 ENOUGH TO TAKE CARE OF THOSE 619 00:28:29,001 --> 00:28:30,000 FOLKS SO THEY SHIFT THE COST TO 620 00:28:30,001 --> 00:28:32,000 PEOPLE WHO ARE PAYING WITH PRIVATE INSURANCE AND PREMIUMS 621 00:28:32,001 --> 00:28:34,000 GO UP. 622 00:28:34,001 --> 00:28:37,000 COSTS FOR YOUNG PEOPLE WILL GO 623 00:28:37,001 --> 00:28:38,000 UP UNDER THIS PLAN BECAUSE IF 624 00:28:38,001 --> 00:28:40,000 YOU PUT IN A RULE AT THAT SAYS 625 00:28:40,001 --> 00:28:42,000 MY INSURANCE AT MY AGE CAN'T GO 626 00:28:42,001 --> 00:28:44,000 UP MORE THAN A CERTAIN AMOUNT, 627 00:28:44,001 --> 00:28:46,000 COMPARED WITH MY SON'S 628 00:28:46,001 --> 00:28:48,000 INSURANCE, THEN HIS INSURANCE 629 00:28:48,001 --> 00:28:53,000 GOES UP. 630 00:28:53,001 --> 00:28:55,000 AND BECAUSE IN A SCHEME LIKE THE 631 00:28:55,001 --> 00:28:57,000 DEMOCRATIC PLAN DEPENDS UPON 632 00:28:57,001 --> 00:28:59,000 REQUIRING EVERYBODY TO BUY 633 00:28:59,001 --> 00:29:01,000 INSURANCE, THERE IS A WEAK 634 00:29:01,001 --> 00:29:02,000 PROVISION FOR THAT, AND I 635 00:29:02,001 --> 00:29:05,000 SUSPECT MANY YOUNG PEOPLE WOULD 636 00:29:05,001 --> 00:29:08,000 JUST RATHER PAY THE $750 FINE 637 00:29:08,001 --> 00:29:10,000 RATHER THAN THE $2 -- BY A 638 00:29:10,001 --> 00:29:11,000 $2,500 INSURANCE POLICY, WHICH 639 00:29:11,001 --> 00:29:13,000 THEY THINK THEY CAN'T AFORWARD. 640 00:29:13,001 --> 00:29:18,000 THE PRESIDENT MADE THE POINT IN 641 00:29:18,001 --> 00:29:21,000 HIS UNUSUAL VERY PERSUASIVE WAY, 642 00:29:21,001 --> 00:29:23,000 THAT WAIT A MINUTE, YOU'D BE 643 00:29:23,001 --> 00:29:26,000 GETTING BETTER INSURANCE. 644 00:29:26,001 --> 00:29:28,000 AS GEORGE WILL SAID ON ABC'S 645 00:29:28,001 --> 00:29:29,000 "THIS WEEK" YESTERDAY, HE SAI 646 00:29:29,001 --> 00:29:32,000 "IF THE GOVERNMENT REQUIRED YOU 647 00:29:32,001 --> 00:29:34,000 TO BUY A BETTER, MORE EXPENSIVE 648 00:29:34,001 --> 00:29:36,000 CAR, EVEN IF IT WAS BETTER THAN 649 00:29:36,001 --> 00:29:37,000 THE CAR YOU'VE GOT, IT WOULD 650 00:29:37,001 --> 00:29:38,000 STILL BE MORE EXPENSIVE, 651 00:29:38,001 --> 00:29:40,000 WOULDN'T IT?" 652 00:29:40,001 --> 00:29:43,000 AND THAT'S THE CASE WITH THE 653 00:29:43,001 --> 00:29:44,000 PRESIDENT'S HEALTH CARE PLAN. 654 00:29:44,001 --> 00:29:46,000 IN FACT, PREMIUMS WILL GO UP FOR 655 00:29:46,001 --> 00:29:48,000 MILLIONS OF AMERICANS. 656 00:29:48,001 --> 00:29:49,000 UP MORE THAN THEY OTHERWISE 657 00:29:49,001 --> 00:29:50,000 WOULD OVER THE NEXT SEVERAL 658 00:29:50,001 --> 00:29:52,000 YEARS, AND WE ALL KNOW HOW 659 00:29:52,001 --> 00:29:53,000 RAPIDLY THEY'RE RISING. 660 00:29:53,001 --> 00:29:54,000 AND THE WHOLE EXERCISE THAT 661 00:29:54,001 --> 00:29:57,000 WE'RE GOING THROUGH OVER THE 662 00:29:57,001 --> 00:29:58,000 LAST YEAR IS TO BRING PREMIUMS 663 00:29:58,001 --> 00:30:01,000 DOWN. 664 00:30:01,001 --> 00:30:03,000 NOT HELP DRIVE PREMIUMS UP. 665 00:30:03,001 --> 00:30:05,000 WHAT I SAID TO THE PRESIDENT 666 00:30:05,001 --> 00:30:06,000 WITH RESPECT WAS THAT THE 667 00:30:06,001 --> 00:30:08,000 CONGRESSIONAL BUDGET OFFICE ON 668 00:30:08,001 --> 00:30:10,000 NOVEMBER 30 SAID THIS ABOUT THE 669 00:30:10,001 --> 00:30:11,000 SENATE BILL. 670 00:30:11,001 --> 00:30:12,000 THE CONGRESSIONAL BUDGET OFFICE 671 00:30:12,001 --> 00:30:14,000 -- QUOTE -- "AND THE JOINT 672 00:30:14,001 --> 00:30:16,000 COMMITTEE ON TAXATION ESTIMATE 673 00:30:16,001 --> 00:30:18,000 THAT THE AVERAGE PREMIUM PER 674 00:30:18,001 --> 00:30:20,000 PERSON COVERED FOR NEW NONGROUP" 675 00:30:20,001 --> 00:30:24,000 -- THAT MEANS INDIVIDUAL 676 00:30:24,001 --> 00:30:28,000 POLICIES -- "WOULD BE ABOUT 10% 677 00:30:28,001 --> 00:30:33,000 TO 13% PRIOR IN 2016 UNDERSTAND 678 00:30:33,001 --> 00:30:34,000 THAT THE SAME IN THE SAME YEAR 679 00:30:34,001 --> 00:30:36,000 UNDER CURRENT LAW. 680 00:30:36,001 --> 00:30:38,000 IF YOU BUY AN INDIVIDUAL POLICY 681 00:30:38,001 --> 00:30:43,000 THAT MEANS NOT A POLICY WITH 682 00:30:43,001 --> 00:30:46,000 YOUR EMPLOYER, THAT BY 2016, IT 683 00:30:46,001 --> 00:30:50,000 WILL BE AT AN AVERAGE OF 10% TO 684 00:30:50,001 --> 00:30:51,000 13% HIGHER THAN IT OTHERWISE WOULD. 685 00:30:51,001 --> 00:30:53,000 MR. PRESIDENT, I ASK UNANIMOUS CONSENT TO INCLUDE IN THE RECORD 686 00:30:53,001 --> 00:30:56,000 THE RELEVANT PARTS OF THE CONGRESSIONAL BUDGET OFFICE 687 00:30:56,001 --> 00:30:59,000 LETTER OF NOVEMBER 30 TO SENATOR 688 00:30:59,001 --> 00:31:00,000 EVAN BAYH ON THIS POINT. 689 00:31:00,001 --> 00:31:01,000 THE PRESIDING OFFICER: WITHOUT OBJECTION. 690 00:31:01,001 --> 00:31:02,000 MR. ALEXANDER: THE PRESIDENT 691 00:31:02,001 --> 00:31:04,000 SAID WAIT A MINUTE, THE PREMIUMS 692 00:31:04,001 --> 00:31:05,000 IN THE INDIVIDUAL MARKET WILL GO 693 00:31:05,001 --> 00:31:08,000 DOWN 14% TO 20%. 694 00:31:08,001 --> 00:31:09,000 THAT'S ALSO IN THE SAME LETTER. 695 00:31:09,001 --> 00:31:11,000 AND, OF COURSE, HE'S RIGHT ABOUT 696 00:31:11,001 --> 00:31:12,000 THAT, THEY GO DOWN BECAUSE OF 697 00:31:12,001 --> 00:31:14,000 ADMINISTRATIVE EFFICIENCIES AND 698 00:31:14,001 --> 00:31:15,000 NEW ENROLLMENT, BUT HE LEFT OUT 699 00:31:15,001 --> 00:31:17,000 THAT THERE ARE OTHER FACTORS 700 00:31:17,001 --> 00:31:19,000 THERE THAT THE GOVERNMENT 701 00:31:19,001 --> 00:31:22,000 MANDATES WILL DRIVE THEM UP 27% 702 00:31:22,001 --> 00:31:25,000 OR 30% OR, IN THE END, THE 703 00:31:25,001 --> 00:31:26,000 AVERAGE, AS THE C.B.O. SAID, 704 00:31:26,001 --> 00:31:28,000 PREMIUM PER PERSON COVERED IN AN 705 00:31:28,001 --> 00:31:31,000 INDIVIDUAL POLICY WOULD BE UP 706 00:31:31,001 --> 00:31:34,000 10% TO 13%. 707 00:31:34,001 --> 00:31:37,000 NOW, THE BILL HAS SUBSIDIES IN 708 00:31:37,001 --> 00:31:38,000 IT FOR SOME AMERICANS. 709 00:31:38,001 --> 00:31:40,000 THE SAME LETTER SAYS ABOUT HALF 710 00:31:40,001 --> 00:31:41,000 OF AMERICANS WHO BUY IN THE 711 00:31:41,001 --> 00:31:42,000 INDIVIDUAL MARKET WILL GET A 712 00:31:42,001 --> 00:31:44,000 SUBSIDY. 713 00:31:44,001 --> 00:31:47,000 WELL, WE ARE PAYING FOR THAT 714 00:31:47,001 --> 00:31:48,000 SUBSIDY BUT LET'S CONCEDE THAT 715 00:31:48,001 --> 00:31:49,000 POINT. 716 00:31:49,001 --> 00:31:51,000 STILL, THAT LEAVES HALF OF THE 717 00:31:51,001 --> 00:31:54,000 PEOPLE IN THE INDIVIDUAL MARKET 718 00:31:54,001 --> 00:31:57,000 FOR WHOM PREMIUMS WILL GO UP ON 719 00:31:57,001 --> 00:32:01,000 AN AVERAGE OF 10% 2013%. 720 00:32:01,001 --> 00:32:02,000 NOW, WHY -- MY 10% TO 13%. 721 00:32:02,001 --> 00:32:04,000 NOW, WHY IS THAT? 722 00:32:04,001 --> 00:32:05,000 ONE REASON IS BECAUSE THE SENATE 723 00:32:05,001 --> 00:32:06,000 BILL SAYS PEOPLE WILL HAVE TO 724 00:32:06,001 --> 00:32:08,000 BUY A RICHER POLICY THAN THEY HAVE TODAY. 725 00:32:08,001 --> 00:32:09,000 THAT MEANS IT HAS A HIGHER 726 00:32:09,001 --> 00:32:12,000 ACTUARIAL VALUE. 727 00:32:12,001 --> 00:32:13,000 THEY CALL IT IN THE BILL MINIMUM 728 00:32:13,001 --> 00:32:15,000 CREDITABLE COVERAGE. 729 00:32:15,001 --> 00:32:16,000 IT MEANS THIS IS THE AMOUNT OF 730 00:32:16,001 --> 00:32:20,000 INSURANCE I THINK YOU SHOULD 731 00:32:20,001 --> 00:32:22,000 HAVE BEFORE YOU BUY A POLICY. 732 00:32:22,001 --> 00:32:24,000 THAT MIGHT B A GOOD DECISION. 733 00:32:24,001 --> 00:32:25,000 IT UNDOUBTEDLY WOULD BE GOOD TO 734 00:32:25,001 --> 00:32:28,000 HAVE THE INSURANCE. 735 00:32:28,001 --> 00:32:29,000 IT JUST COSTS MORE, 27% TO 30% 736 00:32:29,001 --> 00:32:30,000 MORE THAN TODAY'S AVERAGE. 737 00:32:30,001 --> 00:32:32,000 THE NATIONAL FEDERATION O 738 00:32:32,001 --> 00:32:33,000 INDEPENDENT BUSINESSES WROTE A 739 00:32:33,001 --> 00:32:36,000 DECEMBER 12 LETTER IN OPPOSITION 740 00:32:36,001 --> 00:32:37,000 TO THE SENATE BILL SAYING -- 741 00:32:37,001 --> 00:32:40,000 QUOTE -- "THAT THE BENEFIT 742 00:32:40,001 --> 00:32:41,000 MANDATES WILL PUT SMALL BUSINESS 743 00:32:41,001 --> 00:32:44,000 OWNERS" -- QUOTE -- "AT RISK OF 744 00:32:44,001 --> 00:32:48,000 HAVING TO DROP COVERAGE DUE TO 745 00:32:48,001 --> 00:32:49,000 INCREASES THAT OUTPACE 746 00:32:49,001 --> 00:32:50,000 THEIR HEALTH BUDGETS." 747 00:32:50,001 --> 00:32:51,000 MR. PRESIDENT, I'D LIKE TO ASK 748 00:32:51,001 --> 00:32:54,000 UNANIMOUS CONSENT TO INCLUDE THE 749 00:32:54,001 --> 00:32:55,000 LETTER FROM NFIB FROM SENATOR 750 00:32:55,001 --> 00:32:56,000 REID AND SENATOR McCONNELL OF 751 00:32:56,001 --> 00:32:57,000 DECEMBER 8. 752 00:32:57,001 --> 00:32:58,000 THE PRESIDING OFFICER: WITHOUT 753 00:32:58,001 --> 00:33:00,000 OBJECTION. 754 00:33:00,001 --> 00:33:01,000 MR. ALEXANDER: THE ONE-SIZE-FITS-ALL PROVISION IN 755 00:33:01,001 --> 00:33:03,000 THE DEMOCRATIC BILL SAYS THAT 756 00:33:03,001 --> 00:33:05,000 ALL INDIVIDUAL AND SMALL GROUP 757 00:33:05,001 --> 00:33:07,000 POLICIES MUFF AN ACTRIAL -- 758 00:33:07,001 --> 00:33:09,000 MUST HAVE AN ACTUARIAL VALUE OF 60%. 759 00:33:09,001 --> 00:33:11,000 NOW, SENATOR SUSAN COLLINS OF 760 00:33:11,001 --> 00:33:13,000 MAINE, WHO WAS THE INSURANCE 761 00:33:13,001 --> 00:33:14,000 COMMISSIONER IN MAINE HERSELF, 762 00:33:14,001 --> 00:33:17,000 MADE A SPEECH ON THE SENATE 763 00:33:17,001 --> 00:33:19,000 FLOOR AND POINTED OUT THAT 87% 764 00:33:19,001 --> 00:33:20,000 OF THE POLICIES, THE INDIVIDUAL 765 00:33:20,001 --> 00:33:22,000 POLICIES THAT ARE PURCHASED IN 766 00:33:22,001 --> 00:33:25,000 MAINE TODAY WOULD COST MORE 767 00:33:25,001 --> 00:33:26,000 UNDER THE REID BILL. 768 00:33:26,001 --> 00:33:27,000 MR. PRESIDENT, I'D LIKE TO ASK 769 00:33:27,001 --> 00:33:28,000 UNANIMOUS CONSENT TO INCLUDE IN 770 00:33:28,001 --> 00:33:30,000 THE RECORD SENATOR COLLINS' 771 00:33:30,001 --> 00:33:31,000 REPOS OF DECEMBER 18. 772 00:33:31,001 --> 00:33:32,000 THE PRESIDING OFFICER: WITHO 773 00:33:32,001 --> 00:33:34,000 OBJECTION. 774 00:33:34,001 --> 00:33:35,000 MR. ALEXANDER: SHE USED THE 775 00:33:35,001 --> 00:33:36,000 EXAMPLE THE MOST POPULAR 776 00:33:36,001 --> 00:33:38,000 INDIVIDUAL MARKET POLICY SOLD IN 777 00:33:38,001 --> 00:33:39,000 MAINE COST A 40-YEAR-OLD ABOUT 778 00:33:39,001 --> 00:33:41,000 $185 A MONTH. 779 00:33:41,001 --> 00:33:43,000 UNDER THE SENATE BILL, THAT 780 00:33:43,001 --> 00:33:45,000 40-YEAR-OLD WOULD HAVE TO PAY AT 781 00:33:45,001 --> 00:33:46,000 LEAST $420 A MONTH, MORE THAN 782 00:33:46,001 --> 00:33:48,000 TWICE AS MUCH FOR A POLICY THAT 783 00:33:48,001 --> 00:33:52,000 MEETS THE NEW MINIMUM STANDARD 784 00:33:52,001 --> 00:33:54,000 OR FACE A $750 PENALTY. 785 00:33:54,001 --> 00:33:56,000 NOW, IT IS TRUE THAT MAINE 786 00:33:56,001 --> 00:33:57,000 CITIZENS, LIKE ALL AMERICANS, 787 00:33:57,001 --> 00:33:59,000 ABOUT HALF OF THEM WOULD RECEIVE 788 00:33:59,001 --> 00:34:01,000 SUBSIDIES TO HELP THEM BUY THAT 789 00:34:01,001 --> 00:34:05,000 POLICY, BUT THE OTHER HALF OF 790 00:34:05,001 --> 00:34:06,000 THE7%, THEIR AVERAGE PREMIUM 791 00:34:06,001 --> 00:34:09,000 IS GOING TO GO UP UNDER THE 792 00:34:09,001 --> 00:34:10,000 DEMOCRATIC BILL. 793 00:34:10,001 --> 00:34:12,000 WE BELIEVE AMERICANS OUGHT TO 794 00:34:12,001 --> 00:34:13,000 HAVE MORE CHOICES THAN THAT. 795 00:34:13,001 --> 00:34:14,000 THAT'S A FUNDAMENTAL DIFFERENCE 796 00:34:14,001 --> 00:34:16,000 OF OPINION. 797 00:34:16,001 --> 00:34:19,000 SHOULD WASHINGTON DECIDE YOU 798 00:34:19,001 --> 00:34:20,000 NEED TO BUY A RICHER POLICY OR 799 00:34:20,001 --> 00:34:22,000 SHOULD YOU DECIDE THAT FOR 800 00:34:22,001 --> 00:34:24,000 YOURSELF BASED UPON THE OTHER 801 00:34:24,001 --> 00:34:26,000 NEEDS IN YOUR FAMILY? 802 00:34:26,001 --> 00:34:29,000 THE CONGRESSIONAL BUDGET OFFICE 803 00:34:29,001 --> 00:34:32,000 DOES STATE, AS I HAVE MENTIONED, 804 00:34:32,001 --> 00:34:33,000 THAT THERE ARE A NUMBER OF 805 00:34:33,001 --> 00:34:35,000 ENROLLEES, ABOUT HALF, WOULD 806 00:34:35,001 --> 00:34:37,000 HAVE THE SUBSIDIES AND THAT'S IN 807 00:34:37,001 --> 00:34:41,000 THE LETTER THAT I'VE ALREADY 808 00:34:41,001 --> 00:34:43,000 INTRODUCED INTO THE -- INTO THE RECORD. 809 00:34:43,001 --> 00:34:45,000 BUT SOMEONE'S PAYING FOR THOSE 810 00:34:45,001 --> 00:34:46,000 SUBSIDIES, MR. PRESIDENT: THE 811 00:34:46,001 --> 00:34:48,000 TAXPAYERS ARE PAYING FOR THEM. 812 00:34:48,001 --> 00:34:49,000 WHICH BRINGS UP THE SECOND 813 00:34:49,001 --> 00:34:51,000 REASON THAT I SAID ON THURSDAY 814 00:34:51,001 --> 00:34:52,000 THAT PREMIUMS FOR MILLIONS OF 815 00:34:52,001 --> 00:34:56,000 AMERICANS IN THE INDIVIDUAL 816 00:34:56,001 --> 00:34:58,000 MARKET WILL GO UP. 817 00:34:58,001 --> 00:35:01,000 THE COMMONSENSE IDEAS THAT IF 818 00:35:01,001 --> 00:35:03,000 YOU TAX AN INSURANCE COMPANY OR 819 00:35:03,001 --> 00:35:05,000 A MEDICAL DEVICE COMPANY OR A 820 00:35:05,001 --> 00:35:08,000 MANUFACTURER OF DRUGS, THEY'LL 821 00:35:08,001 --> 00:35:11,000 PASS THE TAXES ON TO WHOM? 822 00:35:11,001 --> 00:35:13,000 TO US, WHO ARE BUYING INSURANCE 823 00:35:13,001 --> 00:35:14,000 POLICIES, OR MEDICAL DEVICES, OR 824 00:35:14,001 --> 00:35:15,000 DRUGS. 825 00:35:15,001 --> 00:35:16,000 SO WE END UP PAYING. 826 00:35:16,001 --> 00:35:18,000 IN FACT, ONE PART OF THE 827 00:35:18,001 --> 00:35:20,000 PRESIDENT'S PROPOSAL 828 00:35:20,001 --> 00:35:23,000 DELIRATELY DOES THAT. 829 00:35:23,001 --> 00:35:24,000 IT'S A 40% EXCISE TAX ON 830 00:35:24,001 --> 00:35:26,000 INSURANCE COMPANY FOR WHAT WE 831 00:35:26,001 --> 00:35:27,000 CALL CADILLAC PLANS, THE 832 00:35:27,001 --> 00:35:28,000 HIGH-COST PRIVATE INSURANCE 833 00:35:28,001 --> 00:35:30,000 PLANS. 834 00:35:30,001 --> 00:35:32,000 THE JOINT COMMITTEE ON TAXATION 835 00:35:32,001 --> 00:35:35,000 ON FEBRUARY 24 -- AND I'D LIKE 836 00:35:35,001 --> 00:35:38,000 TO ASK CONSENTO INCLUDE THEIR 837 00:35:38,001 --> 00:35:39,000 LETTER IN THE RECORD -- THE PRESIDING OFFICER: WITHOUT 838 00:35:39,001 --> 00:35:42,000 OBJECTION. 839 00:35:42,001 --> 00:35:46,000 MR. ALEXANDER: -- SAYS THAT THAT 840 00:35:46,001 --> 00:35:47,000 40% EXCISE TAX WILL RAISE 841 00:35:47,001 --> 00:35:48,000 $32.7 BILLION, ALL OF WHICH WILL 842 00:35:48,001 --> 00:35:50,000 BE PASSED ALONG TO CONSUMERS IN 843 00:35:50,001 --> 00:35:52,000 THE FORM OF HIGHER INSURANCE PREMIUMS. 844 00:35:52,001 --> 00:35:53,000 NOW, THAT MAY BE A GOOD THING, 845 00:35:53,001 --> 00:35:56,000 MR. PRESIDENT, BECAUSE, IN FACT, 846 00:35:56,001 --> 00:35:57,000 I THINK IT IS BECAUSE IT HELPS 847 00:35:57,001 --> 00:36:00,000 TO DISCOURAGE THE PURCHASE OF 848 00:36:00,001 --> 00:36:01,000 MORE EXPENSIVE POLICIES BUT IT 849 00:36:01,001 --> 00:36:03,000 DOES RAISE PREMIUMS IN THE 850 00:36:03,001 --> 00:36:05,000 INDIVIDUAL MARKET. 851 00:36:05,001 --> 00:36:08,000 AND THE -- THE JOINT COMMITTEE 852 00:36:08,001 --> 00:36:10,000 ON TAXATION MEMORANDUM ON 853 00:36:10,001 --> 00:36:15,000 HIGH-COST PLANS DATED SEPTEMBER 854 00:36:15,001 --> 00:36:16,000 29 SAYS THE EXCISE TAX WOULD BE 855 00:36:16,001 --> 00:36:17,000 MAINLY PASSED ALONG THROUGH 856 00:36:17,001 --> 00:36:18,000 INCREASES IN PREMIUMS. 857 00:36:18,001 --> 00:36:19,000 I'D LIKE TO ASK CONSENT TO 858 00:36:19,001 --> 00:36:20,000 INCLUDE THAT LETTER IN THE 859 00:36:20,001 --> 00:36:21,000 RECORD THE PRESIDING OFFICER: WITHOUT 860 00:36:21,001 --> 00:36:23,000 OBJECTION. 861 00:36:23,001 --> 00:36:24,000 MR. ALEXANDER: AND BECAUSE THE 862 00:36:24,001 --> 00:36:26,000 NEW TAXES INDEX TO REGULAR 863 00:36:26,001 --> 00:36:29,000 INFLATION PLUS 1% INSTEAD OF 864 00:36:29,001 --> 00:36:31,000 MEDICAL INFLATION, WHICH GOES UP 865 00:36:31,001 --> 00:36:32,000 VERY MUCH HIGHER AND QUICKER, 866 00:36:32,001 --> 00:36:33,000 THE NEW TAX, LIKE THE 867 00:36:33,001 --> 00:36:36,000 ALTERNATIVE MINIMUM TAX, WILL 868 00:36:36,001 --> 00:36:38,000 PRETTY SOON START TO HIT CHEVY 869 00:36:38,001 --> 00:36:40,000 AND BUICK INSURANCE POLICIES AND 870 00:36:40,001 --> 00:36:43,000 NOT JUST CADILLAC POLICIES. 871 00:36:43,001 --> 00:36:44,000 BUT THERE ARE OTHER TAXES IN THE 872 00:36:44,001 --> 00:36:47,000 PRESIDENT'S PROPOSAL -- THEY'RE 873 00:36:47,001 --> 00:36:48,000 UP TO $500 -- HALF A TRILLION 874 00:36:48,001 --> 00:36:51,000 DOLLARS IN NEW TAXES -- WHICH 875 00:36:51,001 --> 00:36:54,000 WILL BE PASSED ON TO CONSUMERS. 876 00:36:54,001 --> 00:36:55,000 $20 BILLION ON EXCISE TAXES ON 877 00:36:55,001 --> 00:36:57,000 LIFESAVING MEDICAL DEVICES, 878 00:36:57,001 --> 00:36:58,000 $33 BILLION ON DRUGS, 879 00:36:58,001 --> 00:37:01,000 $60 BILLION ON HEALTH INSURANCE COMPANIES. 880 00:37:01,001 --> 00:37:06,000 IN A C.B.O. AND J.C.T. LETTER TO 881 00:37:06,001 --> 00:37:08,000 SENATOR GRASSLEY OF DECEMBER AND 882 00:37:08,001 --> 00:37:09,000 OCTOBER, BOTH OF LAST YEAR, BOTH 883 00:37:09,001 --> 00:37:10,000 SAID THESE TAXES WILL BE PASSED 884 00:37:10,001 --> 00:37:12,000 ON TO PATIENTS, INCREASING 885 00:37:12,001 --> 00:37:13,000 HEALTH INSURANCE PREMIUMS. 886 00:37:13,001 --> 00:37:14,000 I'D LIKE TO INCLUDE THOSE 887 00:37:14,001 --> 00:37:15,000 LETTERS IN THE RECORD. 888 00:37:15,001 --> 00:37:16,000 THE PRESIDING OFFICER: WITHOUT 889 00:37:16,001 --> 00:37:18,000 OBJECTION. 890 00:37:18,001 --> 00:37:20,000 MR. ALEXANDER: THE CENTER FOR 891 00:37:20,001 --> 00:37:22,000 MEDICARE AND MEDICAID SERVICES, 892 00:37:22,001 --> 00:37:23,000 THE CHIEF ACTUARY OF THE OBAMA 893 00:37:23,001 --> 00:37:24,000 ADMINISTRATION, SAID "WE 894 00:37:24,001 --> 00:37:26,000 ANTICIPATE SUCH FEES WOULD BE 895 00:37:26,001 --> 00:37:27,000 GENERALLY PASSED THROUGH TO 896 00:37:27,001 --> 00:37:29,000 HEALTH CONSUMERS IN THE FORM OF 897 00:37:29,001 --> 00:37:30,000 HIGHER DRUG AND DEVICE PRICES 898 00:37:30,001 --> 00:37:32,000 AND HIGHER INSURANCE PREMIUMS." 899 00:37:32,001 --> 00:37:34,000 THAT WAS ON DECEMBER 10 OF THIS 900 00:37:34,001 --> 00:37:36,000 YEAR ABOUT THE SENATE BILL. 901 00:37:36,001 --> 00:37:37,000 I'D LIKE TO INCLUDE -- I ASK 902 00:37:37,001 --> 00:37:38,000 CONSENT TO INCLUDE THE RELEVANT 903 00:37:38,001 --> 00:37:39,000 PORTIONS OF THAT LETTER IN THE 904 00:37:39,001 --> 00:37:40,000 RECORD. THE PRESIDING OFFICER: WITHOUT 905 00:37:40,001 --> 00:37:43,000 OBJECTION. 906 00:37:43,001 --> 00:37:49,000 MR. ALEXANDER: THE LEWEN GROUP 907 00:37:49,001 --> 00:37:50,000 SAID ON OCTOBER 30 -- QUOTE -- " 908 00:37:50,001 --> 00:37:52,000 "COSTS WOULD INCREASE STEADILY 909 00:37:52,001 --> 00:37:54,000 REFLECTING THE VARIOUS EXCISE 910 00:37:54,001 --> 00:37:55,000 TAXES INCLUDED UNDER THE ACT. 911 00:37:55,001 --> 00:37:57,000 TOTAL HEALTH INSURANCE SPENDING 912 00:37:57,001 --> 00:38:01,000 WOULD INCREASE BY 32.1% BY 2019." 913 00:38:01,001 --> 00:38:03,000 I'D LIKE TO ASK CONSENT TO 914 00:38:03,001 --> 00:38:05,000 INCLUDE WITHIN THE RECORD THE 915 00:38:05,001 --> 00:38:06,000 RELEVANT PORTIONS OF THE LEWEN GROUP REPORT. 916 00:38:06,001 --> 00:38:07,000 THE PRESIDING OFFICER: WITHOUT 917 00:38:07,001 --> 00:38:08,000 OBJECTION. 918 00:38:08,001 --> 00:38:10,000 MR. ALEXANDER: THE NATIONAL 919 00:38:10,001 --> 00:38:11,000 ASSOCIATION OF INDEPENDENT 920 00:38:11,001 --> 00:38:12,000 BUSINESSES LETTER SAYS THE SAME. 921 00:38:12,001 --> 00:38:14,000 I THANK THE PRESIDENT. 922 00:38:14,001 --> 00:38:16,000 THERE ARE OTHER REASONS WHY THE 923 00:38:16,001 --> 00:38:18,000 PREMIUMS WILL GO UP. 924 00:38:18,001 --> 00:38:19,000 THERE IS -- MR. PRESIDENT, 925 00:38:19,001 --> 00:38:21,000 SEEING NO ONE ELSE HERE, I 926 00:38:21,001 --> 00:38:22,000 WONDER IF I MIGHT ASK FOR FIVE ADDITIONAL MINUTES. 927 00:38:22,001 --> 00:38:23,000 THE PRESIDING OFFICER: WITHOUT 928 00:38:23,001 --> 00:38:24,000 OBJECTION. 929 00:38:24,001 --> 00:38:25,000 MR. ALEXANR: I THANK THE PRESIDENT. 930 00:38:25,001 --> 00:38:28,000 HERE'S A THIRD REASON, IN 931 00:38:28,001 --> 00:38:29,000 ADDITION TO GOVERNMENT MANDATES 932 00:38:29,001 --> 00:38:30,000 AND TAXES, THAT WILL CAUSE 933 00:38:30,001 --> 00:38:32,000 PREMIUMS TO RISE. 934 00:38:32,001 --> 00:38:34,000 WE CALL IT COST-SHIFT. 935 00:38:34,001 --> 00:38:39,000 PREMIUMS WILL INCREASE BECAUSE 936 00:38:39,001 --> 00:38:40,000 THE BILL DUMPS 15 MILLION -- 937 00:38:40,001 --> 00:38:42,000 15 MILLION TO 18 MILLION MORE 938 00:38:42,001 --> 00:38:43,000 AMERICANS INTO THE GOVERNMENT 939 00:38:43,001 --> 00:38:44,000 PROGRAM CALLED MEDICAID. 940 00:38:44,001 --> 00:38:48,000 THIS IS THE ANALYSIS OF THE 941 00:38:48,001 --> 00:38:50,000 CHIEF ACTUARY ON JANUARY 8, 2010. 942 00:38:50,001 --> 00:38:51,000 I'D LIKE TO INCLUDE THE RELEVANT 943 00:38:51,001 --> 00:38:52,000 PORTIONS -- I ASK CONSENT TO 944 00:38:52,001 --> 00:38:53,000 INCLUDE THAT IN THE RECORD. 945 00:38:53,001 --> 00:38:55,000 THE PRESIDING OFFICER: WITHOUT 946 00:38:55,001 --> 00:38:57,000 OBJECTION. 947 00:38:57,001 --> 00:38:58,000 MR. ALEXANDER: THE POINT IS, IS 948 00:38:58,001 --> 00:39:02,000 MEDICAID ONLY PAYS DOCTORS AND 949 00:39:02,001 --> 00:39:03,000 HOSPITALS ABOUT 60% OF THE COSTS 950 00:39:03,001 --> 00:39:04,000 OF SERVING THE 60 MILLION 951 00:39:04,001 --> 00:39:06,000 PATIENTS WHO ARE NOW THERE. 952 00:39:06,001 --> 00:39:07,000 THE DEMOCRATIC BILL WOULD ADD 953 00:39:07,001 --> 00:39:09,000 15 MILLION TO 18 MILLION MORE 954 00:39:09,001 --> 00:39:12,000 PATIENTS, SO WHAT DO THE DOCTORS 955 00:39:12,001 --> 00:39:13,000 AND HOSPITALS DO? 956 00:39:13,001 --> 00:39:15,000 THEY SEE THESE PATIENTS BUT THEN 957 00:39:15,001 --> 00:39:16,000 THEY SHIFT THE COSTS TO THE 958 00:39:16,001 --> 00:39:18,000 PATIENTS THEY SEE WHO HAVE 959 00:39:18,001 --> 00:39:20,000 PRIVATE INSURANCE. 960 00:39:20,001 --> 00:39:23,000 THE PRESIDENT HIMSELF SAID THAT 961 00:39:23,001 --> 00:39:27,000 THAT ADDS ABOUT $1,000 TO EVERY 962 00:39:27,001 --> 00:39:28,000 POLICY TODAY, THIS 963 00:39:28,001 --> 00:39:34,000 COST-SHIFTING. 964 00:39:34,001 --> 00:39:35,000 AND I -- AND I'VE INCLUDED THAT 965 00:39:35,001 --> 00:39:36,000 FROM -- THAT COMMENT FROM THE 966 00:39:36,001 --> 00:39:38,000 CHIEF ACTUARY. 967 00:39:38,001 --> 00:39:39,000 THE PRICE WATERHOUSE COOPERS 968 00:39:39,001 --> 00:39:41,000 REPORT ON THE SENATE FINANCE 969 00:39:41,001 --> 00:39:42,000 BILL ON OCTOBER 2009 SAID -- 970 00:39:42,001 --> 00:39:44,000 QUOTE -- "THE NET EFFECT OF THE 971 00:39:44,001 --> 00:39:45,000 BILLS BEFORE CONGRESS WILL MADE 972 00:39:45,001 --> 00:39:47,000 THE MEDICARE AND MEDICAID 973 00:39:47,001 --> 00:39:50,000 COST-SHIFT EVEN MORE SEVERE, 974 00:39:50,001 --> 00:39:52,000 RAISING THE COST OF PRIVATE 975 00:39:52,001 --> 00:39:54,000 INSURANCE PREMIUMS FOR LARGE 976 00:39:54,001 --> 00:39:56,000 EMPLOYERS BY $255 A YEAR BETWEEN 977 00:39:56,001 --> 00:39:57,000 2015 AND 2019." 978 00:39:57,001 --> 00:40:00,000 I'D LIKE TO ASK UNANIMOUS 979 00:40:00,001 --> 00:40:01,000 CONSENT TO INCLUDE THE RELEVANT 980 00:40:01,001 --> 00:40:02,000 PORTIONS OF THE PRICEWATERHOUSE 981 00:40:02,001 --> 00:40:03,000 COOPERS REPORT. 982 00:40:03,001 --> 00:40:04,000 THE PRESIDING OFFICER: WITHOUT 983 00:40:04,001 --> 00:40:05,000 OBJECTION. 984 00:40:05,001 --> 00:40:06,000 MR. ALEXANDER: YOUNGER AMERICANS 985 00:40:06,001 --> 00:40:07,000 WILL PAY HIGHER PREMIUMS UNDER 986 00:40:07,001 --> 00:40:09,000 THE DEMOCRATIC PLAN BECAUSE, AS 987 00:40:09,001 --> 00:40:11,000 I MENTIONED EARLIER, IT WILL 988 00:40:11,001 --> 00:40:12,000 MANDATE THAT THERE CAN'T BE MORE 989 00:40:12,001 --> 00:40:13,000 THAN A DIFFERENCE OF -- THAT I 990 00:40:13,001 --> 00:40:15,000 CAN'T PAY MORE THAN THREE TIMES 991 00:40:15,001 --> 00:40:16,000 AS MUCH AS MY SON COULD PAY FOR 992 00:40:16,001 --> 00:40:17,000 993 00:40:17,001 --> 00:40:19,000 AN INSURANCE PREMIUM. 994 00:40:19,001 --> 00:40:22,000 THAT MIGHT HELP KEEP MY PREMIUMS 995 00:40:22,001 --> 00:40:26,000 DOWN BUT IT'S GOING TO SEND HIS 996 00:40:26,001 --> 00:40:27,000 UP, PRETTY FAR UP, BECAUSE 42 997 00:40:27,001 --> 00:40:29,000 STATES, INCLUDING TENNESSEE, 998 00:40:29,001 --> 00:40:32,000 ALLOW MORE VARIANCE OF THAT. 999 00:40:32,001 --> 00:40:33,000 SO YOUNG PEOPLE ACROSS AMERICA, 1000 00:40:33,001 --> 00:40:35,000 WHO INCLUDE ABOUT 40% OF THE 1001 00:40:35,001 --> 00:40:37,000 UNINSURED, ARE IN FOR A BIG 1002 00:40:37,001 --> 00:40:40,000 SURPRISE WHEN THEIR POLICIES 1003 00:40:40,001 --> 00:40:43,000 JUMP UP 30% TO 35%, IS WHAT THE 1004 00:40:43,001 --> 00:40:45,000 OLIVER WYMAN REPORT OF SEPTEMBER 1005 00:40:45,001 --> 00:40:46,000 28 SAID THEIRS MIGHT DO. 1006 00:40:46,001 --> 00:40:47,000 OR WHEN, SINCE THEY'RE 1007 00:40:47,001 --> 00:40:48,000 UNINSURED, THEY'RE REQUIRED TO 1008 00:40:48,001 --> 00:40:49,000 BUY INSURANCE AND THEY FIND THE 1009 00:40:49,001 --> 00:40:51,000 INSURANCE THEY'RE REQUIRED TO 1010 00:40:51,001 --> 00:40:52,000 BUY IS VERY EXPENSIVE. 1011 00:40:52,001 --> 00:40:55,000 I'D LIKE TO ASK UNANIMOUS 1012 00:40:55,001 --> 00:40:59,000 CONSENT TO INCLUDE IN THE RECORD 1013 00:40:59,001 --> 00:41:00,000 THE RELEVANT PORTIONS OF THELY 1014 00:41:00,001 --> 00:41:01,000 OLIVER WYMAN REPORT. THE PRESIDING OFFICER: WITHOUT 1015 00:41:01,001 --> 00:41:02,000 OBJECTION. 1016 00:41:02,001 --> 00:41:03,000 MR. ALEXANDER: FINALLY, 1017 00:41:03,001 --> 00:41:05,000 MR. PRESIDENT, THE YOUNG AND THE 1018 00:41:05,001 --> 00:41:07,000 HEALTHY CAN SKIP OUT OF THAT. 1019 00:41:07,001 --> 00:41:10,000 THAT WILL DRIVE UP PREMIUMS. 1020 00:41:10,001 --> 00:41:13,000 THEY MAY DECIDE THEY WILL PAY 1021 00:41:13,001 --> 00:41:14,000 $750, FINE, THAN PAY $750 FOR AN 1022 00:41:14,001 --> 00:41:16,000 INSURANCE POLICY THEY THINK THEY DON'T NEED. 1023 00:41:16,001 --> 00:41:17,000 THE AMERICAN ACADEMY OF 1024 00:41:17,001 --> 00:41:18,000 ACTUARIES WROTE A LETTER ON THE 1025 00:41:18,001 --> 00:41:20,000 REID BILL ON NOVEMBER 20, SAID, 1026 00:41:20,001 --> 00:41:22,000 "ANY PREMIUM VAIRGSES BY AGE 1027 00:41:22,001 --> 00:41:24,000 LIMITED TO 3.1 RATIO BETWEEN THE 1028 00:41:24,001 --> 00:41:26,000 HIGHEST AND LOWEST PREMIUMS," 1029 00:41:26,001 --> 00:41:28,000 AND THEN IT GOES ON TO SAY, 1030 00:41:28,001 --> 00:41:31,000 "WOULD CAUSE HIGHER PMIUMS ON 1031 00:41:31,001 --> 00:41:32,000 AVERAGE RELATIVE TO CURRENT 1032 00:41:32,001 --> 00:41:33,000 PREMIUMS." 1033 00:41:33,001 --> 00:41:34,000 I ASK CONSENT TO INCLUDE IN THE 1034 00:41:34,001 --> 00:41:36,000 RECORD THE LETTER FROM THE 1035 00:41:36,001 --> 00:41:39,000 AMERICAN ACADEMY OF ACTUARIES, 1036 00:41:39,001 --> 00:41:41,000 NOVEMBER 20, 2009. 1037 00:41:41,001 --> 00:41:44,000 NOW, ALL IN ALL, MR. PRESIDENT, 1038 00:41:44,001 --> 00:41:46,000 THESE FACTORS SUGGEST WHY, WHEN 1039 00:41:46,001 --> 00:41:48,000 SENATOR COLLINS TOOK A LOOK AT 1040 00:41:48,001 --> 00:41:52,000 MAINE, SHE FOUND THAT 87% OF 1041 00:41:52,001 --> 00:41:55,000 PEOPLE IN MAINE ARE PAYING LESS 1042 00:41:55,001 --> 00:41:56,000 FOR THEIR INDIVIDUAL POLICIES 1043 00:41:56,001 --> 00:41:58,000 THAN THE POLICIES WOULD COST 1044 00:41:58,001 --> 00:42:00,000 UNDER THE REID BILL. 1045 00:42:00,001 --> 00:42:02,000 IT IS TRUE THAT HALF OR MORE OF 1046 00:42:02,001 --> 00:42:05,000 THEM WOULD RECEIVE SOME SUBSIDY 1047 00:42:05,001 --> 00:42:07,000 WHICH WOULD REDUCE THEIR COST, 1048 00:42:07,001 --> 00:42:10,000 BUT AROUND HALF OF THEM WILL PAY MORE. 1049 00:42:10,001 --> 00:42:11,000 AND IN TENNESSEE, BLUECROSS 1050 00:42:11,001 --> 00:42:13,000 BLUESHIELD, WHICH COVERS ABOUT 1051 00:42:13,001 --> 00:42:14,000 ONE-THIRD OF TEN'S INDIVIDUAL 1052 00:42:14,001 --> 00:42:15,000 MARKET -- OF TENNESSEE'S 1053 00:42:15,001 --> 00:42:16,000 INDIVIDUAL MARKET, ESTIMATES THE 1054 00:42:16,001 --> 00:42:20,000 PREMIUMS FOR THOSE INDIVIDUALS 1055 00:42:20,001 --> 00:42:22,000 WILL INCREASE BY 30% TO 45% UNDER THE REID BILL. 1056 00:42:22,001 --> 00:42:23,000 AND I ASK UNANIMOUS CONSENT TO 1057 00:42:23,001 --> 00:42:24,000 INCLUDE A CHART WHICH DEMONSTRATES THAT. 1058 00:42:24,001 --> 00:42:25,000 THE PRESIDING OFFICER: WITHOUT 1059 00:42:25,001 --> 00:42:27,000 OBJECTION. 1060 00:42:27,001 --> 00:42:29,000 MR. ALEXANDER: AT OUR SUMMIT ON 1061 00:42:29,001 --> 00:42:31,000 THURSDAY, THERE WERE A NUMBER OF 1062 00:42:31,001 --> 00:42:32,000 GOOD IDEAS ABOUT REDUCING HEALTH 1063 00:42:32,001 --> 00:42:33,000 CARE COSTS THAT THE PRESIDENT 1064 00:42:33,001 --> 00:42:35,000 SEEMED TO SHARE WITH REPUBLICAN 1065 00:42:35,001 --> 00:42:37,000 MEMBERS WHO WERE THERE, AND 1066 00:42:37,001 --> 00:42:38,000 THERE WAS SOME OBVIOUS 1067 00:42:38,001 --> 00:42:39,000 IRRITATION ON THE PART OF THE 1068 00:42:39,001 --> 00:42:45,000 MAJORITY LEADER AND OTHERS WHEN 1069 00:42:45,001 --> 00:42:46,000 WE SAID TH THERE ARE A 1070 00:42:46,001 --> 00:42:47,000 TRILLION DOLLARS OF CUTS IN 1071 00:42:47,001 --> 00:42:48,000 MEDICARE, WHICH THERE ARE, 1072 00:42:48,001 --> 00:42:49,000 MR. PRESIDENT. 1073 00:42:49,001 --> 00:42:50,000 AND OUR REAL OBJECTION TO IT IS 1074 00:42:50,001 --> 00:42:52,000 THAT THE CUTS ARE NOT USED TO 1075 00:42:52,001 --> 00:42:53,000 VE MEDICARE, WHICH IS GOING 1076 00:42:53,001 --> 00:42:54,000 BROKE, BUT SPENT ON A NEW 1077 00:42:54,001 --> 00:42:55,000 PROGRAM. 1078 00:42:55,001 --> 00:42:56,000 AND THERE ARE A HALF A TRILLION 1079 00:42:56,001 --> 00:42:57,000 IN NEW TAXES. 1080 00:42:57,001 --> 00:42:58,000 THERE ARE A HALF A TRILLION IN 1081 00:42:58,001 --> 00:43:01,000 NEW TAXES. 1082 00:43:01,001 --> 00:43:02,000 AND AS I JUST SAID, THEY TEND TO 1083 00:43:02,001 --> 00:43:03,000 INCREASE PREMIUMS FOR MILLIONS 1084 00:43:03,001 --> 00:43:06,000 OF AMERICANS. 1085 00:43:06,001 --> 00:43:08,000 THERE ARE PREMIUM INCREASES. 1086 00:43:08,001 --> 00:43:09,000 THERE IS A DEFICIT INCREASE. 1087 00:43:09,001 --> 00:43:12,000 NOW, IT IS TRUE THAT THE C.B.O. 1088 00:43:12,001 --> 00:43:13,000 HAS SAID THAT WHAT WAS PRESENTED 1089 00:43:13,001 --> 00:43:15,000 TO THEM DIDN'T INCREASE THE 1090 00:43:15,001 --> 00:43:19,000 DEFICIT BUT WHAT WAS NOT 1091 00:43:19,001 --> 00:43:20,000 INCLUDE -- INCLUDED IN WHAT 1092 00:43:20,001 --> 00:43:21,000 WAS PRESENTED WAS PAYING DOCTORS 1093 00:43:21,001 --> 00:43:23,000 TO SERVE PATIENTS IN THE GOVERNMENT PROGRAM. 1094 00:43:23,001 --> 00:43:25,000 THAT'S LIKE HAVING A HORSE RACE WITHOUT THE HORSES. 1095 00:43:25,001 --> 00:43:26,000 I MEAN, HOW ARE YOU GOING TO 1096 00:43:26,001 --> 00:43:30,000 HAVE A COMPREHENSIVE HEALTH CARE 1097 00:43:30,001 --> 00:43:33,000 BILL AND NOT INCLUDE WITHIN ITS 1098 00:43:33,001 --> 00:43:34,000 COST PAYING DOCTORS TO SERVE 1099 00:43:34,001 --> 00:43:35,000 PATIENTS IN THE GOVERNMENT PROGRAMS. 1100 00:43:35,001 --> 00:43:36,000 AND WHEN YOU PUT IT IN, THE 1101 00:43:36,001 --> 00:43:39,000 DEFICIT GOES UP. 1102 00:43:39,001 --> 00:43:45,000 AND THEN THERE'S THE PROBLEM OF 1103 00:43:45,001 --> 00:43:46,000 THE PASSING OFF TO STATES THESE 1104 00:43:46,001 --> 00:43:47,000 EXPANDED MEDICARE -- MEDICAID 1105 00:43:47,001 --> 00:43:49,000 COSTS WITHOUT PAYING FOR THEM. 1106 00:43:49,001 --> 00:43:51,000 I KNOW AS A FORMER GOVERNOR -- 1107 00:43:51,001 --> 00:43:52,000 AND I SEE THE FORMER GOVERNOR OF 1108 00:43:52,001 --> 00:43:53,000 VIRGINIA IN THE CHAIR -- I 1109 00:43:53,001 --> 00:43:54,000 STRUGGLED WITH THAT EVERY SINGLE 1110 00:43:54,001 --> 00:43:55,000 YEAR, AND ALL THE GOVERNORS ARE 1111 00:43:55,001 --> 00:43:56,000 TODAY OF BOTH PARTIES. 1112 00:43:56,001 --> 00:43:58,000 THEY DON'T WANT US SENDING THEM 1113 00:43:58,001 --> 00:43:59,000 A BILL FOR EXPANDED HEALTH CARE. 1114 00:43:59,001 --> 00:44:01,000 THEY CAN'T PAY THE BILLS THEY'VE 1115 00:44:01,001 --> 00:44:04,000 GOT. 1116 00:44:04,001 --> 00:44:05,000 AND -- AND WE 1117 00:44:05,001 --> 00:44:07,000 SHOULDN'T DO THAT. 1118 00:44:07,001 --> 00:44:08,000 IF WE WANT TO EXPAND IT, WE 1119 00:44:08,001 --> 00:44:09,000 SHOULD PAY FOR IT. 1120 00:44:09,001 --> 00:44:10,000 THAT'S ANOTHER PART OF THE BILL. 1121 00:44:10,001 --> 00:44:13,000 MR. PRESIDENT, I CAME TO THE 1122 00:44:13,001 --> 00:44:15,000 FLOOR TODAY TO, ONE, TO EXPRESS 1123 00:44:15,001 --> 00:44:16,000 MY APPRECIATION TO THE PRESIDENT 1124 00:44:16,001 --> 00:44:17,000 FOR INVITING US THURSDAY. 1125 00:44:17,001 --> 00:44:19,000 IT GAVE US A CHANCE TO SHOW WHO 1126 00:44:19,001 --> 00:44:21,000 WE ARE AND WHAT WE'RE FOR. 1127 00:44:21,001 --> 00:44:22,000 I THOUGHT IT WAS A GOOD DISCUSSION. 1128 00:44:22,001 --> 00:44:25,000 I BELIEVE THERE ARE EIGHT OR 1129 00:44:25,001 --> 00:44:26,000 TEN, MAYBE A DOZEN DIFFERENT 1130 00:44:26,001 --> 00:44:28,000 GOOD IDEAS SENATOR COBURN AND 1131 00:44:28,001 --> 00:44:30,000 PEOPLE ON BOTH SIDES OF THE AISLE SUGGESTED. 1132 00:44:30,001 --> 00:44:31,000 SOME DIFFERENCES BETWEEN THOSE 1133 00:44:31,001 --> 00:44:34,000 IDEAS, BUT BASICALLY THEY 1134 00:44:34,001 --> 00:44:35,000 REPRESENT A WAY TO MOVE FORWARD 1135 00:44:35,001 --> 00:44:37,000 TO REDUCE HEALTH CARE COSTS. 1136 00:44:37,001 --> 00:44:38,000 THAT'S REALLY WHAT WE OUGHT TO 1137 00:44:38,001 --> 00:44:40,000 DO. 1138 00:44:40,001 --> 00:44:42,000 WE DON'T DO COMPREHENSIVE VERY 1139 00:44:42,001 --> 00:44:43,000 WELL IN THE UNITED STATES 1140 00:44:43,001 --> 00:44:44,000 SENATE. 1141 00:44:44,001 --> 00:44:46,000 IMMIGRATION, COMPREHENSIVE 1142 00:44:46,001 --> 00:44:47,000 IMMIGRATION FAILED OF ITS OWN 1143 00:44:47,001 --> 00:44:49,000 WEIGHT. 1144 00:44:49,001 --> 00:44:50,000 COMPREHENSIVE ECONOMY-WIDE 1145 00:44:50,001 --> 00:44:52,000 CAP-AND-TRADE SEEMS TO BE 1146 00:44:52,001 --> 00:44:53,000 FAILING AGAIN OF ITS OWN WEIGHT. 1147 00:44:53,001 --> 00:44:55,000 COMPREHENSIVE HEALTH CARE IS 1148 00:44:55,001 --> 00:44:58,000 VERY DIFFICULT TO PASS. 1149 00:44:58,001 --> 00:45:00,000 THAT SHOULDN'T BE A SURPRISE TO 1150 00:45:00,001 --> 00:45:03,000 ANY OF US. 1151 00:45:03,001 --> 00:45:04,000 THIS IS A VERY BIG, DIFFICULT, 1152 00:45:04,001 --> 00:45:06,000 COMPLICATED COUNTRY WITH PEOPLE 1153 00:45:06,001 --> 00:45:09,000 OF MANY DIFFERENT BACKGROUND. 1154 00:45:09,001 --> 00:45:11,000 IN MY JUDGMENT, WE'RE JUST NOT 1155 00:45:11,001 --> 00:45:14,000 WISE ENOUGH FOR A FEW OF US TO 1156 00:45:14,001 --> 00:45:17,000 REWRITE THE RULES FOR 17% OF OUR ECONOMY, AND I THINK THE 1157 00:45:17,001 --> 00:45:18,000 AMERICAN PEOPLE HAVE TUNED IN TO THAT. 1158 00:45:18,001 --> 00:45:21,000 THEY WANT US TO FIX HEALTHARE, 1159 00:45:21,001 --> 00:45:22,000 BUT THEY WANT US TO REDUCE COSTS. 1160 00:45:22,001 --> 00:45:24,000 I WOULD SAY AGAIN THAT WE ON THE 1161 00:45:24,001 --> 00:45:25,000 REPUBLICAN SIDE ARE READY TO SET 1162 00:45:25,001 --> 00:45:28,000 THAT GOAL. 1163 00:45:28,001 --> 00:45:30,000 AND AS WE SAID 173 DIFFERENT 1164 00:45:30,001 --> 00:45:31,000 TIMES ON THE SENATE FLOOR LAST 1165 00:45:31,001 --> 00:45:33,000 YEAR, WE'VE OFFERED SIX STEPS TO 1166 00:45:33,001 --> 00:45:35,000 MOVE TOWARD THAT GOAL. 1167 00:45:35,001 --> 00:45:36,000 MAYBE THE PRESIDENT CAN THINK OF 1168 00:45:36,001 --> 00:45:37,000 SIX MORE. 1169 00:45:37,001 --> 00:45:40,000 MAYBE WE CAN THINK OF SIX MORE. 1170 00:45:40,001 --> 00:45:41,000 WE D THAT WITH THE "AMERICA 1171 00:45:41,001 --> 00:45:42,000 COMPETES" ACT. 1172 00:45:42,001 --> 00:45:43,000 WE ASKED NATIONAL ADEMIES WHAT 1173 00:45:43,001 --> 00:45:45,000 ARE THE TEN STEPS THAT WOULD 1174 00:45:45,001 --> 00:45:46,000 HELP US TO BECOME MORE 1175 00:45:46,001 --> 00:45:48,000 COMPETITIVE AS A COUNTRY. 1176 00:45:48,001 --> 00:45:49,000 THEY GAVE US 20. 1177 00:45:49,001 --> 00:45:50,000 WE PASSED MOST OF THEM. 1178 00:45:50,001 --> 00:45:54,000 IN CLEAN ENERGY WE'RE COMING 1179 00:45:54,001 --> 00:45:55,000 CLOSER TOGETHER ON NUCLEAR 1180 00:45:55,001 --> 00:45:56,000 POWER, OFFSHORE DRILLING AND 1181 00:45:56,001 --> 00:45:58,000 ENERGY DEVELOPMENT. 1182 00:45:58,001 --> 00:46:00,000 THOSE ARE STEPS TOWARDS A GOAL 1183 00:46:00,001 --> 00:46:01,000 THAT WOULD BE A MORE SENSITIVE 1184 00:46:01,001 --> 00:46:04,000 WAY FOR US TO WORK. 1185 00:46:04,001 --> 00:46:06,000 IN THE MEANTIME, THE UNPLEASANT 1186 00:46:06,001 --> 00:46:08,000 TRUTH IS THE CURRENT BILL THAT'S 1187 00:46:08,001 --> 00:46:10,000 BEING CONSIDERED -- CUT MEDICARE 1188 00:46:10,001 --> 00:46:11,000 AND NOT SPEND IT ON MEDICARE -- 1189 00:46:11,001 --> 00:46:13,000 WILL RAISE TAXES. 1190 00:46:13,001 --> 00:46:14,000 AND IT WILL, AS I'VE TRIED TO 1191 00:46:14,001 --> 00:46:16,000 DEMONSTRATE TODAY WITH RESPECT 1192 00:46:16,001 --> 00:46:18,000 TO THE PRESIDENT, RAISE PREMIUMS 1193 00:46:18,001 --> 00:46:21,000 FOR MILLIONS OF AMERICANS 1194 00:46:21,001 --> 00:46:23,000 BECAUSE OF ONE-SIZE-FITS-ALL 1195 00:46:23,001 --> 00:46:25,000 GOVERNMENT MANDATES AND TAX INCREASES. 1196 00:46:25,001 --> 00:46:27,000 MR. PRESIDENT, I WOULD FINALLY 1197 00:46:27,001 --> 00:46:30,000 LIKE TO ASK UNANIMOUS CONSENT TO 1198 00:46:30,001 --> 00:46:33,000 INCLUDE, FOLLOWING MY REMARKS 1199 00:46:33,001 --> 00:46:35,000 AND THE OTHER DOCUMENTS, TODAY'S 1200 00:46:35,001 --> 00:46:36,000 EDITORIAL FROM THE "WALL STREET 1201 00:46:36,001 --> 00:46:38,000 JOURNAL" DETAILING HOW THE 1202 00:46:38,001 --> 00:46:40,000 MASSACHUSETTS HEALTH CARE PLAN 1203 00:46:40,001 --> 00:46:42,000 HAS UNEXPECTEDLY CAUSED PREMIUMS 1204 00:46:42,001 --> 00:46:43,000 TO RISE OVER THE LAST COUPLE OF 1205 00:46:43,001 --> 00:46:45,000 YEARS AND WHAT LESSON THERE 1206 00:46:45,001 --> 00:46:46,000 MIGHT BE IN THAT FOR U 1207 00:46:46,001 --> 00:47:21,000 I THANK THE PRESIDENT. 1208 00:47:21,001 --> 00:47:24,000 I YIELD TH FLOOR. 1209 00:47:24,001 --> 00:47:25,000 I NOTICE THE 1210 00:47:25,001 --> 00:47:30,000 QUORUM. THE PRESIDING OFFICER: THE 1211 00:47:30,001 --> 00:59:17,000 CLER 1212 00:59:17,001 --> 01:03:13,000 QUORUM CALL: 1213 01:03:13,001 --> 01:03:14,000 QUORUM CALL: 1214 01:03:14,001 --> 01:03:15,000 THE PRESIDING OFFICER: THE 1215 01:03:15,001 --> 01:03:17,000 SENATOR FROM MONTANA. 1216 01:03:17,001 --> 01:03:18,000 MR. BAUCUS: I ASK THAT FURTHER 1217 01:03:18,001 --> 01:03:21,000 PROCEEDINGS UNDER THE QUORUM 1218 01:03:21,001 --> 01:03:23,000 THE PRESIDING OFFICER: WITHOUT OBJECTION. 1219 01:03:23,001 --> 01:03:25,000 MORNING BUSINESS IS NOW CLOSED. 1220 01:03:25,001 --> 01:03:26,000 UNDER THE PREVIOUS ORDER THE 1221 01:03:26,001 --> 01:03:29,000 SENATE WILL PROCEED TO THE 1222 01:03:29,001 --> 01:03:30,000 CONSIDERATION OF H.R. 1223 01:03:30,001 --> 01:03:33,000 WHICH THE CLERK WILL REPORT. 1224 01:03:33,001 --> 01:03:36,000 THE CLERK: H.R. 4213, AN ACT TO 1225 01:03:36,001 --> 01:03:38,000 AMEND THE INTERNAL REVENUE CODE 1226 01:03:38,001 --> 01:03:39,000 OF 1986 TO EXTEND CERTAIN 1227 01:03:39,001 --> 01:03:43,000 EXPIRING PROVISIONS AND FOR 1228 01:03:43,001 --> 01:03:45,000 OTHER PURPOSES. THE PRESIDING OFFICER: THE 1229 01:03:45,001 --> 01:03:46,000 SENATOR FROM MONTANA. 1230 01:03:46,001 --> 01:03:48,000 MR. BAUCUS: MR. PRESIDENT, I ASK 1231 01:03:48,001 --> 01:03:50,000 UNANIMOUS CONSENT THATHE 1232 01:03:50,001 --> 01:03:55,000 FOLLOWING STAFF BE ALLOWED FLOOR PRIVILEGES DURING CONSIDERATION 1233 01:03:55,001 --> 01:04:01,000 OF THE PENDING BILL: RANDY 1234 01:04:01,001 --> 01:04:05,000 OSENBERG, ASLYN BAKER, BRITTANY 1235 01:04:05,001 --> 01:04:14,000 DURRELL, DUSTIN STEVENS, GREG 1236 01:04:14,001 --> 01:04:15,000 SULLIVAN, MAX UPDIKE AND ASHLEY 1237 01:04:15,001 --> 01:04:17,000 ZUELIKE. 1238 01:04:17,001 --> 01:04:20,000 THE PRESIDING OFFICER: OAB. 1239 01:04:20,001 --> 01:04:25,000 -- WITHOUT OBJECTION. 1240 01:04:25,001 --> 01:04:29,000 MR. BAUCUS: I NOW CALL UP MY 1241 01:04:29,001 --> 01:04:30,000 AMENDMENT AND BY NUMBER TO BE CONSIDERED. 1242 01:04:30,001 --> 01:04:34,000 THE PRESIDING OFFICER: 1243 01:04:34,001 --> 01:04:36,000 THE CLERKWILL REPORT. 1244 01:04:36,001 --> 01:04:38,000 THE CLERK: THE SENATOR FROM 1245 01:04:38,001 --> 01:04:40,000 MONTANA PROPOSES AMENDMENT 1246 01:04:40,001 --> 01:04:43,000 NUMBER 1247 01:04:43,001 --> 01:04:46,000 MR. BAUCUS: MR. PRESIDENT, 1248 01:04:46,001 --> 01:04:48,000 MARTIMARTIN LUTHER KING, JR. SAID, 1249 01:04:48,001 --> 01:04:51,000 LIFE'S MOST URGENT QUESTION IS: 1250 01:04:51,001 --> 01:04:53,000 WHAT ARE YOU DOING FOR OTHERS? 1251 01:04:53,001 --> 01:04:55,000 MR. PRESIDENT, PRETTY MUCH ALL 1252 01:04:55,001 --> 01:04:56,000 OF US CAME TO THE SENATE TO WORK 1253 01:04:56,001 --> 01:04:58,000 ON THAT QUESTION AND PRETTY MUCH 1254 01:04:58,001 --> 01:04:59,000 ALL OF US CAME HERE TO HELP 1255 01:04:59,001 --> 01:05:01,000 OTHER AMERICANS. 1256 01:05:01,001 --> 01:05:02,000 AND, MR. PRESIDENT, ON A NUMBER 1257 01:05:02,001 --> 01:05:05,000 OF LEVELS THE LEGISLATION BEFORE 1258 01:05:05,001 --> 01:05:08,000 US TODAY IS URGENT LEGISLATION. 1259 01:05:08,001 --> 01:05:09,000 THE LEGISLATION BEFORE US TODAY 1260 01:05:09,001 --> 01:05:12,000 IS URGEN BECAUSE IT WOULD 1261 01:05:12,001 --> 01:05:13,000 PREVENT MILLIONS OF AMERICANS 1262 01:05:13,001 --> 01:05:15,000 FROM FALLING THROUGH THE SAFETY 1263 01:05:15,001 --> 01:05:17,000 NET. 1264 01:05:17,001 --> 01:05:19,000 THE LEGISLATION BEFORE US IS 1265 01:05:19,001 --> 01:05:23,000 URGENT BECAUSE IT WOULD EXTEND 1266 01:05:23,001 --> 01:05:24,000 VITAL SAFETY-NET PROGRAMS THAT 1267 01:05:24,001 --> 01:05:25,000 EXPIRED YESTERDAY. 1268 01:05:25,001 --> 01:05:27,000 THE LEGISLATION BEFORE US IS 1269 01:05:27,001 --> 01:05:29,000 URGENT BECAUSE IT WOULD PUT CASH 1270 01:05:29,001 --> 01:05:32,000 IN THE HANDS OF AMERICANS WHO 1271 01:05:32,001 --> 01:05:34,000 COULD SPEND IT QUICKLY, BOOSTING 1272 01:05:34,001 --> 01:05:36,000 ECONOMIC DEMAND. 1273 01:05:36,001 --> 01:05:38,000 AND THE LEGISLATION BEFORE US 1274 01:05:38,001 --> 01:05:42,000 TODAY IS URGENT BECAUSE IT WOULD 1275 01:05:42,001 --> 01:05:43,000 EXTEND CRITICAL PROGRAM AND TAX 1276 01:05:43,001 --> 01:05:45,000 INCENTIVES THAT CREATE JOBS. 1277 01:05:45,001 --> 01:05:48,000 AND THE LEGISLATION BEFORE US 1278 01:05:48,001 --> 01:05:50,000 TODAY IS URGENT BECAUSE IT IS AN 1279 01:05:50,001 --> 01:05:54,000 IMPORTANT THING THAT WE HERE CAN 1280 01:05:54,001 --> 01:05:56,000 TO FOR OTHER AMERICANS. 1281 01:05:56,001 --> 01:05:58,000 MR. PRESIDENT, SINCE THE 1282 01:05:58,001 --> 01:05:59,000 RECESSION BEGAN, MORE THAN SEVEN 1283 01:05:59,001 --> 01:06:00,000 MILLION AMERICANS HAVE LOST 1284 01:06:00,001 --> 01:06:02,000 THEIR JOBS. 1285 01:06:02,001 --> 01:06:05,000 THE UNEMPLOYMENT RATE REMAINS 1286 01:06:05,001 --> 01:06:06,000 NEARLY 10%. 1287 01:06:06,001 --> 01:06:10,000 FOR AMERICANS WITHOUT A JOB, 1288 01:06:10,001 --> 01:06:11,000 THIS GREAT RECESSION IS A GREAT DEPRESSION. 1289 01:06:11,001 --> 01:06:13,000 IF YOU TONIGHT HAVE A JOB, IT'S 1290 01:06:13,001 --> 01:06:14,000 A DEPRESSION. 1291 01:06:14,001 --> 01:06:16,000 LAST WEEK WITH A SOLID 1292 01:06:16,001 --> 01:06:18,000 BIPARTISAN VOTE WE PASSED 1293 01:06:18,001 --> 01:06:21,000 LEGISLATION TO HELP CATE JOBS. 1294 01:06:21,001 --> 01:06:22,000 WE CAN AND SHOULD DO MORE. 1295 01:06:22,001 --> 01:06:24,000 AND EXTENDING THIS PACKAGE OF 1296 01:06:24,001 --> 01:06:26,000 VITAL PROVISIONS WE CAN DO JUST 1297 01:06:26,001 --> 01:06:28,000 THAT. 1298 01:06:28,001 --> 01:06:31,000 THE PROVISIONS IN THIS BILL ARE 1299 01:06:31,001 --> 01:06:33,000 IMPORTANT TO AMERICAN FAMILIES. 1300 01:06:33,001 --> 01:06:34,000 THEY ARE IMPORTANT TO 1301 01:06:34,001 --> 01:06:36,000 COMMUNITIES THAT HAVE SUFFERED 1302 01:06:36,001 --> 01:06:39,000 FROM A NATURAL DISASTER. 1303 01:06:39,001 --> 01:06:41,000 THEY ARE IMPORTANT TO BUSINESSES 1304 01:06:41,001 --> 01:06:43,000 COMPETING IN THE GLOBAL ECONOMY. 1305 01:06:43,001 --> 01:06:46,000 THEY ARE IMPORTANT TO FURTHERING 1306 01:06:46,001 --> 01:06:47,000 AMERICA'S COMMITMENT TO ENERGY 1307 01:06:47,001 --> 01:06:50,000 INDEPENDENCE. 1308 01:06:50,001 --> 01:06:52,000 AND, MR. PRESIDENT, THE NEED IS 1309 01:06:52,001 --> 01:06:54,000 URGENT. 1310 01:06:54,001 --> 01:06:58,000 YESTERDAY MANY OF IMPORTANT 1311 01:06:58,001 --> 01:07:00,000 PROVISIONS EXPIRED. 1312 01:07:00,001 --> 01:07:01,000 MILLIONS OF AMERICANS ARE BEING 1313 01:07:01,001 --> 01:07:03,000 PUT AT RISK. 1314 01:07:03,001 --> 01:07:05,000 THE EXPIRATION OF THESE 1315 01:07:05,001 --> 01:07:07,000 PROVISIONS HAVE LEFT GAPING 1316 01:07:07,001 --> 01:07:09,000 HOLES IN THE SAFETY NET. 1317 01:07:09,001 --> 01:07:14,000 AMONG THE PROVISIONS THAT 1318 01:07:14,001 --> 01:07:17,000 EXPIRED YESTERDAY ARE THESE: 1319 01:07:17,001 --> 01:07:19,000 EXPANDED UNEMPLOYMENT INSURANCE 1320 01:07:19,001 --> 01:07:21,000 BENEFITS, COBRA SUBSIDIES TO 1321 01:07:21,001 --> 01:07:22,000 HELP PEOPLE KEEP THEIR HEALTH INSURANCE. 1322 01:07:22,001 --> 01:07:23,000 THE PROVISION THAT KEEPS FOLKS 1323 01:07:23,001 --> 01:07:25,000 1324 01:07:25,001 --> 01:07:27,000 AT THE POVERTY LINE FROM LOSING 1325 01:07:27,001 --> 01:07:31,000 THEIR BENEFITS. 1326 01:07:31,001 --> 01:07:33,000 THE SMALL-BUSINESS LOAN PROGRAM. 1327 01:07:33,001 --> 01:07:35,000 THE TEMPORARY MEASURE TO PREVENT 1328 01:07:35,001 --> 01:07:38,000 A 21% CUT TO DOCTORS UNDER 1329 01:07:38,001 --> 01:07:41,000 MEDICARE. 1330 01:07:41,001 --> 01:07:43,000 THE FLOOD INSURANCE PROGRAM, THE 1331 01:07:43,001 --> 01:07:45,000 SATELLITE HOME VIEWER ACT. 1332 01:07:45,001 --> 01:07:48,000 UNLESS WE REINSTATE THE PROGRAMS 1333 01:07:48,001 --> 01:07:49,000 IN IN BILL, THERE WILL BE REAL 1334 01:07:49,001 --> 01:07:50,000 WORLD CONSEQUENCES FOR THE 1335 01:07:50,001 --> 01:07:52,000 PEOPLE WHO DEPEND ON THESE 1336 01:07:52,001 --> 01:07:56,000 PROGRAMS TODAY. 1337 01:07:56,001 --> 01:07:57,000 TAKE UNEMPLOYMENT INSURANCE, 1338 01:07:57,001 --> 01:07:59,000 THIS BILL WOULD EXTEND THE 1339 01:07:59,001 --> 01:08:00,000 PROGRAM FOR EXPANDED 1340 01:08:00,001 --> 01:08:02,000 UNEMPLOYMENT BENEFITS. 1341 01:08:02,001 --> 01:08:03,000 THESE BENEFITS EXPIRED ON 1342 01:08:03,001 --> 01:08:04,000 SUNDAY. 1343 01:08:04,001 --> 01:08:07,000 THE BILL WOULD EXTEND WHAT'S 1344 01:08:07,001 --> 01:08:08,000 CALLED FEDERAL EMERGENCY 1345 01:08:08,001 --> 01:08:11,000 UNEMPLOYMENT COMPENSATION. 1346 01:08:11,001 --> 01:08:12,000 THIS BILL WOULD EXTEND 100% 1347 01:08:12,001 --> 01:08:14,000 FEDERAL EXTENDED BENEFITS. 1348 01:08:14,001 --> 01:08:16,000 THAT'S A PROGRAM WHERE STATE THE 1349 01:08:16,001 --> 01:08:17,000 GOVERNMENTS NORMALLY HAVE TO PAY 1350 01:08:17,001 --> 01:08:20,000 50%. 1351 01:08:20,001 --> 01:08:22,000 AND WE WOULD ALSO EXTEND THE 1352 01:08:22,001 --> 01:08:24,000 ADDITIONAL $25 A WEEK FOR EACH 1353 01:08:24,001 --> 01:08:26,000 BENEFICIARY RECEIVING 1354 01:08:26,001 --> 01:08:28,000 UNEMPLOYMENT BENEFITS. 1355 01:08:28,001 --> 01:08:31,000 ACCORDING TO THE NATIONAL 1356 01:08:31,001 --> 01:08:33,000 EMPLOYMENT LAW PROJECT, 1357 01:08:33,001 --> 01:08:34,000 5.6 MILLION PEOPLE ARE CURRENTLY 1358 01:08:34,001 --> 01:08:37,000 BENEFITING FROM ONE OF THE 1359 01:08:37,001 --> 01:08:39,000 FEDERAL UNEMPLOYMENT BENEFITS, 1360 01:08:39,001 --> 01:08:41,000 5.6 MILLION PEOPLE TODAY BENEFING. 1361 01:08:41,001 --> 01:08:46,000 BETWEEN MARCH AND NOVEMBER OF 1362 01:08:46,001 --> 01:08:47,000 LAST YEAR, WE DISTRIBUTED NRLY 1363 01:08:47,001 --> 01:08:50,000 NEARLY $8.3 BILLION IN 1364 01:08:50,001 --> 01:08:52,000 ADDITIONAL BENEFITS TO THE 1365 01:08:52,001 --> 01:08:56,000 ADDITIONAL $25 WEEK SUPPLEMENT. 1366 01:08:56,001 --> 01:08:58,000 MY OFFICE RECEIVED WORD OF ONE 1367 01:08:58,001 --> 01:09:01,000 UNEMPLOYED MONTANA WORKER WHO 1368 01:09:01,001 --> 01:09:03,000 LIVED IN A HOMELESS SHELTER FOR 1369 01:09:03,001 --> 01:09:06,000 MORE THAN A MONTH. 1370 01:09:06,001 --> 01:09:09,000 HE USED UNEMPLOYMENT BENEFITS TO 1371 01:09:09,001 --> 01:09:12,000 MOVE CLOSER TO AN OUT OF STATE RELATIVE. 1372 01:09:12,001 --> 01:09:15,000 THE RELATIVE HELPED THE MONTANAN 1373 01:09:15,001 --> 01:09:18,000 DURING THIS DIFFICULT TIME. 1374 01:09:18,001 --> 01:09:19,000 WITH THE HELP OF THE 1375 01:09:19,001 --> 01:09:20,000 UNEMPLOYMENT EMERGENCY 1376 01:09:20,001 --> 01:09:23,000 COMPENSATION AND THE HELP OF A 1377 01:09:23,001 --> 01:09:24,000 FAMILY, THIS MONTANAN WAS ABLE 1378 01:09:24,001 --> 01:09:26,000 TO FIND PLOYMENT AGAIN. 1379 01:09:26,001 --> 01:09:27,000 IT ALSO MAKES GOOD ECONOMIC 1380 01:09:27,001 --> 01:09:29,000 SENSE. 1381 01:09:29,001 --> 01:09:30,000 THE NONPARTISAN CONGRESSIONAL 1382 01:09:30,001 --> 01:09:31,000 BUDGET OFFICE ESTIMATES THAT 1383 01:09:31,001 --> 01:09:33,000 EVERY DOLLAR SPENT ON 1384 01:09:33,001 --> 01:09:37,000 UNEMPLOYMENT BENEFITS GENERATES 1385 01:09:37,001 --> 01:09:38,000 UP TO $1.90 IN ADDITIONAL GROSS 1386 01:09:38,001 --> 01:09:42,000 DOMESTIC PRODUCT. 1387 01:09:42,001 --> 01:09:44,000 THAT IS $1 TO $1.90. 1388 01:09:44,001 --> 01:09:46,000 IT MAKES UNEMPLOYMENT BENEFIT 1389 01:09:46,001 --> 01:09:48,000 ONE OF THE MOST COST-EFFECTIVE 1390 01:09:48,001 --> 01:09:50,000 POLICIES FOR STIMULATING THE ECONOMY. 1391 01:09:50,001 --> 01:09:51,000 BY HELPING OUR UNEMPLOYED 1392 01:09:51,001 --> 01:09:53,000 NEIGHBORS THROUGH THIS LONG 1393 01:09:53,001 --> 01:09:55,000 RECESSION, WE HOPE TO KEEP THE 1394 01:09:55,001 --> 01:09:57,000 NEIGHBORHOOD GAS STATION OPERATING. 1395 01:09:57,001 --> 01:09:59,000 WE HELP TO KEEP A HOUSE FROM 1396 01:09:59,001 --> 01:10:00,000 FORECLOSURE. 1397 01:10:00,001 --> 01:10:03,000 AND WE HELP TO KP OUR ECONOMY 1398 01:10:03,001 --> 01:10:06,000 FROM FURTHER DAMAGE. 1399 01:10:06,001 --> 01:10:09,000 WE MUST ACT IMMEDIATELY TO HELP 1400 01:10:09,001 --> 01:10:11,000 THE MORE THAN ONE MILLION PEOPLE 1401 01:10:11,001 --> 01:10:12,000 WHO HAVE LOST THEIR BENEFITS 1402 01:10:12,001 --> 01:10:13,000 YESTERDAY. 1403 01:10:13,001 --> 01:10:14,000 MY HEART GOES OUT TO THEM AND 1404 01:10:14,001 --> 01:10:16,000 THEIR FAMILIE 1405 01:10:16,001 --> 01:10:17,000 I HOPE THAT THEY CAN HOLD ON 1406 01:10:17,001 --> 01:10:20,000 WHILE WE WORK TO CLEAR UP THIS 1407 01:10:20,001 --> 01:10:22,000 MESS OR TO -- IN ORDER TO CLEAR 1408 01:10:22,001 --> 01:10:23,000 THIS BILL TO BRING THEM THE HELP 1409 01:10:23,001 --> 01:10:25,000 THAT THEY DESERVE AND THEY'VE 1410 01:10:25,001 --> 01:10:27,000 BEEN DEPENDING ON. 1411 01:10:27,001 --> 01:10:29,000 THE SECOND VITAL PROGRAM IN THIS 1412 01:10:29,001 --> 01:10:30,000 BILL THAT EXPIRED YESTERDAY IS A 1413 01:10:30,001 --> 01:10:31,000 PROGRAM THAT PROVIDES A TAX 1414 01:10:31,001 --> 01:10:32,000 CREDIT FOR COBRA HEALTH 1415 01:10:32,001 --> 01:10:33,000 BENEFITS. 1416 01:10:33,001 --> 01:10:34,000 WHAT'S THAT? 1417 01:10:34,001 --> 01:10:35,000 THAT'S THE PROGRAM THAT HELPS 1418 01:10:35,001 --> 01:10:38,000 WORKERS WHO LOSE THEIR JOBS TO 1419 01:10:38,001 --> 01:10:40,000 KEEP THEIR HEALTH INSURANCE. 1420 01:10:40,001 --> 01:10:43,000 WHEN WORKERS LOSE THEIR JOBS, 1421 01:10:43,001 --> 01:10:45,000 THEY LOSE MORE THAN JUST THEIR PAYCHECKS. 1422 01:10:45,001 --> 01:10:46,000 UNFORTUNATELY, THEY OFTEN LOS 1423 01:10:46,001 --> 01:10:49,000 THEIR ABILITY TO AFFORD HEALTH 1424 01:10:49,001 --> 01:10:52,000 CARE COVERAGE AS WELL. 1425 01:10:52,001 --> 01:10:54,000 TODAY ROUGHLY 60% OF THE 1426 01:10:54,001 --> 01:10:55,000 NONELDERLY POPULATION REIVE 1427 01:10:55,001 --> 01:10:57,000 HEALTH INSURANCE THROUGH THEIR JOBS. 1428 01:10:57,001 --> 01:10:59,000 IN MOST CASES UNEMPLOYMENT 1429 01:10:59,001 --> 01:11:01,000 RKERS HAVE THE RIGHT TO KEEP 1430 01:11:01,001 --> 01:11:02,000 THEIR WORK COVERAGE FOR UP TO 18 1431 01:11:02,001 --> 01:11:04,000 MONTHS THROUGH THE COBRA 1432 01:11:04,001 --> 01:11:07,000 PROGRAM. 1433 01:11:07,001 --> 01:11:08,000 BUT TO RECEIVE COBRA HEALTH 1434 01:11:08,001 --> 01:11:10,000 BENEFITS, WORKERS MUST TYPICALLY 1435 01:11:10,001 --> 01:11:12,000 PAY ALL OF THE PREMIUM COSTS 1436 01:11:12,001 --> 01:11:14,000 PLUS AN ADDITIONAL 2% FOR 1437 01:11:14,001 --> 01:11:16,000 ADMINISTRATIVE COSTS. 1438 01:11:16,001 --> 01:11:17,000 THEY PAY $102%. 1439 01:11:17,001 --> 01:11:20,000 THAT'S NOT RIGHT. 1440 01:11:20,001 --> 01:11:24,000 FOR A FAMILY OF FOUR THE AVERAGE 1441 01:11:24,001 --> 01:11:26,000 MONTHLY COBRA PREMIUM IS ROUGHLY ROUGHLY $1,100. 1442 01:11:26,001 --> 01:11:27,000 FOR MOST PEOPLE WHO ARE OUT OF 1443 01:11:27,001 --> 01:11:28,000 WORK, THAT'S SIMPLY 1444 01:11:28,001 --> 01:11:31,000 UNAFFORDABLE. 1445 01:11:31,001 --> 01:11:33,000 HOW CAN A FAMILY THAT IS OUT OF 1446 01:11:33,001 --> 01:11:38,000 WORK PAY HEALTH BENEFITS AT AT 1447 01:11:38,001 --> 01:11:40,000 RATE O $1,100 A MONTH? 1448 01:11:40,001 --> 01:11:41,000 THEY CAN'T DO IT. 1449 01:11:41,001 --> 01:11:42,000 THE ACT HELPS TO COVER THE 1450 01:11:42,001 --> 01:11:45,000 COSTS. 1451 01:11:45,001 --> 01:11:47,000 IT HAS HELPED MILLIONS OF 1452 01:11:47,001 --> 01:11:48,000 UNEMPLOYED FAMILIES TO MAINTAIN 1453 01:11:48,001 --> 01:11:49,000 HEALTH INSURANCE WHILE THEY LOOK 1454 01:11:49,001 --> 01:11:51,000 FOR A NEW JOB. 1455 01:11:51,001 --> 01:11:53,000 UNFORTUNATELY COBRA ASSISTANCE 1456 01:11:53,001 --> 01:11:55,000 EXPIRED YESTERDAY AND THAT'S THE 1457 01:11:55,001 --> 01:11:57,000 PROVISION THAT THEY GAVE 65% SUBSIDY. 1458 01:11:57,001 --> 01:11:59,000 IT EXPIRED YESTERDAY. 1459 01:11:59,001 --> 01:12:01,000 THAT MEANS THAT WORKERS WHO LOSE 1460 01:12:01,001 --> 01:12:04,000 THEIR JOB TODAY OR AFTERWARDS 1461 01:12:04,001 --> 01:12:05,000 WILL NOT BE ABLE TO HAVE COBRA ASSISTANCE. 1462 01:12:05,001 --> 01:12:06,000 THEY CAN HAVE THE HEALTH 1463 01:12:06,001 --> 01:12:08,000 INSURANCE THROUGH THE COBRA 1464 01:12:08,001 --> 01:12:10,000 PROGRAM IF THEY CAN FIND THE 1465 01:12:10,001 --> 01:12:12,000 CLASS TO PAY FULL FREIGHT. 1466 01:12:12,001 --> 01:12:13,000 THAT'S 102% OF THEIR CURRENT 1467 01:12:13,001 --> 01:12:15,000 PREMIUM. 1468 01:12:15,001 --> 01:12:16,000 SO FOR MANY FOLKS, THAT'S SIMPLY 1469 01:12:16,001 --> 01:12:18,000 UNAFFORDABLE. 1470 01:12:18,001 --> 01:12:21,000 AND SO UNLESS WE ACT, THE RANKS 1471 01:12:21,001 --> 01:12:24,000 OF THOSE LIVING IN FEAR WITHOUT 1472 01:12:24,001 --> 01:12:25,000 HEALTH INSURANCE WILL GROW EVEN 1473 01:12:25,001 --> 01:12:27,000 MORE. 1474 01:12:27,001 --> 01:12:29,000 THIRD, WITHOUT THIS LEGISLATION 1475 01:12:29,001 --> 01:12:31,000 PHYSICIANS WHO TREAT OUR SENIORS 1476 01:12:31,001 --> 01:12:34,000 AND MILITARY FAMILIES WILL FACE 1477 01:12:34,001 --> 01:12:36,000 AN IMMEDIATE 21% PAY CUT. 1478 01:12:36,001 --> 01:12:40,000 THAT'S RIGHT. 1479 01:12:40,001 --> 01:12:41,000 AN IMMEDIATE 21% CUT IN PAY 1480 01:12:41,001 --> 01:12:44,000 THAT'S MORE THAN FAMILIES LOST 1481 01:12:44,001 --> 01:12:46,000 IN NET WORTH DURING THE WORST OF 1482 01:12:46,001 --> 01:12:48,000 THE RECESSION IN 2008. 1483 01:12:48,001 --> 01:12:50,000 THAT'S NEARLY TWICE AS MUCH AS 1484 01:12:50,001 --> 01:12:51,000 HOME PRICES FELL LAST YEAR. 1485 01:12:51,001 --> 01:12:53,000 THIS CUT WOULD FORCE DOCTORS TO 1486 01:12:53,001 --> 01:12:55,000 STOP SEEING PATIENTS. 1487 01:12:55,001 --> 01:12:58,000 THIS CUT WOULD MEAN LESS ACCESS 1488 01:12:58,001 --> 01:12:59,000 TO CARE FOR OUR PARENTS AND OUR 1489 01:12:59,001 --> 01:13:00,000 GRANDPARENTS. 1490 01:13:00,001 --> 01:13:02,000 THIS CUT WOULD MEAN THAT OUR 1491 01:13:02,001 --> 01:13:04,000 DOCTORS WOULD BE FORCED TO CUT 1492 01:13:04,001 --> 01:13:08,000 THEIR OWN COSTS POTENTIALLY 1493 01:13:08,001 --> 01:13:10,000 FORCING THEM TO LAY OFF STAFF. 1494 01:13:10,001 --> 01:13:11,000 THANKS THANKFULLY THE 1495 01:13:11,001 --> 01:13:12,000 ADMINISTRATION -- THANKFULLY THE 1496 01:13:12,001 --> 01:13:15,000 ADMISTRATION ANNOUNCED ON 1497 01:13:15,001 --> 01:13:16,000 FRIDAY IT WILL USE ITS EXISTING 1498 01:13:16,001 --> 01:13:17,000 AUTHORITY TO DELAY THIS CUT FOR 1499 01:13:17,001 --> 01:13:19,000 THE IMMEDIATE FUTURE. 1500 01:13:19,001 --> 01:13:21,000 BUT THAT'S NOT GOING TO LAST 1501 01:13:21,001 --> 01:13:23,000 VERY LONG. 1502 01:13:23,001 --> 01:13:24,000 WE CANNOT DELAY ACTION ANY 1503 01:13:24,001 --> 01:13:25,000 LONGER. 1504 01:13:25,001 --> 01:13:27,000 SENIORS, MILITARY FAMILIES AND 1505 01:13:27,001 --> 01:13:31,000 PHYSICIANS DESERVE BETTER. 1506 01:13:31,001 --> 01:13:33,000 IN MONTANA 2,000 DOCTORS SERVE 1507 01:13:33,001 --> 01:13:37,000 140,000 SENIORS WHO DEPEND ON 1508 01:13:37,001 --> 01:13:40,000 MEDICARE FOR LIFESAVING HEALTH. 1509 01:13:40,001 --> 01:13:41,000 AND MONTANA HAS 2,000 MILITARY 1510 01:13:41,001 --> 01:13:44,000 FAMILIES WHO SHOULD NOT BE 1511 01:13:44,001 --> 01:13:46,000 TURNED AWAY FROM THEIR DOCTOR'S DOOR. 1512 01:13:46,001 --> 01:13:49,000 THEY DESERVE THE BEST HEALTH 1513 01:13:49,001 --> 01:13:51,000 ACCESS WE CAN GIVE THEM AND THEY 1514 01:13:51,001 --> 01:13:53,000 DESERVE A SENATE THAT PUTS 1515 01:13:53,001 --> 01:13:55,000 POLITICS ASIDE AND HELP THEM FIRST. 1516 01:13:55,001 --> 01:13:57,000 THIS BILL WOULD AVERT THE 21% 1517 01:13:57,001 --> 01:13:58,000 CUT BECAUSE OF SO-CALLED 1518 01:13:58,001 --> 01:14:01,000 SUSTAINABLE GROWTH RATE. 1519 01:14:01,001 --> 01:14:03,000 WE ADOPT HERE ANOTHER SHORT-TERM STOP GAP. 1520 01:14:03,001 --> 01:14:06,000 NEXT TEAM WE HOPE AND EXPECT TO 1521 01:14:06,001 --> 01:14:08,000 COME BACK FOR A LONGER-TERM SOLUTION. 1522 01:14:08,001 --> 01:14:10,000 WE MUSS FIND ONE. 1523 01:14:10,001 --> 01:14:13,000 BY EXEMPTING PART OF THE S.G.R. 1524 01:14:13,001 --> 01:14:15,000 FOR THE NEW STATUTORY PAYGO RULES. 1525 01:14:15,001 --> 01:14:17,000 THE SENATE REALIZED THAT A 1526 01:14:17,001 --> 01:14:18,000 LONG-TERM SOLUTION REQUIRES A 1527 01:14:18,001 --> 01:14:19,000 SHORT-TERM INVESTMENT. 1528 01:14:19,001 --> 01:14:21,000 THE HOUSE FOLLOWED SUIT. 1529 01:14:21,001 --> 01:14:23,000 I HOPE THAT THIS PUSH WILL AID 1530 01:14:23,001 --> 01:14:25,000 US IN FINDING A PERMANENT 1531 01:14:25,001 --> 01:14:26,000 SOLUTION FOR THE SAKE OF OUR 1532 01:14:26,001 --> 01:14:28,000 SENIORS CONTINUED ACCESS TO 1533 01:14:28,001 --> 01:14:30,000 MEDICARE. 1534 01:14:30,001 --> 01:14:33,000 A FOURTH PROVISION IN THIS BILL 1535 01:14:33,001 --> 01:14:34,000 AFFECTS THE 2009 POVERTY GUIDELINES. 1536 01:14:34,001 --> 01:14:36,000 WHY IS THIS IMPORTANT? 1537 01:14:36,001 --> 01:14:38,000 LET ME TELL YOU. 1538 01:14:38,001 --> 01:14:41,000 DOZENS OF PROGRAMS ARE AVAILABLE 1539 01:14:41,001 --> 01:14:43,000 TO HELP LOWER INCOME AMERICANS. 1540 01:14:43,001 --> 01:14:44,000 WE ALL KNOW THE IMPORTANT ROLE 1541 01:14:44,001 --> 01:14:47,000 THESE PROGRAMS PLAY IN KEEPING 1542 01:14:47,001 --> 01:14:50,000 THOSE LESS FORTUNATE FED, KEEP 1543 01:14:50,001 --> 01:14:52,000 THEM HEALTHY AND SAFE. 1544 01:14:52,001 --> 01:14:54,000 I'M TALKING ABOUT PROGRAMS LIKE 1545 01:14:54,001 --> 01:14:56,000 MEDICAID, THE SUPPLEMENTAL 1546 01:14:56,001 --> 01:14:58,000 NUTRITION ASSISTANCE PROGRAM, 1547 01:14:58,001 --> 01:15:00,000 FORMERLY KNOWN AS FOOD STAMPS, 1548 01:15:00,001 --> 01:15:02,000 THE SCHOOL LUNCH PROGRAM AND THE 1549 01:15:02,001 --> 01:15:03,000 LOW-INCOME HOME EMERGENCY 1550 01:15:03,001 --> 01:15:06,000 ASSISTANCE PROGRAM, OTHERWISE 1551 01:15:06,001 --> 01:15:08,000 KNOWN AS 1552 01:15:08,001 --> 01:15:11,000 ELIGIBLE -- ELIGIBILITY FOR 1553 01:15:11,001 --> 01:15:14,000 THESE AND MANY OTHER PROGRAMS IS 1554 01:15:14,001 --> 01:15:15,000 BASED ON THE FEDERAL POVERTY GUIDELINES. 1555 01:15:15,001 --> 01:15:19,000 THESE GUIDELINES ARE UPDATED 1556 01:15:19,001 --> 01:15:21,000 EVERY YEAR FOR INFLATION. 1557 01:15:21,001 --> 01:15:22,000 THE UPDATE FOR THIS YEAR, 2010, 1558 01:15:22,001 --> 01:15:23,000 WILL CAUSE PEOPLE WHO ARE 1559 01:15:23,001 --> 01:15:24,000 CURRENTLY ELIGIBLE FOR AND 1560 01:15:24,001 --> 01:15:26,000 BENEFITED FROM THESE PROGRAMS TO 1561 01:15:26,001 --> 01:15:29,000 LOSE THEIR ELIGIBILITY. 1562 01:15:29,001 --> 01:15:30,000 YOU MAY WONDER WHY IN A TIME OF 1563 01:15:30,001 --> 01:15:32,000 ECONOMIC CRISIS OUR POVERTY 1564 01:15:32,001 --> 01:15:33,000 BASED PROGRAM ELIGIBILITIES 1565 01:15:33,001 --> 01:15:37,000 WOULD DECREASE. 1566 01:15:37,001 --> 01:15:39,000 YOU MIGHT THINK THAT'S SOUNDS COUNTERINTUITIVE. 1567 01:15:39,001 --> 01:15:41,000 ONE OF THE EFFECTS OF THE 1568 01:15:41,001 --> 01:15:43,000 CURRENT ECONOMIC CRISIS IS THAT 1569 01:15:43,001 --> 01:15:44,000 INFLATION WENT DOWN. 1570 01:15:44,001 --> 01:15:47,000 THAT MEANS THAT THE AVERAGE COST 1571 01:15:47,001 --> 01:15:48,000 OF EVERYDAY THINGS LIKE CLOTHES, 1572 01:15:48,001 --> 01:15:51,000 TRANSPORTATION, AND RENT IS LESS 1573 01:15:51,001 --> 01:15:54,000 THAN IT WAS THE YEAR BEFORE. 1574 01:15:54,001 --> 01:15:55,000 HOWEVER, BECAUSE THE FEDERAL 1575 01:15:55,001 --> 01:15:57,000 POVERTY GUIDELINES ARE BASED ON 1576 01:15:57,001 --> 01:15:58,000 THE AVERAGE COST OF EVERYDAY 1577 01:15:58,001 --> 01:16:00,000 GOODS, THE POVERTY LEVEL FOR 1578 01:16:00,001 --> 01:16:01,000 2010 WOULD BE LESS THAN IT WOULD 1579 01:16:01,001 --> 01:16:02,000 BE FOR 2009. 1580 01:16:02,001 --> 01:16:03,000 THIS IS THE FIRST TIME IN THE 1581 01:16:03,001 --> 01:16:06,000 HISTORY OF THE GUIDELINES THAT 1582 01:16:06,001 --> 01:16:09,000 SUCH A DECREASE WOULD OCCUR. 1583 01:16:09,001 --> 01:16:12,000 THAT CLEARLY IS NOT THE RIGHT OUTCOME, THOUGH. 1584 01:16:12,001 --> 01:16:14,000 WE SHOULD NOT MAKE FEWER PEOPLE 1585 01:16:14,001 --> 01:16:16,000 ELIGIBLE FOR POVERTY-BASED 1586 01:16:16,001 --> 01:16:17,000 PROGRAMS AT PRECISELY THE TIME 1587 01:16:17,001 --> 01:16:18,000 WHEN THOSE SAFETY NET PROGRAMS 1588 01:16:18,001 --> 01:16:20,000 ARE SERVING THE VERY PURPOSE FOR 1589 01:16:20,001 --> 01:16:22,000 WHICH THEY WERE CREATED. 1590 01:16:22,001 --> 01:16:24,000 SAFETY NET PROGRAMS ARE THERE TO 1591 01:16:24,001 --> 01:16:26,000 HELP PEOPLE WHEN TIMES ARE TOUGH. 1592 01:16:26,001 --> 01:16:28,000 THAT'S THEIR PURPOSE. 1593 01:16:28,001 --> 01:16:30,000 BUT THERE IS A SIMPLE SOLUTION. 1594 01:16:30,001 --> 01:16:32,000 WE CAN SIMPLY LEAVE THE 1595 01:16:32,001 --> 01:16:33,000 GUIDELINES DEVELOPED FOR 2009 IN PLACE. 1596 01:16:33,001 --> 01:16:36,000 THAT WAY, PEOPLE WHO ARE 1597 01:16:36,001 --> 01:16:38,000 ELIGIBLE CAN REMAIN ELIGIBLE. 1598 01:16:38,001 --> 01:16:39,000 LEAVING THE 2009 GUIDELINES IN 1599 01:16:39,001 --> 01:16:41,000 PLACE WOULD MEAN THAT PEOPLE 1600 01:16:41,001 --> 01:16:44,000 WOULD NOT LOSE THEIR HEALTH CARE 1601 01:16:44,001 --> 01:16:45,000 BY BEING KICKED OFF OF MEDICAID. 1602 01:16:45,001 --> 01:16:47,000 IT WOULD MEAN THAT FAMILIES 1603 01:16:47,001 --> 01:16:48,000 WOULD NOT GO HUNGRY BECAUSE THEY 1604 01:16:48,001 --> 01:16:50,000 LOST THEIR ELIGIBILITY FOR A 1605 01:16:50,001 --> 01:16:51,000 NUMBER OF NUTRITION PROGRAMS. 1606 01:16:51,001 --> 01:16:54,000 IT WOULD MEAN THAT LOW-INCOME 1607 01:16:54,001 --> 01:16:59,000 FOLKS COULD STILL KEEP THEIR 1608 01:16:59,001 --> 01:17:01,000 HOMES IN A COLD AND SNOWY 1609 01:17:01,001 --> 01:17:02,000 WINTER, THANKS TO LIHEAP. 1610 01:17:02,001 --> 01:17:04,000 KEEPING THE 2009 GUIDELINES IN 1611 01:17:04,001 --> 01:17:06,000 PLACE WOULD NOT INCREASE ELIGIBILITY. 1612 01:17:06,001 --> 01:17:08,000 IT WOULD MEAN THAT WE WOULD 1613 01:17:08,001 --> 01:17:09,000 AVOID PULLING THE SAFETY NET OUT 1614 01:17:09,001 --> 01:17:11,000 FROM UNDER THE PEOPLE IS 1615 01:17:11,001 --> 01:17:13,000 THERE TO PROTECT. 1616 01:17:13,001 --> 01:17:16,000 FIFTH, FOR INDIVIDUALS AND 1617 01:17:16,001 --> 01:17:17,000 FAMILIES, THIS BILL PROVIDES A 1618 01:17:17,001 --> 01:17:19,000 MUCH-NEEDED TAX RELIEF AT A TIME 1619 01:17:19,001 --> 01:17:20,000 OF ECONOMIC UNCERTAINTY. 1620 01:17:20,001 --> 01:17:23,000 FOR EXAMPLE, MANY STUDENTS DON'T 1621 01:17:23,001 --> 01:17:25,000 HAVE THE BOOKS OR SUPPLIES THEY NEED. 1622 01:17:25,001 --> 01:17:26,000 SOME TEACHERS HAVE TO BUY 1623 01:17:26,001 --> 01:17:28,000 CLASSROOM SUPPLIES USING MONEY 1624 01:17:28,001 --> 01:17:29,000 FROM THEIR OWN POCKETS, IF YOU 1625 01:17:29,001 --> 01:17:32,000 CAN BELIEVE IT. 1626 01:17:32,001 --> 01:17:34,000 THIS BILL EXTENDS THE TEACHER 1627 01:17:34,001 --> 01:17:37,000 EXPENSE DEDUCTION FOR TEACHERS 1628 01:17:37,001 --> 01:17:40,000 BUYING SCHOOL SUPPLIES FOR THEIR 1629 01:17:40,001 --> 01:17:42,000 CLASSROOM AND EXTENDS THE 1630 01:17:42,001 --> 01:17:45,000 QUALIFIED TUITION DEDUCTION TO 1631 01:17:45,001 --> 01:17:47,000 HELP WITH COLLEGE COSTS. 1632 01:17:47,001 --> 01:17:48,000 THE BILL PROVIDES MUCH-NEED 1633 01:17:48,001 --> 01:17:49,000 RELIEF TO FAMILIES WHO HAVE 1634 01:17:49,001 --> 01:17:53,000 SUFFERED FROM NATURAL DISASTERS. 1635 01:17:53,001 --> 01:17:57,000 IT EXTENDS A PACKAGE OF DISASTER 1636 01:17:57,001 --> 01:17:59,000 RELIEF PROVISIONSES DECLARED TO 1637 01:17:59,001 --> 01:18:02,000 GIVE ALL DISASTER AREAS WITH 1638 01:18:02,001 --> 01:18:04,000 IMMEDIATE, RELIABLE, AND ROBUST TAX RELIEF. 1639 01:18:04,001 --> 01:18:07,000 AND IT EXTENDS IMPORTANT 1640 01:18:07,001 --> 01:18:09,000 BUSINESS PROVISIONS TO EXTEND 1641 01:18:09,001 --> 01:18:11,000 JOBS AND MAKE OUR COMPANIES 1642 01:18:11,001 --> 01:18:15,000 COMPETITIVE IN A GLOBAL ECONOMY. 1643 01:18:15,001 --> 01:18:16,000 THE WE RANK FIRST AMONG ALL 1644 01:18:16,001 --> 01:18:17,000 COUNTRIES IN RESEARCH AND 1645 01:18:17,001 --> 01:18:18,000 DEVELOPMENT, BUT RELATIVE TO THE 1646 01:18:18,001 --> 01:18:20,000 SIZE OF OUR ECONOMY, AMERICA IS 1647 01:18:20,001 --> 01:18:22,000 IN SIXTH PLACE, AND THE TRENDS 1648 01:18:22,001 --> 01:18:26,000 SHOW THAT MAINTAINING AMERICAN 1649 01:18:26,001 --> 01:18:29,000 LEADERSHIP IN THE FUTURE DEPENDS ON INCREASED COMMITMENT TO 1650 01:18:29,001 --> 01:18:33,000 SCIENCE AND RESEARCH. 1651 01:18:33,001 --> 01:18:35,000 YET OUR R&D TAX CREDIT EXPIRED 1652 01:18:35,001 --> 01:18:36,000 AT THE END OF LAST YEAR. 1653 01:18:36,001 --> 01:18:38,000 THIS WILL PUT AMERICAN 1654 01:18:38,001 --> 01:18:39,000 CORPORATIONS AT A COMPETIVE DISADVANTAGE. 1655 01:18:39,001 --> 01:18:42,000 CORPORATIONS ARE UNSURE IF THEY 1656 01:18:42,001 --> 01:18:44,000 WILL BE ABLE TO OBTAIN THE R&D 1657 01:18:44,001 --> 01:18:46,000 CREDIT NEXT YEAR, AND THEY NEED 1658 01:18:46,001 --> 01:18:47,000 TO PLAN FOR THE FUTURE. 1659 01:18:47,001 --> 01:18:48,000 THE AMERICAN FINANCIAL SERVICE 1660 01:18:48,001 --> 01:18:49,000 COMPANIES SUCCESSFULLY COMPETE 1661 01:18:49,001 --> 01:18:51,000 IN WORLD FINANCIAL MARKETS. 1662 01:18:51,001 --> 01:18:53,000 WE NEED TO MAKE SURE THAT THE 1663 01:18:53,001 --> 01:18:55,000 U.S. TAX RULES DO NOT CHANGE 1664 01:18:55,001 --> 01:18:58,000 THAT. 1665 01:18:58,001 --> 01:19:00,000 THIS LEGISLATION EXTENDS THE 1666 01:19:00,001 --> 01:19:01,000 ACTIVE FINANCING EXCEPTION TO 1667 01:19:01,001 --> 01:19:03,000 SUB PART M. 1668 01:19:03,001 --> 01:19:06,000 IN SO DOING, IT PRESERVES THE 1669 01:19:06,001 --> 01:19:07,000 INTERNATIONAL COMPETIVENESS OF 1670 01:19:07,001 --> 01:19:09,000 AMERICAN-BASED FINANCIAL 1671 01:19:09,001 --> 01:19:10,000 SERVICES COMPANIES WHILE 1672 01:19:10,001 --> 01:19:12,000 CREATING SAFEGUARDS TO ENSURE 1673 01:19:12,001 --> 01:19:13,000 THAT ONLY TRULY ACTIVE BUSINESSES BENEFIT. 1674 01:19:13,001 --> 01:19:14,000 THIS PROVISION HAD PUT THE 1675 01:19:14,001 --> 01:19:16,000 AMERICAN FINANCIAL SERVICES 1676 01:19:16,001 --> 01:19:19,000 INDUSTRY ON AN EQUAL FOOTING 1677 01:19:19,001 --> 01:19:21,000 WITH FOREIGN-BASED COMPETITORS 1678 01:19:21,001 --> 01:19:23,000 WHO WERE NOT TAXED ON ACTUAL 1679 01:19:23,001 --> 01:19:26,000 FINANCIAL SERVICES INCOME. 1680 01:19:26,001 --> 01:19:27,000 SEVERAL ENTERING TAX INCENTIVES 1681 01:19:27,001 --> 01:19:28,000 ALSO -- SEVERAL ENERGY TAX 1682 01:19:28,001 --> 01:19:29,000 INCENTIVES ALSO EXPIRED AT THE 1683 01:19:29,001 --> 01:19:31,000 END OF LAST YEAR. 1684 01:19:31,001 --> 01:19:32,000 THIS BILL EXTENDS THOSE 1685 01:19:32,001 --> 01:19:34,000 INCENTIVES TO ENCOURAGE 1686 01:19:34,001 --> 01:19:35,000 CONTINUED INVESTMENTS IN 1687 01:19:35,001 --> 01:19:37,000 TECHNOLOGIES THAT PMOTE 1688 01:19:37,001 --> 01:19:38,000 CONTINUED ENERGY INDEPENDENCE. 1689 01:19:38,001 --> 01:19:40,000 FOR EXAMPLE, THE BILL EXTENDS 1690 01:19:40,001 --> 01:19:42,000 INCENTIVES FOR A NEW CORPORATE 1691 01:19:42,001 --> 01:19:44,000 BATTERY TECHNOLOGY IN THE 1692 01:19:44,001 --> 01:19:45,000 CONSTRUCTION OF NEW 1693 01:19:45,001 --> 01:19:46,000 ENERGY-EFFICIENT HOMES. 1694 01:19:46,001 --> 01:19:48,000 SIXTH, IN ADDITION TO THESE 1695 01:19:48,001 --> 01:19:49,000 IMPORTANT PROVISIONS THAT 1696 01:19:49,001 --> 01:19:50,000 PROVIDE DIRECT ASSISTANCE IN JOB 1697 01:19:50,001 --> 01:19:51,000 CREATION, THE BILL INCLUDES 1698 01:19:51,001 --> 01:19:53,000 OTHER PROPOSALS THAT WILL 1699 01:19:53,001 --> 01:19:56,000 PROVIDE RELIEF FOR BUSINESSES 1700 01:19:56,001 --> 01:19:58,000 AND INDIVIDUALS. 1701 01:19:58,001 --> 01:20:00,000 ONE SUCH PROVISION IS PENSION 1702 01:20:00,001 --> 01:20:01,000 FUNDING RELIEF. 1703 01:20:01,001 --> 01:20:03,000 THESE DAYS AMERICAN EMPLOYERS 1704 01:20:03,001 --> 01:20:06,000 ARE FACED WITH A NEED TO MAKE 1705 01:20:06,001 --> 01:20:09,000 HIGHER PENSION CONTRIBUTIONS. 1706 01:20:09,001 --> 01:20:11,000 ALL FACTORS THAT COMBINE TO 1707 01:20:11,001 --> 01:20:13,000 REQUIRE THESE HIGHER CONTRIBUTIONS. 1708 01:20:13,001 --> 01:20:16,000 THERE ARE THE FUNDING CHANGES OF 1709 01:20:16,001 --> 01:20:18,000 THE PENSION PROTECTION ACT OF 2006. 1710 01:20:18,001 --> 01:20:22,000 THERE WAS A SLIDE IN THE STOCK MARKET IN 2008. 1711 01:20:22,001 --> 01:20:24,000 AND THEN THERE IS THE ENSUING 1712 01:20:24,001 --> 01:20:26,000 GREAT RECESSION. 1713 01:20:26,001 --> 01:20:27,000 THESE REQUIREMENTS FOR HIGHER 1714 01:20:27,001 --> 01:20:29,000 CONTRIBUTIONS ARE COMING UPON 1715 01:20:29,001 --> 01:20:32,000 EMPLOYERS JUST WHEN THEY ARE 1716 01:20:32,001 --> 01:20:34,000 FACING LOWER ASSET VALUES AND 1717 01:20:34,001 --> 01:20:35,000 LOWER CASH FLOW. 1718 01:20:35,001 --> 01:20:36,000 MEETING THESE REQUIREMENTS COULD 1719 01:20:36,001 --> 01:20:40,000 DIVERT RESOURCES THAT EMPLOYERS 1720 01:20:40,001 --> 01:20:43,000 COULD USE TO KEEP WORKERS ON THE PAYROLL. 1721 01:20:43,001 --> 01:20:45,000 WE ADDRESS THIS BIND TEMPORARILY 1722 01:20:45,001 --> 01:20:49,000 IN THE WORKER RETIREE AND 1723 01:20:49,001 --> 01:20:50,000 EMPLOYER RECOVERY ACT OF 2008, 1724 01:20:50,001 --> 01:20:53,000 BUT EMPLOYERS ARE STILL FACING 1725 01:20:53,001 --> 01:20:54,000 THE PROSPECT OF CLOSING PLANTS 1726 01:20:54,001 --> 01:20:56,000 AND STORES. 1727 01:20:56,001 --> 01:20:58,000 EMPLOYERS ARE STILL FACED WITH 1728 01:20:58,001 --> 01:21:00,000 THE POSSIBILITY OF TERMINATING 1729 01:21:00,001 --> 01:21:01,000 WORKERS OR TO MAKE UP FOR LOST 1730 01:21:01,001 --> 01:21:04,000 ASSET VALUES. 1731 01:21:04,001 --> 01:21:07,000 THE BILL CONTAINS ADDITIONAL 1732 01:21:07,001 --> 01:21:08,000 TEMPORARY TARGETED AND 1733 01:21:08,001 --> 01:21:09,000 APPROPRIATE RELIEF FOR THESE 1734 01:21:09,001 --> 01:21:11,000 EMPLOYERS, AND AT THE SAME TIME 1735 01:21:11,001 --> 01:21:13,000 THE BILL STILL MAINTAINS THE 1736 01:21:13,001 --> 01:21:16,000 PENSION SECURITY SYSTEM. 1737 01:21:16,001 --> 01:21:17,000 SEVENTH, THIS BILL WOULD ALSO 1738 01:21:17,001 --> 01:21:18,000 EXTEND SEVERAL IMPORTANT "HELP" 1739 01:21:18,001 --> 01:21:21,000 PROVISIONS THAT EXPIRED AT THE 1740 01:21:21,001 --> 01:21:22,000 END OF 2009. 1741 01:21:22,001 --> 01:21:25,000 NOTABLE AMONG THESE IS THE 1742 01:21:25,001 --> 01:21:26,000 EXCEPTIONS PROCESS FOR MEDICARE 1743 01:21:26,001 --> 01:21:28,000 THERAPY CAPS. 1744 01:21:28,001 --> 01:21:29,000 EXTENDING THIS PROVISION WILL 1745 01:21:29,001 --> 01:21:32,000 HELP ENSURE THAT MANY CARE 1746 01:21:32,001 --> 01:21:33,000 BENEFICIARIES WILL CONTINUE TO 1747 01:21:33,001 --> 01:21:36,000 RECEIVE ACCESS TO THE THERAPY 1748 01:21:36,001 --> 01:21:40,000 SERVICES THAT THEY NEED, AND 1749 01:21:40,001 --> 01:21:41,000 SEVERAL RURAL POLICIES ARE ALSO 1750 01:21:41,001 --> 01:21:43,000 EXTENDED. 1751 01:21:43,001 --> 01:21:45,000 EIGHTH, THESE TOUGH ECONOMIC 1752 01:21:45,001 --> 01:21:47,000 TIMES HAVE HIT THE STATES HARD 1753 01:21:47,001 --> 01:21:50,000 AS WELL, SO INCLUDED IN THIS 1754 01:21:50,001 --> 01:21:51,000 BILL IS A SIX-MONTH EXTENSION OF 1755 01:21:51,001 --> 01:21:53,000 THE ADDITIONAL FEDERAL FINANCIAL 1756 01:21:53,001 --> 01:21:55,000 ASSISTANCE FOR STATE MEDICAID PROGRAMS. 1757 01:21:55,001 --> 01:21:58,000 THIS WILL ALLOW STATES TO PLAN 1758 01:21:58,001 --> 01:21:59,000 FOR THE NEXT FISCAL YEAR WITH 1759 01:21:59,001 --> 01:22:02,000 THE CERTAINTY OF CONTINUED HELP 1760 01:22:02,001 --> 01:22:03,000 FROM THE FEDERAL GOVERNMENT. 1761 01:22:03,001 --> 01:22:07,000 ADDITIONAL FEDERAL MEDAID 1762 01:22:07,001 --> 01:22:08,000 MATCH MONEY KNOWN AS FMAP, HELPS 1763 01:22:08,001 --> 01:22:11,000 THE ECONOMY GROW, AND ACCORDING 1764 01:22:11,001 --> 01:22:13,000 TO ECONOMIST MARK ZANDE, THIS 1765 01:22:13,001 --> 01:22:16,000 FUNDING HAS RETURNED ON THE 1766 01:22:16,001 --> 01:22:17,000 INVESTMENT OF ABOUT $1.40 FOR 1767 01:22:17,001 --> 01:22:18,000 EVERY DOLLAR INVESTED. 1768 01:22:18,001 --> 01:22:19,000 THE NATION'S GOVERNORS HAVE 1769 01:22:19,001 --> 01:22:21,000 REPEATEDLY ASKED FOR AN 1770 01:22:21,001 --> 01:22:22,000 EXTENSION OF THIS FEDERAL 1771 01:22:22,001 --> 01:22:24,000 ASSISTANCE, AND THIS BILL 1772 01:22:24,001 --> 01:22:26,000 ANSWERS THEIR PLEAS. 1773 01:22:26,001 --> 01:22:30,000 WITH SO MANY AMERICANS OUT OF 1774 01:22:30,001 --> 01:22:31,000 WORK, OUR COUNTRY NEEDS CONGRESS 1775 01:22:31,001 --> 01:22:33,000 TO ENACT THIS LEGISLATION. 1776 01:22:33,001 --> 01:22:34,000 THIS BILL CONTINUES VALUABLE TAX 1777 01:22:34,001 --> 01:22:36,000 INCENTIVES TO FAMILIES AND 1778 01:22:36,001 --> 01:22:37,000 BUSINESSES THAT WILL HELP THEM 1779 01:22:37,001 --> 01:22:43,000 IN THESE DIFFICULT ECONOMIC 1780 01:22:43,001 --> 01:22:44,000 TIMES, AND THE BILL SUSTAINS 1781 01:22:44,001 --> 01:22:46,000 VIOLATE -- VLT SAFETY NET 1782 01:22:46,001 --> 01:22:47,000 PROGRAMS WILL ALSO HELP FOSTER 1783 01:22:47,001 --> 01:22:49,000 ECONOMIC GROWTH. 1784 01:22:49,001 --> 01:22:51,000 AS I SAID AT THE OUT-OF-THE, -- 1785 01:22:51,001 --> 01:22:52,000 AT THE OUTSET, MR. PRESIDENT, 1786 01:22:52,001 --> 01:22:53,000 THERE IS JUST NO ORDINARY 1787 01:22:53,001 --> 01:22:54,000 LEGISLATION, THIS IS URGENT 1788 01:22:54,001 --> 01:22:56,000 LEGISLATION. 1789 01:22:56,001 --> 01:22:58,000 IT WOULD PREVENT MILLIONS OF 1790 01:22:58,001 --> 01:22:59,000 AMERICANS FROM FALLING THROUGH 1791 01:22:59,001 --> 01:23:02,000 THE SAFETY N. 1792 01:23:02,001 --> 01:23:05,000 IT WOULD EXTEND VITAL PROGRAMS 1793 01:23:05,001 --> 01:23:07,000 THAT EXPIRED YESTERDAY, EXPIRED 1794 01:23:07,001 --> 01:23:08,000 YESTERDAY AND PUT CASH THE 1795 01:23:08,001 --> 01:23:10,000 HANDS OF AMERICANS WHO WOULD 1796 01:23:10,001 --> 01:23:11,000 SPEND IT QUICKLY, BOOSTING 1797 01:23:11,001 --> 01:23:13,000 ECONOMIC DEMAND. 1798 01:23:13,001 --> 01:23:15,000 IT WOULD EXTEND CRITICAL 1799 01:23:15,001 --> 01:23:16,000 PROGRAMS AND TAX INCENTIVES THAT 1800 01:23:16,001 --> 01:23:19,000 CREATE JOBS. 1801 01:23:19,001 --> 01:23:22,000 IT IS AN IMPORTANT THING THAT WE 1802 01:23:22,001 --> 01:23:24,000 HERE CAN DO FOR OTHER AMERICANS. 1803 01:23:24,001 --> 01:23:28,000 AND SO LET US HELP AMERICA'S 1804 01:23:28,001 --> 01:23:30,000 BUSINESSES TO CREATE MORE JOBS. 1805 01:23:30,001 --> 01:23:32,000 LET US JOIN TOGETHER TO WORK 1806 01:23:32,001 --> 01:23:33,000 ACROSS THE AISLE ON THIS 1807 01:23:33,001 --> 01:23:35,000 COMMONSENSE LEGISLATION, AND LET 1808 01:23:35,001 --> 01:23:37,000 US ENACT THESE TAX INCENTIVES 1809 01:23:37,001 --> 01:23:41,000 AND SETY NET PROVISIONS INTO 1810 01:23:41,001 --> 01:23:42,000 LAW. 1811 01:23:42,001 --> 01:23:43,000 MR. PRESIDENT, I SUGGEST 1812 01:23:43,001 --> 01:23:44,000 ABSENCE OF A QUORUM. 1813 01:23:44,001 --> 01:23:48,000 THE PRESIDING OFFICER: THE CLERK 1814 01:23:48,001 --> 01:29:52,000 WILL CALL THE ROLL. 1815 01:29:52,001 --> 01:34:24,000 QUORUM CALL: 1816 01:34:24,001 --> 01:34:25,000 QUORUM CALL: 1817 01:34:25,001 --> 01:34:26,000 MR. GRASSLEY: MR. PRESIDENT? 1818 01:34:26,001 --> 01:34:27,000 THE PRESIDING OFFICER: THE SENATOR FROM IOWA. 1819 01:34:27,001 --> 01:34:29,000 MR. GRASSLEY: I ASK THAT THE 1820 01:34:29,001 --> 01:34:30,000 CALLING OF THE QUORUM BE 1821 01:34:30,001 --> 01:34:32,000 OBJECTION. 1822 01:34:32,001 --> 01:34:34,000 MR. GRASSLEY: I YIELD MYSELF 1823 01:34:34,001 --> 01:34:36,000 SUCH TIME AS I MIGHT CONSUME. 1824 01:34:36,001 --> 01:34:38,000 MAYBE I BETTER ASK, ARE WE UNDER 1825 01:34:38,001 --> 01:34:39,000 A TIME AGREEMENT? THE PRESIDING OFFICER: THERE IS 1826 01:34:39,001 --> 01:34:40,000 NO TIME AGREEMENT. 1827 01:34:40,001 --> 01:34:44,000 MR. GRASSLEY: OKAY. 1828 01:34:44,001 --> 01:34:46,000 MR. PRESIDENT, TODAY THE SENATE 1829 01:34:46,001 --> 01:34:51,000 STARTS DEBATE ON EXPIRINTAX 1830 01:34:51,001 --> 01:34:54,000 AND HEALTH PROVISIONS FOR PEOPLE 1831 01:34:54,001 --> 01:34:55,000 OUTSIDE OF WASHINGTON, AROUND 1832 01:34:55,001 --> 01:34:57,000 HERE THOSE TAX PROVISIONS ARE 1833 01:34:57,001 --> 01:34:59,000 GENERALLY REFERRED TO AS -- 1834 01:34:59,001 --> 01:35:01,000 THROUGH THE WORD "EXTENDERS." 1835 01:35:01,001 --> 01:35:03,000 BUT BEFORE I DISCUSS THE BILL 1836 01:35:03,001 --> 01:35:05,000 BEFORE US, I'D LIKE TO MAKE A 1837 01:35:05,001 --> 01:35:07,000 COUPLE OF POINTS ON THE PROCESS 1838 01:35:07,001 --> 01:35:09,000 BEFORE I GET INTO THE SUBSTANCE 1839 01:35:09,001 --> 01:35:10,000 OF THE SUBSTITUTE BEFORE THE 1840 01:35:10,001 --> 01:35:13,000 SENATE. 1841 01:35:13,001 --> 01:35:15,000 WHILE I FIND -- WHAT I FIND 1842 01:35:15,001 --> 01:35:18,000 SURPRISING IS THAT WE'RE TAKING 1843 01:35:18,001 --> 01:35:19,000 UP A PACKAGE THAT, LE LAST 1844 01:35:19,001 --> 01:35:23,000 WEEK'S EXERCISE, ABSOLUTELY 1845 01:35:23,001 --> 01:35:26,000 BELONGS TO THE SENATE DEMOCRATIC 1846 01:35:26,001 --> 01:35:31,000 LEADERSHIP, THAT IS TO SAY THAT 1847 01:35:31,001 --> 01:35:32,000 WE'RE NOT TAKING UP A A BIPARTISAN 1848 01:35:32,001 --> 01:35:34,000 PACKAGE THAT I PUT TOGETHER WITH 1849 01:35:34,001 --> 01:35:35,000 MY FRIEND, FINANCE COMMITTEE CHAIRMAN BAUCUS. 1850 01:35:35,001 --> 01:35:37,000 TO BE SURE, SOME OF THE 1851 01:35:37,001 --> 01:35:39,000 STRUCTURE REFLECTS THE AGREEMENT 1852 01:35:39,001 --> 01:35:41,000 THAT I HAD WITH SENATOR BAUCUS, 1853 01:35:41,001 --> 01:35:44,000 BUT THIS PACKAGE IS ALMOST THREE 1854 01:35:44,001 --> 01:35:46,000 TIMES THE SIZE OF A PACKAGE THAT 1855 01:35:46,001 --> 01:35:47,000 WE AGREED UPON. 1856 01:35:47,001 --> 01:35:49,000 VIRTUALLY ALL OF THE ADDITIONAL 1857 01:35:49,001 --> 01:35:52,000 COST IS DUE TO PROPOSALS THAT I 1858 01:35:52,001 --> 01:35:56,000 WOULD NOT HAVE AGREED TO IN 1859 01:35:56,001 --> 01:35:57,000 REPRESENTING THE PEOPLE OF IOWA 1860 01:35:57,001 --> 01:35:59,000 OR THE REPUBLICAN CONFERENCE. 1861 01:35:59,001 --> 01:36:01,000 I WAS UNDER THE IMPRESSION THAT 1862 01:36:01,001 --> 01:36:02,000 THE SENATE DEMOCRATIC LEADERSHIP 1863 01:36:02,001 --> 01:36:06,000 WAS GENUINE IN ITS ENTIRE TO 1864 01:36:06,001 --> 01:36:07,000 WORK ON A BIPARTISAN BASIS, BUT 1865 01:36:07,001 --> 01:36:09,000 CLEARLY I WAS MISTAKEN. 1866 01:36:09,001 --> 01:36:10,000 ALTHOUGH THE SENATE DEMOCRATIC 1867 01:36:10,001 --> 01:36:13,000 LEADERSHIP WAS HIGHLY INVOLVED 1868 01:36:13,001 --> 01:36:16,000 IN THE DEVELOPMENT OF THAT 1869 01:36:16,001 --> 01:36:18,000 ORIGINAL BIPARTISAN BILL, THEY 1870 01:36:18,001 --> 01:36:20,000 ARBITRARILY DECIDED TO REPLACE 1871 01:36:20,001 --> 01:36:21,000 IT WITH A BILL THAT EXCUSE 1872 01:36:21,001 --> 01:36:24,000 TOWARDS -- THAT SKEWS TOWARDS 1873 01:36:24,001 --> 01:36:26,000 THEIR LIBERAL WING. 1874 01:36:26,001 --> 01:36:28,000 SO MY FIRST COMMENT TO MY 1875 01:36:28,001 --> 01:36:31,000 COLLEAGUES, ALSO TO THE MEDIA 1876 01:36:31,001 --> 01:36:34,000 AND TO THE ENTIRE NATION IS, 1877 01:36:34,001 --> 01:36:36,000 DON'T LET THIS PASSAGE BE 1878 01:36:36,001 --> 01:36:37,000 MISLABELED AS THE 1879 01:36:37,001 --> 01:36:39,000 BAUCUS-GRASSLEY PACKAGE. 1880 01:36:39,001 --> 01:36:41,000 IT IS NOT THE PACKAGEHAT MY 1881 01:36:41,001 --> 01:36:44,000 FRIEND, CHAIRMAN BAUCUS, AND I NEGOTIATED. 1882 01:36:44,001 --> 01:36:48,000 AGAIN, THE PACKAGE BEFORE THE 1883 01:36:48,001 --> 01:36:52,000 SENATE DRAMATICALLY DIFFERS IN 1884 01:36:52,001 --> 01:36:56,000 COST, BALANCE, AND DRAMATICALLY 1885 01:36:56,001 --> 01:36:57,000 DIFFERENT IN INTENT FROM THE 1886 01:36:57,001 --> 01:36:59,000 BAUCUS-GRASSLEY COMPROMISE 1887 01:36:59,001 --> 01:37:02,000 ANNOUNCED ON FEBRUARY THE 1888 01:37:02,001 --> 01:37:03,000 12th. 1889 01:37:03,001 --> 01:37:05,000 MY SECOND PRELIMINARY COMMENT 1890 01:37:05,001 --> 01:37:07,000 GOES TO THE WAY IN WHICH THESE 1891 01:37:07,001 --> 01:37:09,000 EXPIRING TAX PROVISIONS HAVE 1892 01:37:09,001 --> 01:37:12,000 BEEN DESCRIBED BY MANY ON THE 1893 01:37:12,001 --> 01:37:14,000 OTHER SIDE, INCLUDING THOSE IN 1894 01:37:14,001 --> 01:37:16,000 THE DEMOCRATIC LEADERSHIP. 1895 01:37:16,001 --> 01:37:20,000 IF YOU ROLL THE VIDEOTAPE BACK A 1896 01:37:20,001 --> 01:37:24,000 WEEK OR SO, YOU'D HEAR A LOT OF 1897 01:37:24,001 --> 01:37:27,000 DISPARAGING COMMENT ABOUT THESE 1898 01:37:27,001 --> 01:37:29,000 ROUTINE BIPARTISAN EXTENDERS. 1899 01:37:29,001 --> 01:37:31,000 FROM MY PERSPECTIVE, THOSE 1900 01:37:31,001 --> 01:37:32,000 COMMENTS WERE MADE IN AN EFFORT 1901 01:37:32,001 --> 01:37:34,000 TO SULLY THE BIPARTISAN 1902 01:37:34,001 --> 01:37:36,000 AGREEMENT REACHED BY CHAIRMAN 1903 01:37:36,001 --> 01:37:38,000 BAUCUS AND THIS SENATOR. 1904 01:37:38,001 --> 01:37:41,000 IF YOU TAKE A LOOK AT NEWSPAPER 1905 01:37:41,001 --> 01:37:42,000 ACCOUNTS OF A WEEK OR SO AGO, 1906 01:37:42,001 --> 01:37:44,000 YOU'D COME AWAY WITH THE 1907 01:37:44,001 --> 01:37:48,000 IMPRESSION THAT THE TAX 1908 01:37:48,001 --> 01:37:49,000 EXTENDERS ARE PARTISAN WORK OF 1909 01:37:49,001 --> 01:37:52,000 REPUBLICANS AND ONLY FOR 1910 01:37:52,001 --> 01:37:54,000 REPUBLICAN INTEREST. 1911 01:37:54,001 --> 01:37:57,000 A REPRESENTATIVE SAMPLE COMES 1912 01:37:57,001 --> 01:37:59,000 FROM ONE REPORT WHICH DESCRIBES 1913 01:37:59,001 --> 01:38:02,000 A BIPARTISAN BILL AS -- QUOTE -- 1914 01:38:02,001 --> 01:38:03,000 "AN EXTENSION OF SOON-TO-EXPIRE 1915 01:38:03,001 --> 01:38:05,000 TAX BREAKS THAT ARE HIGHLY 1916 01:38:05,001 --> 01:38:08,000 BENEFICIAL TO MAJOR 1917 01:38:08,001 --> 01:38:12,000 CORPORATIONS, KNOWN AS TAX EXTENDERS, AS WELL AS OTHER 1918 01:38:12,001 --> 01:38:17,000 CORPORATE GIVEAWAYS THAT H 1919 01:38:17,001 --> 01:38:18,000 BEEN DESIGNED TO WIN G.O.P. 1920 01:38:18,001 --> 01:38:20,000 SUPPORT." 1921 01:38:20,001 --> 01:38:21,000 END OF NEWSPAPER QUOTE. 1922 01:38:21,001 --> 01:38:23,000 "THE WASHINGTON POST" INCLUDED 1923 01:38:23,001 --> 01:38:24,000 THIS ATTRIBUTION TO THE SENATE 1924 01:38:24,001 --> 01:38:30,000 DEMOCRATIC LEADERSHIP IN AN 1925 01:38:30,001 --> 01:38:33,000 ARTICLE LAST WK -- QUOTE -- 1926 01:38:33,001 --> 01:38:34,000 "WE'RE PRETTY CLOSE," SAID 1927 01:38:34,001 --> 01:38:36,000 FRIDAY DURING A TELEVISION 1928 01:38:36,001 --> 01:38:39,000 APPEARANCE IN NEVADA, ADDING 1929 01:38:39,001 --> 01:38:41,000 THAT HE THOUGHT -- QUOTE -- "FAT 1930 01:38:41,001 --> 01:38:42,000 CATS" WOULD HAVE BEEN FITTED TOO 1931 01:38:42,001 --> 01:38:43,000 MUCH -- 1932 01:38:43,001 --> 01:38:45,000 WOULD HAVE BENEFITED TOO MUCH 1933 01:38:45,001 --> 01:38:48,000 FROM A LARGER BAUCUS-GRASSLEY BILL. 1934 01:38:48,001 --> 01:38:52,000 AND THAT HAPPENS TO BE FROM THE 1935 01:38:52,001 --> 01:38:54,000 MAJORITY LEADER. 1936 01:38:54,001 --> 01:38:56,000 THE PORTRAIT THAT WAS PAINTED BY 1937 01:38:56,001 --> 01:38:58,000 CERTAIN MEMBERS OF THE MAJORITY 1938 01:38:58,001 --> 01:38:59,000 ECHOED WITHOUT CRITICAL 1939 01:38:59,001 --> 01:39:01,000 EXAMINATION, AND IN SOME PRESS 1940 01:39:01,001 --> 01:39:04,000 REPORTS WERE OUTRIGHT INACCURATE. 1941 01:39:04,001 --> 01:39:06,000 FOR ONE THING, THE TAX EXTENDERS 1942 01:39:06,001 --> 01:39:08,000 INCLUDED PROVISIONS SUCH AS 1943 01:39:08,001 --> 01:39:10,000 DEDUCTION FOR QUALIFIED TUITION 1944 01:39:10,001 --> 01:39:12,000 AND RELATED EXPENSES AND ALSO 1945 01:39:12,001 --> 01:39:15,000 THE DEDUCTION FOR CERTAIN 1946 01:39:15,001 --> 01:39:18,000 EXPENSES FOR ELEMENTARY AND 1947 01:39:18,001 --> 01:39:20,000 SECONDARY SCHOOLTEACHERS. 1948 01:39:20,001 --> 01:39:22,000 NOW, IF YOU'RE GOING TO GO TO 1949 01:39:22,001 --> 01:39:28,000 SCHOOL OR IF YOU'RE GOING TO 1950 01:39:28,001 --> 01:39:30,000 HAVE A GRADE SCHOOL TEACHER -- 1951 01:39:30,001 --> 01:39:32,000 IF YOU'RE GOING TO COLLEGE, I 1952 01:39:32,001 --> 01:39:35,000 SHOULD SAY, OR IF YOU'RE A GRADE 1953 01:39:35,001 --> 01:39:37,000 SCHOOL TEACHER, THE SENATE 1954 01:39:37,001 --> 01:39:41,000 DEMOCRATIC LEADERSHIP APPARENTLY 1955 01:39:41,001 --> 01:39:42,000 VIEWS YOU AS A FAT CAP. CAT. 1956 01:39:42,001 --> 01:39:44,000 IF YOUR HOUSE WAS DESTROYED IN A 1957 01:39:44,001 --> 01:39:46,000 RECENT NATURAL DISASTER AND YOU 1958 01:39:46,001 --> 01:39:47,000 STILL NEED ANY OF THE TEMPORARY 1959 01:39:47,001 --> 01:39:49,000 RELIEF PROVISIONS CONTAINED IN 1960 01:39:49,001 --> 01:39:51,000 THE PRESENT EXTENDERS PACKAGE? 1961 01:39:51,001 --> 01:39:53,000 WELL, TOO BAD, BECAUSE HELPING 1962 01:39:53,001 --> 01:39:57,000 YOU WOULD AMOUNT TO A CORPORATE 1963 01:39:57,001 --> 01:40:00,000 GIVEAWAY IN THE EYES OF SOME. 1964 01:40:00,001 --> 01:40:01,000 SO SUCH A DISTORTION OF THE 1965 01:40:01,001 --> 01:40:03,000 EXTENDERS, SOME OF THEM HAVE BEEN ON THE BOOKS FOR A LONG 1966 01:40:03,001 --> 01:40:07,000 PERIOD OF TIME. 1967 01:40:07,001 --> 01:40:12,000 SOME OF THEM PASSING THIS BODY 1968 01:40:12,001 --> 01:40:15,000 BY CONSENSUS, AND BELITTLE 1969 01:40:15,001 --> 01:40:17,000 HELPING SOME PEOPLE THAT HAVE NEEDS. 1970 01:40:17,001 --> 01:40:19,000 AGAIN, I WANT TO SAY THE TAX 1971 01:40:19,001 --> 01:40:22,000 EXTENDERS HAVE BEEN ROUTINELY 1972 01:40:22,001 --> 01:40:25,000 PASSED REPEATEDLY BECAUSE 1973 01:40:25,001 --> 01:40:27,000 THEY'RE BIPARTISAN AND, QUITE 1974 01:40:27,001 --> 01:40:28,000 FRANKLY, VERY POPULAR. 1975 01:40:28,001 --> 01:40:30,000 DEMOCRATS HAVE CONSISTENTLY 1976 01:40:30,001 --> 01:40:32,000 VOTED IN FAVOR OF EXTENDING 1977 01:40:32,001 --> 01:40:34,000 THE TAX PROVISIONS. 1978 01:40:34,001 --> 01:40:38,000 LET ME TELL YOU WHAT HOUSE 1979 01:40:38,001 --> 01:40:39,000 SPEAKER NANCY PELOSI RELEASED 1980 01:40:39,001 --> 01:40:41,000 RECENTLY, A VERY STRONG 1981 01:40:41,001 --> 01:40:44,000 STATEMENT WHEN THE HOUSE PASSED 1982 01:40:44,001 --> 01:40:46,000 THESE VERY SAME TAX EXTENDERS 1983 01:40:46,001 --> 01:40:48,000 JUST AT THE END OF LAST YEAR, 1984 01:40:48,001 --> 01:40:51,000 SAYING -- QUOTE -- "THIS WAS 1985 01:40:51,001 --> 01:40:54,000 GOOD FOR BUSINESS, GOOD FOR 1986 01:40:54,001 --> 01:40:58,000 HOMEOWNERS, AND GOOD FOR OUR 1987 01:40:58,001 --> 01:40:59,000 COMMUNITY." 1988 01:40:59,001 --> 01:41:00,000 WELL, THAT'S THE END OF THE 1989 01:41:00,001 --> 01:41:02,000 QUOTE. 1990 01:41:02,001 --> 01:41:03,000 DECEMBER OF 2009 WAS NOT VERY 1991 01:41:03,001 --> 01:41:05,000 LONG AGO. 1992 01:41:05,001 --> 01:41:08,000 IN 2006, THE THEN-DEMOCRATIC 1993 01:41:08,001 --> 01:41:10,000 LEADER RELEASED A BLISTERING 1994 01:41:10,001 --> 01:41:12,000 STATEMENT -- QUOTE -- "AFTER 1995 01:41:12,001 --> 01:41:15,000 BUSH REPUBLICANS IN THE SENATE 1996 01:41:15,001 --> 01:41:16,000 BLOCKED PASSAGE OF CRITICAL TAX 1997 01:41:16,001 --> 01:41:20,000 EXTENDERS BECAUSE AMERICAN 1998 01:41:20,001 --> 01:41:22,000 FAMILIES AND BUSINESSES ARE 1999 01:41:22,001 --> 01:41:23,000 PAYING THE PRICE BECAUSE THIS 2000 01:41:23,001 --> 01:41:28,000 DO-NOTHING REPUBLICAN CONGRESS 2001 01:41:28,001 --> 01:41:30,000 REFUSES TO EXTEND IMPORTANT TAX 2002 01:41:30,001 --> 01:41:31,000 BREAKS." 2003 01:41:31,001 --> 01:41:34,000 RECENT BIPARTISAN VOTES IN THE 2004 01:41:34,001 --> 01:41:37,000 SENATE ON EXTENDING EXPIRING TAX 2005 01:41:37,001 --> 01:41:39,000 PROVISIONS HAVE COME IN THE 2006 01:41:39,001 --> 01:41:42,000 EMERGENCY ECONOMIC STABILIZATION 2007 01:41:42,001 --> 01:41:46,000 ACT OF 2008, THE TAX RELIEF AND 2008 01:41:46,001 --> 01:41:47,000 HEALTH CARE ACT OF 2006 -- AND, 2009 01:41:47,001 --> 01:41:48,000 BY THE WAY, THAT PASSED THE 2010 01:41:48,001 --> 01:41:52,000 SENATE BY UNANIMOUS CONSENT -- 2011 01:41:52,001 --> 01:41:54,000 AND THEN WE HAD THE WORKERS -- 2012 01:41:54,001 --> 01:41:57,000 THE WORKING FAMILY TAX RELIEF 2013 01:41:57,001 --> 01:41:59,000 ACT OF 2004 WHICH ORIGINALLY 2014 01:41:59,001 --> 01:42:02,000 PASSED THE SENATE BY VOICE VOTE, 2015 01:42:02,001 --> 01:42:04,000 ALTHOUGH THE CONFERENCE REPORT 2016 01:42:04,001 --> 01:42:08,000 ONLY RECEIVED 92 VOTES IN FAVOR 2017 01:42:08,001 --> 01:42:10,000 AND A WHOPPING TH AGAINST IT. 2018 01:42:10,001 --> 01:42:11,000 SO LET ME GIVE YOU WHAT THE 2019 01:42:11,001 --> 01:42:12,000 NONPARTISAN CONGRESSIONAL 2020 01:42:12,001 --> 01:42:15,000 RESEARCH SERVICE HAS TO SAY 2021 01:42:15,001 --> 01:42:16,000 ABOUT THE HISTORY OF THESE 2022 01:42:16,001 --> 01:42:17,000 EXTENDERS WHICH ARE NOW BEFORE 2023 01:42:17,001 --> 01:42:22,000 US, WHICH SHOULD HAVE BEEN 2024 01:42:22,001 --> 01:42:24,000 PASSED IN DECEMBER, HAVE -- HAVE 2025 01:42:24,001 --> 01:42:27,000 BEEN CONSISTENTLY WIDELY 2026 01:42:27,001 --> 01:42:28,000 SUPPORTED. 2027 01:42:28,001 --> 01:42:32,000 BECAUSE THEY MENTION THE TAX 2028 01:42:32,001 --> 01:42:33,000 RELIEF EXTENSION ACT OF 199 9, 2029 01:42:33,001 --> 01:42:35,000 WHICH PASSED THE SNALTS BY 2030 01:42:35,001 --> 01:42:36,000 UNANIMOUS CONSENT AND ONE VOTE 2031 01:42:36,001 --> 01:42:38,000 AGAINST IT -- 2032 01:42:38,001 --> 01:42:39,000 WHICH PASSED THE SENATE BY 2033 01:42:39,001 --> 01:42:41,000 UNANIMOUS CON IS ONE VOTE 2034 01:42:41,001 --> 01:42:43,000 AGAINST IT ON THE OTHER SIDE. 2035 01:42:43,001 --> 01:42:44,000 ON PARTY SAID, "OUR SIDE ISN'T 2036 01:42:44,001 --> 01:42:45,000 SURE THAT THE REPUBLICANS ARE 2037 01:42:45,001 --> 01:42:46,000 REAL INTERESTED IN DEVELOPING 2038 01:42:46,001 --> 01:42:47,000 GOOD POLICY AND MOVE FORWARD 2039 01:42:47,001 --> 01:42:49,000 TOGETHER. 2040 01:42:49,001 --> 01:42:53,000 INSTEAD, THEY'RE MORE INCLINED 2041 01:42:53,001 --> 01:42:56,000 TO PLAY ROPE-DOPE AGAIN. 2042 01:42:56,001 --> 01:42:59,000 MY OWN VIEW IS, LET'S THEM." 2043 01:42:59,001 --> 01:43:01,000 SO WE'RE TESTING EACH OTHER WHEN 2044 01:43:01,001 --> 01:43:05,000 WE'RE TALKING ABOUT MERELY 2045 01:43:05,001 --> 01:43:07,000 REIMPOSING SE POLICY THAT'S BEEN ON THE BOOKS FOR A LONG 2046 01:43:07,001 --> 01:43:09,000 PERIOD OF TIME AND JUST HAPPENS 2047 01:43:09,001 --> 01:43:12,000 TO SUNSET TO FORCE SOME REVIEW 2048 01:43:12,001 --> 01:43:15,000 BY CONGRESS. 2049 01:43:15,001 --> 01:43:17,000 WE HAD ANOTHER MEMBER OF THIS 2050 01:43:17,001 --> 01:43:19,000 LARGE 59-VOTE MAJORITY 2051 01:43:19,001 --> 01:43:21,000 EXCLAIM -- QUOTE -- "IT LOOKS 2052 01:43:21,001 --> 01:43:25,000 MORE LIKE A TAX BILL THAN A JOBS 2053 01:43:25,001 --> 01:43:26,000 BILL TO ME 2054 01:43:26,001 --> 01:43:29,000 WHAT THE DEMOCRATIC CAUCUS IS 2055 01:43:29,001 --> 01:43:31,000 GOING TO PUT ON THE FLOOR IS 2056 01:43:31,001 --> 01:43:34,000 SOMETHING THAT'S MORE FOCUSED 2057 01:43:34,001 --> 01:43:36,000 FOR JOB CREATION THAN TAX BREAKS." 2058 01:43:36,001 --> 01:43:40,000 NOW, READING THESE COMMENTS, I 2059 01:43:40,001 --> 01:43:41,000 FOUND MYSELF, OBVIOUSLY, 2060 01:43:41,001 --> 01:43:43,000 SCRATCHING MY HEAD. 2061 01:43:43,001 --> 01:43:44,000 THE ONLY EXPLANATION FOR THIS 2062 01:43:44,001 --> 01:43:46,000 BEHAVIOR IS THAT CERTAIN 2063 01:43:46,001 --> 01:43:50,000 SENATORS DECIDED LAST WEEK THAT 2064 01:43:50,001 --> 01:43:53,000 IT SERVES A DEEPLY PARTISAN GOAL 2065 01:43:53,001 --> 01:43:55,000 TO SLANDER WHAT HAVE BEEN FOR 2066 01:43:55,001 --> 01:43:59,000 SEVERAL YEARS BIPARTISAN AND 2067 01:43:59,001 --> 01:44:01,000 POPULAR TAX PROVISIONS 2068 01:44:01,001 --> 01:44:02,000 BENEFITING MANY DIFFERENT PEOPLE 2069 01:44:02,001 --> 01:44:03,000 PEOPLE. 2070 01:44:03,001 --> 01:44:05,000 "THEASHINGTON POST" ARTICLE I 2071 01:44:05,001 --> 01:44:07,000 QUOTED FROM EARLIER INCLUDES A 2072 01:44:07,001 --> 01:44:10,000 STATEMENT FROM A DEMOCRATIC 2073 01:44:10,001 --> 01:44:12,000 SENATE LEADERSHIP AIDE SAYING 2074 01:44:12,001 --> 01:44:14,000 THAT -- QUOTE -- "NO DECISIONS 2075 01:44:14,001 --> 01:44:15,000 HAVE BEEN MADE, BUT ANYONE 2076 01:44:15,001 --> 01:44:18,000 EXPECTING US IMMEDIATELY TO GO 2077 01:44:18,001 --> 01:44:21,000 BACK TO A BILL THAT INCLUDES TAX 2078 01:44:21,001 --> 01:44:23,000 EXTENDERS WILL BE SORELY 2079 01:44:23,001 --> 01:44:26,000 DISAPPOINTED." 2080 01:44:26,001 --> 01:44:27,000 YOU CAN IMAGINE THAT TODAY, A 2081 01:44:27,001 --> 01:44:30,000 LITTLE OVER A WEEK AFTER THESE 2082 01:44:30,001 --> 01:44:32,000 COMMENTS, I CAN SCRATCH MY HEAD 2083 01:44:32,001 --> 01:44:34,000 ONCE AGAIN. 2084 01:44:34,001 --> 01:44:36,000 WE HAVE BEFORE US THE EXPIRING 2085 01:44:36,001 --> 01:44:38,000 TAX AND HEALTH PROVISIONS THAT 2086 01:44:38,001 --> 01:44:42,000 WERE DISPARAGED JUST A SHORT 2087 01:44:42,001 --> 01:44:44,000 TIME AGO. 2088 01:44:44,001 --> 01:44:45,000 HAVE THEY MORPHED FROM CORPORATE 2089 01:44:45,001 --> 01:44:49,000 TAX PORK? 2090 01:44:49,001 --> 01:44:52,000 HAVE THEY SUDDENLY REQUIRED 2091 01:44:52,001 --> 01:44:55,000 THEIR -- REACQUIRED THEIR BIPARTISAN CHARACTER? 2092 01:44:55,001 --> 01:44:56,000 ARE THESE TIME-SENSITIVE ITEMS 2093 01:44:56,001 --> 01:45:03,000 NOW EXPIRED FOR MORE THAN TWO 2094 01:45:03,001 --> 01:45:05,000 MONTHS SUDDENLY JOBS RELATED? 2095 01:45:05,001 --> 01:45:07,000 NOW WE'RE BEGINNING OTHER 2096 01:45:07,001 --> 01:45:11,000 DEBATE, A JOBS BILL DEBATE. 2097 01:45:11,001 --> 01:45:12,000 SO I WANT TO FOCUS ON THE 2098 01:45:12,001 --> 01:45:15,000 ECONOMY, SMALL BUSINESS AND JOBS 2099 01:45:15,001 --> 01:45:18,000 AFTER GIVING YOU THAT 2100 01:45:18,001 --> 01:45:21,000 PARTISANSHIP THAT SHOULDN'T HAVE 2101 01:45:21,001 --> 01:45:22,000 EXISTED A WEEK AGO, TO EXPLAIN 2102 01:45:22,001 --> 01:45:25,000 THAT IT EXISTED, AND NOT MUCH 2103 01:45:25,001 --> 01:45:27,000 HAS CHANGED SINCE THEN, BUT ALL 2104 01:45:27,001 --> 01:45:28,000 OF A SUDDEN SOME IDEA OF BEING 2105 01:45:28,001 --> 01:45:29,000 BIPARTISAN. 2106 01:45:29,001 --> 01:45:31,000 SO WE'RE GOING TO TALK ABOUT THE 2107 01:45:31,001 --> 01:45:32,000 SUBSTANCE OF THIS BILL. 2108 01:45:32,001 --> 01:45:36,000 WE ALL AGREE THAT OUR NATION IS 2109 01:45:36,001 --> 01:45:38,000 CURRENTLY FACING CHALLENGING 2110 01:45:38,001 --> 01:45:39,000 ECONOMIC TIMES. 2111 01:45:39,001 --> 01:45:41,000 WHILE THERE HAVE BEEN SOME SIGNS 2112 01:45:41,001 --> 01:45:44,000 OF IMPROVEMENTS, SUCH AS THE 2113 01:45:44,001 --> 01:45:46,000 RECENT GROWTH IN OUR GROSS 2114 01:45:46,001 --> 01:45:49,000 DOMESTIC PRODUCT, JOB LOSSES 2115 01:45:49,001 --> 01:45:51,000 CONTINUE TO MOUNT AND MANY 2116 01:45:51,001 --> 01:45:54,000 HARD-WORKING AMERICANS ARE 2117 01:45:54,001 --> 01:45:56,000 STRUGGLING TO MAKE ENDS MEET. 2118 01:45:56,001 --> 01:45:57,000 ACCORDING TO THE BUREAU OF LABOR 2119 01:45:57,001 --> 01:46:00,000 STATISTICS, OVER 8 MILLION JOBS 2120 01:46:00,001 --> 01:46:02,000 HAVE BEEN LOST SINCE OUR ECONOMY 2121 01:46:02,001 --> 01:46:05,000 OFFICIALLY SLIPPED INTO 2122 01:46:05,001 --> 01:46:06,000 RECESSION DECEMBER 2007. 2123 01:46:06,001 --> 01:46:10,000 THE UNEMPLOYMENT RATE IS 2124 01:46:10,001 --> 01:46:12,000 CURRENTLY 9.7%, WHICH IS SIMPLY 2125 01:46:12,001 --> 01:46:14,000 AN UNACCEPTABLE LEVEL. 2126 01:46:14,001 --> 01:46:18,000 THE LACK OF JOB CREATION 2127 01:46:18,001 --> 01:46:19,000 CONTINUES, DESPITE AGGRESSIVE 2128 01:46:19,001 --> 01:46:20,000 ACTION TAKEN AT THE FEDERAL 2129 01:46:20,001 --> 01:46:22,000 VEL IN ORDER TO STABLIZE THE 2130 01:46:22,001 --> 01:46:25,000 ECOMY. 2131 01:46:25,001 --> 01:46:30,000 THIS INCLUDES THE ENACTMENT OF 2132 01:46:30,001 --> 01:46:31,000 TARP AND THE $800 BILLION 2133 01:46:31,001 --> 01:46:32,000 STIMULUS BILL. 2134 01:46:32,001 --> 01:46:35,000 HOWEVER, THESE BILLS WERE ALL 2135 01:46:35,001 --> 01:46:38,000 MISSING A CRITICAL INGREDIENT 2136 01:46:38,001 --> 01:46:42,000 FOR SPURRING JOB CREATION, AND 2137 01:46:42,001 --> 01:46:44,000 THAT WAS SUBSTANTIAL TAX RELIEF 2138 01:46:44,001 --> 01:46:46,000 TARGETED TO SMALL BUSINESS. 2139 01:46:46,001 --> 01:46:47,000 AND EVERYBODY KNOWS THAT SMALL 2140 01:46:47,001 --> 01:46:49,000 BUSINESS IS WHERE THE JOBS ARE 2141 01:46:49,001 --> 01:46:51,000 CREATED IN AMERICA. 2142 01:46:51,001 --> 01:46:54,000 70% OF THE NET NEW JOBS. 2143 01:46:54,001 --> 01:46:56,000 IN OCTOBER 2008, CONGRESS 2144 01:46:56,001 --> 01:46:57,000 ENACTED THE TROUBLED ASSETS 2145 01:46:57,001 --> 01:47:03,000 RELIEF PROGRAM THAT W ALL CALL 2146 01:47:03,001 --> 01:47:05,000 TARP AROUND HERE, T-A-R-P. 2147 01:47:05,001 --> 01:47:07,000 THAT WAS ADS 700 BILLION 2148 01:47:07,001 --> 01:47:08,000 FINANCIAL BAILOUT TBHAIL WE WERE 2149 01:47:08,001 --> 01:47:09,000 TOLD HAD TO BE ENACTED 2150 01:47:09,001 --> 01:47:15,000 IMMEDIATELY IN ORDER TO DEAL 2151 01:47:15,001 --> 01:47:16,000 WITH THE SO-CALLED ASSETS 2152 01:47:16,001 --> 01:47:18,000 TO PREVENT CREDIT FROM DRYING 2153 01:47:18,001 --> 01:47:20,000 UP, WHICH WOULD HAVE CHOKED OFF 2154 01:47:20,001 --> 01:47:22,000 THE LIFEBLOOD OF AMERICAN 2155 01:47:22,001 --> 01:47:28,000 ECONOMY. 2156 01:47:28,001 --> 01:47:31,000 WHAT WE ACTUALLY GOT, BECAUSE WE 2157 01:47:31,001 --> 01:47:34,000 SURE DIDN'T TAKE OUT THOSE TOXIC ASSETS. 2158 01:47:34,001 --> 01:47:36,000 SO WHAT WE ACTUALLY GOT WAS 2159 01:47:36,001 --> 01:47:37,000 DIRECT INFUSION OF CASH INTO THE 2160 01:47:37,001 --> 01:47:40,000 LARGEST WALL STREET BANKS, WHICH 2161 01:47:40,001 --> 01:47:41,000 WAS A 180 DEGREES DIFFERENT THAN 2162 01:47:41,001 --> 01:47:43,000 WHAT WE WE TOLD BY TREASURY 2163 01:47:43,001 --> 01:47:46,000 BEFORE THAT BILL WAS VOTED. 2164 01:47:46,001 --> 01:47:47,000 AND THE PURPOSE OF THAT BILL. 2165 01:47:47,001 --> 01:47:48,000 -- AND THE PURPOSE OF THAT BILL 2166 01:47:48,001 --> 01:47:49,000 AS WELL. 2167 01:47:49,001 --> 01:47:51,000 AND LATER CAME THE BAILOUT OF 2168 01:47:51,001 --> 01:47:52,000 GENERAL MOTORS AND CHRYSLER 2169 01:47:52,001 --> 01:47:55,000 USING TARP MONEY AFTER THE 2170 01:47:55,001 --> 01:48:02,000 SENATE HAD JUST VOTED NOT TO 2171 01:48:02,001 --> 01:48:03,000 CHRYSLER OUT. 2172 01:48:03,001 --> 01:48:05,000 THIS CREATED UNCERTAINTY IN THE 2173 01:48:05,001 --> 01:48:07,000 FINANCIAL MARKETS AND THE 2174 01:48:07,001 --> 01:48:09,000 BUSINESS COMMUNITY. 2175 01:48:09,001 --> 01:48:11,000 MOREOVER, EXORBITANT BONUSES 2176 01:48:11,001 --> 01:48:13,000 WERE PAID TO EXECUTIVES AND 2177 01:48:13,001 --> 01:48:16,000 MANAGERS OF FIRMS THAT WOULD 2178 01:48:16,001 --> 01:48:18,000 HAVE BEEN OUT OF A JOB IF NOT 2179 01:48:18,001 --> 01:48:22,000 FOR CONGRESS AND TREASURY AND 2180 01:48:22,001 --> 01:48:24,000 FEDERAL RESERVE INTERVENING. 2181 01:48:24,001 --> 01:48:25,000 AND HOW EFFECTIVE WAS THE 2182 01:48:25,001 --> 01:48:27,000 BAILOUT AT IMPROVING THE CREDIT 2183 01:48:27,001 --> 01:48:29,000 MARKETS? 2184 01:48:29,001 --> 01:48:32,000 IN OCTOBER 2009, THE GOVERNMENT 2185 01:48:32,001 --> 01:48:36,000 ACCOUNTABILITY OFFICE RELEASED A 2186 01:48:36,001 --> 01:48:38,000 REPORT REVIEWING TARP'S 2187 01:48:38,001 --> 01:48:40,000 FIRST-YEAR PERFORMANCE. 2188 01:48:40,001 --> 01:48:42,000 THE G.A.O. REPORT FOUND CREDIT 2189 01:48:42,001 --> 01:48:45,000 HAD IMPROVED BASED ON CERTAIN 2190 01:48:45,001 --> 01:48:46,000 MARKET INDICATORS. 2191 01:48:46,001 --> 01:48:49,000 HOWEVER, THEY WERE NOT ABLE TO 2192 01:48:49,001 --> 01:48:52,000 DETERMINE HOW MUCH, IF ANY, WAS 2193 01:48:52,001 --> 01:48:53,000 ATRIBILITIED TO TARP -- WAS 2194 01:48:53,001 --> 01:48:55,000 ATTRIBUTED TO TARP AS COMPARED 2195 01:48:55,001 --> 01:48:59,000 TO GENERAL MARKET FORCES OR 2196 01:48:59,001 --> 01:49:00,000 OTHER FEDERAL ACTION. 2197 01:49:00,001 --> 01:49:02,000 WHILE IT IS UNCLEAR TO THE 2198 01:49:02,001 --> 01:49:06,000 EXTENT CREDIT HAD BEEN FREED UP 2199 01:49:06,001 --> 01:49:08,000 AS A RESULT OF TARP, IT IS CLEAR 2200 01:49:08,001 --> 01:49:09,000 WHO HAS REAPED THE BENEFITS OF 2201 01:49:09,001 --> 01:49:12,000 THOSE PROGRAMS. 2202 01:49:12,001 --> 01:49:16,000 THIS PAST YEAR MANY FINANCIAL 2203 01:49:16,001 --> 01:49:18,000 FIRMS, INCLUDING GOLDMAN SACHS, 2204 01:49:18,001 --> 01:49:22,000 J.P. MORGAN CHOICE AND OTHERS 2205 01:49:22,001 --> 01:49:24,000 WHO RECEIVED TARP FUNDS, POSTED 2206 01:49:24,001 --> 01:49:25,000 RECORD OR NEAR-RECORD PROFITS. 2207 01:49:25,001 --> 01:49:28,000 WHILE WALL STREET EXECUTIVES 2208 01:49:28,001 --> 01:49:30,000 HAVE CLEARLY BENEFITED FROM 2209 01:49:30,001 --> 01:49:33,000 TARP, SMALL BUSINESSES AND THEIR 2210 01:49:33,001 --> 01:49:34,000 EMPLOYERS HAVE NOT BEEN THAT 2211 01:49:34,001 --> 01:49:35,000 FORTUNATE. 2212 01:49:35,001 --> 01:49:37,000 SMALL BUSINESSES CONTINUE TO 2213 01:49:37,001 --> 01:49:39,000 STRUGGLE TO OBTAIN CREDIT IN 2214 01:49:39,001 --> 01:49:41,000 ORDER TO EXPAND THEIR 2215 01:49:41,001 --> 01:49:42,000 OPERATIONS, PURCHASE 2216 01:49:42,001 --> 01:49:43,000 INVENTORIES, AND EVEN MAKE 2217 01:49:43,001 --> 01:49:45,000 PAYROLL. 2218 01:49:45,001 --> 01:49:48,000 THE SO-CALLED STIMULUS BILL 2219 01:49:48,001 --> 01:49:49,000 ENACTED ALMOST SOLELY BY AN 2220 01:49:49,001 --> 01:49:52,000 OVERWHELMING DEMOCRATIC MAJORITY 2221 01:49:52,001 --> 01:49:54,000 IN CONGRESS LAST FEBRUARY HAS 2222 01:49:54,001 --> 01:49:57,000 NOT SPURRED JOB CREATION EITHER. 2223 01:49:57,001 --> 01:49:59,000 THIS MASSIVE $800 BILLION 2224 01:49:59,001 --> 01:50:03,000 SPENDING BILL WAS HASTILY RUSHED 2225 01:50:03,001 --> 01:50:05,000 TO THE FLOOR WITH LITTLE TIME TO 2226 01:50:05,001 --> 01:50:07,000 DELIVER ITS MERITS. 2227 01:50:07,001 --> 01:50:10,000 LAWRENCE SUMMERS, THE DIRECTOR 2228 01:50:10,001 --> 01:50:11,000 PRESIDENT OBAMA'S NATIONAL 2229 01:50:11,001 --> 01:50:13,000 ECONOMIC COUNCIL, SAID THE TEST 2230 01:50:13,001 --> 01:50:17,000 FOR STIMULUS IS WHETHER IT IS 2231 01:50:17,001 --> 01:50:20,000 TIMELY, TARGETED, AND TEMPORARY. 2232 01:50:20,001 --> 01:50:21,000 THIS STIMULUS BILL HITS THE 2233 01:50:21,001 --> 01:50:24,000 TRIFECTA. 2234 01:50:24,001 --> 01:50:25,000 IT'S FAILED IN ALL THREE. 2235 01:50:25,001 --> 01:50:27,000 THUGH A REPORT ISSUED IN 2236 01:50:27,001 --> 01:50:31,000 JANUARY 2009 BY THE CURRENT 2237 01:50:31,001 --> 01:50:32,000 CHAIR OF PRESIDENT OBAMA'S 2238 01:50:32,001 --> 01:50:37,000 COUNCIL OF ECONOMIC ADVISORS, 2239 01:50:37,001 --> 01:50:40,000 CHRISTINA ROA 2240 01:50:40,001 --> 01:50:41,000 ADMINISTRATION PREDICTED THAT 2241 01:50:41,001 --> 01:50:42,000 THE STIMULUS WOULD CREATE 3 2242 01:50:42,001 --> 01:50:45,000 MILLION JOBS. 2243 01:50:45,001 --> 01:50:48,000 WE WERE TOLD BY THE BARACK OBAMA 2244 01:50:48,001 --> 01:50:50,000 THAT IF THE BILL WAS NOT PASSED 2245 01:50:50,001 --> 01:50:52,000 QUICKLY, WE WOULD EXPERIENCE 2246 01:50:52,001 --> 01:50:57,000 UNEMPLOYMENT OF 9% AND AT THIS 2247 01:50:57,001 --> 01:51:03,000 POINT I WANT TO -- WE HAVE A 2248 01:51:03,001 --> 01:51:07,000 CHART HERE OF THE MIDDLE LINE 2249 01:51:07,001 --> 01:51:09,000 WHERE IT SAYS 9%. 2250 01:51:09,001 --> 01:51:11,000 THE WHITE HOUSE PROJECTED 2251 01:51:11,001 --> 01:51:14,000 UNEMPLOYMENT IF NO STIMULUS. 2252 01:51:14,001 --> 01:51:16,000 HOWEVER, WE WERE ALSO TOLD BY 2253 01:51:16,001 --> 01:51:18,000 THE OBAMA ADMINISTRATION THAT IF 2254 01:51:18,001 --> 01:51:21,000 THE STIMULUS BILL, UNEMPLOYMENT 2255 01:51:21,001 --> 01:51:22,000 WOULD NOT GO OVER 8%. 2256 01:51:22,001 --> 01:51:25,000 AND THAT WOULD MEAN THE BOTTOM 2257 01:51:25,001 --> 01:51:28,000 LINE. 2258 01:51:28,001 --> 01:51:31,000 WELL, THE BILL WAS PASSED, BUT 2259 01:51:31,001 --> 01:51:35,000 WHAT DID WE GET FOR THE $800 2260 01:51:35,001 --> 01:51:36,000 BILLION IN DEBT BEFORE INTEREST 2261 01:51:36,001 --> 01:51:38,000 THAT WAS LAID AT THE FEET OF OUR 2262 01:51:38,001 --> 01:51:41,000 CHILDREN AND OUR GRANDCHILDREN? 2263 01:51:41,001 --> 01:51:43,000 THE UNEMPLOYMENT RATE JUMPED 2264 01:51:43,001 --> 01:51:46,000 FROM 7.7% IN JANUARY RIGHT 2265 01:51:46,001 --> 01:51:52,000 BEFORE THE STIMULUS WAS ENACTED 2266 01:51:52,001 --> 01:51:54,000 TO A HIGH OF 10.1% IN OCTOBER. 2267 01:51:54,001 --> 01:51:59,000 WHILE UNEMPLOYMENT RECENTLY 2268 01:51:59,001 --> 01:52:01,000 DIPPED SLIGHTLY TO 9.7% -- AND 2269 01:52:01,001 --> 01:52:03,000 YOU CAN SEE THAT'S THE RED LINE 2270 01:52:03,001 --> 01:52:06,000 AT THE TOP THERE -- THIS WAS NOT 2271 01:52:06,001 --> 01:52:09,000 DUE TO JOB CREATION BUT BECAUSE 2272 01:52:09,001 --> 01:52:12,000 MILLIONS OF INDIVIDUALS HAVE 2273 01:52:12,001 --> 01:52:14,000 LITERALLY GIVEN UP LOOKING FOR 2274 01:52:14,001 --> 01:52:18,000 WORK AND OBVIOUSLY DON'T SHOW UP 2275 01:52:18,001 --> 01:52:19,000 IN THE UNEMPLOYMENT STATISTICS. 2276 01:52:19,001 --> 01:52:20,000 THE OBAMA ADMINISTRATION ALSO 2277 01:52:20,001 --> 01:52:23,000 STATED THAT -- QUOTE -- "MORE 2278 01:52:23,001 --> 01:52:26,000 THAN 90% OF THE JOBS CREATED ARE 2279 01:52:26,001 --> 01:52:28,000 LIKELY TO BE IN THE PRIVATE 2280 01:52:28,001 --> 01:52:32,000 SECTOR" -- ENOF QUOTE. 2281 01:52:32,001 --> 01:52:35,000 INLL, .3 MILLION JOBS HAVE 2282 01:52:35,001 --> 01:52:36,000 BEEN LOST SINCE THE STILL US 2283 01:52:36,001 --> 01:52:38,000 WILL BILL WAS ENACTED. 2284 01:52:38,001 --> 01:52:44,000 AND THAT'S THE 3.3 MILLION 2285 01:52:44,001 --> 01:52:48,000 COMPARED TO THE 3.7 MILLION THAT 2286 01:52:48,001 --> 01:52:50,000 THE PRESIDENT SAID. 2287 01:52:50,001 --> 01:52:52,000 AND OF COURSE WE'VE HAD 3.2 2288 01:52:52,001 --> 01:53:01,000 MILLION OF THOSE JOBS WERE IN THE PRIVATE SECTOR. 2289 01:53:01,001 --> 01:53:04,000 SO LET'S GO BACK TO -- 3.2 2290 01:53:04,001 --> 01:53:05,000 MILLION OF THOSE WERE IN THE 2291 01:53:05,001 --> 01:53:06,000 PRIVATE SECTOR. 2292 01:53:06,001 --> 01:53:08,000 THE OBAMA ADMINISTRATION WAS 2293 01:53:08,001 --> 01:53:11,000 INACCURATE REGARDING ITS 2294 01:53:11,001 --> 01:53:12,000 STIMULUS JOBS PROTECTION. 2295 01:53:12,001 --> 01:53:15,000 AT THE TIME THE STIMULUS BILL 2296 01:53:15,001 --> 01:53:18,000 WAS PASSED, I RAISED CONCERNS 2297 01:53:18,001 --> 01:53:20,000 THAT THE BILL WAS NOT TARGETED 2298 01:53:20,001 --> 01:53:21,000 ENOUGH AT SMALL BUSINESS AND JOB 2299 01:53:21,001 --> 01:53:24,000 CREATION. 2300 01:53:24,001 --> 01:53:28,000 HOWEVER, MY POINT OF VIEW LOST 2301 01:53:28,001 --> 01:53:30,000 OUT AND LESS THAN .5% OF THE 2302 01:53:30,001 --> 01:53:32,000 BILL INCLUDED TAX RELIEF FOR SMALL BUSINESS. 2303 01:53:32,001 --> 01:53:33,000 THE MONEY IN THE STIMULUS BILL 2304 01:53:33,001 --> 01:53:37,000 TO GIVE TAX CREDITS TO PEOPLE 2305 01:53:37,001 --> 01:53:41,000 WHO BUY ELECTRIC PLUG-IN GOLF 2306 01:53:41,001 --> 01:53:43,000 CARTS OR TO PAY FOR RATTLESNAKE 2307 01:53:43,001 --> 01:53:44,000 HUSBANDRY AMONG OTHER 2308 01:53:44,001 --> 01:53:46,000 ILL-ADVISED PROVISIONS WOULD 2309 01:53:46,001 --> 01:53:48,000 HAVE BEEN BETTER ALLOCATED TO 2310 01:53:48,001 --> 01:53:51,000 SMALL BUSINESS TAX RELIEF, THE 2311 01:53:51,001 --> 01:53:54,000 PLACE WHERE BUSINESSES -- THE 2312 01:53:54,001 --> 01:53:56,000 PLACE WHERE EMPLOYMENT STARTS. 2313 01:53:56,001 --> 01:53:57,000 SINCE THE STIMULUS, SMALL 2314 01:53:57,001 --> 01:54:00,000 BUSINESSES HAVE BEEN BEARING THE 2315 01:54:00,001 --> 01:54:03,000 BRUNT OF JOB LOSSES IN OUR ECONOMY. 2316 01:54:03,001 --> 01:54:05,000 HOWEVER, THE WORDS OF THOSE ON 2317 01:54:05,001 --> 01:54:08,000 THE OTHER SIDE REGARDING THE 2318 01:54:08,001 --> 01:54:11,000 IMPORTANCE OF SMALL BUSINESS AND 2319 01:54:11,001 --> 01:54:13,000 JOB CREATION DOES NOT MATCH 2320 01:54:13,001 --> 01:54:14,000 THEIR ACTIONS WHEN LOOKING AT 2321 01:54:14,001 --> 01:54:16,000 THE PALTRY AMOUNT OF SMALL 2322 01:54:16,001 --> 01:54:18,000 BUSINESS TAX RELIEF BEING 2323 01:54:18,001 --> 01:54:21,000 PROVIDED. 2324 01:54:21,001 --> 01:54:22,000 AGAIN, IN THE JOBS BILL OR 2325 01:54:22,001 --> 01:54:24,000 STIMULUS BILL OR WHATEVER YOU 2326 01:54:24,001 --> 01:54:25,000 WANT TO CALL IT THAT PASSED THE 2327 01:54:25,001 --> 01:54:29,000 SENATE LAST WEEK, THERE WAS ONLY 2328 01:54:29,001 --> 01:54:31,000 ONE PROVISION DIRECTED SOLELY TO 2329 01:54:31,001 --> 01:54:34,000 SMALL BUSINESS TAX RELIEF. 2330 01:54:34,001 --> 01:54:36,000 THAT WAS A PROVISION THAT I 2331 01:54:36,001 --> 01:54:37,000 SUPPORTED INCREASING EXPENSING 2332 01:54:37,001 --> 01:54:38,000 OF EQUIPMENT PURCHASED BY SMALL 2333 01:54:38,001 --> 01:54:41,000 BUSINESSES. 2334 01:54:41,001 --> 01:54:43,000 BUT IT IS A VERY SM 2335 01:54:43,001 --> 01:54:44,000 PROVISION, AND IT ONLY GAVE 2336 01:54:44,001 --> 01:54:46,000 SMALL BUSINESSES WHAT THEY'VE 2337 01:54:46,001 --> 01:54:48,000 ALREADY BEEN GETTING FOR THE 2338 01:54:48,001 --> 01:54:49,000 LAST COUPLE OF YEARS, JUST 2339 01:54:49,001 --> 01:54:52,000 EXTENDING -- INTHER WORDS, 2340 01:54:52,001 --> 01:54:55,000 JUST EXTENDING THAT FIGURE. 2341 01:54:55,001 --> 01:55:01,000 THAT PROVISION WAS ONLY $35 2342 01:55:01,001 --> 01:55:02,000 MILLION OUT OF $62 BILLION. 2343 01:55:02,001 --> 01:55:04,000 THE $15 BILLION TT EVERYBODY 2344 01:55:04,001 --> 01:55:07,000 TALKS ABOUT PLUS THE $47 BILLION 2345 01:55:07,001 --> 01:55:09,000 FOR THE HIGHWAY TRUST FUND THAT 2346 01:55:09,001 --> 01:55:13,000 IS TYPICALLY NOT MENTIONED. 2347 01:55:13,001 --> 01:55:15,000 LAST YEAR I INTRODUCED S. 1381, 2348 01:55:15,001 --> 01:55:17,000 THE SMALL BUSINESS TAX RELIEF ACT. 2349 01:55:17,001 --> 01:55:19,000 MY BILL WOULD DOUBLE THE AMOUNT 2350 01:55:19,001 --> 01:55:21,000 OF EQUIPMENT THAT SMALL BUSINESS 2351 01:55:21,001 --> 01:55:23,000 COULD EXPENSE AND WOULD MAKE 2352 01:55:23,001 --> 01:55:26,000 THOSE HIGHER LEVELS PERMANENT 2353 01:55:26,001 --> 01:55:29,000 INSTEAD OF JUST FOR ONE YEAR, AS 2354 01:55:29,001 --> 01:55:32,000 THE REID BILL DID. 2355 01:55:32,001 --> 01:55:33,000 IN MY NEGOTIATIONS ON THE JOBS 2356 01:55:33,001 --> 01:55:35,000 BILL, I SOUGHT TO INCLUDE 2357 01:55:35,001 --> 01:55:36,000 PROVISIONS FROM MY SMALL 2358 01:55:36,001 --> 01:55:39,000 BUSINESS TAX RELIEF BILL, BUT 2359 01:55:39,001 --> 01:55:40,000 THERE WAS NO AGREEMENT TO PUT 2360 01:55:40,001 --> 01:55:43,000 SMALL BUSINESS TAX RELIEF 2361 01:55:43,001 --> 01:55:45,000 PROVISIONS FROM MY BILL IN THE 2362 01:55:45,001 --> 01:55:46,000 BIPAISAN COMPROMISE THAT WE 2363 01:55:46,001 --> 01:55:47,000 REACHED. 2364 01:55:47,001 --> 01:55:50,000 INSTEAD, WE WERE ASKED TO DEFER 2365 01:55:50,001 --> 01:55:53,000 THOSE PROVISIONS TO A FUTURE TAX 2366 01:55:53,001 --> 01:55:57,000 BILL. 2367 01:55:57,001 --> 01:55:59,000 ACCORDING TO 80-P NATIONAL DATA 2368 01:55:59,001 --> 01:56:02,000 FROM JANUARY 2009 THROUGH 2369 01:56:02,001 --> 01:56:05,000 JANUARY 2010, SMALL BUSINESSES 2370 01:56:05,001 --> 01:56:06,000 WITH FEWER THAN 5 EMPLOYEES SAW 2371 01:56:06,001 --> 01:56:09,000 EMPLOYMENT DREY KLEIN -- WITH 2372 01:56:09,001 --> 01:56:14,000 FEWER THAN 500 EMPLOYEES SAW 2373 01:56:14,001 --> 01:56:18,000 EMPLOYMENT DECLINE BY 2.67 2374 01:56:18,001 --> 01:56:21,000 MILLION JOBS WHILE LARGE 2375 01:56:21,001 --> 01:56:23,000 BUSINESSES WITH 500 OR MORE 2376 01:56:23,001 --> 01:56:27,000 EMPLOYEES SAW EMPLOYMENT DECLINE 2377 01:56:27,001 --> 01:56:28,000 BY 694,000. 2378 01:56:28,001 --> 01:56:30,000 WHILE I'M SURE MANY OF US 2379 01:56:30,001 --> 01:56:32,000 DISAGREE ABOUT THE EFFECTIVENESS 2380 01:56:32,001 --> 01:56:34,000 OF THE FINANCIAL BAILOUT AND 2381 01:56:34,001 --> 01:56:36,000 STIMULUS SPENDING GETTING OUR 2382 01:56:36,001 --> 01:56:39,000 ECONOMY BACK ON TRACK, I KNOW 2383 01:56:39,001 --> 01:56:41,000 FOR SURE THAT WE ALL AGREE THAT 2384 01:56:41,001 --> 01:56:42,000 THERE'S BEEN A LACK OF JOB 2385 01:56:42,001 --> 01:56:45,000 CREATION AND TOO MANY PEOPLE 2386 01:56:45,001 --> 01:56:49,000 CONTINUE TO BE UNEMPLOYED. 2387 01:56:49,001 --> 01:56:51,000 BECAUSE THE STIMULUS BILL HAS SO 2388 01:56:51,001 --> 01:56:53,000 CLEARLY FAILED WHAT IT WAS 2389 01:56:53,001 --> 01:56:56,000 SUPPOSED TO DO, WHICH IS TO 2390 01:56:56,001 --> 01:56:57,000 CREATE JOBS, AND THE 2391 01:56:57,001 --> 01:57:00,000 ADMINISTRATION AND CONGRESSIONAL DEMOCRATIC LEADERSHIP ARE 2392 01:57:00,001 --> 01:57:02,000 RUNNING AWAY FROM THE WORD 2393 01:57:02,001 --> 01:57:04,000 "STIMULUS" THAT OF THER THAN THE 2394 01:57:04,001 --> 01:57:07,000 TRIPLE-CROWN WINNING HORSE 2395 01:57:07,001 --> 01:57:09,000 SECRETARIAT, EVERYTHING PROPOSED 2396 01:57:09,001 --> 01:57:11,000 NOW IS CALLED A JOBS BILL, EVEN 2397 01:57:11,001 --> 01:57:13,000 IF IT INCLUDES PROPOSALS THAT 2398 01:57:13,001 --> 01:57:15,000 WERE ALWAYS LABELED "STIMULUS" 2399 01:57:15,001 --> 01:57:17,000 IN THE PAST. 2400 01:57:17,001 --> 01:57:19,000 ONLY 6% OF THE AMERICANS BELIEVE 2401 01:57:19,001 --> 01:57:22,000 THAT THE STIMULUS BILL CREATED JOBS. 2402 01:57:22,001 --> 01:57:24,000 THAT'S LESS THAN THE 7% OF THE 2403 01:57:24,001 --> 01:57:26,000 AMERICANS WHO BELIEVE THAT ELVIS 2404 01:57:26,001 --> 01:57:28,000 IS STILL ALIVE. 2405 01:57:28,001 --> 01:57:30,000 LAST WEEK THE SENATE PASSED A 2406 01:57:30,001 --> 01:57:32,000 BILL THAT INCLUDED A PROVISION 2407 01:57:32,001 --> 01:57:33,000 DESIGNED TO INCREASE HIRING. 2408 01:57:33,001 --> 01:57:35,000 THIS INCLUDES A PAYROLL TAX 2409 01:57:35,001 --> 01:57:37,000 HOLIDAY FOR BUSINESSES THAT 2410 01:57:37,001 --> 01:57:40,000 HIRED UNEMPLOYED WORKERS AND A 2411 01:57:40,001 --> 01:57:42,000 TAX CREDIT FOR THE RETENTION OF 2412 01:57:42,001 --> 01:57:44,000 NEWLY HIRED INDIVIDUALS 2413 01:57:44,001 --> 01:57:46,000 THROUGHOUT ALL OF 2010. 2414 01:57:46,001 --> 01:57:49,000 THE PAYROLL TAX HOLIDAY PART OF 2415 01:57:49,001 --> 01:57:50,000 THIS PROPOSAL IS LIKELY TO SPARK 2416 01:57:50,001 --> 01:57:52,000 SOME MODEST HIRING AT BUSINESSES 2417 01:57:52,001 --> 01:57:54,000 AT THE MARGINS. 2418 01:57:54,001 --> 01:57:56,000 AMONG THOSE THAT HAVE SEEN SOME 2419 01:57:56,001 --> 01:57:58,000 IMPROVEMENT IN THEIR BUSINESS. 2420 01:57:58,001 --> 01:58:01,000 BUT ARE ON THE FENCE ABOUT 2421 01:58:01,001 --> 01:58:03,000 WHETHER TO HIRE SOMEBODY NOW OR 2422 01:58:03,001 --> 01:58:04,000 WA A WHILE. 2423 01:58:04,001 --> 01:58:07,000 HOWEVER, MANY BUSINESSES 2424 01:58:07,001 --> 01:58:09,000 CONTINUE TO STRUGGLE AND WON'T 2425 01:58:09,001 --> 01:58:10,000 HIRE NEW EMPLOYEES JUST BECAUSE 2426 01:58:10,001 --> 01:58:12,000 IT IS THE STATED POLICY GOAL OF 2427 01:58:12,001 --> 01:58:15,000 CONGRESS. 2428 01:58:15,001 --> 01:58:18,000 BEFORE A BUSINESS CAN HIRE NEW 2429 01:58:18,001 --> 01:58:20,000 EMPLOYEE, THEY NEED TO KNOW THAT 2430 01:58:20,001 --> 01:58:23,000 THAT NEW EMPLOYEE WILL GENERATE 2431 01:58:23,001 --> 01:58:27,000 ADDITIONAL REVENUE THAT EXCEEDS 2432 01:58:27,001 --> 01:58:29,000 THE COST OF THE EMPLOYEE. 2433 01:58:29,001 --> 01:58:31,000 THE LATEST SURVEY OF THE SMALL 2434 01:58:31,001 --> 01:58:32,000 BUSINESS ECONOMIC TRENDS -- AND 2435 01:58:32,001 --> 01:58:35,000 THAT'S PRODUCED BY THE NATIONAL 2436 01:58:35,001 --> 01:58:38,000 FEDERATION 2437 01:58:38,001 --> 01:58:40,000 BUSINE 2438 01:58:40,001 --> 01:58:43,000 MOW IT -- SHOWS THAT MANY SMALL 2439 01:58:43,001 --> 01:58:45,000 BUSINESSES MAY NOT BE IN A PLACE 2440 01:58:45,001 --> 01:58:47,000 THAT THEY COULD AFFORD TO HIRE 2441 01:58:47,001 --> 01:58:49,000 NEW EMPLOYEES, EVEN WITH THE 2442 01:58:49,001 --> 01:58:51,000 PROVISIONS OF THAT BILL PASSING 2443 01:58:51,001 --> 01:58:54,000 THE SENATE LAST WEEK CALLED THE 2444 01:58:54,001 --> 01:58:56,000 PAYROLL TAX HOLIDAY. 2445 01:58:56,001 --> 01:58:57,000 I HAVE A CHART FROM THE NATIONAL 2446 01:58:57,001 --> 01:59:00,000 FEDERATION OF INDEPENDENT 2447 01:59:00,001 --> 01:59:01,000 BUSINESSES THAT I NOW WANT TO 2448 01:59:01,001 --> 01:59:03,000 REFER TO. 2449 01:59:03,001 --> 01:59:05,000 THAT CHART HAS SELECTED 2450 01:59:05,001 --> 01:59:07,000 COMPONENTS FROM THE SMALL 2451 01:59:07,001 --> 01:59:09,000 BUSINESS OPTIMISM INDEX. 2452 01:59:09,001 --> 01:59:11,000 WHILE MANY COMPONENTS OF THIS 2453 01:59:11,001 --> 01:59:13,000 INDEX IMPROVE SLIGHTLY FROM 2454 01:59:13,001 --> 01:59:17,000 DECEMBER, IT IS CLEAR THAT SMALL 2455 01:59:17,001 --> 01:59:20,000 BUSINESSES CONTINUE TO STRUGGLE. 2456 01:59:20,001 --> 01:59:22,000 YOU'LL SEE FROM THE CHART A NET 2457 01:59:22,001 --> 01:59:24,000 NEGATIVE 1% OF OWNERS PLAN TO 2458 01:59:24,001 --> 01:59:26,000 CREATE NEW JOBS IN THE NEXT 2459 01:59:26,001 --> 01:59:30,000 THREE MONTHS. 2460 01:59:30,001 --> 01:59:33,000 YOU'LL SEE FROM THE CHART A NET 2461 01:59:33,001 --> 01:59:34,000 POSITIVE OF ONLY 1% OF BUSINESS 2462 01:59:34,001 --> 01:59:40,000 OWNERS EXPECT THE ECONOMY TO 2463 01:59:40,001 --> 01:59:41,000 IMPROVEMENT ONLY 4% OF BUSINESS 2464 01:59:41,001 --> 01:59:43,000 OWNERS SAID IT WAS A GOOD TIME 2465 01:59:43,001 --> 01:59:48,000 TO EXPAND. 2466 01:59:48,001 --> 01:59:52,000 A NET NEGATIVE 42% OF OWNERS 2467 01:59:52,001 --> 01:59:54,000 REPORTED HIGHER EARNINGS. 2468 01:59:54,001 --> 01:59:55,000 THIS LAST COMPONENT IS 2469 01:59:55,001 --> 01:59:57,000 ESPECIALLY IMPORTANT FOR 2470 01:59:57,001 --> 01:59:58,000 BUSINESSES WHEN IT COMES TO 2471 01:59:58,001 --> 02:00:00,000 HIRING NEW EMPLOYEES. 2472 02:00:00,001 --> 02:00:05,000 IF EARNINGS ARE DECLINING, 2473 02:00:05,001 --> 02:00:09,000 THERE'S A LITTLE -- IF EARNINGS 2474 02:00:09,001 --> 02:00:12,000 ARE DECLINING, THERE IS LITTLE A 2475 02:00:12,001 --> 02:00:13,000 PAYROLL HOLIDAY WILL DO TO SPARK 2476 02:00:13,001 --> 02:00:16,000 HIRING SINCE BUSINESSES NEED TO 2477 02:00:16,001 --> 02:00:18,000 KNOW THAT THE REVENUE GENERATED 2478 02:00:18,001 --> 02:00:22,000 FROM T ADDITIONAL EMPLOYEES 2479 02:00:22,001 --> 02:00:24,000 WILL EXCEED THE COST NOT JUST 2480 02:00:24,001 --> 02:00:28,000 TODAY, BUT IN THE FUTURE. 2481 02:00:28,001 --> 02:00:29,000 BEFORE I GO ON TO THIS NFIB 2482 02:00:29,001 --> 02:00:31,000 SURVEY, I WANT TO TELL YOU, AT 2483 02:00:31,001 --> 02:00:32,000 THE GRASS ROOTS OF MY STATE I 2484 02:00:32,001 --> 02:00:34,000 HAD THE OPPORTUNITY NOT THIS 2485 02:00:34,001 --> 02:00:36,000 LAST WEEKEND,UT THE PREVIOUS 2486 02:00:36,001 --> 02:00:38,000 WEEKEND, TO SPEND PART OF A 2487 02:00:38,001 --> 02:00:40,000 FRIDAY AND PART OF A SUNDAY 2488 02:00:40,001 --> 02:00:43,000 AFTERNOON AT WHAT'S CALLED THE 2489 02:00:43,001 --> 02:00:45,000 DES MOINES HOME AND GARDEN SHOW; 2490 02:00:45,001 --> 02:00:48,000 PROBABLY BEEN AROUND FOR 30 2491 02:00:48,001 --> 02:00:49,000 YEARS OR SO THAT ONE WEEKEND A YEAR. 2492 02:00:49,001 --> 02:00:52,000 ON THE SATURDAY IN BETWEEN, I 2493 02:00:52,001 --> 02:00:55,000 HAD AN OPPORTUNITY TO ATTEND A 2494 02:00:55,001 --> 02:00:57,000 LIGHT SHOW CALLED THE HOME 2495 02:00:57,001 --> 02:01:00,000 IMPROVEMENT SHOW IN WATERLOO, IOWA. 2496 02:01:00,001 --> 02:01:05,000 YOU WALK AROUND AND YOU TALK TO 2497 02:01:05,001 --> 02:01:06,000 THESE VENDORS, 2498 02:01:06,001 --> 02:01:08,000 SMALL-BUSINESSPEOPLE. 2499 02:01:08,001 --> 02:01:09,000 YOU KIND OF LOOK AT WHAT DO THEY 2500 02:01:09,001 --> 02:01:10,000 EXPECT CONGRESS TO DO ABOUT 2501 02:01:10,001 --> 02:01:12,000 CREATING JOBS. 2502 02:01:12,001 --> 02:01:14,000 I NEVER GOT ANYTHING POSITIVE 2503 02:01:14,001 --> 02:01:16,000 ABOUT SOMETHING WE MIGHT DO, BUT 2504 02:01:16,001 --> 02:01:19,000 I GOT A LOT OF IDEAS THAT 2505 02:01:19,001 --> 02:01:20,000 THEY WANT US TO DO THAT SAID 2506 02:01:20,001 --> 02:01:21,000 YOU'VE GOT TO GIVE US SOME 2507 02:01:21,001 --> 02:01:23,000 CERTAINTY. 2508 02:01:23,001 --> 02:01:27,000 YOU KNOW WHAT THEY QUOTED? 2509 02:01:27,001 --> 02:01:29,000 THEY QUOTED THIS BIG TAX 2510 02:01:29,001 --> 02:01:31,000 INCREASE COMING UP AT THE END OF 2511 02:01:31,001 --> 02:01:32,000 THIS YEAR AT SOME OF THAT 2512 02:01:32,001 --> 02:01:35,000 UNCERTAINTY. 2513 02:01:35,001 --> 02:01:37,000 YOU KNOW, THEY QUOTED THE 2514 02:01:37,001 --> 02:01:39,000 CAP-AND-TRADE TAX THAT POSSIBLY 2515 02:01:39,001 --> 02:01:43,000 COULD PASS THE SENATE. 2516 02:01:43,001 --> 02:01:46,000 AND THEN THEY QUOTED -- THEY 2517 02:01:46,001 --> 02:01:47,000 QUOTED THE POTENTIAL COST TO 2518 02:01:47,001 --> 02:01:49,000 SMALL BUSINESS, BECAUSE THE 2519 02:01:49,001 --> 02:01:52,000 HEALTH CARE REFORM BILL. 2520 02:01:52,001 --> 02:01:54,000 AND THEY SAID JUST TAKE ALL OF 2521 02:01:54,001 --> 02:01:57,000 THOSE POTENTIAL THINGS OUT OF 2522 02:01:57,001 --> 02:01:59,000 THE PICTURE, AND WE'LL START HIRING. 2523 02:01:59,001 --> 02:02:01,000 BUT IT'S THE UNCERTAINTY THAT'S 2524 02:02:01,001 --> 02:02:03,000 OUT THERE OF WHAT CONGRESS IS 2525 02:02:03,001 --> 02:02:06,000 GOING TO DO TO US THAT'S KEEPING 2526 02:02:06,001 --> 02:02:10,000 US FROM HIRING PEOPLE. 2527 02:02:10,001 --> 02:02:12,000 I WANT TO GO BACK TO THE NFIB SURVEY. 2528 02:02:12,001 --> 02:02:13,000 WHEN BUSINESS ARE ASKED WHAT THE 2529 02:02:13,001 --> 02:02:15,000 SINGLE-MOST IMPORTANT PROBLEM 2530 02:02:15,001 --> 02:02:18,000 FACING THEIR BUSINESS IS, THE 2531 02:02:18,001 --> 02:02:20,000 ANSWER IS: LACK OF SALES. 2532 02:02:20,001 --> 02:02:22,000 THAT'S IN ADDITION TO THE 2533 02:02:22,001 --> 02:02:24,000 UNCERTAINTY I JUST TOLD YOU ABOUT. 2534 02:02:24,001 --> 02:02:26,000 BUT THIS IS CLOSELY FOLLOWED IN 2535 02:02:26,001 --> 02:02:27,000 BY WHAT I DID SAY. 2536 02:02:27,001 --> 02:02:29,000 TAXES AND THEN GOVERNMENT 2537 02:02:29,001 --> 02:02:30,000 REGULATION AND RED TAPE. 2538 02:02:30,001 --> 02:02:31,000 I'M GLAD THAT MY COLLEAGUES ON 2539 02:02:31,001 --> 02:02:33,000 THE OTHER SIDE HAVE RECOGNIZED 2540 02:02:33,001 --> 02:02:35,000 THAT THE TRUE JOB CREATION COMES 2541 02:02:35,001 --> 02:02:37,000 THROUGH THE PRIVATE SECTOR AND 2542 02:02:37,001 --> 02:02:39,000 HAVE, THUS, SOUGHT HIRING 2543 02:02:39,001 --> 02:02:40,000 INCENTIVES THROUGH PAYROLL TAX 2544 02:02:40,001 --> 02:02:41,000 RELIEF. 2545 02:02:41,001 --> 02:02:43,000 HOWEVER, THIS MINOR TAX RELIEF 2546 02:02:43,001 --> 02:02:44,000 IS A DP IN THE BUCKET 2547 02:02:44,001 --> 02:02:47,000 CONSIDERING THE CHALLENGES SMALL 2548 02:02:47,001 --> 02:02:51,000 BUSINESSES ARE FACING DUE TO THE 2549 02:02:51,001 --> 02:02:53,000 ECONOMY AND PROPOSED INCREASED 2550 02:02:53,001 --> 02:02:54,000 TAXES AND RED TAPE INCLUDED IN 2551 02:02:54,001 --> 02:02:57,000 THE FEDERAL PRESIDENT'S BUDGET. 2552 02:02:57,001 --> 02:02:58,000 WHETHER WE'RE SPEAKING ABOUT 2553 02:02:58,001 --> 02:02:59,000 CAP-AND-TRADE THAT WILL 2554 02:02:59,001 --> 02:03:00,000 DRASTICALLY INCREASE THEIR 2555 02:03:00,001 --> 02:03:01,000 ENERGY COSTS, HEALTH CARE 2556 02:03:01,001 --> 02:03:04,000 REFORM, THAT WOULD MANDATE SMALL 2557 02:03:04,001 --> 02:03:05,000 BUSINESSES TO OFFER HEALTH 2558 02:03:05,001 --> 02:03:08,000 BENEFITS THAT WILL INCREASE THE 2559 02:03:08,001 --> 02:03:10,000 COSTS OF LABOR OR THE CALL FOR 2560 02:03:10,001 --> 02:03:13,000 TAX INCREASES ON THE SO-CALLED 2561 02:03:13,001 --> 02:03:15,000 WEALTHY TAXPAYERS EARNING OVER 2562 02:03:15,001 --> 02:03:17,000 $200,000 THAT WILL LARGELY FALL 2563 02:03:17,001 --> 02:03:18,000 ON THE BACKS OF SMALL 2564 02:03:18,001 --> 02:03:21,000 BUSINESSES. 2565 02:03:21,001 --> 02:03:22,000 IF OUR INTENTION IS TO INCREASE 2566 02:03:22,001 --> 02:03:24,000 LONG-TERM EMPLOYMENT, THE LAST 2567 02:03:24,001 --> 02:03:26,000 THING WE SHOULD BE DOING AT THIS 2568 02:03:26,001 --> 02:03:28,000 TIME OF ECONOMIC UNCERTAINTY IS 2569 02:03:28,001 --> 02:03:29,000 TO INCREASE TAXES AND PLACE 2570 02:03:29,001 --> 02:03:32,000 ADDITIONAL BURDENS ON THOSE WHO 2571 02:03:32,001 --> 02:03:36,000 ARE RESPONSIBLE FOR CREATING 70% 2572 02:03:36,001 --> 02:03:37,000 OF THE JOBS IN OUR ECONOMY, 2573 02:03:37,001 --> 02:03:39,000 NAMELY, SMALL BUSINESS. 2574 02:03:39,001 --> 02:03:42,000 PROVIDING SMALL BUSINESSES A 2575 02:03:42,001 --> 02:03:44,000 PAYROLL TAX HOLIDAY WHILE 2576 02:03:44,001 --> 02:03:45,000 INTENDING TO IMPOSE INCREASED 2577 02:03:45,001 --> 02:03:48,000 TAXES, REGULATIONS AND MANDATES 2578 02:03:48,001 --> 02:03:50,000 AMOUNTS TO THROWING THEM JUST A 2579 02:03:50,001 --> 02:03:51,000 FEW PEANUTS WHILE TAKING AWAY 2580 02:03:51,001 --> 02:03:53,000 THEIR SUPPER. 2581 02:03:53,001 --> 02:03:54,000 IN RECENT MONTHS I'VE SPOKEN AT 2582 02:03:54,001 --> 02:03:57,000 LENGTH ABOUT THE IMPACT OF TAX 2583 02:03:57,001 --> 02:03:59,000 INCREASES SET TO KICK IN TEN MONTHS FROM TODAY. 2584 02:03:59,001 --> 02:04:02,000 I'VE EXAMINED THE IMPACT OF 2585 02:04:02,001 --> 02:04:04,000 THESE TAX INCREASES TO THE SMALL BUSINESSES. 2586 02:04:04,001 --> 02:04:06,000 AND I THK YOU OUGHT TO 2587 02:04:06,001 --> 02:04:08,000 CLOSER LOOK AT IT BEFORE WE 2588 02:04:08,001 --> 02:04:09,000 ACTUALLY ENACT THESE BIG TAX HIKES. 2589 02:04:09,001 --> 02:04:10,000 THE PRESIDENT AND MY COLLEAGUES 2590 02:04:10,001 --> 02:04:12,000 ON THE OTHER SIDE OF THE AISLE 2591 02:04:12,001 --> 02:04:19,000 HAVE PROPOSED INCREASING THE TWO 2592 02:04:19,001 --> 02:04:23,000 MARGINAL TAX RATES FROM 33 AND 2593 02:04:23,001 --> 02:04:26,000 35 TO 36 AND 39.6% RESPECTIVELY, 2594 02:04:26,001 --> 02:04:29,000 INCREASING THE CAPITAL GAINS AND 2595 02:04:29,001 --> 02:04:31,000 DIVIDENDS TO 20%, REINSTATING 2596 02:04:31,001 --> 02:04:34,000 THE FULL EXEMPTION PHASEOUT FOR 2597 02:04:34,001 --> 02:04:36,000 THOSE MAKING OVER $200,000 AND 2598 02:04:36,001 --> 02:04:41,000 FULLY REINSTATING THE LIMITATION 2599 02:04:41,001 --> 02:04:43,000 ON ITEMIZED DEDUCTIONS FOR THOSE 2600 02:04:43,001 --> 02:04:45,000 MAKING MORE THAN $200,000. 2601 02:04:45,001 --> 02:04:46,000 WITH THESE PROVISIONS FULLY 2602 02:04:46,001 --> 02:04:49,000 INSTATED THE INDIVIDUALS IN THE 2603 02:04:49,001 --> 02:04:51,000 TOP TWO RATES COULD SEE THEIR 2604 02:04:51,001 --> 02:04:52,000 MARGINAL TAX RATES INCREASE OVER 2605 02:04:52,001 --> 02:04:53,000 15% OR MORE. 2606 02:04:53,001 --> 02:04:57,000 MY COLLEAGUES ON THE OTHER SIDE 2607 02:04:57,001 --> 02:05:00,000 OF THE AISLE RESPOND THAT THESE 2608 02:05:00,001 --> 02:05:02,000 PROPOSALS WILL ONLY HIT QUO, 2609 02:05:02,001 --> 02:05:04,000 UNQUOTE WEALTHY INDIVIDUALS AND 2610 02:05:04,001 --> 02:05:05,000 ONLY A PERCENTAGE OF SMALL 2611 02:05:05,001 --> 02:05:06,000 BUSINESSES FALL INTO THIS 2612 02:05:06,001 --> 02:05:07,000 CATEGORY. 2613 02:05:07,001 --> 02:05:08,000 I'VE BEEN TRYING TO TELL THEM 2614 02:05:08,001 --> 02:05:10,000 FOR THREE OR FOUR YEARS THAT 2615 02:05:10,001 --> 02:05:12,000 WHAT THEY WANT TO TALK ABOUT A 2616 02:05:12,001 --> 02:05:13,000 SMALL PERCENTAGE OF SMALL 2617 02:05:13,001 --> 02:05:14,000 BUSINESSES FALLING INTO THAT 2618 02:05:14,001 --> 02:05:15,000 CATEGORY, I'M NOT GOING TO 2619 02:05:15,001 --> 02:05:17,000 CONVINCE THEM BECAUSE I DON'T 2620 02:05:17,001 --> 02:05:18,000 KNOW WHAT THEY'RE READING, BUT 2621 02:05:18,001 --> 02:05:20,000 THEY'RE JUST WRONG BECAUSE SMALL 2622 02:05:20,001 --> 02:05:22,000 BUSINESS IS GOING TO BE HIT VERY 2623 02:05:22,001 --> 02:05:23,000 DEFINITELY BY THESE INCREASES. 2624 02:05:23,001 --> 02:05:24,000 WHAT MY COLLEAGUES FAIL TO 2625 02:05:24,001 --> 02:05:27,000 UNDERSTAND IS THAT THE 2626 02:05:27,001 --> 02:05:30,000 BUSINESSES THAT FIT IN TO THIS 2627 02:05:30,001 --> 02:05:31,000 GROUP IS NOT STATIC, BUT 2628 02:05:31,001 --> 02:05:34,000 CONSISTS OF DIFFERENT BUSINESSES 2629 02:05:34,001 --> 02:05:37,000 OVER TIME THAT GO IN AND OUT OF 2630 02:05:37,001 --> 02:05:38,000 E TOP TWO TAX BRACKETS, 2631 02:05:38,001 --> 02:05:39,000 DEPENDING ON WHAT? 2632 02:05:39,001 --> 02:05:41,000 THE MARKET. 2633 02:05:41,001 --> 02:05:43,000 DATA FROM THE JOINT COMMITTEE ON 2634 02:05:43,001 --> 02:05:44,000 TAXATION, WHICH IS A NONPARTISAN 2635 02:05:44,001 --> 02:05:46,000 OFFICIAL CONGRESSIONAL 2636 02:05:46,001 --> 02:05:50,000 SCOREKEEPER ON TAX ISSUES, SHOW 2637 02:05:50,001 --> 02:05:52,000 THAT 44% OF THE FLOWTHROUGH 2638 02:05:52,001 --> 02:05:54,000 BUSINESS INCOME WILL BE HIT WITH 2639 02:05:54,001 --> 02:05:57,000 INCREASE IN THE TOP TWO TAX 2640 02:05:57,001 --> 02:05:59,000 RATES PROPOSED BY THE PRESIDENT. 2641 02:05:59,001 --> 02:06:00,000 THIS HITS SMALL BUSINESSES 2642 02:06:00,001 --> 02:06:02,000 PARTICULARLY HARD SINCE MOST 2643 02:06:02,001 --> 02:06:05,000 SMALL BUSINESSES ARE ORGANIZED 2644 02:06:05,001 --> 02:06:10,000 AS FLOWTHROUGH ENTITIES. 2645 02:06:10,001 --> 02:06:11,000 IT WILL INCREASE TAXES ON SINGLE 2646 02:06:11,001 --> 02:06:14,000 SMALL-BUSINESS OWNERS THAT MAKE 2647 02:06:14,001 --> 02:06:16,000 MORE THAN $200,000 PER YEAR EVEN 2648 02:06:16,001 --> 02:06:17,000 IF THEY PLOW ALL OF THEIR INCOME 2649 02:06:17,001 --> 02:06:20,000 BACK INTO THEIR SMALL BUSINESS 2650 02:06:20,001 --> 02:06:21,000 TO KEEP PAYING THEIR WORKERS AND 2651 02:06:21,001 --> 02:06:24,000 HIRE ADDITIONAL WORKERS. 2652 02:06:24,001 --> 02:06:26,000 INCREASING 2653 02:06:26,001 --> 02:06:28,000 PUNISHES THEIR SUCCESS. 2654 02:06:28,001 --> 02:06:30,000 IT LIMITS THEIR ABILITY TO 2655 02:06:30,001 --> 02:06:32,000 REINVEST IN THEIR COMPANY. 2656 02:06:32,001 --> 02:06:34,000 IT PREVENTS THEM FROM PUTTING 2657 02:06:34,001 --> 02:06:36,000 AWAY FUNDS FOR TOUGH ECONOMIC 2658 02:06:36,001 --> 02:06:37,000 TIMES TO KEEP THEIR BUSINESS AFLOAT. 2659 02:06:37,001 --> 02:06:41,000 GOVERNMENT IS CURRENTLY CREATING 2660 02:06:41,001 --> 02:06:43,000 A CLIMATE OF UNCERTAINTY WHERE 2661 02:06:43,001 --> 02:06:44,000 THE PRIVATE SECTOR DOES NOT KNOW 2662 02:06:44,001 --> 02:06:46,000 WHAT WE WILL DO NEXT, WHAT TAXES 2663 02:06:46,001 --> 02:06:48,000 WILL BE RAISED AND WHAT 2664 02:06:48,001 --> 02:06:50,000 REGULATORY BARRIERS WILL BE PUT 2665 02:06:50,001 --> 02:06:52,000 IN THEIR WAY. 2666 02:06:52,001 --> 02:06:54,000 WE CAN START TO PUT SOME 2667 02:06:54,001 --> 02:06:56,000 CERTAINTY BACK INTO THE BUSINESS 2668 02:06:56,001 --> 02:06:59,000 WORLD BY DECLARING WE WILL NOT 2669 02:06:59,001 --> 02:07:02,000 INCREASE TAXES ON BUSINSES ONE 2670 02:07:02,001 --> 02:07:06,000 DIME, BY MAKING THE 2001 AND 2671 02:07:06,001 --> 02:07:07,000 2003 BIPARTISAN TAX MEASURES PERMANENT. 2672 02:07:07,001 --> 02:07:10,000 LET ME BE CLEAR. 2673 02:07:10,001 --> 02:07:11,000 BUSINESSES DO NOT WANT TO BE 2674 02:07:11,001 --> 02:07:13,000 CERTAIN THAT THE GOVERNMENT IS 2675 02:07:13,001 --> 02:07:15,000 GOING TO RAISE THEIR TAXES AND 2676 02:07:15,001 --> 02:07:16,000 MAKE THEM GO UP THROUGH MORE RED 2677 02:07:16,001 --> 02:07:18,000 TAPE. 2678 02:07:18,001 --> 02:07:19,000 THEY WANT TO BE CERTAIN THAT'S 2679 02:07:19,001 --> 02:07:21,000 NOT GOING TO HAPPEN. 2680 02:07:21,001 --> 02:07:23,000 UNTIL THEN MANY WILL SIMPLY SIT 2681 02:07:23,001 --> 02:07:25,000 ON THE SIDELINES AND NOT HIRE 2682 02:07:25,001 --> 02:07:29,000 MORE WORKERS AS I REPORTED TO 2683 02:07:29,001 --> 02:07:32,000 YOU FROM MY WEEKEND AT A COUPLE 2684 02:07:32,001 --> 02:07:34,000 FAIRS IN THE STATE OF IOWA 2685 02:07:34,001 --> 02:07:35,000 WEEKEND BEFORE LAST. 2686 02:07:35,001 --> 02:07:38,000 MOREOVER, WE CAN DIRECTLY 2687 02:07:38,001 --> 02:07:39,000 PROVIDE TARGETED RELIEF TO SMALL 2688 02:07:39,001 --> 02:07:40,000 BUSINESSES. 2689 02:07:40,001 --> 02:07:42,000 LAST JUNE I PROPOSED LEGISLATION 2690 02:07:42,001 --> 02:07:43,000 TO DO JUST THAT. 2691 02:07:43,001 --> 02:07:47,000 SO I INTRODUCED THE SMALL 2692 02:07:47,001 --> 02:07:51,000 BUSINESS TAX RELIEF ACT TO LOWER 2693 02:07:51,001 --> 02:07:52,000 TAXES ON JOB-CREATING SMALL 2694 02:07:52,001 --> 02:07:54,000 BUSINESSES. 2695 02:07:54,001 --> 02:07:56,000 SINCE THE DEMOCRATIC LEADERSHIP 2696 02:07:56,001 --> 02:07:57,000 BARRED ANY AMENDMENTS LAST 2697 02:07:57,001 --> 02:07:59,000 YEAR -- OR LAST WEEK, I'M 2698 02:07:59,001 --> 02:08:02,000 HOPEFUL THAT WE'LL DEBATE AND 2699 02:08:02,001 --> 02:08:03,000 VOTE ON AN AMENDMENT OFFERED BY 2700 02:08:03,001 --> 02:08:05,000 SENATOR THUNE. 2701 02:08:05,001 --> 02:08:06,000 MANY PROVISIONS IN MY BILL ARE 2702 02:08:06,001 --> 02:08:08,000 CONTAINED IN THE THUNE BILL. 2703 02:08:08,001 --> 02:08:10,000 MY BILL CONTAINS A NUMBER OF 2704 02:08:10,001 --> 02:08:11,000 PROVISIONS THAT WILL LEAVE MORE 2705 02:08:11,001 --> 02:08:15,000 MONEY IN THE HANDS OF SMALL 2706 02:08:15,001 --> 02:08:16,000 BUSINESSES SO THAT THEY CAN HIRE 2707 02:08:16,001 --> 02:08:19,000 MORE, CONTINUE TO PAY THE 2708 02:08:19,001 --> 02:08:21,000 SALARIES OF THEIR CURRENT 2709 02:08:21,001 --> 02:08:24,000 EMPLOYEES AND MAKE ADDITIONAL INVESTMENTS. 2710 02:08:24,001 --> 02:08:26,000 THIS INCLUDES ALLOWING 2711 02:08:26,001 --> 02:08:29,000 FLOW-THROUGH SMALL BUSINESSES 2712 02:08:29,001 --> 02:08:30,000 PARTNERSHIPS, S-CORPORATIONS, 2713 02:08:30,001 --> 02:08:33,000 L.L.C. AND SOLE PARTNERSHIPS TO 2714 02:08:33,001 --> 02:08:35,000 DEDUCT 20% OF THEIR INCOME, 2715 02:08:35,001 --> 02:08:36,000 EFFECTIVELY REDUCING THEIR TAXES 2716 02:08:36,001 --> 02:08:41,000 BY 20%. 2717 02:08:41,001 --> 02:08:43,000 MY BILL ALSO INCLUDES TAX RELIEF 2718 02:08:43,001 --> 02:08:44,000 FOR SMALL-BUSINESS OWNERS FROM 2719 02:08:44,001 --> 02:08:45,000 THE UNFAIR ALTERNATIVE MINIMUM 2720 02:08:45,001 --> 02:08:49,000 TAX THAT TAKES GENERAL BUSINESS 2721 02:08:49,001 --> 02:08:50,000 CREDITS SUCH AS THE EMPLOYER-PROVIDED CHILD CARE 2722 02:08:50,001 --> 02:08:51,000 CREDIT OUT OF THE ALTERNATIVE 2723 02:08:51,001 --> 02:08:53,000 MINIMUM TAX. 2724 02:08:53,001 --> 02:08:54,000 THIS WOULD ALLOW MOM AND POP 2725 02:08:54,001 --> 02:08:55,000 RETAIL STORES THAT PROVIDE CHILD 2726 02:08:55,001 --> 02:08:58,000 CARE FOR THEIR EMPLOYEES TO GET 2727 02:08:58,001 --> 02:09:00,000 THE SAME RELIEF THAT FORTUNE 500 2728 02:09:00,001 --> 02:09:02,000 COMPANIES GET WHEN IT PROVIDES 2729 02:09:02,001 --> 02:09:05,000 CHILD CARE FOR ITS EMPLOYEES. 2730 02:09:05,001 --> 02:09:08,000 MY BILL WOULD ALSO ALLOW MORE 2731 02:09:08,001 --> 02:09:09,000 THAN NEARLY 2 MILLION SMALL "C" 2732 02:09:09,001 --> 02:09:12,000 CORPORATIONS TO BENEFIT FROM THE 2733 02:09:12,001 --> 02:09:13,000 LOWER TAX RATES FOR THE SMALL 2734 02:09:13,001 --> 02:09:16,000 "C" CORPORATIONS. 2735 02:09:16,001 --> 02:09:17,000 THERE ARE SO MANY SMALL "C" 2736 02:09:17,001 --> 02:09:19,000 CORPORATIONS BECAUSE THEY WERE 2737 02:09:19,001 --> 02:09:22,000 FORMED AS "C" CORPORATIONS 2738 02:09:22,001 --> 02:09:24,000 BEFORE OTHER ENTITIES SUCH AS 2739 02:09:24,001 --> 02:09:26,000 L.L.C.'S BECAME MORE WIDELY USED. 2740 02:09:26,001 --> 02:09:27,000 AMONG OTHER PROVISIONS, MY BILL 2741 02:09:27,001 --> 02:09:30,000 WOULD ALSO LOWER THE POTENTIAL 2742 02:09:30,001 --> 02:09:33,000 TAX BURDEN ON SMALL "C" 2743 02:09:33,001 --> 02:09:36,000 CORPORATIONS THAT CONVERT TO "S" CORPORATIONS. 2744 02:09:36,001 --> 02:09:38,000 THE NFIB HAS WRITTEN A LETTER 2745 02:09:38,001 --> 02:09:39,000 SUPPORTING MY SMALL-BUSINESS TAX 2746 02:09:39,001 --> 02:09:42,000 RELIEF BILL STATING -- QUOTE -- 2747 02:09:42,001 --> 02:09:43,000 "TO GET THE SMALL-BUSINESS 2748 02:09:43,001 --> 02:09:46,000 ECONOMY MOVING AGAIN, SMALL 2749 02:09:46,001 --> 02:09:47,000 BUSINESSES NEED THE TOOLS AND 2750 02:09:47,001 --> 02:09:50,000 INCENTIVES TO EXPAND AND GROW 2751 02:09:50,001 --> 02:09:55,000 THEIR BUSINESSES. 2752 02:09:55,001 --> 02:09:58,000 S T 138 -- S.1381 PROVIDES THE 2753 02:09:58,001 --> 02:10:00,000 OLS THAT SMALL BUSINESSES NEED." 2754 02:10:00,001 --> 02:10:02,000 END OF QUOTE FROM THE NFIB. 2755 02:10:02,001 --> 02:10:05,000 I WANT TO TALK ABOUT AN 2756 02:10:05,001 --> 02:10:06,000 OPPORTUNITY FOR TWO 2757 02:10:06,001 --> 02:10:09,000 BIPARTISANSHIP THAT WOULD KILLED 2758 02:10:09,001 --> 02:10:10,000 BY THE DEMOCRATIC LEADERSHIP. 2759 02:10:10,001 --> 02:10:13,000 THE SAME DAY THAT CHAIRMAN 2760 02:10:13,001 --> 02:10:15,000 BAUCUS AND I RELEASED A BILL 2761 02:10:15,001 --> 02:10:20,000 THAT CONTAINED SIGNIFICANT 2762 02:10:20,001 --> 02:10:21,000 COMPROMISES BEHIND CLOSED DOOR 2763 02:10:21,001 --> 02:10:22,000 THE DEMOCRATIC LEADERS 2764 02:10:22,001 --> 02:10:23,000 CHERRY-PICKED JUST FOUR 2765 02:10:23,001 --> 02:10:25,000 PROVISIONS OUT OF THE LARGER 2766 02:10:25,001 --> 02:10:26,000 BILL THAT CIRMAN BAUCUS AND I AGREED TO. 2767 02:10:26,001 --> 02:10:28,000 THOSE PROVISIONS HAD BEEN AGREED 2768 02:10:28,001 --> 02:10:30,000 TO IN A MEETING OF SENIOR 2769 02:10:30,001 --> 02:10:33,000 MEMBERS OF THE OTHER SIDE ONLY 2770 02:10:33,001 --> 02:10:34,000 WHILE CHAIRMAN BAUCUS AND I WERE 2771 02:10:34,001 --> 02:10:36,000 NEGOTIATING. 2772 02:10:36,001 --> 02:10:37,000 I WAS EXTREMELY DISAPPOINTED TO 2773 02:10:37,001 --> 02:10:39,000 SEE THE DEMOCRATIC LEADERSHIP 2774 02:10:39,001 --> 02:10:41,000 BLOW UP THE BIPARTISAN DEAL THAT 2775 02:10:41,001 --> 02:10:44,000 CHAIRMAN BAUCUS AND I REACHED. 2776 02:10:44,001 --> 02:10:45,000 TO POUR A LITTLE SALT INTO THE 2777 02:10:45,001 --> 02:10:48,000 WOUND, THE DEMOCRATIC LEADERSHIP 2778 02:10:48,001 --> 02:10:49,000 THEN PROHIBITED ANY SENATOR ON 2779 02:10:49,001 --> 02:10:51,000 EITHER SIDE OF THE AISLE FROM 2780 02:10:51,001 --> 02:10:54,000 EVEN OFFERING AN AMENDMENT TO 2781 02:10:54,001 --> 02:10:57,000 IMPROVE A BILL THAT HE HIJACKED. 2782 02:10:57,001 --> 02:10:59,000 ONE OF THE FOUR PROVISIONS THE 2783 02:10:59,001 --> 02:11:01,000 DEMOCRATIC LEADERS CHERRY-PICKED 2784 02:11:01,001 --> 02:11:03,000 IS THE BILL "AMERICA BUYS." 2785 02:11:03,001 --> 02:11:05,000 FUNDAMENTAL BEEN JUST ME 2786 02:11:05,001 --> 02:11:06,000 DRAFTING THE -- IF IT HAD BEEN 2787 02:11:06,001 --> 02:11:08,000 JUST ME DRAFTING THE BILL, I 2788 02:11:08,001 --> 02:11:09,000 WOULDN'T HAVE INCLUDED THE 2789 02:11:09,001 --> 02:11:11,000 PROVISION. 2790 02:11:11,001 --> 02:11:12,000 HOWEVER IN THE SAME OF 2791 02:11:12,001 --> 02:11:13,000 COMPROMISE, I RELUCTANTLY AGREED 2792 02:11:13,001 --> 02:11:16,000 THAT PUTTING THIS PROVISION IN 2793 02:11:16,001 --> 02:11:18,000 THE BILL WOULD NOT CAUSE THE 2794 02:11:18,001 --> 02:11:19,000 OVERALL BILL TO LOSE MY SUPPORT. 2795 02:11:19,001 --> 02:11:21,000 BUILD AMERICA BONDS IS A VERY 2796 02:11:21,001 --> 02:11:22,000 RICH SPENDING PROGRAM DISGUISED 2797 02:11:22,001 --> 02:11:24,000 AS TAX CUTS. 2798 02:11:24,001 --> 02:11:25,000 BLOOMBERG REPORTED THAT LARGE 2799 02:11:25,001 --> 02:11:29,000 WALL STREET INVESTMENT BANKS 2800 02:11:29,001 --> 02:11:32,000 HAVE BEEN CHARGING 37% HIGHER 2801 02:11:32,001 --> 02:11:34,000 UNDERWRITING FEES ON BUILD 2802 02:11:34,001 --> 02:11:35,000 AMERICA BONDS DEALS THAN ON 2803 02:11:35,001 --> 02:11:36,000 OTHER DEALS. 2804 02:11:36,001 --> 02:11:38,000 THEREFORE, AMERICAN TAXPAYERS 2805 02:11:38,001 --> 02:11:40,000 APPEAR TO BE FUNDING HUGE 2806 02:11:40,001 --> 02:11:42,000 UNDERWRITING FEES FOR LARGE WALL 2807 02:11:42,001 --> 02:11:44,000 STREET INVESTMENT BANKS AS PART 2808 02:11:44,001 --> 02:11:45,000 OF THE BUILD AMERICA BONDS 2809 02:11:45,001 --> 02:11:46,000 PROGRAM. 2810 02:11:46,001 --> 02:11:47,000 THE DEMOCRATIC LEADERSHIP HAS 2811 02:11:47,001 --> 02:11:50,000 SAID THAT THE BUILD AMERICA 2812 02:11:50,001 --> 02:11:51,000 BONDS PROGRAM IS ABOUT CREATING 2813 02:11:51,001 --> 02:11:52,000 JOBS. 2814 02:11:52,001 --> 02:11:55,000 SO, I WANT TO KNOW WHETHER IT'S 2815 02:11:55,001 --> 02:11:56,000 ABOUT LINING THE POCKETS OF WALL 2816 02:11:56,001 --> 02:12:00,000 STREET EXECUTIVES. 2817 02:12:00,001 --> 02:12:02,000 SO LAST WEEK I ASKED GOLDMAN 2818 02:12:02,001 --> 02:12:04,000 SACHS C.E.O. A NUMBER OF 2819 02:12:04,001 --> 02:12:05,000 QUESTIONS ABOUT THESE MUCH 2820 02:12:05,001 --> 02:12:07,000 LARGER UNDERWRITING FEES 2821 02:12:07,001 --> 02:12:10,000 SUBSIDIZED BY THE AMERICAN TAXPAYERS. 2822 02:12:10,001 --> 02:12:11,000 I EXPECT TO HAVE THAT DISCUSSION SHORTLY. 2823 02:12:11,001 --> 02:12:13,000 TURNING BACK TO THE BILL BEING 2824 02:12:13,001 --> 02:12:15,000 DEBATED THIS WEEK, THE THUNE 2825 02:12:15,001 --> 02:12:17,000 AMENDMENT, WHICH INCORPORATES 2826 02:12:17,001 --> 02:12:21,000 MANY OF THE PROVISIONS FROM MY 2827 02:12:21,001 --> 02:12:22,000 SMALL-BUSINESS TAX RELIEF BILL, 2828 02:12:22,001 --> 02:12:23,000 PROVIDES SUBSTANTIAL 2829 02:12:23,001 --> 02:12:24,000 SML-BUSINESS TAX RELIEF AND 2830 02:12:24,001 --> 02:12:26,000 SHOULD BE ADOPTED. 2831 02:12:26,001 --> 02:12:29,000 IN THIS BILL, I HOPE THAT WE CAN 2832 02:12:29,001 --> 02:12:30,000 ALL WORK TOGETHER TOWARDS 2833 02:12:30,001 --> 02:12:32,000 IMPROVING OUR ECONOMY, NOT 2834 02:12:32,001 --> 02:12:36,000 THROUGHORE GOVERNMENT, BY 2835 02:12:36,001 --> 02:12:37,000 LETTING THE ENGINE OF JOB 2836 02:12:37,001 --> 02:12:38,000 CREATION -- MEANING SMALL 2837 02:12:38,001 --> 02:12:43,000 BUSINESS -- KEEP MORE OF THEIR 2838 02:12:43,001 --> 02:12:45,000 OWN MONEY IN THE FORM OF 2839 02:12:45,001 --> 02:12:47,000 RELIEF. 2840 02:12:47,001 --> 02:12:48,000 AND I YIELD THE FLOOR. 2841 02:12:48,001 --> 02:12:49,000 A SENATOR: MR. PRESIDENT? 2842 02:12:49,001 --> 02:12:51,000 THE PRESIDING OFFICER: THE 2843 02:12:51,001 --> 02:12:52,000 DEMOCRATIC 2844 02:12:52,001 --> 02:12:53,000 MR. DURBIN: LET ME SERVE 2845 02:12:53,001 --> 02:12:55,000 NOTICE ON THE REPUBLICAN SIDE 2846 02:12:55,001 --> 02:12:56,000 THAT I'LL BE 2847 02:12:56,001 --> 02:12:57,000 CONSENT REQUEST ABOUT THE 2848 02:12:57,001 --> 02:13:00,000 EXTENSION OF EMPLOYMENT BENEFITS 2849 02:13:00,001 --> 02:13:01,000 SO THAT SENATOR BUNNING OR 2850 02:13:01,001 --> 02:13:03,000 SOMEONE ELSE ON HIS BEHALF WILL 2851 02:13:03,001 --> 02:13:04,000 BE ON THE FLOOR IF THEY CARE TO 2852 02:13:04,001 --> 02:13:05,000 OBJECT. 2853 02:13:05,001 --> 02:13:06,000 LET ME SAY BEFORE MY FRIEND FROM 2854 02:13:06,001 --> 02:13:08,000 IOWA LEAVES THE FLOOR, ONE OF 2855 02:13:08,001 --> 02:13:09,000 THE REASONS WE CAN'T GET TO THE 2856 02:13:09,001 --> 02:13:10,000 ISSUES THAT YOU WANT IS BECAUSE 2857 02:13:10,001 --> 02:13:11,000 WE'RE IN THE MIDST OF A 2858 02:13:11,001 --> 02:13:13,000 FILIBUSTER BY THE SENATOR FROM 2859 02:13:13,001 --> 02:13:15,000 KENTUCKY, WHO HAS STOPPED 2860 02:13:15,001 --> 02:13:18,000 FROM EXTENDING UNEMPLOYMENT 2861 02:13:18,001 --> 02:13:19,000 BENEFITS, COBRA BENEFITS FOR 30 DAYS. 2862 02:13:19,001 --> 02:13:21,000 AS I UNDERSTAND IT, THAT 2863 02:13:21,001 --> 02:13:22,000 FILIBUSTER NOW APPLIES TO A 2864 02:13:22,001 --> 02:13:23,000 NONCONTROVERSIAL JUDICIAL NOMINEE. 2865 02:13:23,001 --> 02:13:25,000 SO WE HAVE MULTIPLE FILIBUSTERS 2866 02:13:25,001 --> 02:13:26,000 THAT ARE HOLDING US BACK FROM 2867 02:13:26,001 --> 02:13:27,000 CONSERING SOME OF THE MEASURES 2868 02:13:27,001 --> 02:13:31,000 YOU MENTIONED. 2869 02:13:31,001 --> 02:13:33,000 I MIGHT SAY THAT SOME WE MIGHT 2870 02:13:33,001 --> 02:13:34,000 FIND APPEALING AND HOPE WE CAN 2871 02:13:34,001 --> 02:13:36,000 MAKE THEM PART OF THE PACKAGE. 2872 02:13:36,001 --> 02:13:37,000 THE REASON WHY YOUR INITIAL 2873 02:13:37,001 --> 02:13:38,000 AGREEMENT WITH SENATOR BAUCUS 2874 02:13:38,001 --> 02:13:39,000 MET RESISTANCE ON OUR SIDE OF 2875 02:13:39,001 --> 02:13:41,000 THE AISLE IS WE THOUGHT THERE 2876 02:13:41,001 --> 02:13:43,000 WAS A LACK OF BALANCE THERE. 2877 02:13:43,001 --> 02:13:46,000 THOUGH I SUPPORT THE TAX 2878 02:13:46,001 --> 02:13:49,000 EXTENDERS BEING EXTENDED FOR THE REMAINDER. 2879 02:13:49,001 --> 02:13:50,000 YEAR, IN YOUR INITIAL AGREEMENT 2880 02:13:50,001 --> 02:13:52,000 WITH SENATOR BAUCUS, THE 2881 02:13:52,001 --> 02:13:54,000 EXTENSION OF UNEMPLOYMENT 2882 02:13:54,001 --> 02:13:56,000 BENEFITS WITH COBRA WAS FOR A 2883 02:13:56,001 --> 02:13:58,000 FEW MONTHS AND WE FELT BOTH 2884 02:13:58,001 --> 02:13:59,000 SHOULD BE EXTENDED UNTIL THE END 2885 02:13:59,001 --> 02:14:01,000 OF THE YEAR AND I HOPE WE CAN 2886 02:14:01,001 --> 02:14:03,000 REACH THAT AGREEMENT AS SOON AS 2887 02:14:03,001 --> 02:14:04,000 THE FILIBUSTERS THAT HAVE BEEN 2888 02:14:04,001 --> 02:14:05,000 INITIATED BY THE SENATOR FROM 2889 02:14:05,001 --> 02:14:07,000 KENTUCKY ARE COMPLETED. 2890 02:14:07,001 --> 02:14:11,000 LET ME SAY A WORD FILIBUSTERS. 2891 02:14:11,001 --> 02:14:13,000 WE TRIED LAST WEEK TO EXTEND FOR 2892 02:14:13,001 --> 02:14:14,000 30 DAYS UNEMPLOYMENT BENEFITS 2893 02:14:14,001 --> 02:14:16,000 THAT WERE GOING TO RUN OUT 2894 02:14:16,001 --> 02:14:18,000 ACROSS AMERICA. 2895 02:14:18,001 --> 02:14:19,000 STARTING LITERALLY AT MIDNIGHT 2896 02:14:19,001 --> 02:14:21,000 LAST NIGHT. 2897 02:14:21,001 --> 02:14:23,000 AND THERE WAS ONE OBJECTION FROM 2898 02:14:23,001 --> 02:14:26,000 SENATOR BUNNING FROM KENTUCKY, 2899 02:14:26,001 --> 02:14:28,000 WHO OBJECTED TO EXTENDING 2900 02:14:28,001 --> 02:14:30,000 UNEMPLOYMENT BENEFITS AND COBRA BENEFITS. 2901 02:14:30,001 --> 02:14:32,000 THE NET RESULTF THIS ONE 2902 02:14:32,001 --> 02:14:34,000 SENATOR'S OBJECTION IS TO PUT US 2903 02:14:34,001 --> 02:14:37,000 INTO PROCEDURAL PROCESS THAT 2904 02:14:37,001 --> 02:14:38,000 COULD LITERALLY TAKE DAYS. 2905 02:14:38,001 --> 02:14:40,000 NOW WHAT HAPPENS TO THE PEOPLE 2906 02:14:40,001 --> 02:14:41,000 WHO WERE ON UNEMPLOYMENT DURING 2907 02:14:41,001 --> 02:14:43,000 THAT PERIOD OF TIME? 2908 02:14:43,001 --> 02:14:46,000 THEY'RE CUT OFF. 2909 02:14:46,001 --> 02:14:48,000 15,000 PEOPLE 2910 02:14:48,001 --> 02:14:50,000 ON UNEMPLOYMENT IN ILLINOIS WERE 2911 02:14:50,001 --> 02:14:54,000 CUT OFF BECAUSE OF THE OBJECTION 2912 02:14:54,001 --> 02:14:55,000 OF THE SENATOR FROM KENTUCKY AND 2913 02:14:55,001 --> 02:14:56,000 ROUGHLY 400,000 NATIONWIDE HAVE 2914 02:14:56,001 --> 02:14:57,000 SEEN THEIR UNEMPLOYMENT BENEFITS 2915 02:14:57,001 --> 02:15:00,000 CUT OFF. 2916 02:15:00,001 --> 02:15:01,000 I MET WITH TWO OF THOSE PEOPLE 2917 02:15:01,001 --> 02:15:03,000 IN CHICAGO YESTERDAY. 2918 02:15:03,001 --> 02:15:04,000 EY HAVE BEEN UNEMPLOYED FOR 2919 02:15:04,001 --> 02:15:06,000 EXTENDED PERIODS OF TIME AND 2920 02:15:06,001 --> 02:15:07,000 THEY HAVE SPENT LITERALLY EVERY 2921 02:15:07,001 --> 02:15:09,000 DAY FINDING A JOB. 2922 02:15:09,001 --> 02:15:11,000 E OF THEM HAS A 3-YEAR-OLD 2923 02:15:11,001 --> 02:15:12,000 DAUGHTER, AND I ASKED WHAT'S 2924 02:15:12,001 --> 02:15:13,000 GOING TO HAPPEN NOW THAT YOU 2925 02:15:13,001 --> 02:15:15,000 DON'T HAVE AN UNEMPLOYMENT CHECK? 2926 02:15:15,001 --> 02:15:17,000 HE SAID, I DON'T KNOW, THE FIRST 2927 02:15:17,001 --> 02:15:18,000 THING I'LL DO IS DEFAULT ON THE 2928 02:15:18,001 --> 02:15:19,000 STUDENT LOAN. 2929 02:15:19,001 --> 02:15:21,000 I'LL HAVE TO DO THAT. 2930 02:15:21,001 --> 02:15:24,000 I CAN'T MAKE THAT PAYMENT IF I 2931 02:15:24,001 --> 02:15:26,000 CAN'T PUT FOOD ON THE TABLE. 2932 02:15:26,001 --> 02:15:27,000 THERE ARE REAL-LIFE CONSEQUENCES 2933 02:15:27,001 --> 02:15:29,000 TO YOUR OBJECTION. 2934 02:15:29,001 --> 02:15:31,000 AND THE REALIFE CONSEQUENCES 2935 02:15:31,001 --> 02:15:32,000 ARE TO INNOCENT PEOPLE WHO HAVE 2936 02:15:32,001 --> 02:15:35,000 LOST THEIR JOB AND CAN'T FIND 2937 02:15:35,001 --> 02:15:37,000 ONE IN AN ECONOMY WHERE WE HAVE 2938 02:15:37,001 --> 02:15:38,000 FIVE UNEMPLOYED PEOPLE FOR EVERY 2939 02:15:38,001 --> 02:15:42,000 JOB THAT'S AVAILABLE. 2940 02:15:42,001 --> 02:15:43,000 MY STATE, YOUR THE STATE, 2941 02:15:43,001 --> 02:15:44,000 VIRTUALLY EVERYBODY IS 2942 02:15:44,001 --> 02:15:45,000 STRUGGLING. 2943 02:15:45,001 --> 02:15:46,000 SOME OF THEM HAVE REACHED THE 2944 02:15:46,001 --> 02:15:48,000 END OF THEIR ROPE. 2945 02:15:48,001 --> 02:15:50,000 THEY'RE MAKING DECISIONS THAT 2946 02:15:50,001 --> 02:15:52,000 NEITHER YOU OR I WANT TO FACE. 2947 02:15:52,001 --> 02:15:54,000 ABOUT WHETHER TO GIVE UP A HOME. 2948 02:15:54,001 --> 02:15:55,000 LITERALLY WHETHER TO GIVE UP A HOME. 2949 02:15:55,001 --> 02:15:57,000 IT COULD HAPPEN. 2950 02:15:57,001 --> 02:15:58,000 IT'S GREAT TO HAVE A DEBATE IN 2951 02:15:58,001 --> 02:15:59,000 THE SENATE. WE SHOULD. 2952 02:15:59,001 --> 02:16:00,000 THAT'S WHAT THE SENATE SHOULD BE 2953 02:16:00,001 --> 02:16:01,000 ABOUT. 2954 02:16:01,001 --> 02:16:02,000 BUT WHEN THE VICTIMS IN THE 2955 02:16:02,001 --> 02:16:04,000 MIDDLE OF THE DEBATE ARE 2956 02:16:04,001 --> 02:16:05,000 UNEMPLOYED PEOPLE, I DON'T THINK 2957 02:16:05,001 --> 02:16:07,000 THAT'S FAIR. 2958 02:16:07,001 --> 02:16:08,000 I DON'T THINK IT'S FUNDAMENTALLY FAIR. 2959 02:16:08,001 --> 02:16:15,000 THESE PEOPLE ARE TRYING. 2960 02:16:15,001 --> 02:16:17,000 THIS ONE YOUNG MAN, DAVID 2961 02:16:17,001 --> 02:16:19,000 SENIOR, SHOWED ME A LIST OF 300 2962 02:16:19,001 --> 02:16:20,000 APPLICATIONS THAT HE HAD MADE TO 2963 02:16:20,001 --> 02:16:22,000 Y TO FIND A JOB DURING THE 2964 02:16:22,001 --> 02:16:24,000 LAST YEAR. 2965 02:16:24,001 --> 02:16:25,000 HE SAID I GO ONLINE EVERY DAY. 2966 02:16:25,001 --> 02:16:26,000 AND THIS IS A MAN WHO WORKED FOR 2967 02:16:26,001 --> 02:16:27,000 YEARS. 2968 02:16:27,001 --> 02:16:28,000 HAD A STRONG WK RECORD UNTIL 2969 02:16:28,001 --> 02:16:30,000 HE WAS LAID OFF. 2970 02:16:30,001 --> 02:16:31,000 AND HE SAID I JUST CAN'T FIND 2971 02:16:31,001 --> 02:16:32,000 ANYTHING. 2972 02:16:32,001 --> 02:16:33,000 I'M DESPERATE. 2973 02:16:33,001 --> 02:16:34,000 I'M TRYING EVERYTHING THAT I CAN 2974 02:16:34,001 --> 02:16:35,000 THINK OF. 2975 02:16:35,001 --> 02:16:36,000 AND NOW YOU'RE GOING TO CUT OFF 2976 02:16:36,001 --> 02:16:38,000 MY UNEMPLOYMENT BENEFITS. 2977 02:16:38,001 --> 02:16:39,000 SO, FRANKLY, WE CAME TO THE 2978 02:16:39,001 --> 02:16:41,000 FLOOR LAST THURSDAY NIGHT TO 2979 02:16:41,001 --> 02:16:42,000 URGE THE SENATOR FROM KENTUCKY 2980 02:16:42,001 --> 02:16:46,000 TO RECONSIDER HIS OBJECTION. 2981 02:16:46,001 --> 02:16:48,000 YOU KNOW, THE NET RESULT IS 2982 02:16:48,001 --> 02:16:51,000 GOING TO CREATE HARDSHIP ACROSS 2983 02:16:51,001 --> 02:16:53,000 AMERICA AND IT GETS WORSE BY THE DAY. 2984 02:16:53,001 --> 02:16:55,000 WE ESTIMATE THAT ROUGHLY 2,000 2985 02:16:55,001 --> 02:16:57,000 MORE PEOPLE TONIGHT WILL LOSE 2986 02:16:57,001 --> 02:16:59,000 THEIR UNEMPLOYMENT BENEFITS IN 2987 02:16:59,001 --> 02:17:00,000 ILLINOIS AND SO BY NEXT SUNDAY 2988 02:17:00,001 --> 02:17:03,000 NIGHT INSTEAD OF 15,000 LOSING 2989 02:17:03,001 --> 02:17:05,000 THEIR CHECK, IT WILL BE UP TO NEAR 30,000. 2990 02:17:05,001 --> 02:17:07,000 BY THE END OF MARCH THE TOTAL IS 2991 02:17:07,001 --> 02:17:09,000 ESTIMATED TO BE 65,000 PEOPLE 2992 02:17:09,001 --> 02:17:11,000 WHO WILL LOSE THEIR UNEMPLOYMENT 2993 02:17:11,001 --> 02:17:14,000 CHECKS BECAUSE OF THE OBJECTION 2994 02:17:14,001 --> 02:17:16,000 OF SENATOR BUNNI OF KENTUCKY 2995 02:17:16,001 --> 02:17:17,000 D THIS INITIATION OF A 2996 02:17:17,001 --> 02:17:18,000 FILIBUSTER. 2997 02:17:18,001 --> 02:17:19,000 I DON'T THINK THAT THAT IS WHAT 2998 02:17:19,001 --> 02:17:21,000 WE SHOULD DO. 2999 02:17:21,001 --> 02:17:22,000 THIS IS AN ECONOMIC EMERGENCY 3000 02:17:22,001 --> 02:17:25,000 FACING THIS NATION. 3001 02:17:25,001 --> 02:17:27,000 IT IS NOT THE FwwST TIME THAT 3002 02:17:27,001 --> 02:17:28,000 SENATOR BUNNING HAS BEEN ASKED 3003 02:17:28,001 --> 02:17:30,000 TO EXTEND UNEMPLOYMENT BENEFITS 3004 02:17:30,001 --> 02:17:31,000 THAT WERE NOT PAID FOR. 3005 02:17:31,001 --> 02:17:33,000 YOU SEE, THAT IS HIS ISSUE. 3006 02:17:33,001 --> 02:17:34,000 YOU'RE NOT PAYING FOR THE 3007 02:17:34,001 --> 02:17:37,000 UNEMPLOYMENT BENEFITS. 3008 02:17:37,001 --> 02:17:39,000 YOU SHOULDN'T EXTEND THEM. 3009 02:17:39,001 --> 02:17:40,000 SENATOR BUNNING VOTED FOR THE 3010 02:17:40,001 --> 02:17:41,000 FISCAL 2008 WAR SUPPLEMENTAL 3011 02:17:41,001 --> 02:17:43,000 BILL WHICH EXTENDED UNEMPLOYMENT 3012 02:17:43,001 --> 02:17:46,000 INSURANCE BENEFITS FOR 13 WEEKS. 3013 02:17:46,001 --> 02:17:47,000 HE ALSO SUPPORTED ENDING DEBATE 3014 02:17:47,001 --> 02:17:49,000 AND DIDN'T OBJECT TO THE VOICE 3015 02:17:49,001 --> 02:17:51,000 VOTE OF A MEASURE TO EXTEND 3016 02:17:51,001 --> 02:17:53,000 UNEMPLOYMENT BENEFITS FOR AN 3017 02:17:53,001 --> 02:17:54,000 ADDITIONAL SEVEN WEEKS FOR 3018 02:17:54,001 --> 02:17:57,000 WORKERS WHO EXHAUSTED THEIR 3019 02:17:57,001 --> 02:17:58,000 CURRENT COMPENSATION BY 3020 02:17:58,001 --> 02:17:59,000 MARCH 31, 2009. 3021 02:17:59,001 --> 02:18:02,000 THAT BILL ALSO EXTENDED BENEFITS 3022 02:18:02,001 --> 02:18:04,000 FOR AN ADDITIONAL 13 WEEKS. 3023 02:18:04,001 --> 02:18:05,000 HALF THE DURATION OF REGULAR 3024 02:18:05,001 --> 02:18:07,000 UNEMPLOYMENT COMPENSATION FOR 3025 02:18:07,001 --> 02:18:09,000 WORKERS IN STATES WITH 3026 02:18:09,001 --> 02:18:10,000 UNEMPLOYMENT RATES OF 6% OR 3027 02:18:10,001 --> 02:18:11,000 HIGHER. 3028 02:18:11,001 --> 02:18:14,000 NEITHER OF THE EXTENSIONS WHICH 3029 02:18:14,001 --> 02:18:17,000 HE VOTED FOR WON IN -- ONE IN 3030 02:18:17,001 --> 02:18:19,000 RECORD VOTE AND ONE BY VOICE 3031 02:18:19,001 --> 02:18:21,000 VOTE HAD ANY BUDGET OFFSETS. 3032 02:18:21,001 --> 02:18:22,000 SO TO ARGUE THAT NOW WE'RE 3033 02:18:22,001 --> 02:18:24,000 TAKING A STAND ON PRINCIPLE, THE 3034 02:18:24,001 --> 02:18:26,000 FACT IS THAT TWICE, AT LEAST, I 3035 02:18:26,001 --> 02:18:28,000 DON'T KNOW IF THERE WERE MORE 3036 02:18:28,001 --> 02:18:30,000 TIMES, THE SENATOR HAS REACHED 3037 02:18:30,001 --> 02:18:31,000 AN OPPOSITE CONCLUSION. 3038 02:18:31,001 --> 02:18:32,000 AGREEDITH THE MAJORITY, THE 3039 02:18:32,001 --> 02:18:34,000 BIPARTISAN MAJORITY THAT WE WERE 3040 02:18:34,001 --> 02:18:36,000 TRULY IN AN ECONOMIC EMERGENCY. 3041 02:18:36,001 --> 02:18:37,000 THERE IS ONE OTHER ASPECT TO 3042 02:18:37,001 --> 02:18:39,000 THIS, WHICH IS TROUBLING, AND 3043 02:18:39,001 --> 02:18:41,000 THAT IS THE FIRST CASUALTY OF 3044 02:18:41,001 --> 02:18:42,000 MOST PEOPLE UNEMPLOYED IS HEALTH 3045 02:18:42,001 --> 02:18:45,000 INSURANCE. 3046 02:18:45,001 --> 02:18:46,000 THE EMPLOYER IS NOT PAYING ANY LONGER. 3047 02:18:46,001 --> 02:18:48,000 IF YOU WANT TO CONTINUE HEALTH 3048 02:18:48,001 --> 02:18:49,000 INSURANCE, COBRA LET'S YOU PAY 3049 02:18:49,001 --> 02:18:53,000 FOR IT ALL. 3050 02:18:53,001 --> 02:18:58,000 AND IT'S TOO EXPENSIVE. 3051 02:18:58,001 --> 02:18:59,000 ROUGHLY 1,300 A MONTH FOR A 3052 02:18:59,001 --> 02:19:01,000 FAMILY IN MY STATE OF ILLINOIS 3053 02:19:01,001 --> 02:19:04,000 AND THE UNEMPLOYMENT 3054 02:19:04,001 --> 02:19:05,000 COMPENSATION IS ABOUT $1,100. 3055 02:19:05,001 --> 02:19:06,000 DO THE MATH. 3056 02:19:06,001 --> 02:19:07,000 UNDERSTAND THAT MOST PEOPLE 3057 02:19:07,001 --> 02:19:08,000 CAN'T DO IT. 3058 02:19:08,001 --> 02:19:10,000 PRESIDENT OBAMA SAID AS PART OF 3059 02:19:10,001 --> 02:19:12,000 OUR EFFORT TO THUNDER ECONOMY 3060 02:19:12,001 --> 02:19:13,000 AROUND, WE WILL HELP PEOPLE PAY FOR THEIR HEALTH INSURANCE 3061 02:19:13,001 --> 02:19:15,000 THROUGH COBRA. 3062 02:19:15,001 --> 02:19:17,000 WE'LL PAY, I BELIEVE THE FIGURE 3063 02:19:17,001 --> 02:19:18,000 IS 65% OF THE PREMIUMS SO THAT 3064 02:19:18,001 --> 02:19:19,000 PEOPLE WILL BE PAYING ONE-THIRD 3065 02:19:19,001 --> 02:19:21,000 OF THEIR HEALTH INSURANCE 3066 02:19:21,001 --> 02:19:23,000 PREMIUMS WHEN THEY'VE LOST A 3067 02:19:23,001 --> 02:19:25,000 JOB. 3068 02:19:25,001 --> 02:19:28,000 STILL A SUBSTANTIAL SUM OF MONEY. 3069 02:19:28,001 --> 02:19:29,000 $300 OR $400 THAT THEY'D HAVE TO 3070 02:19:29,001 --> 02:19:31,000 PAY EACH MONTH. 3071 02:19:31,001 --> 02:19:33,000 BUT, IMAGINE, IF YOU HAD A SICK 3072 02:19:33,001 --> 02:19:35,000 CHILD AT HOME AND IMAGINE IF 3073 02:19:35,001 --> 02:19:36,000 THAT CHILD NEEDED AT LEAST THE 3074 02:19:36,001 --> 02:19:38,000 POSSIBILITY OF COVERAGE SHOULD 3075 02:19:38,001 --> 02:19:40,000 THEY BE HOSPITALIZED FOR 3076 02:19:40,001 --> 02:19:42,000 DIABETES OR CANCER OR WHATEVER 3077 02:19:42,001 --> 02:19:43,000 THE CAUSE MAY BE. 3078 02:19:43,001 --> 02:19:45,000 IF YOU GET A GAP IN COVERAGE AND 3079 02:19:45,001 --> 02:19:46,000 YOU LOSE YOUR HEALTH INSURANCE 3080 02:19:46,001 --> 02:19:48,000 BECAUSE YOU CAN'T AFFORD TO MAKE 3081 02:19:48,001 --> 02:19:50,000 THE PAYMENT, YOU CAN FIND 3082 02:19:50,001 --> 02:19:51,000 YOURSELF IN A PREDICAMENT WHERE 3083 02:19:51,001 --> 02:19:52,000 YOU NOT ONLY HAVE HEALTH 3084 02:19:52,001 --> 02:19:53,000 INSURANCE, BUT THE PROSPECT OF 3085 02:19:53,001 --> 02:19:55,000 BUYING ADDITIONAL HEALTH 3086 02:19:55,001 --> 02:19:58,000 INSURANCE IS NEXT TO ZERO. 3087 02:19:58,001 --> 02:20:01,000 SENATOR BUNNING'S OBJECTION CUT 3088 02:20:01,001 --> 02:20:02,000 OFF THIS BENEFIT, THE 65% 3089 02:20:02,001 --> 02:20:06,000 BENEFIT, ON HEALTH INSURANCE. 3090 02:20:06,001 --> 02:20:08,000 AND WE HAD TO TRY TO EXTEND IT FOR 30 DAYS. 3091 02:20:08,001 --> 02:20:10,000 SO THAT MEANS THESE PEOPLE WILL 3092 02:20:10,001 --> 02:20:12,000 NOT ONLY LOSE THEIR UNEMPLOYMENT 3093 02:20:12,001 --> 02:20:13,000 CHECK, THEY WILL LOSE THIS HELP 3094 02:20:13,001 --> 02:20:15,000 WITH THEIR COBRA BENEFIT. 3095 02:20:15,001 --> 02:20:18,000 I CAN'T -- I HAVE BEEN ONCE IN 3096 02:20:18,001 --> 02:20:20,000 MY LIFE IN A PREDICAMENT OF 3097 02:20:20,001 --> 02:20:21,000 BEING A FATHER WITH A SICK CHILD 3098 02:20:21,001 --> 02:20:22,000 AND NO HEALTH INSURANCE. 3099 02:20:22,001 --> 02:20:24,000 AND, MR. PRESIDENT I WANT TO 3100 02:20:24,001 --> 02:20:26,000 TELL YOU, IF THERE'S SOMETHING 3101 02:20:26,001 --> 02:20:28,000 THAT TEARS YOU APART AS A DAD, 3102 02:20:28,001 --> 02:20:29,000 IT'S GOI IT INTO A HOSPITAL 3103 02:20:29,001 --> 02:20:30,000 WITH NO HEALTH INSURANCE WITH A SICK BABY. 3104 02:20:30,001 --> 02:20:31,000 I'VE BEEN THERE. 3105 02:20:31,001 --> 02:20:33,000 I'VE DONE THAT. 3106 02:20:33,001 --> 02:20:35,000 THANK GOD IT HAPPENED YEARS AGO 3107 02:20:35,001 --> 02:20:36,000 AND MY LITTLE GIRL MADE IT 3108 02:20:36,001 --> 02:20:38,000 THROUGH THAT EPISODE. 3109 02:20:38,001 --> 02:20:40,000 BUT WE ARE FORCING LITERALLY 3110 02:20:40,001 --> 02:20:41,000 HUNDREDS OF THOUSANDS OF 3111 02:20:41,001 --> 02:20:43,000 AMERICANS INTO THIS SITUATION 3112 02:20:43,001 --> 02:20:45,000 BECAUSE OF THE OBJECTION AND THE 3113 02:20:45,001 --> 02:20:46,000 FILIBUSTER OF ONE SENATOR FROM 3114 02:20:46,001 --> 02:20:48,000 KENTUCKY. 3115 02:20:48,001 --> 02:20:49,000 THAT IS UNFAIR. 3116 02:20:49,001 --> 02:20:50,000 NOT ONLY UNFORTUNATE, BUT 3117 02:20:50,001 --> 02:20:52,000 UNFAIR. 3118 02:20:52,001 --> 02:20:55,000 IF WE'RE GOING TO FIGHT A BATTLE 3119 02:20:55,001 --> 02:20:57,000 OVER OUR BUDGET DEFICIT AND GET 3120 02:20:57,001 --> 02:20:59,000 INVOLVED IN LENGTHY DEBATES, AS 3121 02:20:59,001 --> 02:21:00,000 WE CAN, THERE ARE PLENTY OF 3122 02:21:00,001 --> 02:21:01,000 CHANCES TO DO IT. 3123 02:21:01,001 --> 02:21:02,000 WE'LL HAVE A BUDGET RESOLUTION 3124 02:21:02,001 --> 02:21:05,000 IN JUST A FEW MONTHS. 3125 02:21:05,001 --> 02:21:07,000 WE'LL HAVE SCORES -- OR AT LEAST 3126 02:21:07,001 --> 02:21:08,000 A DOZEN APPROPRIATION BILLS TO 3127 02:21:08,001 --> 02:21:10,000 FIGHT THIS BATTLE OVER IT, AND I 3128 02:21:10,001 --> 02:21:12,000 THINK THE BATTLE CAN BE JOID. 3129 02:21:12,001 --> 02:21:13,000 NOW, WE SAID TO THE SENATOR FROM 3130 02:21:13,001 --> 02:21:15,000 KENTUCKY, IF YOU WANT TO OFFER 3131 02:21:15,001 --> 02:21:17,000 AN AMENDMENT TO PAY FOR THE 3132 02:21:17,001 --> 02:21:19,000 UNEMPLOYMENT BENEFITS AND THE 3133 02:21:19,001 --> 02:21:21,000 COBRA BENEFITS, YOU'RE ENTITLED 3134 02:21:21,001 --> 02:21:24,000 TO OFFER THAT AMENDMENT. 3135 02:21:24,001 --> 02:21:25,000 YOU'RE ENTITLEDDOM TO THE FLOOR, 3136 02:21:25,001 --> 02:21:27,000 EXPRESS YOUR POINT OF VIEW ON 3137 02:21:27,001 --> 02:21:28,000 HOW THIS SHOULD BE PAID FOR AND 3138 02:21:28,001 --> 02:21:29,000 TO ACCEPT THE WILL OF THE 3139 02:21:29,001 --> 02:21:30,000 SENATE. 3140 02:21:30,001 --> 02:21:32,000 LET THEM VOTE ON YOUR AMENDMENT. 3141 02:21:32,001 --> 02:21:34,000 IF THEY AGREE WITH YOU, FINE. 3142 02:21:34,001 --> 02:21:35,000 IF THEY DISAGREE, IT WILL BE 3143 02:21:35,001 --> 02:21:37,000 MATTER OF PUBLIC RECORD. 3144 02:21:37,001 --> 02:21:38,000 YOU'LL HAVE YOUR DAY ON THE 3145 02:21:38,001 --> 02:21:40,000 FLOOR OF THE SENATE, WHICH IS 3146 02:21:40,001 --> 02:21:44,000 ABOUT THE MOST OF US CAN HOPE FOR IN THIS JOB. 3147 02:21:44,001 --> 02:21:46,000 BUT THE SENOR FROM KENTUCKY 3148 02:21:46,001 --> 02:21:48,000 SAID NO, I'M NOT GOING TO DO IT 3149 02:21:48,001 --> 02:21:50,000 BECAUSE I MIGHT LOSE MY AMENDMENT. 3150 02:21:50,001 --> 02:21:51,000 WELL, YES, YOU MIGHT WIN AND YOU 3151 02:21:51,001 --> 02:21:52,000 MIGHT LOSE. 3152 02:21:52,001 --> 02:21:54,000 AND THAT'S WHAT WE ALL FACE WHEN 3153 02:21:54,001 --> 02:21:56,000 WE COME FORWARD WITH AN IDEA ON 3154 02:21:56,001 --> 02:21:57,000 HOW TO DEAL WITH THE BUDGET DEFICIT. 3155 02:21:57,001 --> 02:21:59,000 I DON'T THINK IT'S FAIR TO 3156 02:21:59,001 --> 02:22:00,000 INSIST THAT IT'S MY WAY OR THE 3157 02:22:00,001 --> 02:22:02,000 HIGHWAY WHEN IT COMES TO 3158 02:22:02,001 --> 02:22:03,000 SOMETHING AS BASIC AS 3159 02:22:03,001 --> 02:22:06,000 UNEMPLOYMENT BENEFITS AND HEALTH 3160 02:22:06,001 --> 02:22:07,000 CARE FOR THE PEOPLE WHO ARE 3161 02:22:07,001 --> 02:22:11,000 UNEMPLOYED ACROSS AMERICA. 3162 02:22:11,001 --> 02:22:12,000 AS I VISIT THESE UNEMPLOYMENT 3163 02:22:12,001 --> 02:22:13,000 OFFICES AND MEET WITH THESE 3164 02:22:13,001 --> 02:22:15,000 PEOPLE, I FIND A LOT OF 3165 02:22:15,001 --> 02:22:17,000 DETERMINED FOLKS WHO YOU THINK 3166 02:22:17,001 --> 02:22:18,000 WOULDAVE GIVEN UP A HECK OF A 3167 02:22:18,001 --> 02:22:20,000 LONG TIME AGO STILL TRYING. 3168 02:22:20,001 --> 02:22:23,000 THEY CONSIDER IT A VICTORY IF AT 3169 02:22:23,001 --> 02:22:26,000 THE END OF THE DAY ONE OF THE 3170 02:22:26,001 --> 02:22:27,000 POSTED JOBS ON THE INTERNET 3171 02:22:27,001 --> 02:22:29,000 LEADS TO AN INTERVIEW. 3172 02:22:29,001 --> 02:22:31,000 THEY'RE THAT DESPERATE. 3173 02:22:31,001 --> 02:22:32,000 AND, YET, WE ARE SAYING TO THEM 3174 02:22:32,001 --> 02:22:34,000 WE'RE GOING TO CUT OFF THE MONEY 3175 02:22:34,001 --> 02:22:37,000 YOU NEED TO FEED YOUR FAMILY IN 3176 02:22:37,001 --> 02:22:39,000 AN EFFORT TO MAKE A POINT ABOUT 3177 02:22:39,001 --> 02:22:41,000 DEFICIT REDUCTION. 3178 02:22:41,001 --> 02:22:43,000 NOW, I THINK, IS UNFORTUNATE. 3179 02:22:43,001 --> 02:22:46,000 WE HAVE ASKED FOR EXTENSION OF 3180 02:22:46,001 --> 02:22:47,000 UNEMPLOYMENT BENEFITS REPEATEDLY 3181 02:22:47,001 --> 02:22:49,000 BECAUSE WE'RE IN THE WORST SHAPE 3182 02:22:49,001 --> 02:22:51,000 OF OUR ECONOMY THAN WE'VE BEEN 3183 02:22:51,001 --> 02:22:54,000 IN 75 YEARS, AN LOT OF PEOPLE 3184 02:22:54,001 --> 02:22:55,000 ARE -- AND A LOT OF PEOPLE ARE 3185 02:22:55,001 --> 02:22:56,000 REALLY STRUGGLING TO MAKE ENDS 3186 02:22:56,001 --> 02:22:57,000 ME. 3187 02:22:57,001 --> 02:22:59,000 I KNOW THERE ARE THOSE WHO ARGUE 3188 02:22:59,001 --> 02:23:00,000 AT SOME POINT WE HAVE TO CUT OFF 3189 02:23:00,001 --> 02:23:01,000 THESE UNEMPLOYMENT BENEFITS. 3190 02:23:01,001 --> 02:23:03,000 I WOULD SAY TO THEM TO CONSIDER 3191 02:23:03,001 --> 02:23:06,000 THIS AS WELL, UNEMPLOYMENT 3192 02:23:06,001 --> 02:23:07,000 ASSISTANCE IS THE MOST DIRECT 3193 02:23:07,001 --> 02:23:08,000 INFUSION OF MONEY INTO THE 3194 02:23:08,001 --> 02:23:10,000 ECONOMY. 3195 02:23:10,001 --> 02:23:12,000 THOSE WHO ARE ECONOMISTS TELL US 3196 02:23:12,001 --> 02:23:14,000 IF WE WILL -- THE FIRST DOLLAR 3197 02:23:14,001 --> 02:23:16,000 THAT YOU GIVE IN UNEMPLOYMENT 3198 02:23:16,001 --> 02:23:17,000 ASSISTANCE IS GOING TO BE SPENT 3199 02:23:17,001 --> 02:23:18,000 IMMEDIATELY. 3200 02:23:18,001 --> 02:23:20,000 IT ISN'T GOING TO BE BANKED, 3201 02:23:20,001 --> 02:23:21,000 SAVED OR INVESTED. 3202 02:23:21,001 --> 02:23:22,000 THESE FOLKS NEED IT AND THEY'LL 3203 02:23:22,001 --> 02:23:23,000 SPEND IT THE DAY AFTER THEY GET 3204 02:23:23,001 --> 02:23:26,000 IT FOR OBVIOUS NEEDS. 3205 02:23:26,001 --> 02:23:27,000 AND THAT CREATES MORE ECONOMIC ACTIVITY. 3206 02:23:27,001 --> 02:23:30,000 SO YOU'RE NOT ONLY DOING THE 3207 02:23:30,001 --> 02:23:31,000 RIGHT THING, BUT A CARING 3208 02:23:31,001 --> 02:23:35,000 THAT A CARING NATION DOES WHEN 3209 02:23:35,001 --> 02:23:37,000 SO MANY OF US ARE FACING HARD TIMES. 3210 02:23:37,001 --> 02:23:39,000 IT REALLY IS AN ECONOMIC STIMULUS. 3211 02:23:39,001 --> 02:23:40,000 IT -- NUMBER ONE, INCIDENTALLY 3212 02:23:40,001 --> 02:23:41,000 BY THE CONGRESSIONAL BUDGET 3213 02:23:41,001 --> 02:23:42,000 OFFICE IN TERMS OF WHAT WE CAN 3214 02:23:42,001 --> 02:23:43,000 DO TO GET THIS ECONOMY MOVING 3215 02:23:43,001 --> 02:23:45,000 FORWARD. 3216 02:23:45,001 --> 02:23:47,000 IT ISN'T JUST A MATTER OF 3217 02:23:47,001 --> 02:23:49,000 HELPING THOSE WHO ARE HELPLESS. 3218 02:23:49,001 --> 02:23:51,000 IT IS A MATTER OF INJECTING 3219 02:23:51,001 --> 02:23:52,000 MONEY IN THE ECONOMY IN THE MOST 3220 02:23:52,001 --> 02:23:54,000 EFFICIENT WAY. 3221 02:23:54,001 --> 02:23:55,000 I'M AFRAID THAT THIS HAS 3222 02:23:55,001 --> 02:23:58,000 HAPPENED BEFORE. 3223 02:23:58,001 --> 02:24:00,000 THE LAST TIME THE SENATE 3224 02:24:00,001 --> 02:24:02,000 EXTENDED UNEMPLOYMENT THE OTHER 3225 02:24:02,001 --> 02:24:05,000 SIDE OF THE AISLE OBJECTED THREE TIMES. 3226 02:24:05,001 --> 02:24:07,000 THE LEADERS ON BOTH -- ON THOSE 3227 02:24:07,001 --> 02:24:08,000 THREE OCCASIONS. 3228 02:24:08,001 --> 02:24:09,000 AND, INCIDENTALLY, THAT 3229 02:24:09,001 --> 02:24:11,000 EXTENSION OF UNEMPLOYMENT 3230 02:24:11,001 --> 02:24:12,000 BENEFITS WAS COMPLETELY PAID FOR. 3231 02:24:12,001 --> 02:24:14,000 SO IT APPEARS THAT WHETHER IT 3232 02:24:14,001 --> 02:24:16,000 WAS PAID FOR OR NOT PAID FOR, 3233 02:24:16,001 --> 02:24:17,000 THERE'S OBJECTION ON THE 3234 02:24:17,001 --> 02:24:18,000 REPUBLICAN SIDOF THE AISLE. 3235 02:24:18,001 --> 02:24:20,000 I DON'T GET IT. 3236 02:24:20,001 --> 02:24:21,000 I DON'T UNDERSTAND IT. 3237 02:24:21,001 --> 02:24:23,000 PRESIDENT OBAMA'S DOING HIS BEST 3238 02:24:23,001 --> 02:24:24,000 TO GET THIS ECONOMY MOVING 3239 02:24:24,001 --> 02:24:27,000 FORWARD. 3240 02:24:27,001 --> 02:24:31,000 HE INHERITED A WEAK ECONOMY THAT 3241 02:24:31,001 --> 02:24:32,000 WAS LOSING 700,000 TO 800,000 3242 02:24:32,001 --> 02:24:34,000 JOBS A MONTH. 3243 02:24:34,001 --> 02:24:35,000 THINGS HAVE IMPROVED SOMEWHAT 3244 02:24:35,001 --> 02:24:36,000 THOUGH THEY'RE NOT WHERE WE WANT 3245 02:24:36,001 --> 02:24:38,000 THEM TO BE. 3246 02:24:38,001 --> 02:24:39,000 I FEEL WE OUGHT TO BE STANDING 3247 02:24:39,001 --> 02:24:40,000 BEHIND THE PEOPLE IN OUR NATION 3248 02:24:40,001 --> 02:24:42,000 WH ARE STRUGGLING TO FIND A JOB 3249 02:24:42,001 --> 02:24:43,000 AND GET BACK TO WORK. 3250 02:24:43,001 --> 02:24:45,000 MANYF THEM ARE TRYING TO KEEP 3251 02:24:45,001 --> 02:24:46,000 FAMILIES TOGETHER AND CARE FOR 3252 02:24:46,001 --> 02:24:48,000 THEIR CHILDREN. 3253 02:24:48,001 --> 02:24:50,000 LAST WEEK NEARLY 5 MILLION 3254 02:24:50,001 --> 02:24:52,000 AMERICANS FILED FOR UNEMPLOYMENT 3255 02:24:52,001 --> 02:24:53,000 FOR THE FIRST -- 500,000 3256 02:24:53,001 --> 02:24:54,000 AMERICANS FILED FOR UNEMPLOYMENT 3257 02:24:54,001 --> 02:24:59,000 FOR THE FIRST TIME. 3258 02:24:59,001 --> 02:25:00,000 THE NUMBER SURGED TO JUST BELOW 3259 02:25:00,001 --> 02:25:03,000 500,000. 3260 02:25:03,001 --> 02:25:04,000 I WISH THAT WEREN'T THE CASE, 3261 02:25:04,001 --> 02:25:05,000 BUT IT IS. 3262 02:25:05,001 --> 02:25:06,000 YOU SEE THAT THE ECONOMY IS 3263 02:25:06,001 --> 02:25:07,000 STILL STRUGGLING. 3264 02:25:07,001 --> 02:25:09,000 AND FILE THE FIRST THING THAT WE 3265 02:25:09,001 --> 02:25:11,000 OUGHT TO DO IS TO CARE FOR OUR OWN. 3266 02:25:11,001 --> 02:25:13,000 IF SOMEONE CAME TO THE FLOOR 3267 02:25:13,001 --> 02:25:15,000 WITH AN EMERGENCY REQUEST NOW 3268 02:25:15,001 --> 02:25:17,000 BECAUSE OF A DROUGHT, A FLOOD, A 3269 02:25:17,001 --> 02:25:20,000 HURRICANE, A TORNADO, WE WOULD HONOR. 3270 02:25:20,001 --> 02:25:22,000 IT WE'D DO THAT ALMOST ON A 3271 02:25:22,001 --> 02:25:24,000 REGULAR BASIS HERE. 3272 02:25:24,001 --> 02:25:26,000 BECAUSE AT SOME POINT YOU SAY, 3273 02:25:26,001 --> 02:25:27,000 FIRST, HELP THESE POOR PEOPLE, 3274 02:25:27,001 --> 02:25:29,000 THEN DEAL WITH THE BUDGET 3275 02:25:29,001 --> 02:25:30,000 CHALLENGE THAT IT BRINGS AT 3276 02:25:30,001 --> 02:25:32,000 ANOTHER TIME. 3277 02:25:32,001 --> 02:25:34,000 BUT NOW WHEN IT COMES TO HELPING 3278 02:25:34,001 --> 02:25:35,000 OUR OWN, THE CITIZENS OF THIS 3279 02:25:35,001 --> 02:25:37,000 COUNTRY ARE OUT OF WORK. 3280 02:25:37,001 --> 02:25:40,000 THAT, UNFORTUNATELY, IS NOT THE CASE. 3281 02:25:40,001 --> 02:25:41,000 RIGHT NOW OVER 4.6 MILLION 3282 02:25:41,001 --> 02:25:44,000 AMERICANS CONTINUE TO COLLECT 3283 02:25:44,001 --> 02:25:47,000 UNEMPLOYMENT. 3284 02:25:47,001 --> 02:25:49,000 THAT'S UP $6,000 FROM THE 3285 02:25:49,001 --> 02:25:52,000 PRECEDING WEEKS NUMBER OF CLAIMANTS. 3286 02:25:52,001 --> 02:25:55,000 IN ADDITION TO THE FILIBUSTER 3287 02:25:55,001 --> 02:25:57,000 INITIATED BY SENATOR BUNNING, 3288 02:25:57,001 --> 02:25:58,000 HURTING THOSE WHO ARE 3289 02:25:58,001 --> 02:26:00,000 UNEMPLOYED, IT ALSO IS GOING TO 3290 02:26:00,001 --> 02:26:01,000 HAVE AN IMPACT ON THE SMALL 3291 02:26:01,001 --> 02:26:04,000 BUSINESS ADMINISTRATION. 3292 02:26:04,001 --> 02:26:06,000 MOST EVERYONE AGREES THAT THE 3293 02:26:06,001 --> 02:26:07,000 KEY TO BRINGING THIS ECONOMY 3294 02:26:07,001 --> 02:26:10,000 FORWARD IS HELPING SMALL 3295 02:26:10,001 --> 02:26:12,000 BUSINESS STAY IN BUSINESS AN 3296 02:26:12,001 --> 02:26:13,000 CREATE JOBS -- AND CREATE JOBS. 3297 02:26:13,001 --> 02:26:14,000 THE SMALL BUSINESS 3298 02:26:14,001 --> 02:26:15,000 ADMINISTRATION LOANS MONEY TO 3299 02:26:15,001 --> 02:26:18,000 SMALL BUSINESSES, WHICH DURING 3300 02:26:18,001 --> 02:26:20,000 DIFFICULT TIMES NEED A HELPING HAND. 3301 02:26:20,001 --> 02:26:23,000 THE SENATOR'S FILIBUSTER AND HIS 3302 02:26:23,001 --> 02:26:25,000 OBJECTION HAS CLOSED DOWN S.B.A. 3303 02:26:25,001 --> 02:26:26,000 PROGRAMS THAT PROVIDE CREDIT TO 3304 02:26:26,001 --> 02:26:28,000 SMALL BUSINESSES. 3305 02:26:28,001 --> 02:26:30,000 WHAT ARE WE THINKING? 3306 02:26:30,001 --> 02:26:31,000 TO STOP ASSISTANCE TO SMALL 3307 02:26:31,001 --> 02:26:32,000 BUSINESS AT THIS MOMENT IN OUR 3308 02:26:32,001 --> 02:26:34,000 HISTORY? 3309 02:26:34,001 --> 02:26:36,000 MOST OF US BELIEVE THIS IS 3310 02:26:36,001 --> 02:26:38,000 CENTRAL AND ESSENTIAL IF WE ARE 3311 02:26:38,001 --> 02:26:40,000 GOING TO TURN THE CORNER AND MOVE FORWARD. 3312 02:26:40,001 --> 02:26:42,000 AND, YET, THE SENATOR FROM 3313 02:26:42,001 --> 02:26:44,000 KENTUCKY HAS OBJECTED. 3314 02:26:44,001 --> 02:26:47,000 IT ALSO HAS SOME RAMIFICATIONS 3315 02:26:47,001 --> 02:26:49,000 IN CUTTING BACK ON MONEY THAT'S 3316 02:26:49,001 --> 02:26:51,000 AVAILABLE FOR TRANSPORTATION. 3317 02:26:51,001 --> 02:26:53,000 I DON'T KNOW IF THE SENATOR IS 3318 02:26:53,001 --> 02:26:55,000 EVEN AWARE OF WHAT HE HAS DONE 3319 02:26:55,001 --> 02:26:57,000 WHEN IT COMES TO HIS OBJECTION. 3320 02:26:57,001 --> 02:26:58,000 BUT IN MY STATE, AND MANY 3321 02:26:58,001 --> 02:27:01,000 OTHERS, WE ARE FINDING THAT 3322 02:27:01,001 --> 02:27:04,000 PEOPLE ARE -- ARE LOSING THEIR JOBS TODAY. 3323 02:27:04,001 --> 02:27:05,000 WE'VE BEEN RUNNING OUR FEDERAL 3324 02:27:05,001 --> 02:27:07,000 TRANSPORTATION PROGRAM WITH 3325 02:27:07,001 --> 02:27:08,000 SHORT-TERM EXTENSIONS SINCE 3326 02:27:08,001 --> 02:27:09,000 SEPTEMBER 30th OF LAST YEAR, 3327 02:27:09,001 --> 02:27:12,000 ALMOST FIVE MONTHS. 3328 02:27:12,001 --> 02:27:15,000 THESE STOP GAP -- STOP GAP 3329 02:27:15,001 --> 02:27:16,000 EXTENSIONS WERE UNDERFUNDING OUR 3330 02:27:16,001 --> 02:27:18,000 TRANSPORTATION SYSTEM, HURTING 3331 02:27:18,001 --> 02:27:21,000 OUR STATES, CITIES, AND 3332 02:27:21,001 --> 02:27:22,000 COUNTIES, AND WORKERS. 3333 02:27:22,001 --> 02:27:24,000 THE SHORT-TERM EXTENSIONS 3334 02:27:24,001 --> 02:27:26,000 CREATED AN UNSTABLE ENVIRONMENT 3335 02:27:26,001 --> 02:27:28,000 IN THE FEDERAL TRANSPORTATION PROGRAM. 3336 02:27:28,001 --> 02:27:30,000 WE PASSED A YEAR-LONG EXTENSION 3337 02:27:30,001 --> 02:27:32,000 INAST WEEK'S JOBS BILL, BUT 3338 02:27:32,001 --> 02:27:34,000 THE HOUSE COULD NOT PASS THE 3339 02:27:34,001 --> 02:27:35,000 BILL IN TIME TO KEEP THE TRANSPORATAION DEPARTMENT 3340 02:27:35,001 --> 02:27:37,000 AUTHORIZED. 3341 02:27:37,001 --> 02:27:39,000 SO WE CAME TO THE FLOOR TO PASS 3342 02:27:39,001 --> 02:27:40,000 A 30-DAY EXTENSION OF 3343 02:27:40,001 --> 02:27:42,000 TRANSPORTATION LAW ALONG WITH 3344 02:27:42,001 --> 02:27:44,000 THE COBRA AND UNEMPLOYMENT BENEFITS. 3345 02:27:44,001 --> 02:27:46,000 SENATOR BUNNING'S OBJECTION HAS 3346 02:27:46,001 --> 02:27:47,000 BASICALLY SHUT DOWN THE HIGHWAY 3347 02:27:47,001 --> 02:27:50,000 TRUST FUND. 3348 02:27:50,001 --> 02:27:51,000 THE HIGHWAY TRUST FUND, THE 3349 02:27:51,001 --> 02:27:53,000 FEDERAL HIGHWAY TRUST FUND. 3350 02:27:53,001 --> 02:27:55,000 THIS IS UNCHARTERED TERRITORY. 3351 02:27:55,001 --> 02:27:56,000 WE DON'T LET SURFACE 3352 02:27:56,001 --> 02:27:57,000 TRANSPORTATION LEGISLATION 3353 02:27:57,001 --> 02:27:58,000 EXPIRE. 3354 02:27:58,001 --> 02:28:00,000 IT HASN'T HAPPENED BEFORE. 3355 02:28:00,001 --> 02:28:02,000 THE DEPARTMENT OF 3356 02:28:02,001 --> 02:28:04,000 TRANSPORTATION'S SHUTTING DOWN 3357 02:28:04,001 --> 02:28:05,000 HIGHWAYEIMBURSEMENT TO STATES, 3358 02:28:05,001 --> 02:28:06,000 THAT MEANS HUNDREDS OF MILLIONS 3359 02:28:06,001 --> 02:28:07,000 OF DOLLARS THAT SHOULD BE 3360 02:28:07,001 --> 02:28:09,000 FLOWING FROM THE FEDERAL 3361 02:28:09,001 --> 02:28:10,000 TREASURY TO THESE STATES ARE 3362 02:28:10,001 --> 02:28:12,000 BEING SHUT DOWN. 3363 02:28:12,001 --> 02:28:14,000 THE DEPARTMENT OF TRANSPORTATION 3364 02:28:14,001 --> 02:28:15,000 IS FURLOUGHING NEARLY 2,000 3365 02:28:15,001 --> 02:28:17,000 EMPLOYEES WITHOUT PAY AS OF 3366 02:28:17,001 --> 02:28:18,000 TODAY BECAUSE OF SENATOR 3367 02:28:18,001 --> 02:28:19,000 BUNNING'S OBJECTION. 3368 02:28:19,001 --> 02:28:22,000 THE DEPARTMENT OF TRANSPORTATION 3369 02:28:22,001 --> 02:28:23,000 IS REMOVING FEDERAL INSPECTORS 3370 02:28:23,001 --> 02:28:26,000 FROM CRITICAL CONSTRUCTION 3371 02:28:26,001 --> 02:28:28,000 PROJECTS, FORCING WORK TO STOP 3372 02:28:28,001 --> 02:28:30,000 ON FEDERAL LANDS. 3373 02:28:30,001 --> 02:28:32,000 D.O.T. SAFETY AGENCIES, LIKE THE 3374 02:28:32,001 --> 02:28:33,000 NATIONAL HIGHWAY TRAFFIC SAFETY 3375 02:28:33,001 --> 02:28:35,000 ADMINISTRATION, FURLOUGHING 3376 02:28:35,001 --> 02:28:36,000 EMPLOYEES WHO WORK ON SAFETY 3377 02:28:36,001 --> 02:28:38,000 PROGRAMS. 3378 02:28:38,001 --> 02:28:40,000 PROGRAMS LIKE DRUNK DRIVING, 3379 02:28:40,001 --> 02:28:41,000 REDUCING TRAFFIC INJURIES AND 3380 02:28:41,001 --> 02:28:42,000 INCREASING CHILD PASSENGER 3381 02:28:42,001 --> 02:28:46,000 SAFETY BECAUSE OF THE OBJECTION 3382 02:28:46,001 --> 02:28:48,000 OF THE SENATOR FROM KENTUCKY. 3383 02:28:48,001 --> 02:28:50,000 IN MY STATE WE'RE GOING TO LOSE 3384 02:28:50,001 --> 02:28:51,000 50 FEDERAL HIGHWAY 3385 02:28:51,001 --> 02:28:52,000 ADMINISTRATION EMPLOYEES 3386 02:28:52,001 --> 02:28:53,000 FURLOUGHED TODAY. 3387 02:28:53,001 --> 02:28:55,000 THESE WORKERS HAVE BEEN 3388 02:28:55,001 --> 02:28:57,000 INSTRUCTED NOT TO REPORT TO WORK 3389 02:28:57,001 --> 02:28:59,000 UNTIL WE PASS THIS EXTENSION. 3390 02:28:59,001 --> 02:29:01,000 SECOND, THE ILLINOIS DEPARTMENT 3391 02:29:01,001 --> 02:29:03,000 OF TRANSPORTATIO 3392 02:29:03,001 --> 02:29:04,000 RECEIVING FEDERAL REIMBURSEMENT 3393 02:29:04,001 --> 02:29:05,000 FOR PROJECTS BECAUSE OF THIS 3394 02:29:05,001 --> 02:29:07,000 OBJECTION BY THE SENATOR FROM 3395 02:29:07,001 --> 02:29:08,000 KENTUCKY. 3396 02:29:08,001 --> 02:29:10,000 THEY WERE SCHEDULED TO SUBMIT 3397 02:29:10,001 --> 02:29:13,000 THE NEXT FEDERAL BILL FOR 3398 02:29:13,001 --> 02:29:14,000 REIMBURSEMENT AS OF TOM 3399 02:29:14,001 --> 02:29:15,000 THE ILLINOIS DEPARTMENT OF 3400 02:29:15,001 --> 02:29:18,000 TRANSPORTATION WILL SUBMIT A 3401 02:29:18,001 --> 02:29:19,000 BILL OF 3402 02:29:19,001 --> 02:29:21,000 WORK ALREADY COMPLETED THAT THEY'RE ENTITLED TO. 3403 02:29:21,001 --> 02:29:22,000 BUT BECAUSE OF THE OBJECTION OF 3404 02:29:22,001 --> 02:29:24,000 THE SENATOR FROM KENTUCKY, THAT 3405 02:29:24,001 --> 02:29:26,000 BILL CANNOT BE PAID. 3406 02:29:26,001 --> 02:29:27,000 THERE'S NO QUESTION THAT MY 3407 02:29:27,001 --> 02:29:28,000 STATE'S ENTITLED TO IT. 3408 02:29:28,001 --> 02:29:29,000 I IMAGINE THAT THE STATE OF 3409 02:29:29,001 --> 02:29:30,000 KENTUCKY HAS A SIMILAR 3410 02:29:30,001 --> 02:29:32,000 SITUATION. 3411 02:29:32,001 --> 02:29:34,000 THE QUESTION IS, WHETHER THERE'S 3412 02:29:34,001 --> 02:29:35,000 ANYONE TO PROCESS IT? 3413 02:29:35,001 --> 02:29:36,000 AND BECAUSE OF HIS OBJECTION, 3414 02:29:36,001 --> 02:29:38,000 THERE'S NOT. 3415 02:29:38,001 --> 02:29:41,000 DELAYS IN FEDERAL REIMBURSEMENTS 3416 02:29:41,001 --> 02:29:42,000 MAKE IT DIFFICULT FOR THE 3417 02:29:42,001 --> 02:29:43,000 ILLINOIS DEPARTMENT OF 3418 02:29:43,001 --> 02:29:44,000 TRANSPORTATION TO PAY THE 3419 02:29:44,001 --> 02:29:45,000 CONTRACTORS AND WORKERS ON THESE 3420 02:29:45,001 --> 02:29:47,000 PROJECTS. 3421 02:29:47,001 --> 02:29:48,000 SO THE RIPPLE EFFECT IS THAT THE 3422 02:29:48,001 --> 02:29:51,000 MONEY DOESN'T GO BACK TO THE 3423 02:29:51,001 --> 02:29:52,000 CONSTRUCTION COMPANIES OR 3424 02:29:52,001 --> 02:29:55,000 WORKERS AND THEIR FAMILY LEADING 3425 02:29:55,001 --> 02:29:56,000 TO UNEMPLOYMENT. 3426 02:29:56,001 --> 02:29:58,000 AND THE SENATOR FROM KENTUCKY IS 3427 02:29:58,001 --> 02:29:59,000 OPPOSED TO EXTENDING 3428 02:29:59,001 --> 02:30:01,000 UNEMPLOYMENT COMPENSATION. 3429 02:30:01,001 --> 02:30:05,000 THE UNEMPLOYMENT RATE, INCIDENTALLY, IN THE 3430 02:30:05,001 --> 02:30:07,000 CONSTRUCTION INDUSTRY IS 24% NATIONWIDE. 3431 02:30:07,001 --> 02:30:09,000 LAYING OFF MORE CONSTRUCTION 3432 02:30:09,001 --> 02:30:10,000 WORKERS AT THIS TIME IS EXACTLY 3433 02:30:10,001 --> 02:30:12,000 THE OPPOSITE OF WHAT WE OUGHT TO 3434 02:30:12,001 --> 02:30:15,000 BE DOING IN THIS ECONOMY. 3435 02:30:15,001 --> 02:30:18,000 FUTURE WORK ON ILLINOIS TRANSPORTATION PROJECTS COULD BE 3436 02:30:18,001 --> 02:30:20,000 IN JEOPARDY IF WE DO NOT PASS AN EXTENSION. 3437 02:30:20,001 --> 02:30:21,000 THE ILLINOIS DEPARTMENT OF 3438 02:30:21,001 --> 02:30:23,000 TRANSPORTATION IS SCHEDULED TO 3439 02:30:23,001 --> 02:30:25,000 RELEASE THE LARGEST BID LETTINGS 3440 02:30:25,001 --> 02:30:26,000 ON 3441 02:30:26,001 --> 02:30:28,000 WAY THIS CONSTRUCTION SEASON, 3442 02:30:28,001 --> 02:30:29,000 AND SO THE CONSTRUCTION SEASON 3443 02:30:29,001 --> 02:30:32,000 WILL BE DELAYED. 3444 02:30:32,001 --> 02:30:35,000 I'M TRYING TO GIVE THE WHOLE PICTURE HERE. 3445 02:30:35,001 --> 02:30:36,000 AS WE WAIT FOR THE SENATOR FROM 3446 02:30:36,001 --> 02:30:38,000 KENTUCKY TO AGREE TO A 3447 02:30:38,001 --> 02:30:40,000 SHORT-TERM EENSION OF THESE 3448 02:30:40,001 --> 02:30:41,000 CRITICAL PROGRAMS, WE ARE 3449 02:30:41,001 --> 02:30:44,000 JEOPARDIZING JOBS, MORE PEOPLE 3450 02:30:44,001 --> 02:30:45,000 WILL BE UNEMPLOYED, AND WE'RE 3451 02:30:45,001 --> 02:30:47,000 JEOPARDIZING FUTURE PROJECTS 3452 02:30:47,001 --> 02:30:48,000 WHICH WILL BE SHORTCHANGED 3453 02:30:48,001 --> 02:30:50,000 BECAUSE OF THE CONSTRUCTION 3454 02:30:50,001 --> 02:30:52,000 SEASON THAT'S VERY LIMITED. 3455 02:30:52,001 --> 02:30:53,000 THIS ONE-MONTH EXTENSION OF 3456 02:30:53,001 --> 02:30:55,000 TRANSPORTATION -- AND THAT IS 3457 02:30:55,001 --> 02:30:56,000 ALL WE'RE ASKING FOR -- HAS 3458 02:30:56,001 --> 02:30:58,000 ALREADY HAD OVERWHELMING 3459 02:30:58,001 --> 02:31:00,000 BIPARTISAN SUPPORT IN THE PAST, 3460 02:31:00,001 --> 02:31:01,000 AND THE ONE-MONTH EXTENSION 3461 02:31:01,001 --> 02:31:04,000 ITSELF COSTS 3462 02:31:04,001 --> 02:31:06,000 LAST WEEK, WE PASSED A ONE-YEAR 3463 02:31:06,001 --> 02:31:08,000 TRANSPORTATION FIX AS PART OF 3464 02:31:08,001 --> 02:31:10,000 THE JOBS BILL. 3465 02:31:10,001 --> 02:31:11,000 THE FOLLOWING GROUPS HAVE 3466 02:31:11,001 --> 02:31:13,000 WRITTEN LETTERS TELLING US, 3467 02:31:13,001 --> 02:31:14,000 URGING US TO MOVE ON THIS 3468 02:31:14,001 --> 02:31:16,000 EXNSION. THE AMERICAN ASSOCIATION OF 3469 02:31:16,001 --> 02:31:17,000 STATE HIGHWAY AND TRANSPORTATION 3470 02:31:17,001 --> 02:31:19,000 OFFICIALS, THE AMERICAN ROAD AND 3471 02:31:19,001 --> 02:31:20,000 TRANSPORTATION BUILDERS 3472 02:31:20,001 --> 02:31:22,000 ASSOCIATION, THE ASSOCIATED 3473 02:31:22,001 --> 02:31:25,000 GENERAL CONTRACTORS OF ILLINOIS, 3474 02:31:25,001 --> 02:31:28,000 THE U.S. CHAMBER OF COMMERCE, 3475 02:31:28,001 --> 02:31:29,000 THE LABORERS INTERNATIONAL UNION 3476 02:31:29,001 --> 02:31:30,000 AND THE AMERICAN AUTOMOBILE 3477 02:31:30,001 --> 02:31:31,000 ASSOCIATION. 3478 02:31:31,001 --> 02:31:33,000 THE HOUSE DID ITS WORK LAST WEEK 3479 02:31:33,001 --> 02:31:34,000 AND PASSED THIS 30-DAY 3480 02:31:34,001 --> 02:31:36,000 EXTENSION, SENDING IT OVER TO US 3481 02:31:36,001 --> 02:31:37,000 WHERE WE LEARNED THURSDAY NIGHT 3482 02:31:37,001 --> 02:31:39,000 THAT THE SENATOR FROM KENTUCKY 3483 02:31:39,001 --> 02:31:41,000 WAS GOING TO OBJECT. 3484 02:31:41,001 --> 02:31:43,000 WE TOOK TO THE FLOOR THURSDAY 3485 02:31:43,001 --> 02:31:45,000 NIGHT, NINE OF US, AND MADE A 3486 02:31:45,001 --> 02:31:47,000 REQUEST SEVERAL TIMES FOR HIM TO 3487 02:31:47,001 --> 02:31:48,000 WITHDRAW HIS OBJECTION, WHICH HE 3488 02:31:48,001 --> 02:31:50,000 REFUSED. 3489 02:31:50,001 --> 02:31:53,000 ANOTHER REQUEST WAS MADE ON 3490 02:31:53,001 --> 02:31:56,000 FRIDAY MORNING BY ME HERE ON THE 3491 02:31:56,001 --> 02:31:58,000 FLOOR AND THE SENATOR CONTINUED 3492 02:31:58,001 --> 02:31:59,000 HIS OBJECTION, AND THEN SEVERAL 3493 02:31:59,001 --> 02:32:00,000 TODAY. 3494 02:32:00,001 --> 02:32:02,000 SO I'M G 3495 02:32:02,001 --> 02:32:03,000 REQUEST OF THE SENATOR FROM 3496 02:32:03,001 --> 02:32:05,000 KENTUCKY ON BEHALF OF THE PEOPLE 3497 02:32:05,001 --> 02:32:06,000 THAT I REPRESENT IN ILLINOIS, 3498 02:32:06,001 --> 02:32:09,000 SOME 15,000 WHO HAVE LOST THEIR 3499 02:32:09,001 --> 02:32:11,000 UNEMPLOYMENT CHECKS BECAUSE OF 3500 02:32:11,001 --> 02:32:13,000 HIS FILIBUSTER. 3501 02:32:13,001 --> 02:32:15,000 AND 400,000 ACROSS AMERICA WHO 3502 02:32:15,001 --> 02:32:18,000 ARE WONDERING WHAT HAPPENED, 3503 02:32:18,001 --> 02:32:19,000 WHAT DID WE DO WRONG HERE? 3504 02:32:19,001 --> 02:32:20,000 WHY AREN'T WE RECEIVING THE 3505 02:32:20,001 --> 02:32:21,000 CHECK WE NEED FOR THE 3506 02:32:21,001 --> 02:32:22,000 NECESSITIES OF LIFE? 3507 02:32:22,001 --> 02:32:23,000 MR. PRESIDENT, I ASK UNANIMOUS 3508 02:32:23,001 --> 02:32:25,000 CONSENT THE SENATE PROCEED TO 3509 02:32:25,001 --> 02:32:27,000 THE IMMEDIATE CONSIDERATION OF 3510 02:32:27,001 --> 02:32:29,000 H.R. 4691, THE 30-DAY EXTENSION 3511 02:32:29,001 --> 02:32:30,000 OF PROVISIONS WHICH EXPIRED ON 3512 02:32:30,001 --> 02:32:32,000 SUNDAY, FEBRUARY 28, 3513 02:32:32,001 --> 02:32:34,000 UNEMPLOYMENT INSURANCE, COBRA, 3514 02:32:34,001 --> 02:32:37,000 FLOOD INSURANCE, SATELLITE HOME 3515 02:32:37,001 --> 02:32:38,000 VIEWER ACT, HIGHWAY FUNDING, 3516 02:32:38,001 --> 02:32:39,000 S.B.A. BUSINESS LOANS AND SMALL 3517 02:32:39,001 --> 02:32:41,000 BUSINESS PROVISIONS OF THE 3518 02:32:41,001 --> 02:32:43,000 AMERICAN RECOVERY ACT, S.G.R. 3519 02:32:43,001 --> 02:32:44,000 AND POVERTY GUIDELIS RECEIVED 3520 02:32:44,001 --> 02:32:45,000 FROM THE HOUSE AT THE DESK, THAT 3521 02:32:45,001 --> 02:32:47,000 THE BILL BE READ THREE TIMES, 3522 02:32:47,001 --> 02:32:48,000 PASSED, AND THE MOTION TO 3523 02:32:48,001 --> 02:32:49,000 RECONSIDER BE MADE AND LAID UPON 3524 02:32:49,001 --> 02:32:50,000 THE TABLE. 3525 02:32:50,001 --> 02:32:51,000 THE PRESIDING OFFICER: IS THERE 3526 02:32:51,001 --> 02:32:52,000 OBJECTION? 3527 02:32:52,001 --> 02:32:54,000 MR. BUNNING: I OBJECT. THE PRESIDING OFFICER: OBJECTION 3528 02:32:54,001 --> 02:32:55,000 IS HEARD. 3529 02:32:55,001 --> 02:32:57,000 MR. DURBIN: MR. PRESIDENT, KEEP 3530 02:32:57,001 --> 02:32:58,000 IN MIND THAT WE HAVE OFFERED TO 3531 02:32:58,001 --> 02:33:01,000 THE SENATOR FROM KENTUCKY 3532 02:33:01,001 --> 02:33:03,000 REPEATEDLY AN OPPORTUNITY FOR A VOTE. 3533 02:33:03,001 --> 02:33:07,000 BRING YOUR APPROACH TO THE FLOOR. 3534 02:33:07,001 --> 02:33:09,000 LET THE SENATE DECIDE. 3535 02:33:09,001 --> 02:33:10,000 ACCEPT THE DECISION OF THE 3536 02:33:10,001 --> 02:33:11,000 SENATE. 3537 02:33:11,001 --> 02:33:13,000 WIN OR LOSE. 3538 02:33:13,001 --> 02:33:15,000 THAT'S THE MOST ANY SENATOR CAN 3539 02:33:15,001 --> 02:33:17,000 ASK FOR, AND YET HE WANTS MORE. 3540 02:33:17,001 --> 02:33:18,000 HE WANTS A GUARANTEE THAT HE WINS. 3541 02:33:18,001 --> 02:33:20,000 WELL, THERE'S NO GUARANTEE THAT 3542 02:33:20,001 --> 02:33:21,000 YOU WILL WIN IN THE SENATE, 3543 02:33:21,001 --> 02:33:22,000 THERE IS NO GUARANTEE YOU WIN IN 3544 02:33:22,001 --> 02:33:24,000 BASEBALL. 3545 02:33:24,001 --> 02:33:29,000 YOU DO THE BEST YOU CAN. 3546 02:33:29,001 --> 02:33:31,000 UNDER THESE CIRCUMSTANCES, I 3547 02:33:31,001 --> 02:33:32,000 THINK WE HAVE REACHED A POINT 3548 02:33:32,001 --> 02:33:33,000 THAT'S DIFFICULT TO UNDERSTAND 3549 02:33:33,001 --> 02:33:36,000 AND EXPLAIN. 3550 02:33:36,001 --> 02:33:37,000 I WOULD LIKE TO INVITE MY 3551 02:33:37,001 --> 02:33:38,000 REPUBLICAN COLLEAGUES, ALL OF 3552 02:33:38,001 --> 02:33:39,000 THEM, TO COME TO THE FLOOR AND 3553 02:33:39,001 --> 02:33:42,000 EXPRESS THEMSELVES ON THIS. 3554 02:33:42,001 --> 02:33:43,000 IF THEY BELIEVE WE SHOULD CUT 3555 02:33:43,001 --> 02:33:44,000 OFF UNEMPLOYMENT BENEFITS, 3556 02:33:44,001 --> 02:33:45,000 HEALTH INSURANCE BENEFITS, CLOSE 3557 02:33:45,001 --> 02:33:46,000 DOWN THE U.S. DEPARTMENT OF 3558 02:33:46,001 --> 02:33:49,000 TRANSPORTATION'S WORK IN THE 3559 02:33:49,001 --> 02:33:50,000 STATES, CLOSE DOWN THE S.B.A. 3560 02:33:50,001 --> 02:33:53,000 PROGRAMS FOR SMALL BUSINESSES, I 3561 02:33:53,001 --> 02:33:54,000 HOPE THEY WILL COME AND EXPRESS 3562 02:33:54,001 --> 02:33:56,000 THAT POINT OF VIEW. 3563 02:33:56,001 --> 02:33:58,000 THEY SHOULD IF THEY FEEL THAT WAY. 3564 02:33:58,001 --> 02:34:01,000 IF THEY FEEL AS I DO THAT THIS 3565 02:34:01,001 --> 02:34:03,000 IS UNFAIR AND UNFORTUNATE, IF 3566 02:34:03,001 --> 02:34:05,000 THEY WILL COME FORWARD AND JOIN 3567 02:34:05,001 --> 02:34:06,000 US ON THE FLOOR, WE CAN TRY TO 3568 02:34:06,001 --> 02:34:08,000 BUILD UP SOME MOMENTUM FOR 3569 02:34:08,001 --> 02:34:10,000 MOVING THIS ISSUE FORWARD. 3570 02:34:10,001 --> 02:34:13,000 THERE ARE PEOPLE IN EVERY STATE 3571 02:34:13,001 --> 02:34:14,000 OF THE UNION WHO ARE SUFFERING 3572 02:34:14,001 --> 02:34:15,000 TODAY BECAUSE OF THE OBJECTION 3573 02:34:15,001 --> 02:34:16,000 OF ONE SENATOR, BECAUSE OF THE 3574 02:34:16,001 --> 02:34:18,000 FILIBUSTER OF ONE SENATOR, AND 3575 02:34:18,001 --> 02:34:20,000 THAT, I THINK, IS A SAD 3576 02:34:20,001 --> 02:34:21,000 INDICATION OF WHAT HAS HAPPENED 3577 02:34:21,001 --> 02:34:22,000 HERE IN THE UNITED STATES 3578 02:34:22,001 --> 02:34:25,000 SENATE, THAT WE HAVE REACHED 3579 02:34:25,001 --> 02:34:27,000 THIS POINT, THAT EVEN OFFERING 3580 02:34:27,001 --> 02:34:29,000 AN UP-OR-DOWN VOTE ON AN 3581 02:34:29,001 --> 02:34:30,000 AMENDMENT IS NOT ENOUGH. 3582 02:34:30,001 --> 02:34:31,000 WHAT THE SENATOR IS LOOKING FOR 3583 02:34:31,001 --> 02:34:32,000 IS A GUARANTEED RESULT. 3584 02:34:32,001 --> 02:34:36,000 WE CAN'T GIVE HIM 3585 02:34:36,001 --> 02:34:37,000 GUARANTEED RESULT. 3586 02:34:37,001 --> 02:34:40,000 THE PRESIDING OFFICER: THE ?? 3587 02:34:40,001 --> 02:34:42,000 SENATOR FROM KENTUCKY. 3588 02:34:42,001 --> 02:34:44,000 MR. BUNNING: MR. PRESIDENT, 3589 02:34:44,001 --> 02:34:47,000 IT'S -- IT'S AMAZING TO ME THAT 3590 02:34:47,001 --> 02:34:52,000 THE SENATOR FROM ILLINOIS HAS 3591 02:34:52,001 --> 02:34:55,000 WHAT WE CALL A CONVENIENT MEMORY 3592 02:34:55,001 --> 02:34:57,000 JUST LAST WEEK, THERE WAS A 3593 02:34:57,001 --> 02:34:59,000 BIPARTISAN BILL PROPOSED BY 3594 02:34:59,001 --> 02:35:06,000 SENATOR BAUCUS AND SENATOR 3595 02:35:06,001 --> 02:35:10,000 GRASSLEY THAT WOULD HAVE COVERED 3596 02:35:10,001 --> 02:35:12,000 THESE EXTENSION OF UNEMPLOYMENT 3597 02:35:12,001 --> 02:35:15,000 BENEFITS, COBRA HEALTH CARE 3598 02:35:15,001 --> 02:35:18,000 ASSISTANCE, FLOOD INSURANCE, 3599 02:35:18,001 --> 02:35:20,000 HIGHWAY BILL ASSISTANCE, THE DOC 3600 02:35:20,001 --> 02:35:24,000 FIX, SMALL BUSINESS LOANS AND 3601 02:35:24,001 --> 02:35:28,000 THE RURAL SATELLITE TELEVISION 3602 02:35:28,001 --> 02:35:31,000 VIEWER ACT, AND HIS CONVENIENT 3603 02:35:31,001 --> 02:35:37,000 MEMORY LOSS ALLOWED HIM TO 3604 02:35:37,001 --> 02:35:39,000 FORGET THAT HIS LEADER, SENATOR 3605 02:35:39,001 --> 02:35:44,000 REID, DID NOT ALLOWHAT BILL TO 3606 02:35:44,001 --> 02:35:49,000 COME TO THE FLOOR, AND INSTEAD 3607 02:35:49,001 --> 02:35:53,000 INTIEWD HIS JOBS BILL WHICH WAS 3608 02:35:53,001 --> 02:35:55,000 ALSO NOT FULLY PAID FOR, BY THE 3609 02:35:55,001 --> 02:35:57,000 WAY. 3610 02:35:57,001 --> 02:36:00,000 $10 BILLION WASN'T, $5 BILLION WAS. 3611 02:36:00,001 --> 02:36:04,000 AND SO $10 BILLION FROM THE JOBS 3612 02:36:04,001 --> 02:36:07,000 BILL THAT WAS PASSED WENT TO THE 3613 02:36:07,001 --> 02:36:10,000 BOTTOM OF THE DEFICIT. 3614 02:36:10,001 --> 02:36:13,000 THERE COMES A TIME WHEN 100 3615 02:36:13,001 --> 02:36:17,000 SENATORS ARE FOR SOMETHING THAT 3616 02:36:17,001 --> 02:36:19,000 WE ALL SUPPORT. 3617 02:36:19,001 --> 02:36:22,000 IF WE CAN'T FIND $10 BILLION TO 3618 02:36:22,001 --> 02:36:23,000 PAY FOR IT, WE'RE NOT GOING TO 3619 02:36:23,001 --> 02:36:29,000 PAY FOR ANYTHING. 3620 02:36:29,001 --> 02:36:32,000 WE WILL NOT PAY FOR ANYTHING 3621 02:36:32,001 --> 02:36:33,000 FULLY ON THE FLOOR OF THE U.S. 3622 02:36:33,001 --> 02:36:35,000 SENATE. 3623 02:36:35,001 --> 02:36:38,000 NOW, HE SAID I ONLY OFFERED ONE 3624 02:36:38,001 --> 02:36:39,000 WAY TO PAY FOR THIS. 3625 02:36:39,001 --> 02:36:42,000 THAT UNTRUE. 3626 02:36:42,001 --> 02:36:47,000 I OFFERED MORE THAN ONE WAY. 3627 02:36:47,001 --> 02:36:50,000 I NEGOTIATED WITH THE LEADER -- 3628 02:36:50,001 --> 02:36:54,000 THE LEADER'S STAFF, RATHER, AND 3629 02:36:54,001 --> 02:36:57,000 WE HAD WORKED OUT TWO-WEEK 3630 02:36:57,001 --> 02:37:00,000 EXTENSION TO $5 BILLION WITH A 3631 02:37:00,001 --> 02:37:05,000 DIFFERENT PAY-FOR. 3632 02:37:05,001 --> 02:37:08,000 THE DEBT THAT WE HAVE ARRIVED AT 3633 02:37:08,001 --> 02:37:10,000 , EVEN THE HEAD OF THE FEDERAL 3634 02:37:10,001 --> 02:37:14,000 RESERVE BANK, CHAIRMAN BERNANKE, 3635 02:37:14,001 --> 02:37:16,000 SAID IT'S NOT SUSTAINABLE. 3636 02:37:16,001 --> 02:37:18,000 IT'S UNSUSTAINABLE. 3637 02:37:18,001 --> 02:37:20,000 WHAT DOES THAT MEAN TO THE 3638 02:37:20,001 --> 02:37:23,000 AMERICAN PEOPLE, TO THE SAME 3639 02:37:23,001 --> 02:37:26,000 PEOPLE THAT ARE STRUGGLING TO 3640 02:37:26,001 --> 02:37:28,000 PAY THEIR BILLS, THAT ARE ON 3641 02:37:28,001 --> 02:37:32,000 UNEMPLOYMENT, THAT COULD HAVE 3642 02:37:32,001 --> 02:37:34,000 BEEN COVERED HAD THE 3643 02:37:34,001 --> 02:37:35,000 BAUCUS-GRASSLEY BL BEEN 3644 02:37:35,001 --> 02:37:38,000 CONSIDERED, AND COULD HAVE BEEN 3645 02:37:38,001 --> 02:37:39,000 COVERED NOT FOR 30 DAYS BUT FOR 3646 02:37:39,001 --> 02:37:41,000 THREE MONTHS? 3647 02:37:41,001 --> 02:37:43,000 NOW, BECAUSE THERE WERE SOME TAX 3648 02:37:43,001 --> 02:37:46,000 EXTENDERS IN THAT BILL, THE 3649 02:37:46,001 --> 02:37:52,000 DEMOCRAT MAJORITY STOPPED THE 3650 02:37:52,001 --> 02:37:54,000 BILL FROM BEING CONSIDERED. 3651 02:37:54,001 --> 02:37:57,000 I'M NOT FILIBUSTERING THE BILL. 3652 02:37:57,001 --> 02:37:58,000 A FILIBUSTER IS -- A 3653 02:37:58,001 --> 02:38:01,000 FILIBUSTER IS SOMEBODY WHO 3654 02:38:01,001 --> 02:38:04,000 TALKS A LONG TIME. 3655 02:38:04,001 --> 02:38:07,000 I AM EXERCISING MY RIGHT AS A 3656 02:38:07,001 --> 02:38:12,000 SENATOR DULY ELECTED FROM 3657 02:38:12,001 --> 02:38:15,000 KENTUCKY TO OBJECT TO A U.C. 3658 02:38:15,001 --> 02:38:17,000 THAT'S COMPLETELY DIFFERENT THAN 3659 02:38:17,001 --> 02:38:21,000 FILIBUSTERING. 3660 02:38:21,001 --> 02:38:23,000 EVERYBODY KNOWS THAT'S A MEMBER 3661 02:38:23,001 --> 02:38:26,000 OF THIS BODY THAT ANYBODY, 100 3662 02:38:26,001 --> 02:38:28,000 OF US, CAN OBJECT TO ANYTHING 3663 02:38:28,001 --> 02:38:32,000 THAT IS BROUGHT TO THE FLOOR OF 3664 02:38:32,001 --> 02:38:34,000 THE U.S. SENATE, WHETHER IT BE A 3665 02:38:34,001 --> 02:38:38,000 NOMINEE, WHETHER IT BE A JUDGE, 3666 02:38:38,001 --> 02:38:39,000 WHETHER IT BE SOMEBODY THAT IS 3667 02:38:39,001 --> 02:38:41,000 APPOINTED TO THE TREASURY. 3668 02:38:41,001 --> 02:38:44,000 ANYBODY CAN OBJECT. 3669 02:38:44,001 --> 02:38:45,000 AND THERE IS A PROCEDURE THAT 3670 02:38:45,001 --> 02:38:50,000 TAKES PLACE THAT YOU CAN 3671 02:38:50,001 --> 02:38:51,000 OVERCOME THAT OBJECTION. 3672 02:38:51,001 --> 02:39:03,000 WHY DOESN'T THE DEMOCRATIC 3673 02:39:03,001 --> 02:39:07,000 MAJORITY USE THAT PROCEDURE? 3674 02:39:07,001 --> 02:39:10,000 SO I'M GOING TO MAKE ONE MORE 3675 02:39:10,001 --> 02:39:17,000 SHOT, AND AS LONG AS WE CONTINUE 3676 02:39:17,001 --> 02:39:19,000 TO HAVE THE EXTENDERS BEING 3677 02:39:19,001 --> 02:39:21,000 BROUGHT FORTH AND PAID FOR, I'M 3678 02:39:21,001 --> 02:39:22,000 GOING TO MAKE IT. 3679 02:39:22,001 --> 02:39:25,000 I ASK UNANIMOUS CONSENT THAT THE 3680 02:39:25,001 --> 02:39:31,000 SENATE PROCEED TO THE IMMEDIATE 3681 02:39:31,001 --> 02:39:33,000 CONSIDERATION OF H.R. 4691, THAT 3682 02:39:33,001 --> 02:39:36,000 THE AMENDMENT AT THE DESK WHICH 3683 02:39:36,001 --> 02:39:40,000 OFFERS A FULL OFFSET BE AGREED 3684 02:39:40,001 --> 02:39:44,000 TO, THE BILL BE AMENDED -- AS 3685 02:39:44,001 --> 02:39:46,000 AMENDED BE READ A THIRD TIME AND 3686 02:39:46,001 --> 02:39:48,000 PASSED, AND THE MOTION TO 3687 02:39:48,001 --> 02:39:49,000 RECONSIDER BE LAID UPON THE TABLE. 3688 02:39:49,001 --> 02:39:50,000 THE PRESIDING OFFICER: IS THERE 3689 02:39:50,001 --> 02:39:51,000 OBJECTION? 3690 02:39:51,001 --> 02:39:52,000 MR. DURBIN: MR. PRESIDENT, 3691 02:39:52,001 --> 02:39:54,000 RESERVING THE RIGHT TO 3692 02:39:54,001 --> 02:39:55,000 THE SENATOR AGAIN IS ASKING THAT 3693 02:39:55,001 --> 02:39:57,000 HE WIN WITHOUT A VOTE. 3694 02:39:57,001 --> 02:39:58,000 I OBJECT. 3695 02:39:58,001 --> 02:40:03,000 THE PRESIDING OFFICER: OBJECTION 3696 02:40:03,001 --> 02:40:04,000 IS H 3697 02:40:04,001 --> 02:40:07,000 MR. BUNNING: WELL, WE TRIED AND 3698 02:40:07,001 --> 02:40:10,000 WE WILL CONTINUE TRYING. 3699 02:40:10,001 --> 02:40:14,000 AS MANY PEOPLE THAT GET UP AND 3700 02:40:14,001 --> 02:40:19,000 PROPOSE THAT U.C., I WILL BE 3701 02:40:19,001 --> 02:40:23,000 HERE, WHENEVER IT IS. 3702 02:40:23,001 --> 02:40:26,000 I WANT THAT PASSED AS BAD AS HE 3703 02:40:26,001 --> 02:40:28,000 DOES BECAUSE I HAVE PEOPLE ALSO 3704 02:40:28,001 --> 02:40:31,000 IN KENTUCKY THAT HAVE THE SAME 3705 02:40:31,001 --> 02:40:34,000 PROBLEMS AS HIS PEOPLE DO IN 3706 02:40:34,001 --> 02:40:36,000 ILLINOIS, AND ALL THESE STATES 3707 02:40:36,001 --> 02:40:39,000 THAT ARE REPRESENTED BY TWO 3708 02:40:39,001 --> 02:40:41,000 SENATORS RIGHT HERE. 3709 02:40:41,001 --> 02:40:46,000 BUT LET'S DO IT AND DO IT AND 3710 02:40:46,001 --> 02:40:48,000 PAY FOR IT BECAUSE THE MONEY IS 3711 02:40:48,001 --> 02:40:54,000 AVAILABLE IN MANY AREAS. 3712 02:40:54,001 --> 02:40:56,000 THE MONEY WAS AVAILABLE FOR THE 3713 02:40:56,001 --> 02:40:59,000 GRASSLEY-BAUCUS BILL, WHICH 3714 02:40:59,001 --> 02:41:02,000 EXTENDED THINGS FOR A YEAR IN 3715 02:41:02,001 --> 02:41:05,000 SOME CASES AND EXTENDED THE 3716 02:41:05,001 --> 02:41:09,000 PROVISIONS THAT I'M TALKING ABOUT AND THE SENATOR FROM 3717 02:41:09,001 --> 02:41:11,000 ILLINOIS IS TKING ABOUT FOR A 3718 02:41:11,001 --> 02:41:17,000 FULL THREE MONTHS. 3719 02:41:17,001 --> 02:41:20,000 WE WOULD NOT BE IN THIS POSITION 3720 02:41:20,001 --> 02:41:23,000 UNLESS THE SENATOR FROM NEVADA 3721 02:41:23,001 --> 02:41:24,000 HAD PULLED AND NOT ALLOWED THAT 3722 02:41:24,001 --> 02:41:26,000 BILL TO COME TO THE FLOOR. 3723 02:41:26,001 --> 02:41:31,000 THANK YOU 3724 02:41:31,001 --> 02:41:32,000 FLOOR. 3725 02:41:32,001 --> 02:41:34,000 THE PRESIDING OFF 3726 02:41:34,001 --> 02:41:36,000 REPUBLICAN 3727 02:41:36,001 --> 02:41:38,000 MR. KYL: MR. PRESIDENT, UNTIL MY 3728 02:41:38,001 --> 02:41:40,000 VOIC GIVES OUT, I'D LIKE TO 3729 02:41:40,001 --> 02:41:42,000 ADDRESS THE BILL THAT'S ON THE FLOOR HERE. 3730 02:41:42,001 --> 02:41:43,000 THE BILL THAT HAS BEEN 3731 02:41:43,001 --> 02:41:47,000 DENOMINATED BY MY COLLEAGUES ON 3732 02:41:47,001 --> 02:41:50,000 THE DEMOCRATIC SIDE AS A JOBS 3733 02:41:50,001 --> 02:41:54,000 BILL, BUT WHICH WON'T CREATE ANY 3734 02:41:54,001 --> 02:41:57,000 NEW JOBS, AND WHEN CONSIDERED IN 3735 02:41:57,001 --> 02:42:01,000 CONJUNCTION WITH THE HEALTH CARE 3736 02:42:01,001 --> 02:42:03,000 LEGISLATION, THAT THE PRESIDENT 3737 02:42:03,001 --> 02:42:05,000 HAS PROPOSED WILL ACTUALLY COST 3738 02:42:05,001 --> 02:42:06,000 JOBS, AND I'D LIKE TO ADDRESS 3739 02:42:06,001 --> 02:42:08,000 THAT. 3740 02:42:08,001 --> 02:42:11,000 THIS LEGISLATION EXTENDS SOME 3741 02:42:11,001 --> 02:42:14,000 CURRENT PROVISIONS OF LAW, 3742 02:42:14,001 --> 02:42:17,000 INCLUDING TAX PROVISIONS, 3743 02:42:17,001 --> 02:42:18,000 UNEMPLOYMENT COMPENSATION, COBRA 3744 02:42:18,001 --> 02:42:20,000 INSURANCE. 3745 02:42:20,001 --> 02:42:22,000 IT EXTENDS A PROVISION OF 3746 02:42:22,001 --> 02:42:24,000 FEDERAL SUBSIDIES TO THE STATES 3747 02:42:24,001 --> 02:42:25,000 FOR MEDICAID, AND THERE ARE A 3748 02:42:25,001 --> 02:42:28,000 FEW OTHER PROVISIONS. 3749 02:42:28,001 --> 02:42:31,000 NONE OF THESE CREATE NEW JOBS. 3750 02:42:31,001 --> 02:42:33,000 THE TAX EXTENDERS ARE YOUTHFUL. 3751 02:42:33,001 --> 02:42:35,000 THAT'S OUR WASHINGTON, D.C., 3752 02:42:35,001 --> 02:42:36,000 SPEAK FOR PROVISIONS OF THE TAX 3753 02:42:36,001 --> 02:42:39,000 CODE THAT LAST ONE YEAR AND HAVE 3754 02:42:39,001 --> 02:42:42,000 TO BE RENEWED EACH YEAR. 3755 02:42:42,001 --> 02:42:45,000 THEY ARE GENERALLY TO ENABLE 3756 02:42:45,001 --> 02:42:49,000 BUSINESSES TO DEDUCT FRO THEIR 3757 02:42:49,001 --> 02:42:51,000 TAXES ORDINARY BUSINESS EXPENSES. 3758 02:42:51,001 --> 02:42:52,000 AND INCLUDE THINGS LIKE RESEARCH 3759 02:42:52,001 --> 02:42:55,000 AND DEVELOPMENT TAX CREDITS 3760 02:42:55,001 --> 02:42:56,000 WHICH I THINK ARE SUPPORTED BY 3761 02:42:56,001 --> 02:42:58,000 ALL 100 SENATORS HERE. 3762 02:42:58,001 --> 02:43:00,000 SO WE DO THIS EVERY YEAR. 3763 02:43:00,001 --> 02:43:01,000 WE EXTEND THESE TAX PROVISIONS 3764 02:43:01,001 --> 02:43:03,000 FOR ANOTHER YEAR. 3765 02:43:03,001 --> 02:43:04,000 IT SHOULD HAVE BEEN DONE AT THE 3766 02:43:04,001 --> 02:43:06,000 END OF LAST YEAR. 3767 02:43:06,001 --> 02:43:07,000 IT WASN'T SO IT HAS TO BE DONE 3768 02:43:07,001 --> 02:43:08,000 NOW AND MADE RETROACTIVE TO THE 3769 02:43:08,001 --> 02:43:10,000 END OF THE YEAR. 3770 02:43:10,001 --> 02:43:12,000 YOU COULD ARGUE THAT SOME OF 3771 02:43:12,001 --> 02:43:14,000 THOSE MAY THEORETICALLY CREATE A 3772 02:43:14,001 --> 02:43:15,000 FEW JOBS, BUT THEY ARE SOMETHING 3773 02:43:15,001 --> 02:43:18,000 WE DO EVERY YEAR AND THEY ARE 3774 02:43:18,001 --> 02:43:20,000 NOT FOR THE PURPOSE OF CREATING JOBS. 3775 02:43:20,001 --> 02:43:21,000 THEY ARE SIMPLY GOOD BUSINESS PRACTICES. 3776 02:43:21,001 --> 02:43:23,000 SO THIS BILL REALLY TAKES ON THE 3777 02:43:23,001 --> 02:43:25,000 USUAL BUSINESS OF THE SENATE. 3778 02:43:25,001 --> 02:43:28,000 THERE IS NOTHING NEW, AS I SAID, 3779 02:43:28,001 --> 02:43:30,000 TO CREATE JOBS. 3780 02:43:30,001 --> 02:43:31,000 WHAT OF THE SUBJECT OF 3781 02:43:31,001 --> 02:43:33,000 UNEMPLOYMENT COVERAGE EXTENSION 3782 02:43:33,001 --> 02:43:34,000 WHICH WE HAVE JUST BEEN DEBATING 3783 02:43:34,001 --> 02:43:35,000 , THAT DOESN'T CREATE 3784 02:43:35,001 --> 02:43:36,000 NEW JOBS. 3785 02:43:36,001 --> 02:43:39,000 IN FACT, IF ANYTHING, CONTINUING 3786 02:43:39,001 --> 02:43:40,000 TO PAY PEOPLE UNEMPLOYMENT 3787 02:43:40,001 --> 02:43:42,000 COMPENSATION IS A DISINCENTIVE 3788 02:43:42,001 --> 02:43:44,000 FOR THEM TO SEEK NEW WORK. 3789 02:43:44,001 --> 02:43:45,000 I'M SURE MOST OF THEM WOULD LIKE 3790 02:43:45,001 --> 02:43:47,000 WORK AND PROBABLY HAVE TRIED TO 3791 02:43:47,001 --> 02:43:51,000 SEEK IT, BUT YOU CAN'T ARGUE 3792 02:43:51,001 --> 02:43:53,000 THAT IT'S A JOB ENHANCER. 3793 02:43:53,001 --> 02:43:55,000 IF ANYTHING, AS I SAID, IT'S A DISINCENTIVE. 3794 02:43:55,001 --> 02:43:57,000 AND THE SAME THING WITH THE 3795 02:43:57,001 --> 02:43:59,000 COBRA EXTENSION AND THE OTHER 3796 02:43:59,001 --> 02:44:01,000 STENGZ -- EXTENSIONS HERE. 3797 02:44:01,001 --> 02:44:03,000 SO IT'S NOT A JOBS BILL, AND 3798 02:44:03,001 --> 02:44:04,000 IT'S BEYOND ME HOW IT COULD BE 3799 02:44:04,001 --> 02:44:06,000 DENOMINATED AS SUCH. 3800 02:44:06,001 --> 02:44:08,000 MOREOVER, AND THE REASON FOR MY 3801 02:44:08,001 --> 02:44:09,000 COLLEAGUE'S OBJECTION TO THE 3802 02:44:09,001 --> 02:44:10,000 TEMPORARY BILL IS THAT THE 3803 02:44:10,001 --> 02:44:11,000 CONGRESSIONAL BUDGET OFFICE 3804 02:44:11,001 --> 02:44:13,000 PRELIMINARY ESTIMATE SHOWS THAT 3805 02:44:13,001 --> 02:44:16,000 THIS BILL ADDS $104 BILLION TO 3806 02:44:16,001 --> 02:44:18,000 THE DEFICIT OVER THE NEXT TEN 3807 02:44:18,001 --> 02:44:20,000 YEARS, AND THAT'S IN ADDITION TO 3808 02:44:20,001 --> 02:44:23,000 THE $10 BILLION THAT WOULD BE 3809 02:44:23,001 --> 02:44:24,000 ADDED THAT MY COLLEAGUE SENATOR 3810 02:44:24,001 --> 02:44:26,000 BUNNING HAS BEEN TALKING ABOUT. 3811 02:44:26,001 --> 02:44:29,000 THIS NUMBER IS PRIMARILY DUE TO 3812 02:44:29,001 --> 02:44:31,000 THE EXTENSION OF UNEMPLOYMENT 3813 02:44:31,001 --> 02:44:35,000 INSURANCE, THE EXPANDED COBRA 3814 02:44:35,001 --> 02:44:37,000 EXTENSION, AND THE NEW FEDERAL 3815 02:44:37,001 --> 02:44:38,000 ASSISTANCE TO STATES FOR 3816 02:44:38,001 --> 02:44:41,000 MEDICAID PATIENTS. 3817 02:44:41,001 --> 02:44:42,000 THESE ARE GIVEN EMERGENCY 3818 02:44:42,001 --> 02:44:45,000 DESIGNATIONS, AND AS A RESULT, 3819 02:44:45,001 --> 02:44:47,000 WE DON'T HAVE TO SUPPLY AN 3820 02:44:47,001 --> 02:44:50,000 OFFSET OF SPENDING REDUCTION TO 3821 02:44:50,001 --> 02:44:51,000 PAY FOR THE COST OF THESE 3822 02:44:51,001 --> 02:44:54,000 PROVISIONS. 3823 02:44:54,001 --> 02:44:57,000 NOW, THIS COMES JUST A WEEK 3824 02:44:57,001 --> 02:44:58,000 AFTER OUR DEMOCRATIC COLLEAGUES 3825 02:44:58,001 --> 02:45:00,000 WERE BRAGGING ABOUTHE FAC 3826 02:45:00,001 --> 02:45:01,000 THAT THEY PASSED A BILL CALLED 3827 02:45:01,001 --> 02:45:02,000 THE PAYGO BILL. 3828 02:45:02,001 --> 02:45:04,000 THE PAYGO BILL IS SUPPOSED TO 3829 02:45:04,001 --> 02:45:08,000 REQUIRE THAT IF WE'RE GOING TO 3830 02:45:08,001 --> 02:45:12,000 SPEND MONEY, THAT WE FIND AN 3831 02:45:12,001 --> 02:45:14,000 OFFSET IN THE FORM OF A SPENDING 3832 02:45:14,001 --> 02:45:18,000 DEDUCTION OR REVENUE ENHANCEMENT 3833 02:45:18,001 --> 02:45:19,000 THAT COVERS THE COST OF THAT NEW 3834 02:45:19,001 --> 02:45:20,000 SPENDING. 3835 02:45:20,001 --> 02:45:22,000 WE PREDICTED THAT AS SOON AS WE 3836 02:45:22,001 --> 02:45:25,000 PASSED T PAYGO LEGISLATION, OUR COLLEAGUES WOULD COME TO THE 3837 02:45:25,001 --> 02:45:26,000 FLOOR AND SEEK TO HAVE THEIR 3838 02:45:26,001 --> 02:45:27,000 NEXT LEGISLATION EXEMPTED FROM 3839 02:45:27,001 --> 02:45:28,000 IT, AND, SURE ENOUGH, THAT'S 3840 02:45:28,001 --> 02:45:29,000 EXACTLY WHAT WAS DONE. 3841 02:45:29,001 --> 02:45:31,000 BOTH THE MATTER THAT SENATOR 3842 02:45:31,001 --> 02:45:33,000 BUNNING HAS OBJECTED TO AND THE 3843 02:45:33,001 --> 02:45:35,000 BILL THAT WE'RE ON RIGHT NOW 3844 02:45:35,001 --> 02:45:37,000 HAVE TO BE EXEMPTED FROM THE 3845 02:45:37,001 --> 02:45:40,000 PAYGO REQUIREMENTS AND, 3846 02:45:40,001 --> 02:45:47,000 THEREFORE, ADD TO THE FEDERAL DEFICIT. 3847 02:45:47,001 --> 02:45:48,000 IN THIS CASE, $104 BILLION. 3848 02:45:48,001 --> 02:45:49,000 NOW, SOME OF THESE PROVISIONS 3849 02:45:49,001 --> 02:45:50,000 ARE USEFUL PROVISIONS, BUT THE 3850 02:45:50,001 --> 02:45:53,000 TRUTH OF THE MATTER IS, YOU 3851 02:45:53,001 --> 02:45:55,000 CAN'T ON THE ONE HAND SAY THAT 3852 02:45:55,001 --> 02:45:58,000 EVERYTHING WE DO AROUND HERE HAS 3853 02:45:58,001 --> 02:46:00,000 TO BE OFFSET WITH SPENDING CUTS 3854 02:46:00,001 --> 02:46:02,000 OR TAX INCREASES AND THEN WAIVE 3855 02:46:02,001 --> 02:46:04,000 THE PAYGO LEGISLATION EVERY TIME 3856 02:46:04,001 --> 02:46:07,000 YOU WANT TO DO IT, AS IT TURNS 3857 02:46:07,001 --> 02:46:08,000 OUT SO FAR, EVERY TIME WE'VE CONSIDERED LEGISLATION. 3858 02:46:08,001 --> 02:46:11,000 THE REALITY IS THAT WE COULD PAY 3859 02:46:11,001 --> 02:46:13,000 FOR THIS LEGISLATION, AND AS 3860 02:46:13,001 --> 02:46:15,000 SENATOR BUNNING NOTED, WE COULD 3861 02:46:15,001 --> 02:46:16,000 ALSO PAY FOR THE SO-CALLED 3862 02:46:16,001 --> 02:46:18,000 TEMPORARY EXTENSION OF 3863 02:46:18,001 --> 02:46:20,000 UNEMPLOYMENT BENEFITS BECAUSE WE 3864 02:46:20,001 --> 02:46:23,000 HAVE MONEY THAT WE AUTHORIZED 3865 02:46:23,001 --> 02:46:25,000 AND APPROPRIATED EARLIER IN THE 3866 02:46:25,001 --> 02:46:26,000 SO-CALLED STIMULUS BILL THAT 3867 02:46:26,001 --> 02:46:29,000 WOULD MORE THAN OFFSET THE COST 3868 02:46:29,001 --> 02:46:30,000 OF THIS LEGISLATION. 3869 02:46:30,001 --> 02:46:32,000 REPUBLICANS, OF COURSE, WOULD 3870 02:46:32,001 --> 02:46:36,000 LIKE TO OFFER AN AMENDMENT TO 3871 02:46:36,001 --> 02:46:37,000 PAY FOR IT FROM THE STIMULUS 3872 02:46:37,001 --> 02:46:40,000 FUNDS. 3873 02:46:40,001 --> 02:46:41,000 ACCORDING TO RECOVERY.GOV, THE 3874 02:46:41,001 --> 02:46:43,000 OFFICIAL WEB SITEOR THE 3875 02:46:43,001 --> 02:46:45,000 STIMULUS BILL, THIS WEB SITE 3876 02:46:45,001 --> 02:46:48,000 REPORTS THAT ONLY $186 BILLION 3877 02:46:48,001 --> 02:46:49,000 OF THE $499 BILLION IN 3878 02:46:49,001 --> 02:46:50,000 APPROPRIATED AND DIRECT 3879 02:46:50,001 --> 02:46:51,000 SPENDING -- THAT'S THE MONEY 3880 02:46:51,001 --> 02:46:52,000 ACTUALLY AVAILABLE FROM THE 3881 02:46:52,001 --> 02:46:53,000 STIMULUS -- HAS BEEN SPENT SO 3882 02:46:53,001 --> 02:46:57,000 FAR. 3883 02:46:57,001 --> 02:47:00,000 AT MEANS $313 BILLION, OR 63%, 3884 02:47:00,001 --> 02:47:02,000 REMAINS UNSPENT. 3885 02:47:02,001 --> 02:47:03,000 $160 BILLION OF THE FUNDS 3886 02:47:03,001 --> 02:47:05,000 HAVEN'T EVEN BEEN MADE AVAILABLE 3887 02:47:05,001 --> 02:47:06,000 TO SPEND YET. 3888 02:47:06,001 --> 02:47:08,000 AND THE ORIGINAL C.B.O. ESTIMATE 3889 02:47:08,001 --> 02:47:13,000 OF THE STIMULUS SHOWS THAT 21% 3890 02:47:13,001 --> 02:47:16,000 OF THE MONEY, $122 BILLION, 3891 02:47:16,001 --> 02:47:19,000 WON'T -- OF THE SPENDING, WON'T 3892 02:47:19,001 --> 02:47:20,000 OCCUR UNTIL THE YEAR 2012 OR 3893 02:47:20,001 --> 02:47:24,000 THEREAFTER. 3894 02:47:24,001 --> 02:47:26,000 WE'VE GOT AN IMMEDIATE CRISIS. OUR DEMOCRATIC COLLEAGUES SAY WE 3895 02:47:26,001 --> 02:47:29,000 HAVE TO EXTEND UNEMPLOYMENT INSURANCE. 3896 02:47:29,001 --> 02:47:30,000 IN FACT, IT'S SUCH AN IMMEDIATE 3897 02:47:30,001 --> 02:47:32,000 CRIS THAT THEY HAVE TO WAIVE 3898 02:47:32,001 --> 02:47:34,000 THE PAYGO REQUIREMENTS THAT 3899 02:47:34,001 --> 02:47:36,000 WOULD ORDINARILY APPLY BECAUSE 3900 02:47:36,001 --> 02:47:38,000 IT'S AN EMERGENCY. 3901 02:47:38,001 --> 02:47:39,000 IF THAT'S THE CASE, THEN WHY NOT 3902 02:47:39,001 --> 02:47:41,000 SIMPLY TAKE THIS MONEY THAT 3903 02:47:41,001 --> 02:47:45,000 ISN'T GOING TO BE SPENT UNTIL 3904 02:47:45,001 --> 02:47:46,000 AFTER THE YEAR 2012 AND PAY FOR 3905 02:47:46,001 --> 02:47:49,000 THE LEGISLATION THAT IS BEFORE 3906 02:47:49,001 --> 02:47:51,000 US RIGHT NOW? 3907 02:47:51,001 --> 02:47:54,000 WHY WOULD W PUT ASIDE STIMULUS 3908 02:47:54,001 --> 02:47:55,000 MONEY TO SPEND IN 2012 WHEN 3909 02:47:55,001 --> 02:47:57,000 PEOPLE NEED IT TODAY? 3910 02:47:57,001 --> 02:47:58,000 IT'S THE VERY ARGUMENT THAT MY 3911 02:47:58,001 --> 02:48:01,000 COLLEAGUE FROM ILLINOIS WAS JUST 3912 02:48:01,001 --> 02:48:03,000 MAKING TO MY COLLEAGUE FROM KENTUCKY. 3913 02:48:03,001 --> 02:48:05,000 WHY PILE O THE DEFICIT IF WE 3914 02:48:05,001 --> 02:48:06,000 HAVE THIS STORE OF MONEY 3915 02:48:06,001 --> 02:48:07,000 AVAILABLE? 3916 02:48:07,001 --> 02:48:09,000 AND I THINK, THEREFORE, MY 3917 02:48:09,001 --> 02:48:10,000 COLLEAGUE FROM KENTUCKY MADE A 3918 02:48:10,001 --> 02:48:11,000 GOOD POINT WHEN HE SUGGESTED 3919 02:48:11,001 --> 02:48:14,000 THAT THIS MONEY SHOULD BE PAID 3920 02:48:14,001 --> 02:48:15,000 FOR OUT OF THE STIMULUS FUNDING. 3921 02:48:15,001 --> 02:48:16,000 AND I AM SORRY TO SEE MY 3922 02:48:16,001 --> 02:48:19,000 DEMOCRATIC COLLEAGUES OBJECT TO 3923 02:48:19,001 --> 02:48:20,000 THAT REQUEST. 3924 02:48:20,001 --> 02:48:21,000 THE CONCLUSION IS, THEREFORE, 3925 02:48:21,001 --> 02:48:25,000 THAT THE BILL WILL DO NOTHING TO 3926 02:48:25,001 --> 02:48:27,000 CREATE NEW JOBS, AND WHAT'S 3927 02:48:27,001 --> 02:48:29,000 MORE, WHEN CONSIDERED, AS I 3928 02:48:29,001 --> 02:48:30,000 SAID, IN CONJUNCTION WITH THE 3929 02:48:30,001 --> 02:48:32,000 HEALTH CARE LEGISLATION, WILL 3930 02:48:32,001 --> 02:48:34,000 ACTUALLY CAUSE A LOSS OF JOBS. 3931 02:48:34,001 --> 02:48:35,000 THE PRESIDENT, WHO TALKED ABOUT 3932 02:48:35,001 --> 02:48:39,000 HIS PLAN LAST THURSDAY AT THE 3933 02:48:39,001 --> 02:48:42,000 SO-CALLED HEALTH CARE SUMMIT, 3934 02:48:42,001 --> 02:48:43,000 NOTED THAT THE BILL COSTS A LOT 3935 02:48:43,001 --> 02:48:44,000 OF MONEY AND, THEREFORE, THEY 3936 02:48:44,001 --> 02:48:45,000 HAD TO RAISE TAXES IN ORDER TO 3937 02:48:45,001 --> 02:48:47,000 PAY FOR IT. 3938 02:48:47,001 --> 02:48:49,000 AND AMONG OTHER THINGS, THE 3939 02:48:49,001 --> 02:48:50,000 PRESIDENT'S PLAN, UNLIKE THE 3940 02:48:50,001 --> 02:48:51,000 PLAN THAT PASSED THE HOUSE OR 3941 02:48:51,001 --> 02:48:55,000 THE SENATE, WOULD RAISE THE 3942 02:48:55,001 --> 02:48:57,000 MEDICARE PAYROLL TAX ON SMALL BUSINESSES. 3943 02:48:57,001 --> 02:49:01,000 IT WOULD RAISE THE TAXES BY 31%, 3944 02:49:01,001 --> 02:49:05,000 MR. PRESIDENT, AND IT WOULD ALSO 3945 02:49:05,001 --> 02:49:08,000 APPLY THE MEDICARE PAYROLL TAX 3946 02:49:08,001 --> 02:49:09,000 TO INCOME, INTEREST, DIVIDEND, 3947 02:49:09,001 --> 02:49:11,000 RENTS, THAT SORT OF THING. 3948 02:49:11,001 --> 02:49:14,000 NOW, WE ALL KNOW IF YOU TAX 3949 02:49:14,001 --> 02:49:15,000 SOMETHING, YOU GET LESS OF IT. 3950 02:49:15,001 --> 02:49:16,000 TAXING INVESTMENT INCOME WOULD, 3951 02:49:16,001 --> 02:49:18,000 THEREFORE, REDUCE INVESTMENT IN THE ECONOMY. 3952 02:49:18,001 --> 02:49:20,000 PUTTING A TAX ON THE EMPLOYMENT 3953 02:49:20,001 --> 02:49:22,000 OF PEOPLE 3954 02:49:22,001 --> 02:49:23,000 GOING TO HIRE FEWEREOPLE OR 3955 02:49:23,001 --> 02:49:25,000 THEY'RE GOING TO KEEP FEWER 3956 02:49:25,001 --> 02:49:26,000 PEOPLE ON THEIR PAYROLL. 3957 02:49:26,001 --> 02:49:28,000 WE CAN'T AFFORD TO LOSE MORE 3958 02:49:28,001 --> 02:49:30,000 PEOPLE TO UNEMPLOYMENT. 3959 02:49:30,001 --> 02:49:31,000 WE NEED TO BEGIN HIRING PEOPLE 3960 02:49:31,001 --> 02:49:32,000 BACK. 3961 02:49:32,001 --> 02:49:36,000 SO HOW DO WE DO THAT? 3962 02:49:36,001 --> 02:49:37,000 WELL, YOU SURE DON'T DO IT BY 3963 02:49:37,001 --> 02:49:39,000 MAKING IT MORE COSTLY TO EMPLOY 3964 02:49:39,001 --> 02:49:42,000 PEOPLE, BY INCREASING BY ALMOST 3965 02:49:42,001 --> 02:49:43,000 ONE-THIRD THE MEDICARE PAYROLL 3966 02:49:43,001 --> 02:49:45,000 TAX. 3967 02:49:45,001 --> 02:49:46,000 THAT MAKES NO SENSE. 3968 02:49:46,001 --> 02:49:50,000 AND TO APPLY IT NOW TO 3969 02:49:50,001 --> 02:49:52,000 INVESTMENT INCOME WILL DIRECTLY 3970 02:49:52,001 --> 02:49:53,000 DRIVE DOWN PRODUCTIVITY AND 3971 02:49:53,001 --> 02:49:55,000 ECONOMIC GROWTH. 3972 02:49:55,001 --> 02:49:57,000 LESS INVESTMENT WILL OBVIOUSLY 3973 02:49:57,001 --> 02:49:58,000 LEAD TO LOWER PRODUCTIVITY, 3974 02:49:58,001 --> 02:50:01,000 SLOWER ECONOMIC GROWTH, WEAKER 3975 02:50:01,001 --> 02:50:03,000 WAGES AND SALARIES, LOWER 3976 02:50:03,001 --> 02:50:05,000 HOUSEHOLD WEALTH. 3977 02:50:05,001 --> 02:50:07,000 EACH NEW DOLLAR OF TAX PAID BY A 3978 02:50:07,001 --> 02:50:08,000 SMALL BUSINESS IS ONE LESS 3979 02:50:08,001 --> 02:50:11,000 DOLLAR THAT COULD GO TOWARD 3980 02:50:11,001 --> 02:50:12,000 HIRING NEW EMPLOYEES. 3981 02:50:12,001 --> 02:50:14,000 HERITAGE FOUNDATION JUST DID A 3982 02:50:14,001 --> 02:50:18,000 STUDY ON THIS PROPOSAL AND IT 3983 02:50:18,001 --> 02:50:19,000 FOUND THAT BETWEEN 2011 AND 3984 02:50:19,001 --> 02:50:22,000 20, WITH REGARD TO THIS 3985 02:50:22,001 --> 02:50:24,000 INVESTMENT INCOME PROPOSAL ALONE 3986 02:50:24,001 --> 02:50:28,000 ALONE, IT WOULD RESULT IN AN 3987 02:50:28,001 --> 02:50:32,000 AVERAGE OF 115,000 LOST JOB 3988 02:50:32,001 --> 02:50:34,000 OPPORTUNITIES PER YEAR. 3989 02:50:34,001 --> 02:50:36,000 115,000. 3990 02:50:36,001 --> 02:50:38,000 IT RADIO REDUCE HOUSEHOLD 3991 02:50:38,001 --> 02:50:40,000 DISPOSABLE INCOME BY 3992 02:50:40,001 --> 02:50:43,000 $17.3 BILLION PER YEAR. 3993 02:50:43,001 --> 02:50:46,000 IT WOULD CUT WAGES AND SALARIES 3994 02:50:46,001 --> 02:50:48,000 BY $14 BILLION PER YEAR AND 3995 02:50:48,001 --> 02:50:50,000 DECREASE HOUSEHOLD WEALTH BY 3996 02:50:50,001 --> 02:50:56,000 $267 BILLION PER YEAR. 3997 02:50:56,001 --> 02:50:57,000 NOW, LAST WEEK CONGRESS PASSED A 3998 02:50:57,001 --> 02:50:58,000 NEW JOB HIRING TAX CREDIT TO 3999 02:50:58,001 --> 02:50:59,000 GREAT FANFARE. 4000 02:50:59,001 --> 02:51:00,000 MY COLLEAGUES ON THE DEMOCRATIC 4001 02:51:00,001 --> 02:51:01,000 SIDE OF THE AISLE SAID THIS IS 4002 02:51:01,001 --> 02:51:03,000 THE WAY TO HELP SMALL BUSINESS 4003 02:51:03,001 --> 02:51:05,000 TO HIRE MORE PEOPLE. 4004 02:51:05,001 --> 02:51:07,000 THE WHOLE IDEA WAS TO PUT MORE 4005 02:51:07,001 --> 02:51:08,000 PEOPLE TO WORK. 4006 02:51:08,001 --> 02:51:09,000 IN THE VERY SAME WEEK, THE 4007 02:51:09,001 --> 02:51:13,000 PRESIDENT ANNOUNCES HIS HEALTH 4008 02:51:13,001 --> 02:51:15,000 CARE PROPOSAL THAT, AS I JUST 4009 02:51:15,001 --> 02:51:17,000 SAID, WILL MAKE IT HARDER FOR 4010 02:51:17,001 --> 02:51:18,000 PEOPLE TO GET BACK TO WORK. 4011 02:51:18,001 --> 02:51:19,000 SO IF THE GOAL IS TO GET MORE 4012 02:51:19,001 --> 02:51:21,000 PEOPLE TO WORK, THEN I SUBMIT 4013 02:51:21,001 --> 02:51:22,000 THAT MY DEMOCRATIC FRIENDS 4014 02:51:22,001 --> 02:51:23,000 SHOULD SHELVE THEIR HEALTH CARE 4015 02:51:23,001 --> 02:51:25,000 PLAN, WHICH WILL HAVE EXACTLY 4016 02:51:25,001 --> 02:51:28,000 THE OPPOSITE RESULT. 4017 02:51:28,001 --> 02:51:30,000 IT'S VERY HARD TO JUSTIFY 4018 02:51:30,001 --> 02:51:32,000 LEGISLATION THAT'S GOING TO HURT 4019 02:51:32,001 --> 02:51:33,000 JOB CREATION. 4020 02:51:33,001 --> 02:51:34,000 AND SO, AS I SAY, WHEN YOU 4021 02:51:34,001 --> 02:51:37,000 CONSIDER THE FACT THAT, NUMBER 4022 02:51:37,001 --> 02:51:41,000 ONE, THE BILL BEFORE US CREATES 4023 02:51:41,001 --> 02:51:43,000 NO NEW JOBS -- AND I CHALLENGE 4024 02:51:43,001 --> 02:51:45,000 MY DEMOCRATIC FRIENDS, SHOW US 4025 02:51:45,001 --> 02:51:46,000 HOW DOING WHAT WE WOULD ALWAYS 4026 02:51:46,001 --> 02:51:48,000 DO AND SHOULD HAVE DONE LAST 4027 02:51:48,001 --> 02:51:49,000 YEAR, EXTENDING THE RESEARCH AND 4028 02:51:49,001 --> 02:51:51,000 DEVELOPMENT TAX CREDIT, THE 4029 02:51:51,001 --> 02:51:52,000 OTHER TAX CREDITS, EXTENDING 4030 02:51:52,001 --> 02:51:54,000 COBRA INSURANCE, EXTENDING 4031 02:51:54,001 --> 02:51:56,000 UNEMPLOYMENT BENEFITS, WHAT'S 4032 02:51:56,001 --> 02:51:58,000 THE ESTIMATE FOR JOB CREATION BY 4033 02:51:58,001 --> 02:52:01,000 C.B.O. ON THIS? 4034 02:52:01,001 --> 02:52:05,000 IT CAN'T BE VERY MUCH. 4035 02:52:05,001 --> 02:52:06,000 NOW, FINALLY, MR. PRESIDENT, MY 4036 02:52:06,001 --> 02:52:07,000 COLLEAGUE FROM ILLINOIS, IN 4037 02:52:07,001 --> 02:52:12,000 RESPONDING TO SENATOR BUNNING A 4038 02:52:12,001 --> 02:52:13,000 LITTLE BIT AGO, SAIDHAT 4039 02:52:13,001 --> 02:52:15,000 REPUBLICANS HAD OBJECTED, THAT 4040 02:52:15,001 --> 02:52:16,000 WE ALWAYSBJECT OR WE HAD 4041 02:52:16,001 --> 02:52:18,000 OBJECTED ON MANY TIMES PREVIOUS 4042 02:52:18,001 --> 02:52:21,000 OCCASIONS TO CONSIDERATION OF 4043 02:52:21,001 --> 02:52:23,000 UNEMPLOYMENT LEGISLATION. 4044 02:52:23,001 --> 02:52:25,000 WELL, I RECALL BACK OCTOBER -- 4045 02:52:25,001 --> 02:52:26,000 IN FACT, I'LL QUOTE FROM A STORY 4046 02:52:26,001 --> 02:52:27,000 HERE. 4047 02:52:27,001 --> 02:52:29,000 THE STORY IS DATED OCTOBER 13, 4048 02:52:29,001 --> 02:52:31,000 2009. 4049 02:52:31,001 --> 02:52:32,000 STORY BY DAN FREEDMAN. 4050 02:52:32,001 --> 02:52:33,000 HE SAYS, "LAST THURSDAY, 4051 02:52:33,001 --> 02:52:36,000 DEMOCRATS ANNOUNCED A DEAL THAT 4052 02:52:36,001 --> 02:52:37,000 GAVE ALL 50 STATES A 14-WEEK 4053 02:52:37,001 --> 02:52:38,000 EXTENSION." 4054 02:52:38,001 --> 02:52:41,000 I THINK THIS WAS ABOUT THREE 4055 02:52:41,001 --> 02:52:42,000 EXTENSIONS AGO, EXACTLY. 4056 02:52:42,001 --> 02:52:44,000 "SENATE FINANCE COMMITTEE 4057 02:52:44,001 --> 02:52:45,000 CHAIRMAN MAX BAUCUS WITHIN HOURS 4058 02:52:45,001 --> 02:52:46,000 OF THAT ANNOUNCEMENT SOUGHT 4059 02:52:46,001 --> 02:52:48,000 UNANIMOUS CONSENT TO PASS THE 4060 02:52:48,001 --> 02:52:49,000 BILL, EVEN THOUGH REPUBLICANS 4061 02:52:49,001 --> 02:52:51,000 HAD ALREADY INDICATED THAT THEY 4062 02:52:51,001 --> 02:52:52,000 WOULD OBJECT SO THAT THEY COULD 4063 02:52:52,001 --> 02:52:58,000 TRY TO AMEND THE BILL TO REPLACE 4064 02:52:58,001 --> 02:53:00,000 THE EXTENSION OF THE TAX OR, 4065 02:53:00,001 --> 02:53:01,000 RATHER, TO PROVIDE A PAY-FOR IN 4066 02:53:01,001 --> 02:53:06,000 THE DEMOCRATS PLAN WITH THE USE 4067 02:53:06,001 --> 02:53:11,000 OF STIMULUS MONEY" AND NOTICED 4068 02:53:11,001 --> 02:53:12,000 T"AND NOTED THEFACT THAT I HAD ALSO ASKED THAT 4069 02:53:12,001 --> 02:53:15,000 WE SEE A C.B.O. SCORE ON IT. 4070 02:53:15,001 --> 02:53:16,000 IT ALSO NOTED THAT REID AND 4071 02:53:16,001 --> 02:53:17,000 BAUCUS AND OTHER DEMOCRATS 4072 02:53:17,001 --> 02:53:19,000 QUICKLY BASHED REPUBLICANS. 4073 02:53:19,001 --> 02:53:20,000 THE DELAY IS A THREAT TO 4074 02:53:20,001 --> 02:53:22,000 MILLIONS OF WORKERS STRUGGLING 4075 02:53:22,001 --> 02:53:24,000 TO FEED THEIR FAMILIES AS THEY 4076 02:53:24,001 --> 02:53:26,000 RETAIN OR SEARCH FOR A NEW JOB, 4077 02:53:26,001 --> 02:53:28,000 MY FRIEND, THE CHAIRMAN OF THE COMMITTEE, SAID. 4078 02:53:28,001 --> 02:53:29,000 EARLIER IN THIS PARTICULAR 4079 02:53:29,001 --> 02:53:30,000 COLUMN, BY THE WAY -- THIS 4080 02:53:30,001 --> 02:53:31,000 ARTICLE, IN FACT, I'LL JUST READ 4081 02:53:31,001 --> 02:53:32,000 HOW IT STARTS OFF. 4082 02:53:32,001 --> 02:53:34,000 "SENATE DEMOCRATS IN RECENT 4083 02:53:34,001 --> 02:53:35,000 WEEKS HAVE REPEATEDLY USED 4084 02:53:35,001 --> 02:53:36,000 UNANIMOUS CONSENT AGREEMENT 4085 02:53:36,001 --> 02:53:38,000 REQUESTS TO RACK UP TALKING 4086 02:53:38,001 --> 02:53:40,000 POINTS AGAINST SENATE 4087 02:53:40,001 --> 02:53:41,000 REPUBLICANS, A TACTIC THAT 4088 02:53:41,001 --> 02:53:44,000 G.O.P. AIDES SAID THE MAJORITY 4089 02:53:44,001 --> 02:53:45,000 IS USING DECEPTIVELY TO BLAME 4090 02:53:45,001 --> 02:53:48,000 REPUBLICANS RATHER THAN INTERNAL 4091 02:53:48,001 --> 02:53:50,000 DISPUTES FOR STALLED LEGISLATION. 4092 02:53:50,001 --> 02:53:51,000 SENATE LEADERS HAVE LONG USED 4093 02:53:51,001 --> 02:53:52,000 THE TACTIC OF ASKING FOR 4094 02:53:52,001 --> 02:53:53,000 UNANIMOUS CONSENT TO PASS 4095 02:53:53,001 --> 02:53:55,000 LEGISLATION THEY KNOW WILL DRAW 4096 02:53:55,001 --> 02:53:58,000 AN OBJECTION FROM THE MINORITY 4097 02:53:58,001 --> 02:53:59,000 THEN BLASTING THE OBJECTORS FOR 4098 02:53:59,001 --> 02:54:00,000 OBSTRUCTION." MR. PRESIDENT, I FEAR THAT'S 4099 02:54:00,001 --> 02:54:02,000 WHAT WE'RE SEEING HERE. 4100 02:54:02,001 --> 02:54:05,000 AS I SAID BEFORE, IMMEDIATELY 4101 02:54:05,001 --> 02:54:06,000 AFTER DEMOCRATS BEHIND CLOSED DOORS DEVELOPED LEGISLATION, 4102 02:54:06,001 --> 02:54:08,000 THEY IMMEDIATELY COME TO THE 4103 02:54:08,001 --> 02:54:09,000 FLOOR AND SAY, LET'S PASS IT. 4104 02:54:09,001 --> 02:54:10,000 REPUBLICANS SAY, WHOA, LET'S AT 4105 02:54:10,001 --> 02:54:11,000 LEAST SEE HOW MUCH IT COSTS AND 4106 02:54:11,001 --> 02:54:13,000 GIVE US A CHANCE TO AMEND IT SO 4107 02:54:13,001 --> 02:54:14,000 WE CAN PAY FOR IT. 4108 02:54:14,001 --> 02:54:16,000 WE THOUGHT YOU DEMOCRATS LIKED 4109 02:54:16,001 --> 02:54:18,000 TO PAY FOR THESE THINGS SINCE 4110 02:54:18,001 --> 02:54:20,000 YOU PASSED THE PAYGO LEGISLATION. 4111 02:54:20,001 --> 02:54:23,000 OH, NO, CAN'T -- CAN'T HAVE 4112 02:54:23,001 --> 02:54:27,000 THAT, NOT WHEN IT APPLIES TO 4113 02:54:27,001 --> 02:54:29,000 UNEMPLOYMENT EXTENSION. 4114 02:54:29,001 --> 02:54:30,000 AND THAT'S ALL MY COLLEAGUE FROM 4115 02:54:30,001 --> 02:54:31,000 KENTUCKY IS TRYING TO DO. 4116 02:54:31,001 --> 02:54:32,000 AND AS I SAID, THAT'S 4117 02:54:32,001 --> 02:54:34,000 $10 BILLION NOT PAID FOR. 4118 02:54:34,001 --> 02:54:35,000 THE BILL BEFORE US IS ANOTHER 4119 02:54:35,001 --> 02:54:36,000 $104 BILLION NOT PAID FOR, A 4120 02:54:36,001 --> 02:54:38,000 BILL THAT DOESN'T CREATE A 4121 02:54:38,001 --> 02:54:40,000 COLLEAGUES ON THE OTHER SIDE OF 4122 02:54:40,001 --> 02:54:42,000 THE AISLE RUN WILLING -- WERE 4123 02:54:42,001 --> 02:54:43,000 UNWILLING TO USE STIMULUS MONEY 4124 02:54:43,001 --> 02:54:44,000 TO PAY FOR IT. 4125 02:54:44,001 --> 02:54:45,000 NOW, I'LL BE VERY INTERESTED, 4126 02:54:45,001 --> 02:54:47,000 MR. PRESIDENT, WHEN WE DO HAVE 4127 02:54:47,001 --> 02:54:49,000 AN OPPORTUNITY TO AMEND THE BILL 4128 02:54:49,001 --> 02:54:50,000 THAT'S BEFORE US -- I ASSUME WE 4129 02:54:50,001 --> 02:54:51,000 WILL -- AND I ASSUME THAT ONE OF 4130 02:54:51,001 --> 02:54:53,000 THOSE AMENDMENTS WILL BE TO PAY 4131 02:54:53,001 --> 02:54:55,000 FOR THE BILL WITH THE STIMULUS 4132 02:54:55,001 --> 02:54:57,000 FUNDS, MAYBE WE CAN MAKE IT 4133 02:54:57,001 --> 02:55:00,000 CLEAR THAT THESE ARE NOT FUNDS 4134 02:55:00,001 --> 02:55:04,000 THAT WOULD BE SPENT UNTIL AFTER 4135 02:55:04,001 --> 02:55:05,000 9 YEAR 2012 -- AFTER THE YEAR 2012. 4136 02:55:05,001 --> 02:55:06,000 IT WILL BE VERY INTERESTING TO 4137 02:55:06,001 --> 02:55:08,000 SEE IF MY SENATE COLLEAGUES WHO 4138 02:55:08,001 --> 02:55:09,000 SUPPORTED PAYGO WOULD BE WILLING 4139 02:55:09,001 --> 02:55:11,000 TO SUPPORT THAT KIND OF AN AMENDMENT. 4140 02:55:11,001 --> 02:55:12,000 AFTER ALL, IF THIS IS SPOATSED 4141 02:55:12,001 --> 02:55:15,000 TO BE THE STIMULUS BL IN TERMS 4142 02:55:15,001 --> 02:55:17,000 OF JOB CREATION, ONE WOULD THINK 4143 02:55:17,001 --> 02:55:18,000 IT COULD BE USED FOR THAT PURPOSE. 4144 02:55:18,001 --> 02:55:19,000 SO I WOULD JUST HOPE THAT MY 4145 02:55:19,001 --> 02:55:22,000 COLLEAGUES WOULD CONSIDER THAT 4146 02:55:22,001 --> 02:55:23,000 EVERY TIME WE PASS ONE OF THESE 4147 02:55:23,001 --> 02:55:25,000 BILLS, WE'RE ADDING TO THE 4148 02:55:25,001 --> 02:55:26,000 DEFICIT AND THAT WE'RE NOT 4149 02:55:26,001 --> 02:55:28,000 CREATING NEW JOBS. 4150 02:55:28,001 --> 02:55:29,000 AND IT'S A LEGITIMATE POINT FOR 4151 02:55:29,001 --> 02:55:30,000 REPUBLICANS TO MAKE. 4152 02:55:30,001 --> 02:55:31,000 I HOPE WE'LL HAVE THE 4153 02:55:31,001 --> 02:55:33,000 OPPORTUNITY TO ADDRESS THAT 4154 02:55:33,001 --> 02:55:37,000 SUBJECT WITH AMENDMENTS AS THIS 4155 02:55:37,001 --> 02:55:38,000 BILL GOES FORWARD. 4156 02:55:38,001 --> 02:55:39,000 MR. BAUCUS: MR. PRESIDENT? THE PRESIDING OFFICER: THE 4157 02:55:39,001 --> 02:55:42,000 SENATOR FROM MONTANA. 4158 02:55:42,001 --> 02:55:44,000 MR. BAUCUS BAUCUS BAUCUS: THE SENATOR FROM 4159 02:55:44,001 --> 02:55:47,000 ARIZONA ARGUES THA 4160 02:55:47,001 --> 02:55:48,000 INSURANCE IS A DISINCENTIVE TO JOBS. 4161 02:55:48,001 --> 02:55:50,000 NOTHING COULD BE FURTHER FROM 4162 02:55:50,001 --> 02:55:51,000 THE TRUTH. 4163 02:55:51,001 --> 02:55:53,000 I DON'T KNOW ANYBODY WHO'S OUT 4164 02:55:53,001 --> 02:55:54,000 OF WORK AND IS RECEIVING SOME 4165 02:55:54,001 --> 02:55:56,000 UNEMPLOYMENT INSURANCE BELIEVES 4166 02:55:56,001 --> 02:56:00,000 THAT THAT PAYMENT IS SUFFICIENT 4167 02:56:00,001 --> 02:56:01,000 NOT TO FIND A JOB. 4168 02:56:01,001 --> 02:56:03,000 THE PAYMENTS ARE SO MUCH LOWER 4169 02:56:03,001 --> 02:56:06,000 THAN ANY SALARY OR WAGE WOULD 4170 02:56:06,001 --> 02:56:07,000 BE, IT'S JUST RIDICULOUS. 4171 02:56:07,001 --> 02:56:10,000 I MIGHT ADD, THERE ARE FIVE 4172 02:56:10,001 --> 02:56:11,000 UNEMPLOYED AMERICANS TODAY FOR 4173 02:56:11,001 --> 02:56:12,000 EVERY JOB OPENING IN T ECONOMY. 4174 02:56:12,001 --> 02:56:16,000 FIVE. 4175 02:56:16,001 --> 02:56:17,000 THERE ARE FIVE PEOPLE -- 4176 02:56:17,001 --> 02:56:18,000 UNEMPLOYED AMERICANS, FIVE 4177 02:56:18,001 --> 02:56:19,000 PEOPLE LOOKING FOR WORK THAT 4178 02:56:19,001 --> 02:56:20,000 JUST CAN'T FIND IT. 4179 02:56:20,001 --> 02:56:22,000 AND THAT'S THE CASE FOR -- IT'S 4180 02:56:22,001 --> 02:56:25,000 BEEN THE CASE FOR A LONG TIME. 4181 02:56:25,001 --> 02:56:26,000 PEOPLE ARE LOOKING FOR WORK. 4182 02:56:26,001 --> 02:56:28,000 THEY'RE NOT UNEMPLOYED BECAUSE OF CHOICE. 4183 02:56:28,001 --> 02:56:29,000 THEY'RE UNEMPLOYED BECAUSE OF 4184 02:56:29,001 --> 02:56:30,000 THE RECESSION THAT STRUCK -- 4185 02:56:30,001 --> 02:56:32,000 MR. KYL: MR. PRESIDENT, WOULD MY 4186 02:56:32,001 --> 02:56:33,000 COLLEAGUE YIELD? 4187 02:56:33,001 --> 02:56:34,000 MR. BAUCUS: THE ECONOMY PUT PEOPLE OUT OF WORK. 4188 02:56:34,001 --> 02:56:35,000 IT'S NOT BECAUSE PEOPLE DON'T 4189 02:56:35,001 --> 02:56:37,000 WANT TO WORK. 4190 02:56:37,001 --> 02:56:38,000 I MIGHT ALSO ADD AN ADDITIONAL 4191 02:56:38,001 --> 02:56:40,000 POINT, THE CONGRESSIONAL -- WHEN 4192 02:56:40,001 --> 02:56:42,000 WE ASKED -- MANY OF US ASKED THE 4193 02:56:42,001 --> 02:56:44,000 CONGRESSIONAL BUDGET OFFICE TO 4194 02:56:44,001 --> 02:56:47,000 RANK WHAT MEASURES WOULD BE MOST 4195 02:56:47,001 --> 02:56:50,000 EFFECTIVE IF THEY WERE PASSED IN 4196 02:56:50,001 --> 02:56:52,000 HELPING THE ECONOMY, THE ONE WE 4197 02:56:52,001 --> 02:56:53,000 CAME UP WITH FROM THE 4198 02:56:53,001 --> 02:56:55,000 NONPARTISAN CONGRESSIONAL BUDGET 4199 02:56:55,001 --> 02:56:56,000 OFFICE WAS UNEMPLOYMENT BENEFITS 4200 02:56:56,001 --> 02:57:01,000 BECAUSE UNEMPLOYMENT BENEFITS 4201 02:57:01,001 --> 02:57:02,000 GENERATE ABOUT DOLLARS 1.90 -- 4202 02:57:02,001 --> 02:57:05,000 $1.90 IN GROSS DOMESTIC PRODUCT 4203 02:57:05,001 --> 02:57:06,000 GROWTH FOR EVERY $1 THAT WE'VE 4204 02:57:06,001 --> 02:57:07,000 PAID OUT IN TERMS OF 4205 02:57:07,001 --> 02:57:09,000 UNEMPLOYMENT BENEFITS. 4206 02:57:09,001 --> 02:57:10,000 SO I JUST WANT TO MAKE THE 4207 02:57:10,001 --> 02:57:13,000 POINT, AND I DON'T KNOW IF THE 4208 02:57:13,001 --> 02:57:15,000 SENATOR REALLY MEANT THIS BUT HE 4209 02:57:15,001 --> 02:57:17,000 CERTAINLY STRONGLY IMPLIED, IN 4210 02:57:17,001 --> 02:57:19,000 FACT, I TOOK HIM TO MEAN THAT 4211 02:57:19,001 --> 02:57:20,000 UNEMPLOYMENT INSURANCE IS AN 4212 02:57:20,001 --> 02:57:23,000 DISINCENTIVE FOR PEOPLE TO LOOK FOR WORK. 4213 02:57:23,001 --> 02:57:25,000 I DON'T THINK IT'S A DISINSIN 4214 02:57:25,001 --> 02:57:27,000 ACTIVE AT -- DISINCENTIVE AT ALL 4215 02:57:27,001 --> 02:57:28,000 BECAUSE THE BENEFITS ARE SO LOW 4216 02:57:28,001 --> 02:57:30,000 AND THERE'S SO MANY LOOKING FOR 4217 02:57:30,001 --> 02:57:31,000 WORK AND IT'S THE ECONOMY, THE 4218 02:57:31,001 --> 02:57:33,000 RECESSION IS THE CAUSE OF LOSS OF JOBS. 4219 02:57:33,001 --> 02:57:34,000 MR. KYL: IF THE GENTLEMAN WILL 4220 02:57:34,001 --> 02:57:37,000 YIELD? MR. BAUCUS: ABSOLUTELY. 4221 02:57:37,001 --> 02:57:39,000 MR. KYL: MY COLLEAGUE QUOTED ME CORRECTLY -- ALMOST CORRECTLY. 4222 02:57:39,001 --> 02:57:41,000 I SAID, IN FACT -- I SAID, IT'S 4223 02:57:41,001 --> 02:57:42,000 NOT A JOB CREATOR. 4224 02:57:42,001 --> 02:57:45,000 IF ANYTHING, IT COULD BE ARGUED 4225 02:57:45,001 --> 02:57:46,000 THAT IT IS A DISINCENTIVE FOR 4226 02:57:46,001 --> 02:57:47,000 WORK BECAUSE PEOPLE ARE BEING 4227 02:57:47,001 --> 02:57:48,000 PAID EVEN THOU THEY'RE NOT 4228 02:57:48,001 --> 02:57:50,000 WORKING. 4229 02:57:50,001 --> 02:57:52,000 I CERTAINLY DID NOT SAY AND 4230 02:57:52,001 --> 02:57:53,000 WOULD NEVER IMPLY THAT THE 4231 02:57:53,001 --> 02:57:55,000 REASON PEOPLE DON'T HAVE JOBS IS 4232 02:57:55,001 --> 02:57:57,000 BECAUSE THEY'RE NOT LOOKING FOR THEM. 4233 02:57:57,001 --> 02:58:02,000 NOW, IT IS TRUE THAT AOT OF 4234 02:58:02,001 --> 02:58:05,000 AMERICANS HAVE GOTTEN SO TIRED 4235 02:58:05,001 --> 02:58:06,000 OF LOOKING FOR JOBS OR -- OR 4236 02:58:06,001 --> 02:58:07,000 BELIEVE THAT THEY'RE NOT GOING 4237 02:58:07,001 --> 02:58:08,000 TO FIND THEM THAT THEY HAVE 4238 02:58:08,001 --> 02:58:09,000 STOPPED LOOKING. 4239 02:58:09,001 --> 02:58:11,000 AND AS A RESULT, THE ACTUAL 4240 02:58:11,001 --> 02:58:14,000 UNEMPLOYMENT NUMBERS ARE 4241 02:58:14,001 --> 02:58:15,000 PROBABLY HIGHER THAN THE ROUGHLY 4242 02:58:15,001 --> 02:58:16,000 10% THAT'S QUOTED NOW. 4243 02:58:16,001 --> 02:58:17,000 SOME PEOPLE SAY IT COULD BE AS 4244 02:58:17,001 --> 02:58:19,000 MUCH AS 17%. 4245 02:58:19,001 --> 02:58:20,000 AND THIS IS WHY I HAVE SUPPORTED 4246 02:58:20,001 --> 02:58:21,000 EVERY EXTENSION OF UNEMPLOYMENT 4247 02:58:21,001 --> 02:58:23,000 BENEFITS. 4248 02:58:23,001 --> 02:58:25,000 I HAVE VOTED FOR THEM. 4249 02:58:25,001 --> 02:58:26,000 BECAUSE, AS MY COLLEAGUE SAYS, 4250 02:58:26,001 --> 02:58:28,000 THERE ARE FIVE PEOPLE LOOKING 4251 02:58:28,001 --> 02:58:29,000 FOR EVERY JOB THAT EXISTS, AND 4252 02:58:29,001 --> 02:58:31,000 IF THEY CAN'T GET JOBS, THEY 4253 02:58:31,001 --> 02:58:33,000 NEED THE SUPPORT. 4254 02:58:33,001 --> 02:58:35,000 BUT I THINK -- WHAT I SAID IS 4255 02:58:35,001 --> 02:58:37,000 TRUE, AND IF MY COLLEAGUE COULD 4256 02:58:37,001 --> 02:58:38,000 FIND A SOURCE THAT SAYS IT'S NOT 4257 02:58:38,001 --> 02:58:39,000 TRUE, THEN PLEASE SHOW ME. 4258 02:58:39,001 --> 02:58:42,000 BUT PROVIDING UNEMPLOYMENT 4259 02:58:42,001 --> 02:58:45,000 BENEFITS DOES NOT CREATE JOBS. 4260 02:58:45,001 --> 02:58:46,000 AND THE BILL WE HAVE BEFORE US 4261 02:58:46,001 --> 02:58:48,000 IS DENOMINATED AROUND HERE AS A 4262 02:58:48,001 --> 02:58:49,000 JOBS BILL, AND THIS IS THE 4263 02:58:49,001 --> 02:58:51,000 BIGGEST SINGLE EXPENDITURE IN 4264 02:58:51,001 --> 02:58:53,000 THE BILL AND YET IT DOESN'T CREATE JOBS. 4265 02:58:53,001 --> 02:58:57,000 MAKING. 4266 02:58:57,001 --> 02:58:59,000 MR. BAUCUS: I MIGHT ASK, IF MY 4267 02:58:59,001 --> 02:59:00,000 COLLEAGUE WILL YIELD TO A 4268 02:59:00,001 --> 02:59:01,000 QUESTION, FIRST OF ALL, 4269 02:59:01,001 --> 02:59:03,000 UNEMPLOYMENT BENEFITS IN MY HOME 4270 02:59:03,001 --> 02:59:05,000 STATE OF MONTANA IS ABOUT $300 A MONTH. 4271 02:59:05,001 --> 02:59:07,000 THAT'S ALL. 4272 02:59:07,001 --> 02:59:08,000 $300 A MONTH IN MY STATE OF 4273 02:59:08,001 --> 02:59:10,000 MONTANA. 4274 02:59:10,001 --> 02:59:11,000 AND I KNOW DOGGONE WELL THAT 4275 02:59:11,001 --> 02:59:14,000 THAT'S NOT ENOUGH TO KEEP 4276 02:59:14,001 --> 02:59:16,000 ANYBODY VERY LONG. 4277 02:59:16,001 --> 02:59:18,000 AND THOSE -- A LOT OF FOLKS IN 4278 02:59:18,001 --> 02:59:19,000 MY STATE ARE LOOKING FOR JOBS. 4279 02:59:19,001 --> 02:59:21,000 THEY'RE JUST NOT AVAILABLE. 4280 02:59:21,001 --> 02:59:23,000 SECOND, FAILURE TO PASS THIS 4281 02:59:23,001 --> 02:59:26,000 EXTENDERS BILL I THINK 4282 02:59:26,001 --> 02:59:30,000 FAIRLY SAID IS A JOB DESTROYER 4283 02:59:30,001 --> 02:59:31,000 BECAUSE THERE'S SO MANY PEOPLE 4284 02:59:31,001 --> 02:59:32,000 THAT ARE TAKING ADVANTAGE OF 4285 02:59:32,001 --> 02:59:35,000 MANY PROVISIONS OF THIS BILL -- 4286 02:59:35,001 --> 02:59:37,000 FOR EXAMPLE, THE R&D TAX CREDIT, 4287 02:59:37,001 --> 02:59:38,000 WHICH YOU MENTIONED EARLIER, 4288 02:59:38,001 --> 02:59:42,000 SENATOR, THERE ARE OTHERS -- OTHER PROVISIONS IN THIS BILL, 4289 02:59:42,001 --> 02:59:43,000 LIKE THE TEACHERS' EXPENSE, FOR 4290 02:59:43,001 --> 02:59:45,000 EXAMPLE, THERE'S DEDUCTION FOR 4291 02:59:45,001 --> 02:59:46,000 TUITION. 4292 02:59:46,001 --> 02:59:48,000 LET'S TAKE UNEMPLOYMENT. 4293 02:59:48,001 --> 02:59:50,000 LET'S SEND UNEMPLOYMENT -- LET'S 4294 02:59:50,001 --> 02:59:51,000 SAY UNEMPLOYMENT INSURANCE WERE NOT CONTINUED. 4295 02:59:51,001 --> 02:59:53,000 THAT WOULD BE A HUGE DRAG ON THE ECONOMY. 4296 02:59:53,001 --> 02:59:56,000 AND IF THE PROVISIONS THAT WE 4297 02:59:56,001 --> 02:59:58,000 ARE SEEKING MERELY TO EXTEND 4298 02:59:58,001 --> 02:59:59,000 WERE NOT PASSED, IT WOULD BE A 4299 02:59:59,001 --> 03:00:01,000 JOB DESTROYER. 4300 03:00:01,001 --> 03:00:03,000 THE PRESIDENT 4301 03:00:03,001 --> 03:00:04,000 HAS OFTEN SAID, COMMENTATORS 4302 03:00:04,001 --> 03:00:06,000 HAVE OFTEN SAID, YOU KNOW, OW 4303 03:00:06,001 --> 03:00:07,000 GOAL HERE IS TO SAVE OR CREATE 4304 03:00:07,001 --> 03:00:09,000 SO MANY JOBS. 4305 03:00:09,001 --> 03:00:10,000 YOU KNOW, IT'S KIND OF HARD TO 4306 03:00:10,001 --> 03:00:11,000 SAY WHAT'S SAVED AND WHAT'S 4307 03:00:11,001 --> 03:00:12,000 CREATED SOMETIMES. 4308 03:00:12,001 --> 03:00:15,000 BUT THE POINT IS WE CERTAINLY 4309 03:00:15,001 --> 03:00:17,000 WANT TO SAVE JOBS, TOO. 4310 03:00:17,001 --> 03:00:19,000 WE DON'T WANT THE RECESSION TO 4311 03:00:19,001 --> 03:00:20,000 BE WORSE. 4312 03:00:20,001 --> 03:00:23,000 FAILURE TO PASS THIS LEGISLATION 4313 03:00:23,001 --> 03:00:26,000 IS CERTAINLY GOING TO CAUSE 4314 03:00:26,001 --> 03:00:29,000 TREMENDOUS HARDSP ON A LOT OF 4315 03:00:29,001 --> 03:00:31,000 AMERICANS AND IT'S GOING TO NOT 4316 03:00:31,001 --> 03:00:32,000 -- IT WOULD BE A DISINCENTIVE 4317 03:00:32,001 --> 03:00:35,000 FOR THE ECONOMY TO TURN AROUND. 4318 03:00:35,001 --> 03:00:38,000 IT WOULD BE A DISINCENTIVE FOR 4319 03:00:38,001 --> 03:00:40,000 THE UNEMPLOYMENT RATE TO FINALLY 4320 03:00:40,001 --> 03:00:42,000 COME DOWN TO LEVELS THAT WE FIND THIS. 4321 03:00:42,001 --> 03:00:44,000 SO FAILURE TO PASS 4322 03:00:44,001 --> 03:00:47,000 JOBS DESTROYER. 4323 03:00:47,001 --> 03:00:48,000 I' 4324 03:00:48,001 --> 03:00:49,000 MR. KYL: I WANT TO RESPOND TO 4325 03:00:49,001 --> 03:00:50,000 MY COLLEAGUE. 4326 03:00:50,001 --> 03:00:52,000 THE POINT I WAS MAKING IS IT IS 4327 03:00:52,001 --> 03:00:54,000 HARD TO DESCRIBE THIS AS A JOBS 4328 03:00:54,001 --> 03:00:56,000 BILL BECAUSE IT DOESN'T CREATE JOBS. 4329 03:00:56,001 --> 03:00:57,000 EACH YEAR WE EXTEND THESE TAX 4330 03:00:57,001 --> 03:00:59,000 PROVISIONS, THAT'S WHY WE IN 4331 03:00:59,001 --> 03:01:00,000 WASHINGTON CALL IT THE TAX 4332 03:01:00,001 --> 03:01:03,000 EXTENDERS BILL, THIS ISN'T SOME 4333 03:01:03,001 --> 03:01:04,000 NEW JOB CREATOR. 4334 03:01:04,001 --> 03:01:07,000 I AGREE WITH MY COLLEAGUE THAT 4335 03:01:07,001 --> 03:01:09,000 TO THE EXTENT THAT WE CONTINUE 4336 03:01:09,001 --> 03:01:11,000 THIS IN PRACTICE, THOUGH 4337 03:01:11,001 --> 03:01:12,000 EVERYBODY WHO TAKES ADVANTAGE OF 4338 03:01:12,001 --> 03:01:15,000 IT KNOWS THAT IT WILL BE 4339 03:01:15,001 --> 03:01:16,000 EXTENDED, SO THEY HAVEN'T MADE 4340 03:01:16,001 --> 03:01:18,000 DECISIONS BASED ON THE PROSPECT 4341 03:01:18,001 --> 03:01:21,000 THAT WE AREN'T GOING TO DO IT. 4342 03:01:21,001 --> 03:01:22,000 THEY KNOW WE'RE GOING TO DO IT 4343 03:01:22,001 --> 03:01:23,000 RETROACTIVELY. 4344 03:01:23,001 --> 03:01:24,000 SO IT IS NOT CREATING ANY NEW 4345 03:01:24,001 --> 03:01:27,000 JOBS. I SUPPORT THE EXTENSION. 4346 03:01:27,001 --> 03:01:30,000 I THINK IT IS A GOOD THIFNLG BUT 4347 03:01:30,001 --> 03:01:32,000 LET'S DON'T CALL IT A JOBS BILL. 4348 03:01:32,001 --> 03:01:33,000 BY CONTRAST, THE HEALTH CARE 4349 03:01:33,001 --> 03:01:35,000 LEGISLATION THAT MY COLLEAGUE 4350 03:01:35,001 --> 03:01:37,000 SUPPORTS IS A JOB KILLER. 4351 03:01:37,001 --> 03:01:40,000 AND I POINTED OUT JUST ONE 4352 03:01:40,001 --> 03:01:44,000 PROVISION -- 115,000 JOBS PER 4353 03:01:44,001 --> 03:01:46,000 YEAR LOST JUST BECAUSE OF THE 4354 03:01:46,001 --> 03:01:49,000 ONE PROVISION -- TAXING THE 4355 03:01:49,001 --> 03:01:51,000 SO-CALLED PASSIVE INCOME, THE 4356 03:01:51,001 --> 03:01:53,000 DIVIDENDS, AND WE'RE NOT EVEN 4357 03:01:53,001 --> 03:01:55,000 SURE WHETHER CAPITAL GAINS ARE 4358 03:01:55,001 --> 03:01:56,000 TAXED IN THAT, AND SO THEIR 4359 03:01:56,001 --> 03:01:58,000 ESTIMATES MAY EVEN BE LOW. 4360 03:01:58,001 --> 03:02:01,000 SO THE RELATE CITY THAT IF WE'RE 4361 03:02:01,001 --> 03:02:03,000 RULELY TALKING ABOUT SAVING OR 4362 03:02:03,001 --> 03:02:05,000 CREATING JOBS, LET'S FORGET THIS 4363 03:02:05,001 --> 03:02:08,000 MASSIVE HEALTH CARE LEGISLATION 4364 03:02:08,001 --> 03:02:09,000 THAT NOW ADDS TWO MORE 4365 03:02:09,001 --> 03:02:11,000 JOB-KILLING PROVISIONS TO IT -- 4366 03:02:11,001 --> 03:02:14,000 A 31% INCREASE IN THE PAYROLL 4367 03:02:14,001 --> 03:02:19,000 TAX AND TAXING FOR THE FIRST 4368 03:02:19,001 --> 03:02:20,000 TIME PASSIVE INCOME AS A PART OF 4369 03:02:20,001 --> 03:02:22,000 MEDICARE. 4370 03:02:22,001 --> 03:02:23,000 THAT'S A JOB KILLER, AND SO IF 4371 03:02:23,001 --> 03:02:24,000 WE'RE GOING TO TALK ABOUT JOBS 4372 03:02:24,001 --> 03:02:26,000 WITH REGARD TO THE LEGISLATION 4373 03:02:26,001 --> 03:02:28,000 WE HAVE BEFORE US, I THINK IT'S 4374 03:02:28,001 --> 03:02:30,000 A FAIR POINT TO ALSO TALK ABOUT LEGISLATION THAT OUR COLLEAGUES 4375 03:02:30,001 --> 03:02:32,000 ON THE OTHER SIDE OF THE AISLE 4376 03:02:32,001 --> 03:02:36,000 WANT VERY 4377 03:02:36,001 --> 03:02:37,000 PASSED. 4378 03:02:37,001 --> 03:02:38,000 MR. BAUCUS: MR. PRESIDENT, I 4379 03:02:38,001 --> 03:02:41,000 DON'T WANT TO PROLONG THIS TOO 4380 03:02:41,001 --> 03:02:42,000 LONG BUT THE FACT IS THAT THE 4381 03:02:42,001 --> 03:02:44,000 PRESIDENT'S COUNCIL OF ECONOMIC 4382 03:02:44,001 --> 03:02:46,000 ADVISORS HAS CONCLUDED THAT THIS 4383 03:02:46,001 --> 03:02:47,000 LEGISLATION -- THAT THE HEALTH 4384 03:02:47,001 --> 03:02:49,000 CARE FORMER LEGISLATION -- 4385 03:02:49,001 --> 03:02:51,000 THAT'S NOT BEFORE US RIGHT NOW, 4386 03:02:51,001 --> 03:02:52,000 BUT THE HEALTH REFORM 4387 03:02:52,001 --> 03:02:53,000 LEGISLATION WILL ACTUALLY CREATE 4388 03:02:53,001 --> 03:02:55,000 JOBS, NEW JOBS. 4389 03:02:55,001 --> 03:02:59,000 THAT'S THE 4390 03:02:59,001 --> 03:03:00,000 COUNCIL OF ECONOMIC ADVISORS. 4391 03:03:00,001 --> 03:03:01,000 MR. SESSIONS: MR. PRESIDENT? 4392 03:03:01,001 --> 03:03:02,000 THE PRESIDING OFFICER: THE 4393 03:03:02,001 --> 03:03:05,000 SENATOR FROM ALABAMA. 4394 03:03:05,001 --> 03:03:06,000 MR. SESSIONS:c MR. PRESIDENT, I 4395 03:03:06,001 --> 03:03:11,000 HAVE AT THE DESK AMENDMENT 4396 03:03:11,001 --> 03:03:16,000 NUMBER 3337, AND I WOULD 4397 03:03:16,001 --> 03:03:17,000 ITS IMMEDIATE CONSIDERATION. 4398 03:03:17,001 --> 03:03:18,000 THE PRESIDING OFFICER: THE 4399 03:03:18,001 --> 03:03:19,000 CLERK WILL REPORT. 4400 03:03:19,001 --> 03:03:21,000 THE CLERK: THE SENATOR FROM 4401 03:03:21,001 --> 03:03:23,000 ALABAMA, MR. SESSIONS, PROPOSES 4402 03:03:23,001 --> 03:03:25,000 AMENDMENT NUMBERED 3337 TO 4403 03:03:25,001 --> 03:03:26,000 AMENDMENT NUMBER 4404 03:03:26,001 --> 03:03:27,000 MR. SESSIONS: MR. PRESIDENT, 4405 03:03:27,001 --> 03:03:29,000 I'D ASK THAT THE READING OF THE 4406 03:03:29,001 --> 03:03:30,000 ALLOT BE DISPENSED WITH. 4407 03:03:30,001 --> 03:03:31,000 THE PRESIDING OFFICER: -- THAT 4408 03:03:31,001 --> 03:03:32,000 THE READING OF THE AMENDMENT BE 4409 03:03:32,001 --> 03:03:33,000 DISPENSED WITH. 4410 03:03:33,001 --> 03:03:36,000 THE PRESIDING OFFICER: WOWCTS. 4411 03:03:36,001 --> 03:03:38,000 MR. SESSIONS: THIS IS THE 4412 03:03:38,001 --> 03:03:39,000 SESSIONS-McCASKILL AMENDMENT. 4413 03:03:39,001 --> 03:03:40,000 SENATOR McCASKILL, MY 4414 03:03:40,001 --> 03:03:42,000 COLLEAGUE FROM MISSOURI. 4415 03:03:42,001 --> 03:03:43,000 THIS IS A BIPARTISAN AMENDMENT. 4416 03:03:43,001 --> 03:03:45,000 IT IS ONE THAT I THINK IS VERY, 4417 03:03:45,001 --> 03:03:48,000 VERY IMPORTANT, AND I HOPE MY 4418 03:03:48,001 --> 03:03:49,000 COLLEAGUES WILL GIVE IT SERIOUS 4419 03:03:49,001 --> 03:03:50,000 CONSIDERATION. 4420 03:03:50,001 --> 03:03:54,000 WE'RE CLOSE TO ENOUGH VOTES TO 4421 03:03:54,001 --> 03:03:56,000 MAKE IT LAW, AND I AM ABSOLUTELY 4422 03:03:56,001 --> 03:04:00,000 CONVINCED THAT IT IS ONE THING 4423 03:04:00,001 --> 03:04:02,000 THAT WILL WORK TO REDUCE THE 4424 03:04:02,001 --> 03:04:07,000 SURGING DEFICITS IN OUR COUNTRY. 4425 03:04:07,001 --> 03:04:11,000 LAST WEEK I TRAVELED -- I GUESS 4426 03:04:11,001 --> 03:04:13,000 WEEK BEFORE LAST NOW. 4427 03:04:13,001 --> 03:04:15,000 SIX DAYS OF TRAVEL, AND PEOPLE 4428 03:04:15,001 --> 03:04:18,000 CONTINUE RALLY EXPRESSED TO ME 4429 03:04:18,001 --> 03:04:21,000 -- AND PEOPLE CONTINUALLY 4430 03:04:21,001 --> 03:04:22,000 EXPRESSED TO ME THE CONDITION OF 4431 03:04:22,001 --> 03:04:23,000 OUR COUNTRY. 4432 03:04:23,001 --> 03:04:25,000 THEY WANT US TO DO SOMETHING ABOUT IT. 4433 03:04:25,001 --> 03:04:26,000 I HEARD SOME OF MY COLLEAGUES 4434 03:04:26,001 --> 03:04:28,000 EXPRESS THINGS LIKE, WELL, THIS 4435 03:04:28,001 --> 03:04:29,000 IS JUST POPULIST ANGER. 4436 03:04:29,001 --> 03:04:30,000 IT WILL PASS OFF. 4437 03:04:30,001 --> 03:04:31,000 YOU KNOW, WE NEED TO KEEP A COOL 4438 03:04:31,001 --> 03:04:33,000 HEAD HERE. 4439 03:04:33,001 --> 03:04:34,000 WE DON'T REALLY HAVE TO CHANGE 4440 03:04:34,001 --> 03:04:36,000 HOW WE DO BUSINESS. 4441 03:04:36,001 --> 03:04:38,000 THINGS ARE GOING TO WORK OUT 4442 03:04:38,001 --> 03:04:40,000 SOMEHOW, SOME WAY, ALTHOUGH 4443 03:04:40,001 --> 03:04:42,000 NOTHING IN THE NUMBERS SHOW 4444 03:04:42,001 --> 03:04:44,000 THAT, AND MR. BERNANKE, THE 4445 03:04:44,001 --> 03:04:47,000 CHAIRMAN OF THE FEDERAL RESERVE, 4446 03:04:47,001 --> 03:04:49,000 SAID LAST WEEK IN HIS TES 4447 03:04:49,001 --> 03:04:50,000 BEFORE CONGRESS, OUR PATH IS 4448 03:04:50,001 --> 03:04:52,000 UNSUSTAINABLE. 4449 03:04:52,001 --> 03:04:54,000 NOT THE FIRST TIME HE'S SAID THAT. 4450 03:04:54,001 --> 03:04:56,000 VIRTUALLY EVERY ECONOMIST WHO'S 4451 03:04:56,001 --> 03:04:58,000 EVER OPINED IN THE LAST SIX 4452 03:04:58,001 --> 03:05:01,000 MONTHS OR MORE ON OUR ECONOMY 4453 03:05:01,001 --> 03:05:03,000 SAYS OUR SPENDING LEVELS ARE 4454 03:05:03,001 --> 03:05:05,000 UNSUSTAINABLE AND THREATEN THE 4455 03:05:05,001 --> 03:05:07,000 VIBRANCY OF OUR ECONOMIC SYSTEM 4456 03:05:07,001 --> 03:05:09,000 IN THIS COUNTRY. 4457 03:05:09,001 --> 03:05:10,000 AND IT'S JUST A VERY TROUBLING 4458 03:05:10,001 --> 03:05:12,000 THING, AND WE KNOW THAT. 4459 03:05:12,001 --> 03:05:14,000 SO I -- WE DON'T NEED TO GO INTO 4460 03:05:14,001 --> 03:05:16,000 A WHOLE LOT OF DISCUSSION ABOUT 4461 03:05:16,001 --> 03:05:19,000 IT. 4462 03:05:19,001 --> 03:05:22,000 THE GROWTH DEBT THAT OUR COUNTRY 4463 03:05:22,001 --> 03:05:23,000 AL-HASSAN GROWN TO A-- THAT OUR 4464 03:05:23,001 --> 03:05:25,000 COUNTRY HAS HAS GROWN TO 4465 03:05:25,001 --> 03:05:26,000 APPROXIMATELY $12 TRILLION, THE 4466 03:05:26,001 --> 03:05:28,000 HIGH NEST OUR NATION'S HISTORY, 4467 03:05:28,001 --> 03:05:32,000 AND THE PUBLIC DEBT, THE AMOUNT 4468 03:05:32,001 --> 03:05:33,000 OF DEBT THAT THIS COUNTRY OWES 4469 03:05:33,001 --> 03:05:35,000 OUTSIDE ITS 0 OWN GOVERNMENT -- 4470 03:05:35,001 --> 03:05:37,000 SOME OF THIS IS INTERNAL DEBT. 4471 03:05:37,001 --> 03:05:39,000 WE OWE SOCIAL SECURITY AND 4472 03:05:39,001 --> 03:05:42,000 MEDICARE AND OTHER TRUST FUNDS 4473 03:05:42,001 --> 03:05:44,000 THAT MAY BE IN SURPLUS, BUT WE 4474 03:05:44,001 --> 03:05:47,000 OWE TRILLIONS OUTSIDE, AND 4475 03:05:47,001 --> 03:05:49,000 WITHIN FIVE YEARS OUR PUBLIC 4476 03:05:49,001 --> 03:05:51,000 DEBT WILL DULL AND IN TEN YEARS 4477 03:05:51,001 --> 03:05:53,000 THE PUBLIC -- WILL DOUBLE AND IN 4478 03:05:53,001 --> 03:05:54,000 TE YEARS THE PUBLIC DEBT WILL TRIPLE. 4479 03:05:54,001 --> 03:05:56,000 I WOULD JUST SHOW THE CHART ON 4480 03:05:56,001 --> 03:05:58,000 THAT BEFORE I GO INTO THE 4481 03:05:58,001 --> 03:06:02,000 DETAILS OF IT. 4482 03:06:02,001 --> 03:06:05,000 AND ONE OF THE CONSEQUENCES OF 4483 03:06:05,001 --> 03:06:07,000 THAT PUBLIC DEBT IS THAT WE PAY 4484 03:06:07,001 --> 03:06:09,000 INTEREST, AND WE HAVE TO GET 4485 03:06:09,001 --> 03:06:11,000 NATIONS OR INDIVIDUALS TO LOAN 4486 03:06:11,001 --> 03:06:14,000 US THEIR MONEY BY BUYING OUR 4487 03:06:14,001 --> 03:06:15,000 TREASURY BILLS AND BONDS, NOTES, 4488 03:06:15,001 --> 03:06:17,000 AND WHEN THEY GIVE US THEIR 4489 03:06:17,001 --> 03:06:19,000 MONEY, WE HAVE TO PAY THEM INTEREST. 4490 03:06:19,001 --> 03:06:21,000 THIS ISN'T FREE. 4491 03:06:21,001 --> 03:06:22,000 ALL OF OUR DEBT THAT WE RUN UP, 4492 03:06:22,001 --> 03:06:24,000 THIS BILL THAT'S ON THE FLOOR 4493 03:06:24,001 --> 03:06:27,000 TODAY, IT WILL ADD TO THE DEBT AGAIN. 4494 03:06:27,001 --> 03:06:30,000 NONE OF S PAID FOR. 4495 03:06:30,001 --> 03:06:35,000 AND SO THIS IS WHAT YOU GET, IN 4496 03:06:35,001 --> 03:06:38,000 STUNNING NUMBERS 4497 03:06:38,001 --> 03:06:40,000 IN 2009 INTEREST ON THE PUBLIC 4498 03:06:40,001 --> 03:06:44,000 DEBT -- THE DEBT WE OWE TO 4499 03:06:44,001 --> 03:06:46,000 PEOPLE OUTSIDE OUR GOVERNMENT -- 4500 03:06:46,001 --> 03:06:48,000 WAS $170 BILLION. 4501 03:06:48,001 --> 03:06:50,000 THE CONGRESSIONAL BUDGET OFFICE 4502 03:06:50,001 --> 03:06:52,000 SCORES IT BASED ON THE BUDGET 4503 03:06:52,001 --> 03:06:53,000 PRESIDENT OBAMA GAVE TO US, A 4504 03:06:53,001 --> 03:06:56,000 TEN-YEAR BUDGET HE SUBMITTED. 4505 03:06:56,001 --> 03:06:59,000 IF HIS BUDGET WAS AFFECTED FOR 4506 03:06:59,001 --> 03:07:02,000 TEN YEARS, THE DEFICIT WOULD GO 4507 03:07:02,001 --> 03:07:04,000 UP EVERY SINGLE YEAR, NOT A -- 4508 03:07:04,001 --> 03:07:05,000 THE DEBT WILL CONTINUE TO GO UP 4509 03:07:05,001 --> 03:07:07,000 EVERY SINGLE YEAR, AND IN THE 4510 03:07:07,001 --> 03:07:09,000 OUT YEARS, THE ANNUAL DEFICITS 4511 03:07:09,001 --> 03:07:11,000 WILL BE APPROACHING $1 TRILLION 4512 03:07:11,001 --> 03:07:13,000 EACH YEAR AGAIN. 4513 03:07:13,001 --> 03:07:16,000 AND THE INTEREST 0 ON THE DEBT 4514 03:07:16,001 --> 03:07:20,000 IN ONE YEAR WOULD BE $799 4515 03:07:20,001 --> 03:07:21,000 BILLION. 4516 03:07:21,001 --> 03:07:23,000 NOW, THAT'S WELL ABOVE THE 4517 03:07:23,001 --> 03:07:25,000 CURRENT DEFENSE BUDGET. 4518 03:07:25,001 --> 03:07:28,000 I THINK AID TO EDUCATION IS $50 4519 03:07:28,001 --> 03:07:29,000 BILLION TO $60 BILLION. 4520 03:07:29,001 --> 03:07:31,000 FEDERAL AID TO HIGHWAYS LAST 4521 03:07:31,001 --> 03:07:32,000 YEAR, YEAR BEFORE LAST WAS $40 4522 03:07:32,001 --> 03:07:37,000 BILLION. 4523 03:07:37,001 --> 03:07:38,000 00 BILLION IN INTEREST IN ONE 4524 03:07:38,001 --> 03:07:39,000 YEAR? 4525 03:07:39,001 --> 03:07:40,000 IT IS A STUNNING NUMBER, 4526 03:07:40,001 --> 03:07:42,000 BREATHTAKING NUMBER. 4527 03:07:42,001 --> 03:07:45,000 IT IS GOING TO CROWD OUT ALL 4528 03:07:45,001 --> 03:07:47,000 KINDS OF PLANS SOME OF MY 4529 03:07:47,001 --> 03:07:50,000 SPENDING COLLEAGUES WOULD LIKE 4530 03:07:50,001 --> 03:07:51,000 TO EFFECTUATE IN 4531 03:07:51,001 --> 03:07:52,000 YEARS BECAUSE WE'RE NOT GOING TO 4532 03:07:52,001 --> 03:07:54,000 HAVE THE MONEY. 4533 03:07:54,001 --> 03:07:55,000 OR ELSE WE'RE GOING TO INFLATE 4534 03:07:55,001 --> 03:07:56,000 THE CURRENCY AND 4535 03:07:56,001 --> 03:07:59,000 ECONOMY IN THE MOST SYSTEMIC WAY. 4536 03:07:59,001 --> 03:08:01,000 SO I WOULD JUST SAY, THIS 4537 03:08:01,001 --> 03:08:03,000 DISTURBING TREND OF HIGHER AND 4538 03:08:03,001 --> 03:08:07,000 HIGHER DEFICITS AND DEFICIT 4539 03:08:07,001 --> 03:08:10,000 SPENDING SHOWS NO SIGN OF STOPPING. 4540 03:08:10,001 --> 03:08:13,000 THIS YEAR THE -- AS OF SEPTEMBER 4541 03:08:13,001 --> 03:08:16,000 30, OUR FISCAL YEAR, WE ENDED 4542 03:08:16,001 --> 03:08:17,000 WITH A $1.4 TRILLION DEFICIT. 4543 03:08:17,001 --> 03:08:20,000 THAT'S ABOUT THREE TIMES THE 4544 03:08:20,001 --> 03:08:22,000 HIGHEST DEFICIT WE'VE EVER HAD. 4545 03:08:22,001 --> 03:08:25,000 IT'S PROJECTED AS OF SEPTEMBER 4546 03:08:25,001 --> 03:08:29,000 30 OF THIS YEAR WE'LL HAVE ABOUT 4547 03:08:29,001 --> 03:08:30,000 A $1.4 TRILLION, $1.5 TRILLION 4548 03:08:30,001 --> 03:08:33,000 DEFICIT -- THIS YEAR, WHICH 4549 03:08:33,001 --> 03:08:35,000 WOULD BE THE HIGHEST EVER. 4550 03:08:35,001 --> 03:08:38,000 AGAIN, IN CONSECUTIVE YEARS. 4551 03:08:38,001 --> 03:08:41,000 SO IT IS A STUNNING THING, AND 4552 03:08:41,001 --> 03:08:43,000 WE CAN'TONTINUE TO SPEND LIKE 4553 03:08:43,001 --> 03:08:48,000 WE'RE SPENDING. 4554 03:08:48,001 --> 03:08:50,000 BETWEEN9900 AND 2002, HOWEVER, 4555 03:08:50,001 --> 03:08:52,000 CONGRESS TOOK SOME STEPS THAT 4556 03:08:52,001 --> 03:08:56,000 ACTUALLY WORKED TO HELP GET US 4557 03:08:56,001 --> 03:08:59,000 OUT OF A SPIRAL OF SPENDING DEFICITS. 4558 03:08:59,001 --> 03:09:01,000 IT WAS SUCCESSFUL. 4559 03:09:01,001 --> 03:09:03,000 IT RESULTED -- THE RESULT OF 4560 03:09:03,001 --> 03:09:04,000 WHAT WE DID IS WE PASSED 4561 03:09:04,001 --> 03:09:06,000 STATUTORY CAPS ON SPENDING, 4562 03:09:06,001 --> 03:09:08,000 DISCRETIONARY SPENDING ONLY, NOT 4563 03:09:08,001 --> 03:09:10,000 SECURITY AND MEDICARE AND THOSE 4564 03:09:10,001 --> 03:09:15,000 KINDS OF PROGRAMS, AND WE KEPT 4565 03:09:15,001 --> 03:09:16,000 % TO 2% 4566 03:09:16,001 --> 03:09:17,000 YEAR. 4567 03:09:17,001 --> 03:09:20,000 AS THIS CHART WOULD SHOW, THESE 4568 03:09:20,001 --> 03:09:23,000 CAPS LED TO A SURPLUS. 4569 03:09:23,001 --> 03:09:25,000 THE CHART IS UPSIDE DOWN REALLY. 4570 03:09:25,001 --> 03:09:26,000 THIS IS THE SURPLUS YEARS AND 4571 03:09:26,001 --> 03:09:28,000 THESE ARE THE DEFICIT YEARS. 4572 03:09:28,001 --> 03:09:31,000 SO DURING THESE YEARS, WE BEGIN 4573 03:09:31,001 --> 03:09:33,000 TO SHOW A DECLINE IN DEFICITS, 4574 03:09:33,001 --> 03:09:35,000 ALL THE WAY THROUGH THESE SURPLUSES. 4575 03:09:35,001 --> 03:09:37,000 AND THEN WHEN IT EXPIRES, IT 4576 03:09:37,001 --> 03:09:38,000 JUMPED BACK UP AGAIN AND THIS 4577 03:09:38,001 --> 03:09:42,000 LOOKS LIKE A HIGH DEFICIT, AND 4578 03:09:42,001 --> 03:09:46,000 IT IS A VERY HIGH DEFICIT IN 4579 03:09:46,001 --> 03:09:50,000 2004, BUT THAT WAS ABOUT THE 4580 03:09:50,001 --> 03:09:51,000 HIGHEST 4581 03:09:51,001 --> 03:09:52,000 BILLION. 4582 03:09:52,001 --> 03:09:58,000 AND I JUST MADE THE POINT THAT 4583 03:09:58,001 --> 03:09:59,000 THIS PAST FISCAL 4584 03:09:59,001 --> 03:10:00,000 $ 4585 03:10:00,001 --> 03:10:02,000 $1,400 BILLION. 4586 03:10:02,001 --> 03:10:03,000 AND NEXT YEAR IT WILL BE $1,500 4587 03:10:03,001 --> 03:10:06,000 BILLION. 4588 03:10:06,001 --> 03:10:09,000 SO WE LOST SOME DISCIPLINE WHEN 4589 03:10:09,001 --> 03:10:13,000 WE ALLOWED THOSE STATUTORY CAPS 4590 03:10:13,001 --> 03:10:14,000 0 OR SPENDING LEVELS TO BE 4591 03:10:14,001 --> 03:10:17,000 BREACHED AND GO AWAY. 4592 03:10:17,001 --> 03:10:21,000 SO THIS AMENDMENT THAT SENATOR 4593 03:10:21,001 --> 03:10:24,000 McCASKILL AND I ARE OFFERING 4594 03:10:24,001 --> 03:10:25,000 BOTH RESTORES AND STRENGTHENS 4595 03:10:25,001 --> 03:10:26,000 THE PROCEDURES THAT WERE PROVEN 4596 03:10:26,001 --> 03:10:28,000 TO WORK IN THE 1990'S. 4597 03:10:28,001 --> 03:10:31,000 IT WOULD CREATE A FOUR-YEAR 4598 03:10:31,001 --> 03:10:34,000 DISCRETIONARY SPENDING CAP OR 4599 03:10:34,001 --> 03:10:36,000 LIMIT, AND IT WOULD SET THOSE 4600 03:10:36,001 --> 03:10:40,000 LIMITS AT THE LEVEL OF THE 4601 03:10:40,001 --> 03:10:42,000 FISCAL YEAR 10 BUDGET RESOLUTION 4602 03:10:42,001 --> 03:10:44,000 THAT CONGRESS PASSED LAST YEAR. 4603 03:10:44,001 --> 03:10:46,000 SO LAST YEAR WE PASSED A BUDGET 4604 03:10:46,001 --> 03:10:50,000 RESOLUTION NOT TEN YEARS, AS 4605 03:10:50,001 --> 03:10:53,000 PROPOSED BY PRESIDENT OBAMA, BUT 4606 03:10:53,001 --> 03:10:55,000 FIVE YEARS THAT IS IN EFFECT. 4607 03:10:55,001 --> 03:10:57,000 ONE OF THE THINGS YOU LEARN 4608 03:10:57,001 --> 03:10:59,000 AROUND HERE IS THE ONLY PART OF 4609 03:10:59,001 --> 03:11:03,000 THE BUDGET THAT REALLY HAS ANY 4610 03:11:03,001 --> 03:11:05,000 TEETH IS THE YEAR WE'RE IN. AND DISCRETIONARY SPENDING LAST 4611 03:11:05,001 --> 03:11:06,000 YEAR ON ONE OMNIBUS BILL THAT 4612 03:11:06,001 --> 03:11:07,000 COVERS ABOUT HALF THE 4613 03:11:07,001 --> 03:11:10,000 APPROPRIATIONS BILL WAS AN 4614 03:11:10,001 --> 03:11:12,000 INCREASE OF 12%. 4615 03:11:12,001 --> 03:11:13,000 SO WE'RE NOT DOING A VERY GOOD 4616 03:11:13,001 --> 03:11:17,000 JOB AT THAT. 4617 03:11:17,001 --> 03:11:19,000 AND SO IT H NO TEETH IN THESE 4618 03:11:19,001 --> 03:11:22,000 OUTER YEARS IN 4619 03:11:22,001 --> 03:11:25,000 AND IT PROPOSES, THOUGH, A 4620 03:11:25,001 --> 03:11:28,000 FAIRLY RESPONSIBLE SPENDING 4621 03:11:28,001 --> 03:11:31,000 INCREASE OF 2% OR SO A YEAR OVER 4622 03:11:31,001 --> 03:11:33,000 THESE FOUR YEARS. 4623 03:11:33,001 --> 03:11:35,000 NOW, YOU WERE SAYING, SENATOR 4624 03:11:35,001 --> 03:11:36,000 SESSIONS, YOUR STATE IS CUTTING 4625 03:11:36,001 --> 03:11:37,000 ITS BUDGET. 4626 03:11:37,001 --> 03:11:39,000 MY CONSTITUENT STATE IS HAVING 4627 03:11:39,001 --> 03:11:41,000 TO REDUCE -- MY STATE IS HAVING 4628 03:11:41,001 --> 03:11:42,000 TO REDUCE ITS BUDGET. 4629 03:11:42,001 --> 03:11:43,000 MY CITY IS HAVING TO REDUCE ITS 4630 03:11:43,001 --> 03:11:45,000 BUDGET. 4631 03:11:45,001 --> 03:11:47,000 MY COUNTY IS HAVING TO REDUCE ITS BUDGET. 4632 03:11:47,001 --> 03:11:49,000 MY FAMILY IS REDUCING ITS BUDGET. 4633 03:11:49,001 --> 03:11:50,000 WHY CAN'T YOU GUYS REDUCE THE 4634 03:11:50,001 --> 03:11:52,000 BUDGET? 4635 03:11:52,001 --> 03:11:54,000 THE ANSWER IS, WE CAN OF COURSE. 4636 03:11:54,001 --> 03:11:55,000 AND SOM 4637 03:11:55,001 --> 03:11:57,000 THE PRESIDENT HAS SUGGESTED -- 4638 03:11:57,001 --> 03:12:00,000 WE SHOULD HAVE A FREEZE ON THE 4639 03:12:00,001 --> 03:12:03,000 BUDGET, WHICH I WOULD SUPPORT, 4640 03:12:03,001 --> 03:12:05,000 BUT I AM JUST SAYING TO MY 4641 03:12:05,001 --> 03:12:07,000 COLLEAGUES, SINCE LAST YEAR OUR 4642 03:12:07,001 --> 03:12:10,000 DISCRETIONARY SPENDING ACCOUNTS 4643 03:12:10,001 --> 03:12:13,000 WERE IN DOUBLE DIGITS, THAT IF 4644 03:12:13,001 --> 03:12:16,000 WE PASS THIS SO THAT WE HAVE A 4645 03:12:16,001 --> 03:12:17,000 STATUTORY LIMIT OF 1% TO 2% ON 4646 03:12:17,001 --> 03:12:21,000 INCREASES FOR THE NEXT FOUR 4647 03:12:21,001 --> 03:12:25,000 YEARS, AND IT'S SUBJECT TO A 4648 03:12:25,001 --> 03:12:29,000 TWO-THIRDSTWO-THIRDS POINT OF ORDER VOTE 4649 03:12:29,001 --> 03:12:30,000 IN THE CONGRESS -- IF THERE IS A 4650 03:12:30,001 --> 03:12:31,000 PROPOSAL TO GO ABOVE THAT ON AN 4651 03:12:31,001 --> 03:12:33,000 EMERGENCY NEED -- I THINK WE'LL 4652 03:12:33,001 --> 03:12:37,000 HAVE A MUCH, MUCH BETTER CHANCE 4653 03:12:37,001 --> 03:12:38,000 OF MAKING THE KIND OF TOUGH 4654 03:12:38,001 --> 03:12:40,000 DECISIONS IN THE CONGRESS TO 4655 03:12:40,001 --> 03:12:42,000 CONTAIN THIS EVER-GROWING 4656 03:12:42,001 --> 03:12:46,000 SPENDING LEVEL THAN W WE HAVE BEEN 4657 03:12:46,001 --> 03:12:48,000 DOING IN THE LAST SEVERAL YEARS. 4658 03:12:48,001 --> 03:12:51,000 SO THE OMNIBUS APPROPRIATIONS 4659 03:12:51,001 --> 03:12:53,000 BILL THAT PASSED LAST YEAR 4660 03:12:53,001 --> 03:12:57,000 INCREASED FEDERAL SPENDING 12% 4661 03:12:57,001 --> 03:13:00,000 IN ONE 4662 03:13:00,001 --> 03:13:02,000 THAT'S A LOT. 4663 03:13:02,001 --> 03:13:03,000 AT 7%, YOUR MONEY WILL DOUBLE IN 4664 03:13:03,001 --> 03:13:05,000 TEN YEARS. 4665 03:13:05,001 --> 03:13:07,000 AT 12%, I GUESS THE SPENDING IN 4666 03:13:07,001 --> 03:13:09,000 THOSE ACCOUNTS WOULD DOUBLE IN 4667 03:13:09,001 --> 03:13:12,000 SIX OR SEVEN YEARS. 4668 03:13:12,001 --> 03:13:13,000 DOUBLE IN SIX OR SEVEN YEARS, NO 4669 03:13:13,001 --> 03:13:15,000 DOUBT ABOUT IT, UNLESS SOMETHING 4670 03:13:15,001 --> 03:13:16,000 IS DONE ABOUT THOSE STRENDZ Z 4671 03:13:16,001 --> 03:13:17,000 TRENDS. 4672 03:13:17,001 --> 03:13:18,000 SO THIS LEGISLATION THAT SENATOR 4673 03:13:18,001 --> 03:13:20,000 McCASKILL AND I HAVE OFFERED, 4674 03:13:20,001 --> 03:13:27,000 I THINK, WOULD GET US THERE. 4675 03:13:27,001 --> 03:13:28,000 AND I WAS PLEASED TO SEE THAT 17 4676 03:13:28,001 --> 03:13:30,000 MEMBERS OF DEMOCRATIC SENATORS 4677 03:13:30,001 --> 03:13:32,000 VOTED FOR THE BILL BECAUSE I 4678 03:13:32,001 --> 03:13:34,000 THINK THERE'S A GROWING 4679 03:13:34,001 --> 03:13:36,000 BIPARTISAN CONSENSUS THAT WE CAN 4680 03:13:36,001 --> 03:13:37,000 DO BETTER. 4681 03:13:37,001 --> 03:13:40,000 A 2% CONTAINMENT IN THE GROWTH 4682 03:13:40,001 --> 03:13:43,000 IN SPENDING WILL NOT CAUSE THE 4683 03:13:43,001 --> 03:13:45,000 UNITED STATES TO SINK INTO THE OCEAN. 4684 03:13:45,001 --> 03:13:46,000 WE'RE STILL GOING TO EXIST. 4685 03:13:46,001 --> 03:13:48,000 THE AMERICAN PEOPLE ARE STILL 4686 03:13:48,001 --> 03:13:49,000 GOING TO HAVE A GOVERNMENT IN 4687 03:13:49,001 --> 03:13:50,000 WASHINGTON. 4688 03:13:50,001 --> 03:13:52,000 THEY ARE THERE IS THERE ARE 4689 03:13:52,001 --> 03:13:54,000 STILL GOING TO BE BUREAUCRATS UP 4690 03:13:54,001 --> 03:13:57,000 HERE TO TAKE CARE OF US IF WE 4691 03:13:57,001 --> 03:14:00,000 JUST HAVE A 2% GROWTH IN THE 4692 03:14:00,001 --> 03:14:01,000 DISCRETIONARY ACCOUNT INSTEAD OF 4693 03:14:01,001 --> 03:14:05,000 12% OR WHATEVER THAT NUMBER WAS 4694 03:14:05,001 --> 03:14:06,000 LAST YEAR. 4695 03:14:06,001 --> 03:14:08,000 AS I WOULD NOTE, THE PRESIDENT 4696 03:14:08,001 --> 03:14:10,000 SUGGESTED FREEZING SOME OF THE 4697 03:14:10,001 --> 03:14:12,000 ACCOUNTS AND ALTHOUGH THERE'S 4698 03:14:12,001 --> 03:14:16,000 SOME VERY SIGNIFICANT, I HAVE TO 4699 03:14:16,001 --> 03:14:18,000 SAY, GIMMICKS IN THAT THAT MAKE 4700 03:14:18,001 --> 03:14:20,000 IT MUCH LESS TIGHT THAN IT WOULD 4701 03:14:20,001 --> 03:14:21,000 APPEAR FROM HIS STATE OF THE 4702 03:14:21,001 --> 03:14:23,000 UNION ADDRESS, STILL IT 4703 03:14:23,001 --> 03:14:26,000 INDICATES THAT THE PRESIDENT 4704 03:14:26,001 --> 03:14:29,000 HIMSELF KNOWS THAT WE'VE GOT TO 4705 03:14:29,001 --> 03:14:31,000 REDUCE OUR SPENDING IN, AND IN 4706 03:14:31,001 --> 03:14:35,000 SOME OF THESE ACCOUNTS WE COULD 4707 03:14:35,001 --> 03:14:36,000 FREEZE THEM WITH NO DAMAGE TO 4708 03:14:36,001 --> 03:14:37,000 OUR NATION OUR SURE. 4709 03:14:37,001 --> 03:14:39,000 SO I SALUTE HIM FOR THAT, AND 4710 03:14:39,001 --> 03:14:41,000 THIS BILL WOULD CREATE SPENDING 4711 03:14:41,001 --> 03:14:43,000 LIMITS, NOT BASED ON WHAT JEFF 4712 03:14:43,001 --> 03:14:46,000 SESSIONS SAID THE LIMITS SHOULD 4713 03:14:46,001 --> 03:14:48,000 BE, BUT THESE ARE THE LIMITS IN 4714 03:14:48,001 --> 03:14:49,000 THE PRESIDENT'S BUDGET THAT 4715 03:14:49,001 --> 03:14:51,000 FIRST FIVE YEARS OF IT THAT H 4716 03:14:51,001 --> 03:14:54,000 PROPOSED AND THAT CONGRESS 4717 03:14:54,001 --> 03:14:55,000 PASSED LAST YEAR. 4718 03:14:55,001 --> 03:14:57,000 WE WOULD BE SIMPLY SAYING THIS 4719 03:14:57,001 --> 03:14:58,000 WOULD BE A HARD LIMIT ON HOW 4720 03:14:58,001 --> 03:15:00,000 MUCHE CAN SPEND. 4721 03:15:00,001 --> 03:15:02,000 AND IF WE SPEND MORE THAN THAT 4722 03:15:02,001 --> 03:15:03,000 ON AN EMERGENCY, WE'D HAVE TO 4723 03:15:03,001 --> 03:15:05,000 HAVE STRONG SUPPORT IN THE 4724 03:15:05,001 --> 03:15:07,000 CONGRESS TO CREATE AN EMERGENCY 4725 03:15:07,001 --> 03:15:08,000 TO SPEND ABOVE THAT. 4726 03:15:08,001 --> 03:15:11,000 NOW, WE'VE BEEN ABLE TO DO THAT 4727 03:15:11,001 --> 03:15:14,000 MANY TIMES IN THE PAST IF A TRUE 4728 03:15:14,001 --> 03:15:18,000 EMERGENCY ARISES. 4729 03:15:18,001 --> 03:15:20,000 NOW, SOME SAY, JEFF, YOU'RE 4730 03:15:20,001 --> 03:15:22,000 FOCUSING TOO MUCH ON THE 4731 03:15:22,001 --> 03:15:25,000 ENTITLEMENTS ARE BIGGER. 4732 03:15:25,001 --> 03:15:26,000 SOCIAL SECURITY, MEDICARE, THOSE 4733 03:15:26,001 --> 03:15:29,000 KIND OF THINGS. 4734 03:15:29,001 --> 03:15:30,000 THEY ARE A BIGGER PROBLEM THAN 4735 03:15:30,001 --> 03:15:32,000 DISCRETIONARY SPENDING. 4736 03:15:32,001 --> 03:15:34,000 WELL, THERE ARE THREE REASONS I 4737 03:15:34,001 --> 03:15:35,000 THINK WE HAVE GOT TO ACT ON 4738 03:15:35,001 --> 03:15:37,000 DISCRETIONARY SPENDING. 4739 03:15:37,001 --> 03:15:38,000 ONE IS THAT WHILE ENTITLEMENTS 4740 03:15:38,001 --> 03:15:41,000 LIKE SOCIAL SECURITY AND 4741 03:15:41,001 --> 03:15:43,000 MEDICARE ARE LARGE, THEY 4742 03:15:43,001 --> 03:15:44,000 ACTUALLY HAVE A NET SURPLUS 4743 03:15:44,001 --> 03:15:50,000 RIGHT NOW. 4744 03:15:50,001 --> 03:15:51,000 IN FACT, CONGRESS RATED -- 4745 03:15:51,001 --> 03:15:53,000 RAIDED $137 BILLION FROM SOCIAL 4746 03:15:53,001 --> 03:15:55,000 SECURITY IN FISCAL YEAR 2009 TO 4747 03:15:55,001 --> 03:15:58,000 PAY FOR OTHER THINGS, SUCH AS 4748 03:15:58,001 --> 03:16:00,000 THE $800 BILLION THRUS PACKAGE 4749 03:16:00,001 --> 03:16:02,000 THAT -- STIMULUS PACKAGE THAT WE 4750 03:16:02,001 --> 03:16:03,000 PASSED- THAT CONGRESS PASSED 4751 03:16:03,001 --> 03:16:08,000 LAST YEAR. 4752 03:16:08,001 --> 03:16:09,000 OF COURSE, $137 BILLION SOCIAL 4753 03:16:09,001 --> 03:16:12,000 SECURITY SURPLUS WON'T PAY FOR 4754 03:16:12,001 --> 03:16:13,000 THE CONGRESS'S $800 BILLION 4755 03:16:13,001 --> 03:16:16,000 STIMULUS PACKAGE, SO WHERE DID 4756 03:16:16,001 --> 03:16:18,000 THE REST OF THE MONEY COME FROM? 4757 03:16:18,001 --> 03:16:21,000 WE BORROWED IT ON THE WORLD 4758 03:16:21,001 --> 03:16:24,000 MARKET WHICH WE PAY IN INTEREST. 4759 03:16:24,001 --> 03:16:25,000 WHAT ABOUT THE SOCIAL SECURITY SURPLUS? 4760 03:16:25,001 --> 03:16:27,000 IS THAT FREE MONEY? 4761 03:16:27,001 --> 03:16:29,000 NO, IT'S NOT, BECAUSE SOCIAL 4762 03:16:29,001 --> 03:16:31,000 SECURITY IS HEADING TO DEFAULT. 4763 03:16:31,001 --> 03:16:33,000 AND WHEN WE TAKE THE SOCIAL 4764 03:16:33,001 --> 03:16:37,000 SECURITY SURPLUS INTO THE UNITED 4765 03:16:37,001 --> 03:16:39,000 STATES TREASURY AND SPEND IT ON 4766 03:16:39,001 --> 03:16:42,000 INCREASING DISCRETIONARY 4767 03:16:42,001 --> 03:16:45,000 SPENDING BY 12%, WE GIVE THEM 4768 03:16:45,001 --> 03:16:48,000 BACK A DEBT INSTRUMENT, AN 4769 03:16:48,001 --> 03:16:50,000 I.O.U., REALLY A TREASURY BOND. 4770 03:16:50,001 --> 03:16:51,000 I'M TOL THEY'RE IN SOME 4771 03:16:51,001 --> 03:16:53,000 LOCATION IN WEST VIRGINIA. 4772 03:16:53,001 --> 03:16:56,000 I'M SURE THE CHAIRMAN OF THE COMMITTEE KNOWS THAT. 4773 03:16:56,001 --> 03:16:59,000 I WANT TO GO OUT AND SEE THEM, 4774 03:16:59,001 --> 03:17:00,000 BUT THEY HAVE NOTES OUT THERE, 4775 03:17:00,001 --> 03:17:02,000 TREASURY BILLS EVIDENCING THE 4776 03:17:02,001 --> 03:17:05,000 DEBT OF THE U.S. TREASURY TO THE 4777 03:17:05,001 --> 03:17:07,000 SOCIAL SECURITY ADMINISTRATION. 4778 03:17:07,001 --> 03:17:08,000 AND AS SOON AS SOCIAL SECURITY 4779 03:17:08,001 --> 03:17:09,000 GOES INTO DEFICIT, IT'S GOING TO 4780 03:17:09,001 --> 03:17:11,000 CALL THOSE NOTES. 4781 03:17:11,001 --> 03:17:13,000 IT WOULD REALLY NOT MAKE MUCH 4782 03:17:13,001 --> 03:17:15,000 DIFFERENCE WHETHER YOU BORROWED 4783 03:17:15,001 --> 03:17:17,000 IT FROM THE SOCIAL SECURITY OR 4784 03:17:17,001 --> 03:17:19,000 YOU BORROWED IT FROM THE PUBLIC. 4785 03:17:19,001 --> 03:17:20,000 THE INTEREST RATES ARE 4786 03:17:20,001 --> 03:17:22,000 SIMILAR TOO. 4787 03:17:22,001 --> 03:17:25,000 THEY PAY INTEREST TO SOCIAL 4788 03:17:25,001 --> 03:17:30,000 SECURITY AND MEDICARE. 4789 03:17:30,001 --> 03:17:32,000 WHEN MEDICARE HAS A SURPLUS. 4790 03:17:32,001 --> 03:17:34,000 SO, UNDER THE BUDGET, IT'S 4791 03:17:34,001 --> 03:17:38,000 PROJECTED THAT CONGRESS WILL 4792 03:17:38,001 --> 03:17:40,000 RAID ANOTHER $90 BILLION IN 4793 03:17:40,001 --> 03:17:43,000 2010 -- THIS YEAR WE'RE IN -- TO 4794 03:17:43,001 --> 03:17:44,000 PAY FOR THINGS LIKE THIS OMNIBUS 4795 03:17:44,001 --> 03:17:46,000 BILL THAT'S ON THE FLOOR FOR 4796 03:17:46,001 --> 03:17:51,000 INCREASED TRANSPORTATION AND 4797 03:17:51,001 --> 03:17:53,000 H.U.D. FUNDING THAT WENT UP 23%, 4798 03:17:53,001 --> 03:17:55,000 CREATE MORE FUNDING FOR THE 4799 03:17:55,001 --> 03:17:59,000 STATE AND FOREIGN OPERATIONS ACCOUNTS. 4800 03:17:59,001 --> 03:18:02,000 THAT WENT UP 33% THIS YEAR. 4801 03:18:02,001 --> 03:18:08,000 A RECORD $1.4 TRILLION DEFICIT 4802 03:18:08,001 --> 03:18:10,000 LAST YEAR AND A PROJECTED $1.4 4803 03:18:10,001 --> 03:18:12,000 TRILLION-PLUS FOR FISCAL YEAR 2010. 4804 03:18:12,001 --> 03:18:13,000 AND ALL OF THAT REALLY WAS 4805 03:18:13,001 --> 03:18:16,000 DRIVEN NOT BY DEFICITS IN 4806 03:18:16,001 --> 03:18:17,000 MEDICARE AND SOCIAL SECURITY, 4807 03:18:17,001 --> 03:18:18,000 BUT FROM A DISCRETIONARY 4808 03:18:18,001 --> 03:18:19,000 SPENDING ACCOUNT. 4809 03:18:19,001 --> 03:18:22,000 OUR APPROPRIATORS ARE ALWAYS 4810 03:18:22,001 --> 03:18:24,000 SAYING THE PROBLEM IS ALL SOCIAL 4811 03:18:24,001 --> 03:18:28,000 SECURITY AND MEDICARE. 4812 03:18:28,001 --> 03:18:29,000 BUT 4813 03:18:29,001 --> 03:18:30,000 EXCEPTION WE'VE HAD SURPLUSES IN 4814 03:18:30,001 --> 03:18:35,000 THOSE ACCOUNTS, AND WE'RE 4815 03:18:35,001 --> 03:18:37,000 SPENDING THAT TO SUPPLEMENT OUR 4816 03:18:37,001 --> 03:18:39,000 GENERAL FUNDS SPENDING, AND WE 4817 03:18:39,001 --> 03:18:40,000 GIVE EVIDENCES 4818 03:18:40,001 --> 03:18:44,000 OUR SENIORS FROM MEDICARE AND 4819 03:18:44,001 --> 03:18:45,000 SOCIAL SECURITY THAT ACTUARIES 4820 03:18:45,001 --> 03:18:48,000 TELL US WITHOUT ANY DOUBT WILL 4821 03:18:48,001 --> 03:18:49,000 SOON BE IN DEFICIT, AND WE'RE 4822 03:18:49,001 --> 03:18:52,000 GOING TO CALL THOSE NOTES. 4823 03:18:52,001 --> 03:18:53,000 AND THE TREASURE'S GOT TO 4824 03:18:53,001 --> 03:18:54,000 COME -- AND THE TREASURY'S GOT 4825 03:18:54,001 --> 03:18:57,000 TO COME UP WITH IT. 4826 03:18:57,001 --> 03:18:58,000 SO THERE'S NO FREE LUNCH. 4827 03:18:58,001 --> 03:19:00,000 NOTHING COMES FROM NOTHING. 4828 03:19:00,001 --> 03:19:02,000 IF YOU SPEND MONEY YOU DON'T 4829 03:19:02,001 --> 03:19:03,000 HAVE, YOU BORROW IT SOMEWHERE. 4830 03:19:03,001 --> 03:19:06,000 YOU COULD PRINT MONEY, I 4831 03:19:06,001 --> 03:19:11,000 SUPPOSE, AND DEVALUE THE CURRENCY. 4832 03:19:11,001 --> 03:19:13,000 BUT EVERYBODY HAS THEIR VALUES 4833 03:19:13,001 --> 03:19:16,000 IN -- MONEY IN THEIR POCKET DEVALUED. 4834 03:19:16,001 --> 03:19:24,000 THERE IS NO WAY YOU CAN DO THIS 4835 03:19:24,001 --> 03:19:27,000 IN A FREE WAY AND WE'VE BEEN IRRESPONSIBLE. 4836 03:19:27,001 --> 03:19:29,000 WHEN I GO TO TOWN HALL MEETINGS, 4837 03:19:29,001 --> 03:19:30,000 WHAT CAN I TELL THEM? 4838 03:19:30,001 --> 03:19:31,000 WE DIDN'T DO ANYTHING WRONG, THE 4839 03:19:31,001 --> 03:19:33,000 SENATE AND THE HOUSE. 4840 03:19:33,001 --> 03:19:36,000 WE'VE BEEN HANDLING YOUR MONEY 4841 03:19:36,001 --> 03:19:38,000 JUST FINE FELLOW ALABAMIAN. 4842 03:19:38,001 --> 03:19:39,000 DON'T COMPLAIN, DON'T GET MAD. 4843 03:19:39,001 --> 03:19:41,000 YOU'LL GET OVER IT. 4844 03:19:41,001 --> 03:19:44,000 SO WE'VE GOT A $800 BILLION 4845 03:19:44,001 --> 03:19:46,000 INTEREST PAYMENT COMING UP IN 4846 03:19:46,001 --> 03:19:48,000 2019, AND OUR CHILDREN AND 4847 03:19:48,001 --> 03:19:50,000 GRANDCHILDREN ARE GOING TO PAY THAT. 4848 03:19:50,001 --> 03:19:52,000 AND WHEN SENATOR 4849 03:19:52,001 --> 03:19:55,000 THAT THIS UNEMPLOYMENT INSURANCE 4850 03:19:55,001 --> 03:19:57,000 BE PAID FOR OUT OF THE UNSPENT 4851 03:19:57,001 --> 03:20:00,000 $800 BILLION STIMULUS AND NOT 4852 03:20:00,001 --> 03:20:02,000 ADD IT TO THE DEBT, WHICH OUR 4853 03:20:02,001 --> 03:20:08,000 GRANDCHILDREN WOULD PAY, HE WAS 4854 03:20:08,001 --> 03:20:10,000 ABLE TO SAY WITH SOME PERSONAL 4855 03:20:10,001 --> 03:20:11,000 CONVICTION, WITH 42 4856 03:20:11,001 --> 03:20:13,000 GRANDCHILDREN, HE WASN'T GOING 4857 03:20:13,001 --> 03:20:14,000 TO VOTE FOR IT. 4858 03:20:14,001 --> 03:20:15,000 AND HE DIDN'T. 4859 03:20:15,001 --> 03:20:20,000 HE DIDN'T SUPPORT IT AND DIDN'T 4860 03:20:20,001 --> 03:20:22,000 AGREE TO LET IT PASS WITHOUT OBJECTION. 4861 03:20:22,001 --> 03:20:24,000 HE SAID WE SHOULD HAVE PAID FOR 4862 03:20:24,001 --> 03:20:26,000 IT, AND WE COULD HAVE OUT OF 4863 03:20:26,001 --> 03:20:27,000 THAT. 4864 03:20:27,001 --> 03:20:30,000 SO, ANOTHER REASON I THINK WE 4865 03:20:30,001 --> 03:20:35,000 NEED TO FOCUS ON DISCRETIONARY 4866 03:20:35,001 --> 03:20:36,000 SPENDING IS BECAUSE, UNLIKE THE 4867 03:20:36,001 --> 03:20:37,000 ENTITLEMENTS LIKE SOCIAL 4868 03:20:37,001 --> 03:20:38,000 SECURITY AND MEDICARE, 4869 03:20:38,001 --> 03:20:39,000 DISCRETIONARY SPENDING HAS 4870 03:20:39,001 --> 03:20:40,000 OVERHEAD. 4871 03:20:40,001 --> 03:20:42,000 THERE'S VERY LITTLE OVERHEAD IN 4872 03:20:42,001 --> 03:20:43,000 SOCIAL SECURITY AND MEDICARE. 4873 03:20:43,001 --> 03:20:44,000 SOME. 4874 03:20:44,001 --> 03:20:45,000 WE CAN DO BETTER. 4875 03:20:45,001 --> 03:20:47,000 I KNOW CHAIRMAN BAUCUS HAS 4876 03:20:47,001 --> 03:20:49,000 WORKEDN MEDICARE OVERHEAD. 4877 03:20:49,001 --> 03:20:50,000 I DON'T KNOW HOW MUCH CAN BE 4878 03:20:50,001 --> 03:20:51,000 SQUEEZED OUT OF SOCIAL SECURITY 4879 03:20:51,001 --> 03:20:53,000 OVERHEAD. 4880 03:20:53,001 --> 03:20:54,000 NOT A LOT. 4881 03:20:54,001 --> 03:20:55,000 BECAUSE MOST OF 4882 03:20:55,001 --> 03:20:57,000 THAT GOES OUT TO SENIORS WHO 4883 03:20:57,001 --> 03:20:59,000 COUNT ON IT EVERY MONTH. 4884 03:20:59,001 --> 03:21:00,000 BUT THERE IS OVERHEAD IN 4885 03:21:00,001 --> 03:21:01,000 DISCRETIONARY SPENDING, ALL THE 4886 03:21:01,001 --> 03:21:02,000 THAT I THINK IS WE SPEND OUR 4887 03:21:02,001 --> 03:21:03,000 MONEY ON. 4888 03:21:03,001 --> 03:21:04,000 TRUST ME. 4889 03:21:04,001 --> 03:21:05,000 I'VE BEEN IN THE FEDERAL GOVERNMENT. 4890 03:21:05,001 --> 03:21:08,000 I'VE WORKED THERE. 4891 03:21:08,001 --> 03:21:13,000 I KNOW CAN BE MADE MORE 4892 03:21:13,001 --> 03:21:16,000 EFFICIENT. 4893 03:21:16,001 --> 03:21:17,000 IN THIS PAST YEAR WE INCREASE 4894 03:21:17,001 --> 03:21:21,000 SPENDING ON THE DEPARTMENT OF 4895 03:21:21,001 --> 03:21:22,000 INTERIOR AND E.P.A. BY 17% 4896 03:21:22,001 --> 03:21:23,000 TOTAL. 4897 03:21:23,001 --> 03:21:26,000 I THINK THE E.P.A. ACCOUNT WENT 4898 03:21:26,001 --> 03:21:28,000 UP 33%. 4899 03:21:28,001 --> 03:21:32,000 ONE YEAR, THEY GET A 33% 4900 03:21:32,001 --> 03:21:36,000 INCREASE IN THEIR BUDGET. 4901 03:21:36,001 --> 03:21:38,000 THIS DOES NOT INCLUDE ANY OF THE 4902 03:21:38,001 --> 03:21:41,000 $800 BILLION STIMULUS FUNDS THAT 4903 03:21:41,001 --> 03:21:43,000 WENT OUT, SOME OF WHICH HAS GONE OU 4904 03:21:43,001 --> 03:21:44,000 ABOUT HALF OF IT 4905 03:21:44,001 --> 03:21:46,000 DOESN'T INCLUDE THAT. 4906 03:21:46,001 --> 03:21:48,000 AND E.P.A. GOT MONEY OUT OF 4907 03:21:48,001 --> 03:21:52,000 THAT, INTERIOR GOT MONEY OUT OF 4908 03:21:52,001 --> 03:21:53,000 THAT, HIGHWAY THAT. 4909 03:21:53,001 --> 03:21:54,000 LARGE AMOUNTS. 4910 03:21:54,001 --> 03:21:57,000 WE'RE SEEING UNPRECEDENTED 4911 03:21:57,001 --> 03:21:58,000 INCREASES IN SPENDING IN THESE ACCOUNTS. 4912 03:21:58,001 --> 03:21:59,000 DEPARTMENT OF AGRICULTURE, I 4913 03:21:59,001 --> 03:22:00,000 REMEMBER PEOPLE CRITICIZING 4914 03:22:00,001 --> 03:22:01,000 PRESIDENT BUSH FOR SPENDING TOO 4915 03:22:01,001 --> 03:22:04,000 MUCH MONEY ON AG. 4916 03:22:04,001 --> 03:22:06,000 IF YOU LOOK AT HIS AG BUDGET 4917 03:22:06,001 --> 03:22:09,000 OVER THE EIGHT YEARS HE WAS 4918 03:22:09,001 --> 03:22:10,000 PRESIDENT, IT AVERAGED LESS THAN 4919 03:22:10,001 --> 03:22:14,000 2% INCREASE. 4920 03:22:14,001 --> 03:22:17,000 LAST YEAR OUR AG BUDGET -- NOT 4921 03:22:17,001 --> 03:22:18,000 COUNTING THE STIMULUS PACKAGE, 4922 03:22:18,001 --> 03:22:23,000 WHICH A LARGE AMOUNT OF IT WENT 4923 03:22:23,001 --> 03:22:24,000 TO AGRICULTURE -- INCREASED 15%. 4924 03:22:24,001 --> 03:22:25,000 I ALWAYS HAVE TRIED TO SUPPORT 4925 03:22:25,001 --> 03:22:27,000 THE AG BUDGET. 4926 03:22:27,001 --> 03:22:30,000 I COULD NOT SUPPORT THAT. 4927 03:22:30,001 --> 03:22:33,000 THAT WOULD DOUBLEHE ENTIRE 4928 03:22:33,001 --> 03:22:35,000 AGRICULTUR SPENDING IN, WHAT, 4929 03:22:35,001 --> 03:22:38,000 FIVE OR SIX -- FIVE YEARS, I 4930 03:22:38,001 --> 03:22:39,000 GUESS, AT COMPOUNDED INTEREST, 4931 03:22:39,001 --> 03:22:41,000 COMPOUNDED INCREASES. 4932 03:22:41,001 --> 03:22:42,000 IT'S JUST NOT RESPONSIBLE. 4933 03:22:42,001 --> 03:22:45,000 WE'VE GOT TO DO BETTER. 4934 03:22:45,001 --> 03:22:47,000 AND SO THE AMERICAN PEOPLE, I 4935 03:22:47,001 --> 03:22:52,000 THINK, ARE UPSET. 4936 03:22:52,001 --> 03:22:54,000 THIS 4937 03:22:54,001 --> 03:22:56,000 TOUGH QUESTION OF THE VOTERS IN 4938 03:22:56,001 --> 03:22:58,000 AMERICA: "WHICH OF THE 4939 03:22:58,001 --> 03:23:00,000 FOLLOWING COMES CLOSER TO YOUR 4940 03:23:00,001 --> 03:23:01,000 VIEW OF THE BUDGET DEFICIT -- 4941 03:23:01,001 --> 03:23:03,000 THE GOVERNMENT SHOULD RUN A 4942 03:23:03,001 --> 03:23:05,000 DEFICIT IF NECESSARY WHEN THE 4943 03:23:05,001 --> 03:23:07,000 COUNTRY IS IN A RECESSION AND AT 4944 03:23:07,001 --> 03:23:09,000 WAR, OR THE GOVERNMENT SHOULD 4945 03:23:09,001 --> 03:23:13,000 BALANCE THE BUDGET EVEN WHEN THE 4946 03:23:13,001 --> 03:23:17,000 COUNTRY IS IN RECESSION AND IS 4947 03:23:17,001 --> 03:23:20,000 AT WAR?" 4948 03:23:20,001 --> 03:23:21,000 67% SAY BALANCE THE BUDGET, YOU 4949 03:23:21,001 --> 03:23:23,000 GUYS, BECAUSE THEY'VE HEARD 4950 03:23:23,001 --> 03:23:25,000 THESE EXCUSES BEFORE. 4951 03:23:25,001 --> 03:23:27,000 THEY'VE HED ALL OF IT BEFORE. 4952 03:23:27,001 --> 03:23:29,000 AND WHAT ARE THEY SEEING? 4953 03:23:29,001 --> 03:23:30,000 RED INK AS FAR AS THE EYE CAN 4954 03:23:30,001 --> 03:23:35,000 SEE, WITH RECORD DEFICITS ABOVE 4955 03:23:35,001 --> 03:23:37,000 ANYTHING WE'VE EVER SEEN 4956 03:23:37,001 --> 03:23:41,000 THAT'S WHAT I'M HEARING WHEN I 4957 03:23:41,001 --> 03:23:42,000 GO OUT AND TALK TO MY 4958 03:23:42,001 --> 03:23:44,000 CONSTITUENTS. 4959 03:23:44,001 --> 03:23:46,000 AND MANY I, FRANKLY, AM GLAD I 4960 03:23:46,001 --> 03:23:49,000 DON'T HAVE TO DEFEND HAVING 4961 03:23:49,001 --> 03:23:50,000 VOTED FOR THIS STIMULUS PACKAGE. 4962 03:23:50,001 --> 03:23:53,000 I'M GLAD I DON'T HAVE TO DEFEND 4963 03:23:53,001 --> 03:23:56,000 THE $700 BILLION WALL STREET 4964 03:23:56,001 --> 03:23:58,000 BAILOUT, $182 BILLION GOING TO A.I.G. 4965 03:23:58,001 --> 03:23:59,000 THEY SOLD OFF ONE OF THE MOST 4966 03:23:59,001 --> 03:24:01,000 PROFITABLE COMPANIES -- TALKING 4967 03:24:01,001 --> 03:24:02,000 ABOU IT, I SAW IN THE PAPER 4968 03:24:02,001 --> 03:24:04,000 TODAY, AND THEY'RE GOING TO 4969 03:24:04,001 --> 03:24:06,000 BRING IN $35 BILLION. 4970 03:24:06,001 --> 03:24:09,000 THEY'RE GOING TO USE A CHUNK OF 4971 03:24:09,001 --> 03:24:10,000 THAT TO PAY DOWN SOME OF THAT 4972 03:24:10,001 --> 03:24:11,000 $182 BILLION DEBT. 4973 03:24:11,001 --> 03:24:13,000 BUT IF THEY KEEP SELLING OFF 4974 03:24:13,001 --> 03:24:14,000 WHAT THEY'VE GOT, HOW ARE THEY 4975 03:24:14,001 --> 03:24:16,000 GOING TO HAVE ANY MONEY TO PAY 4976 03:24:16,001 --> 03:24:17,000 THE REST OF IT? 4977 03:24:17,001 --> 03:24:19,000 THEY'RE NOT GOING TO PAY THE 4978 03:24:19,001 --> 03:24:22,000 REST OF IT, I DON'T THINK. 4979 03:24:22,001 --> 03:24:24,000 AND FINALLY, I WOULD ADD THAT 4980 03:24:24,001 --> 03:24:28,000 SPENDING BILLIONS -- ADDING 4981 03:24:28,001 --> 03:24:32,000 BILLIONS TO THE BASELINE BUDGET 4982 03:24:32,001 --> 03:24:36,000 MAKES A BIG DIFFERENCE. 4983 03:24:36,001 --> 03:24:37,000 I MADE THIS CHART FOR THE 4984 03:24:37,001 --> 03:24:40,000 APPROPRIATIONS BILL. 4985 03:24:40,001 --> 03:24:43,000 IT'S AN INTERESTING LITTLE CHART. 4986 03:24:43,001 --> 03:24:45,000 I THINK MY COLLEAGUE, I HOPE HE 4987 03:24:45,001 --> 03:24:47,000 WOULD PAY A LITTLE ATTENTION TO 4988 03:24:47,001 --> 03:24:50,000 THIS WEIRD FINE-PRINT CHARGE. 4989 03:24:50,001 --> 03:24:53,000 BUT IT SHOWS WHAT HAPPENS WHEN 4990 03:24:53,001 --> 03:24:56,000 THERE WAS GIMMICKED UP ON THE 4991 03:24:56,001 --> 03:24:59,000 BILL AN $18 BILLION ADD-ON ALL 4992 03:24:59,001 --> 03:25:02,000 UNPAID FOR, $18 BILLION TO THE DEBT. 4993 03:25:02,001 --> 03:25:05,000 IT WAS ADDED TO THE DEFENSE BILL. 4994 03:25:05,001 --> 03:25:06,000 NOW IF THIS GETS IN AS BASELINE 4995 03:25:06,001 --> 03:25:09,000 SPENDING, WHICH IS WHAT IT TENDS 4996 03:25:09,001 --> 03:25:11,000 TO DO, THE NEXT YEAR WHEN YOU 4997 03:25:11,001 --> 03:25:14,000 ADVERTISE HOW MUCH YOU INCREASE 4998 03:25:14,001 --> 03:25:15,000 DEFENSE SPENDING, YOU'VE GOT 4999 03:25:15,001 --> 03:25:16,000 THIS $18 BILLION IN. 5000 03:25:16,001 --> 03:25:18,000 IT ADDS UP. 5001 03:25:18,001 --> 03:25:19,000 SO THE NEXT YEAR IT'S NOT JUST 5002 03:25:19,001 --> 03:25:21,000 $18 BILLION. 5003 03:25:21,001 --> 03:25:23,000 IT'S THE $18 BILLION ADDITIONAL 5004 03:25:23,001 --> 03:25:24,000 MONEY THAT'S IN THE BASELINE 5005 03:25:24,001 --> 03:25:26,000 FROM THE PREVIOUS YEAR. 5006 03:25:26,001 --> 03:25:28,000 THEN YOU ADD ANOTHER $18 5007 03:25:28,001 --> 03:25:31,000 BILLION, LET'S SAY HYPOTHETICALLY. 5008 03:25:31,001 --> 03:25:34,000 YOU JACK IT UP EACH YEAR BY $18 BILLION. 5009 03:25:34,001 --> 03:25:36,000 THE NET DEFICIT IS $36 BILLION. 5010 03:25:36,001 --> 03:25:37,000 AND THE NEXT YEAR IT'S 36 PLUS 5011 03:25:37,001 --> 03:25:39,000 18. 5012 03:25:39,001 --> 03:25:42,000 THE NEXT YEAR IT'S 54 PLUS 18. 5013 03:25:42,001 --> 03:25:44,000 THE NEXT YEAR IS 72 PLUS 18. 5014 03:25:44,001 --> 03:25:48,000 YOU CARRY THAT OUT TO THE TENTH 5015 03:25:48,001 --> 03:25:49,000 YEAR AND IT'S 162 PLUS 18 OR 5016 03:25:49,001 --> 03:25:50,000 $180 BILLION EXTRA FOR THE 5017 03:25:50,001 --> 03:25:53,000 DEFENSE BUDGET IN ONE YEAR, 5018 03:25:53,001 --> 03:25:54,000 WHICH IS ABOUT $990 BILLION OVER 5019 03:25:54,001 --> 03:25:57,000 TEN YEARS. 5020 03:25:57,001 --> 03:26:02,000 SO AN $18 BILLION ADDITION OR 5021 03:26:02,001 --> 03:26:05,000 FAILURE TO CONTAIN THE GROWTH IN 5022 03:26:05,001 --> 03:26:07,000 THE, A DISCRETIONARY ACCOUNT HAS 5023 03:26:07,001 --> 03:26:10,000 TREMENDOUS RAMIFICATIONS OVER THE YEARS. 5024 03:26:10,001 --> 03:26:13,000 AND IT'S THIS KIND OF PSYCHOLOGY 5025 03:26:13,001 --> 03:26:16,000 THAT HAS LED US INTO THIS MESS. 5026 03:26:16,001 --> 03:26:20,000 AND SOME OF OUR APPROPRIATORS 5027 03:26:20,001 --> 03:26:21,000 AND OTHERS IN THIS CONGRESS, I 5028 03:26:21,001 --> 03:26:23,000 THINK,AVE FELT A THRILL IF 5029 03:26:23,001 --> 03:26:24,000 THEY CAN BEAT THE LIMIT ON THEIR 5030 03:26:24,001 --> 03:26:26,000 ACUNT. 5031 03:26:26,001 --> 03:26:28,000 SO IF THEY HAVE BEEN GIVEN AN 5032 03:26:28,001 --> 03:26:30,000 ACCOUNT AND THEY GET $80 BILLION 5033 03:26:30,001 --> 03:26:32,000 OR $100 BILLION, IF THEY CAN 5034 03:26:32,001 --> 03:26:35,000 FIGURE OUT A WAY TO GIMMICK IT 5035 03:26:35,001 --> 03:26:37,000 UP ABOUT $18 BILLION OR $5 5036 03:26:37,001 --> 03:26:39,000 BILLION OR $7 BILLION AND THEY 5037 03:26:39,001 --> 03:26:41,000 CAN MANEUVER IT THROUGH AND TELL 5038 03:26:41,001 --> 03:26:42,000 YOU WHEN THE BILL HITS THE 5039 03:26:42,001 --> 03:26:45,000 TPHRAORBGS WELL, IF YOU -- 5040 03:26:45,001 --> 03:26:46,000 FLOOR, IF YOU DON'T VOTE FOR IT 5041 03:26:46,001 --> 03:26:47,000 SESSIONS, YOU'RE AGAINST AGRICULTURE. 5042 03:26:47,001 --> 03:26:49,000 AND PEOPLE BACK HOME ARE GOING 5043 03:26:49,001 --> 03:26:50,000 TO ATTACK YOU BECAUSE YOU VOTED 5044 03:26:50,001 --> 03:26:53,000 AGAINST AGRICULTURE. 5045 03:26:53,001 --> 03:26:54,000 I SAY, WELL, MR. SENATOR, YOU 5046 03:26:54,001 --> 03:26:55,000 PUT TOO MUCH MONEY IN THAT. 5047 03:26:55,001 --> 03:26:57,000 I CAN'T VOTE FOR IT. 5048 03:26:57,001 --> 03:26:59,000 IT'S TOO BIG AN INCREASE. 5049 03:26:59,001 --> 03:27:00,000 YOU'RE EITHER FOR AGRICULTURE OR 5050 03:27:00,001 --> 03:27:02,000 YOU'RE AGAINST AGRICULTURE. 5051 03:27:02,001 --> 03:27:03,000 WHAT THEY SAID TO SENATOR 5052 03:27:03,001 --> 03:27:06,000 BUNNING DOWN HERE THE OTHER 5053 03:27:06,001 --> 03:27:07,000 NIGHT WAS, WHEN HE SAID TPHOEUT 5054 03:27:07,001 --> 03:27:09,000 INSURANCE -- WHEN HE SAID 5055 03:27:09,001 --> 03:27:10,000 UNEMPLOYMENT INSURANCE SHOULD BE 5056 03:27:10,001 --> 03:27:12,000 PAID FOR, THEY SAID YOU'RE 5057 03:27:12,001 --> 03:27:14,000 AGAINST UNEMPLOYMENT INSURANCE. 5058 03:27:14,001 --> 03:27:16,000 YOU WANT PEOPLE NOT TO HAVE ANY UNEMPLOYMENT INSURANCE. 5059 03:27:16,001 --> 03:27:18,000 WHICH WAS ABSOLUTELY FALSE. 5060 03:27:18,001 --> 03:27:19,000 AND THEY REPEATED IT OVER AND 5061 03:27:19,001 --> 03:27:21,000 OVER AGAIN. 5062 03:27:21,001 --> 03:27:23,000 BUT HE STOOD LIKE A SOLID ROCK, 5063 03:27:23,001 --> 03:27:25,000 AND HE DIDN'T GIVE IN. 5064 03:27:25,001 --> 03:27:27,000 HE SAID, I'M NOT AGREEING TO IT 5065 03:27:27,001 --> 03:27:31,000 BECAUSE YOU COULD PAYOR IT. 5066 03:27:31,001 --> 03:27:32,000 IT'S INCREASING THE DEBT OF MY 5067 03:27:32,001 --> 03:27:34,000 42 5068 03:27:34,001 --> 03:27:36,000 HE DIDN'T AGREE TO IT. 5069 03:27:36,001 --> 03:27:37,000 U KNOW, THAT'S JUST EVERY NOW 5070 03:27:37,001 --> 03:27:40,000 AND THEN SOMEBODY STANDS 5071 03:27:40,001 --> 03:27:41,000 NEWSPAPER THIS SENATE AND SAYS 5072 03:27:41,001 --> 03:27:42,000 I'VE -- STANDS UP IN THIS SENATE 5073 03:27:42,001 --> 03:27:44,000 AND SAYS I'VE HAD ENOUGH. 5074 03:27:44,001 --> 03:27:45,000 I'M NOT GOING TO SAY YES THIS 5075 03:27:45,001 --> 03:27:46,000 TIME. 5076 03:27:46,001 --> 03:27:50,000 AND I RESPECT HIM FOR THE 5077 03:27:50,001 --> 03:27:54,000 COURAGE HE S 5078 03:27:54,001 --> 03:27:55,000 WELL, THE COMMITTEE FOR COMMON 5079 03:27:55,001 --> 03:27:56,000 SENSE -- FOR A RESPONSIBLE 5080 03:27:56,001 --> 03:27:58,000 FEDERAL BUDGET, WHICH IS A 5081 03:27:58,001 --> 03:28:01,000 BIPARTISAN GROUP IN D.C., ISSUED 5082 03:28:01,001 --> 03:28:06,000 A REPORT NOT LONG AGO THAT SAID 5083 03:28:06,001 --> 03:28:07,000 THAT FREEZING ALL NONWAR-RELATE 5084 03:28:07,001 --> 03:28:10,000 DISCRETIONARY SPENDING NEXT YEAR 5085 03:28:10,001 --> 03:28:12,000 COULD SAVE US $60 BILLION IN ONE 5086 03:28:12,001 --> 03:28:15,000 YEAR AND WILL SET UP A NEW 5087 03:28:15,001 --> 03:28:17,000 BASELINE THAT WOULD SAVE 5088 03:28:17,001 --> 03:28:20,000 SORT OF AS THIS CHART I 5089 03:28:20,001 --> 03:28:22,000 SHOWED, CREATES A NEW BASELINE 5090 03:28:22,001 --> 03:28:26,000 MENTALITY THAT WOULD SAVE $60 5091 03:28:26,001 --> 03:28:27,000 BILLION OVER -- $600 BILLION 5092 03:28:27,001 --> 03:28:28,000 OVER TEN YEARS. 5093 03:28:28,001 --> 03:28:30,000 THAT'S A L. 5094 03:28:30,001 --> 03:28:31,000 EVEN IN WASHINGTON, $600 BILLION 5095 03:28:31,001 --> 03:28:33,000 IS REAL MONEY. 5096 03:28:33,001 --> 03:28:35,000 ON THE OTHER HAND, THE COMMITTEE 5097 03:28:35,001 --> 03:28:36,000 STATED THAT IF WE ALLOW 5098 03:28:36,001 --> 03:28:39,000 DISCRETIONARY SPENDING TO GROW 5099 03:28:39,001 --> 03:28:42,000 AT THE PROJECTED RATE OF G.D.P. 5100 03:28:42,001 --> 03:28:44,000 PWROEGT INSTEAD OF INFLATION -- 5101 03:28:44,001 --> 03:28:46,000 GROWTH INSTEAD OF INFLATION IT 5102 03:28:46,001 --> 03:28:48,000 WOULD COST US MORE OVER THE NEXT TEN YEARS. 5103 03:28:48,001 --> 03:28:50,000 THIS IS A NONBIASED GROUP. 5104 03:28:50,001 --> 03:28:51,000 I DON'T THINK ANYBODY WOULD 5105 03:28:51,001 --> 03:28:53,000 FUNDAMENTALLY DISAGREE WITH THAT. 5106 03:28:53,001 --> 03:28:57,000 SO IT DOES MAKE A DIFFERENCE HOW 5107 03:28:57,001 --> 03:28:59,000 MUCH MONEY WE SPEND ON EVERY 5108 03:28:59,001 --> 03:29:01,000 SINGLE ACCOUNT, EVERY SINGLE 5109 03:29:01,001 --> 03:29:07,000 FUNDING AND APPROPRIATIONS BILL 5110 03:29:07,001 --> 03:29:09,000 THAT COMES THROUGH THIS SENATE. 5111 03:29:09,001 --> 03:29:11,000 WELL, CAN WE GET BIPARTISAN 5112 03:29:11,001 --> 03:29:13,000 SUPPORT FOR HAVING A TOUGHER 5113 03:29:13,001 --> 03:29:15,000 LINE IN CONTAING SPENDING? 5114 03:29:15,001 --> 03:29:16,000 I THINK THE ANSWER IS ABSOLUTELY 5115 03:29:16,001 --> 03:29:18,000 WE CAN. 5116 03:29:18,001 --> 03:29:20,000 WHY IS THAT CONFIDENT? 5117 03:29:20,001 --> 03:29:22,000 WELL, THE SIMPLE FACT THAT THE 5118 03:29:22,001 --> 03:29:25,000 FIVE-YEAR BINDING COMPANIES THAT 5119 03:29:25,001 --> 03:29:26,000 WERE PASSED IN 10 HAD BROAD 5120 03:29:26,001 --> 03:29:29,000 BIPARTISAN SUPPORT. 5121 03:29:29,001 --> 03:29:30,000 IN FACT, TEN OF OUR CURRENTLY 5122 03:29:30,001 --> 03:29:32,000 SERVING DEMOCRATIC SENATORS 5123 03:29:32,001 --> 03:29:36,000 VOTED FOR THEM, AND A NUMBER OF 5124 03:29:36,001 --> 03:29:38,000 THE REPUBLICANS DID, INCLUDING 5125 03:29:38,001 --> 03:29:40,000 SENATOR REID, OUR DEMOCRATIC 5126 03:29:40,001 --> 03:29:41,000 LEADER, AND SENATOR INOUYE, THE 5127 03:29:41,001 --> 03:29:42,000 CHAIRMAN OF THE APPROPRIATIONS 5128 03:29:42,001 --> 03:29:45,000 COMMITTEE. 5129 03:29:45,001 --> 03:29:46,000 HE VOTED FOR THEM IN THE 1990'S. 5130 03:29:46,001 --> 03:29:48,000 I HAVE WE HAVE EVERY REASON TO 5131 03:29:48,001 --> 03:29:51,000 BELIEVE THAT IF WE THINK THIS 5132 03:29:51,001 --> 03:29:53,000 THROUGH WE CAN GET THERE. 5133 03:29:53,001 --> 03:29:56,000 THE FIVE-YEAR SPENDING GAPS THAT 5134 03:29:56,001 --> 03:29:58,000 PASSED IN THE 1990 DEAL HAD EVEN 5135 03:29:58,001 --> 03:30:01,000 STRONGER BIPARTISAN SUPPORT. 5136 03:30:01,001 --> 03:30:03,000 IT PASSED IN 1997. 5137 03:30:03,001 --> 03:30:07,000 I KNOW SENATOR BAUCUS WAS HERE 5138 03:30:07,001 --> 03:30:08,000 AND IT PASSED 85-15, WITH 44 5139 03:30:08,001 --> 03:30:09,000 CURRENTLY SERVING SENATORS 5140 03:30:09,001 --> 03:30:12,000 SUPPORTING IT. 5141 03:30:12,001 --> 03:30:15,000 26 OF THEM WERE DEMOCRATS. 5142 03:30:15,001 --> 03:30:16,000 SENATORS REID, DURBIN, CONRAD, 5143 03:30:16,001 --> 03:30:19,000 INOUYE, ALL VOTED FOR THEM. 5144 03:30:19,001 --> 03:30:22,000 SO IF WE COULD DO IT IN 1990 AND 5145 03:30:22,001 --> 03:30:24,000 ANOTHER ONE IN 1997, THERE'S NO 5146 03:30:24,001 --> 03:30:26,000 REASON WHY WE CAN'T DO IT NOW. 5147 03:30:26,001 --> 03:30:29,000 IN FACT, I -- MY STAFF HAVE MET 5148 03:30:29,001 --> 03:30:33,000 WITH NUMEROUS GROUPS ACROSS THE 5149 03:30:33,001 --> 03:30:35,000 POLITICAL SPECTRUM, BROOKINGS 5150 03:30:35,001 --> 03:30:37,000 INSTITUTE, THE URBAN ITITUTE, 5151 03:30:37,001 --> 03:30:38,000 THE PROGRESSIVE POLICY 5152 03:30:38,001 --> 03:30:40,000 INSTITUTE, THE CONCORDE 5153 03:30:40,001 --> 03:30:42,000 COALITION AND THE U.S. CHAMBER 5154 03:30:42,001 --> 03:30:44,000 OF COMMERCE, EVERYBODY WE MET 5155 03:30:44,001 --> 03:30:48,000 WITH HAS SAID GETTING A HANDLE 5156 03:30:48,001 --> 03:30:50,000 ON DISCRETIONARY S 5157 03:30:50,001 --> 03:30:51,000 SOMETHING -- SPENDING IS 5158 03:30:51,001 --> 03:30:53,000 ESSENTIAL. 5159 03:30:53,001 --> 03:30:55,000 THE A.A.R.P., THE ASSOCIATION OF 5160 03:30:55,001 --> 03:30:56,000 RETIRED PERSONS, INITIALLY 5161 03:30:56,001 --> 03:30:57,000 EXPRESSED OPPOSITION TO THE 5162 03:30:57,001 --> 03:30:59,000 AMENDMENT. 5163 03:30:59,001 --> 03:31:01,000 I BELIEVE WE'VE ADDRESSED THEIR CONCERNS. 5164 03:31:01,001 --> 03:31:03,000 THEIR CHIEF CONCERN WAS THAT WE 5165 03:31:03,001 --> 03:31:05,000 WOULD NOT SEPARATE DEFENSE AND 5166 03:31:05,001 --> 03:31:07,000 NON-DEFENSE SPENDING WHICH WOULD 5167 03:31:07,001 --> 03:31:08,000 LET THE NON-DEFENSE SPENDING 5168 03:31:08,001 --> 03:31:10,000 RAID NON-DEFENSE ACCOUNTS. 5169 03:31:10,001 --> 03:31:11,000 HOWEVER WE HAVE SEPARATED THEM, 5170 03:31:11,001 --> 03:31:14,000 SO THAT'S NOT A DANGER. 5171 03:31:14,001 --> 03:31:16,000 OF COURSE, ONE CRITICISM SOME 5172 03:31:16,001 --> 03:31:20,000 MIGHT GIVE TO THE BILL IS THAT 5173 03:31:20,001 --> 03:31:23,000 IT RAISES THE THRESHOLD FOR 5174 03:31:23,001 --> 03:31:27,000 VIOLATING BREAKING THE SPENDING 5175 03:31:27,001 --> 03:31:28,000 LIMITS FROM 60 SENATE VOTES TO 5176 03:31:28,001 --> 03:31:30,000 67 SENATE VOTES. 5177 03:31:30,001 --> 03:31:31,000 THEY SAY THAT'S JUST TOO 5178 03:31:31,001 --> 03:31:33,000 RESTRICTIVE. 5179 03:31:33,001 --> 03:31:35,000 BUT WE'VE GOT TO RAISE THE THRESHOLD. 5180 03:31:35,001 --> 03:31:36,000 BECAUSE WE'VE GOT A 60-VOTE 5181 03:31:36,001 --> 03:31:38,000 SITUATION NOW. 5182 03:31:38,001 --> 03:31:40,000 AND WE'VE BEEN ABLE TO MUSTER 60 5183 03:31:40,001 --> 03:31:41,000 VOTES TO PASS EVERY KIND OF 5184 03:31:41,001 --> 03:31:44,000 POSSIBLE EMERGENCY BILL AND SOME 5185 03:31:44,001 --> 03:31:45,000 THAT CLEARLY WEREN'T 5186 03:31:45,001 --> 03:31:46,000 EMERGENCIES. 5187 03:31:46,001 --> 03:31:48,000 IT TAKES 67 VOTES IN THIS 5188 03:31:48,001 --> 03:31:49,000 CHAMBER TO MAKE A CHANGE TO THE 5189 03:31:49,001 --> 03:31:52,000 SENATE JOURNAL. 5190 03:31:52,001 --> 03:31:54,000 BUT WE CAN MAX OUT THE NATION'S 5191 03:31:54,001 --> 03:31:56,000 CREDIT CARD WITH 60 VOTES. 5192 03:31:56,001 --> 03:31:57,000 SOMETHING DOESN'T SEEM TO BE 5193 03:31:57,001 --> 03:31:59,000 RIGHT ABOUT THAT. 5194 03:31:59,001 --> 03:32:01,000 SO I THINK WITH THE SERIOUSNESS 5195 03:32:01,001 --> 03:32:03,000 OF OUR SITUATION, THIS WOULD BE 5196 03:32:03,001 --> 03:32:07,000 A GOOD STEPH. 5197 03:32:07,001 --> 03:32:10,000 FURTHERMORE THE FY 2010 BUDGET 5198 03:32:10,001 --> 03:32:12,000 RETION LIEWTION ACCOUNT 5199 03:32:12,001 --> 03:32:13,000 FOR $10 BILLION PER YEAR IN 5200 03:32:13,001 --> 03:32:15,000 MILITARY SPENDING WHICH WE 5201 03:32:15,001 --> 03:32:19,000 ALLOWED TO REMAIN BY THIS AMENDMENT. 5202 03:32:19,001 --> 03:32:21,000 ANY EMERGENCIES THAT IS 5203 03:32:21,001 --> 03:32:22,000 INADEQUATE -- THAT THAT IS 5204 03:32:22,001 --> 03:32:24,000 INADEQUATE FOR SHOULD BE ABLE TO 5205 03:32:24,001 --> 03:32:25,000 RECEIVE THE SUPPORT OF 67 5206 03:32:25,001 --> 03:32:26,000 SENATORS IF WE HAVE AN 5207 03:32:26,001 --> 03:32:30,000 EMERGENCY. 5208 03:32:30,001 --> 03:32:32,000 IN FACT, ALL OF THE DISASTER 5209 03:32:32,001 --> 03:32:36,000 RELIEF EMERGENCIES, THOSE KIND 5210 03:32:36,001 --> 03:32:37,000 OF EMERGENCIES, SINCE THE 5211 03:32:37,001 --> 03:32:39,000 EMERGENCY DESIGNATION WAS 5212 03:32:39,001 --> 03:32:41,000 CREATED IN 1990 TO TRY TO 5213 03:32:41,001 --> 03:32:44,000 CONTAIN SPENDING HAS RECEIVED 5214 03:32:44,001 --> 03:32:45,000 SUPPORT OF MORE THAN 67 SENATORS. 5215 03:32:45,001 --> 03:32:48,000 ISN'T THAT INTERESTING? 5216 03:32:48,001 --> 03:32:51,000 ALL OF OUR EMERGENCY 5217 03:32:51,001 --> 03:32:53,000 DESIGNATIONS FOR HURRICANES AND 5218 03:32:53,001 --> 03:32:55,000 EARTHQUAKES AND FIRES AND STORMS 5219 03:32:55,001 --> 03:32:56,000 AND THE LE HAVE RECEIVED MORE 5220 03:32:56,001 --> 03:32:58,000 THAN 67 VOTES. 5221 03:32:58,001 --> 03:32:59,000 SO IT'S JUST NOT A GOOD 5222 03:32:59,001 --> 03:33:01,000 ARGUMENT, I THINK, TO SAY THAT 5223 03:33:01,001 --> 03:33:03,000 WE CAN'T RESPOND TO A LEGITIMATE 5224 03:33:03,001 --> 03:33:06,000 EMERGENCY. 5225 03:33:06,001 --> 03:33:08,000 WELL, THE PROSPECT OF MASSIVE 5226 03:33:08,001 --> 03:33:11,000 FEDERAL SPENDING IS HURTING JOBS 5227 03:33:11,001 --> 03:33:14,000 AN GROWTH. 5228 03:33:14,001 --> 03:33:17,000 STANFORD UNIVERSITY ECONOMIC 5229 03:33:17,001 --> 03:33:19,000 SAID -- QUOTE -- "IN "THE WALL 5230 03:33:19,001 --> 03:33:23,000 STREET JOURNAL," "THE EXPLOSION 5231 03:33:23,001 --> 03:33:25,000 OF SPENTING, DEFICITS AND DEBT 5232 03:33:25,001 --> 03:33:28,000 FORESHADOWS HIGHER TAXES ON WORK 5233 03:33:28,001 --> 03:33:30,000 SAVING INVESTMENT AND EMPLOYMENT. 5234 03:33:30,001 --> 03:33:32,000 THAT NOT ONLY WILL DAMAGE OUR 5235 03:33:32,001 --> 03:33:36,000 ECONOMIC FUTURE, BUT IS HARMING 5236 03:33:36,001 --> 03:33:39,000 JOBS AND GROWTH NOW." 5237 03:33:39,001 --> 03:33:41,000 CHINA AND OTHER COUNTRIES MAY 5238 03:33:41,001 --> 03:33:44,000 T BE ABLE TO KEEP FINANCING 5239 03:33:44,001 --> 03:33:46,000 OUR DEBT IN THE FUTURE, EVEN IF 5240 03:33:46,001 --> 03:33:50,000 THEY'D LE TO. 5241 03:33:50,001 --> 03:33:51,000 PROFESSOR ALLEN MELTZER, A 5242 03:33:51,001 --> 03:33:52,000 WELL-KNOWN SCHOLAR ON THE 5243 03:33:52,001 --> 03:33:55,000 FEDERAL RESERVE AND MONETARY 5244 03:33:55,001 --> 03:33:57,000 POLICY NOTED IN A COLUMN IN "THE 5245 03:33:57,001 --> 03:33:59,000 JOURNAL" THAT OUR CURRENT AND 5246 03:33:59,001 --> 03:34:01,000 PROJECTED DEFICITS ARE TOO LARGE 5247 03:34:01,001 --> 03:34:03,000 RELATIVE TO CURRENT AND 5248 03:34:03,001 --> 03:34:05,000 PERSPECTIVE WORLD SAVING TO RELY 5249 03:34:05,001 --> 03:34:06,000 ON OTHER COUNTRIES BEING ABLE TO 5250 03:34:06,001 --> 03:34:07,000 FINANCE THEM FOR THE NEXT 10 5251 03:34:07,001 --> 03:34:09,000 YEARS. 5252 03:34:09,001 --> 03:34:10,000 IN OTHER WORDS, THERE MAY NOT BE 5253 03:34:10,001 --> 03:34:14,000 ENOUGH SURPLUS MONEY IN THE 5254 03:34:14,001 --> 03:34:15,000 WORLD TO BUY THESE -- THESEEBT 5255 03:34:15,001 --> 03:34:16,000 INSTRUMENTS THAT WE'RE GOING TO 5256 03:34:16,001 --> 03:34:19,000 BE HAVING TO ISSUE. 5257 03:34:19,001 --> 03:34:20,000 IN FACT, A RECENT "WASHINGTON 5258 03:34:20,001 --> 03:34:24,000 TIMES" EDITORIAL ENTITLED 5259 03:34:24,001 --> 03:34:25,000 "SPENDING TO A DEPRESSION" NOTES 5260 03:34:25,001 --> 03:34:26,000 THAT SINCE CHINA AND OTHER 5261 03:34:26,001 --> 03:34:28,000 COUNTRIES ARE TRYING TO REDUCE 5262 03:34:28,001 --> 03:34:30,000 THEIR HOLDINGS OF DOLLARS, WE 5263 03:34:30,001 --> 03:34:36,000 WILL HAVE TO RELY MORE AND MORE 5264 03:34:36,001 --> 03:34:38,000 ON U.S. BANKS TO BUY OUR BONDS, 5265 03:34:38,001 --> 03:34:41,000 WHICH WILL DECREASE CAPITAL 5266 03:34:41,001 --> 03:34:42,000 AVAILABLE FOR LENDING TO 5267 03:34:42,001 --> 03:34:43,000 BUSINESSES." 5268 03:34:43,001 --> 03:34:46,000 ON THE AIRPLANE TODAY COMING 5269 03:34:46,001 --> 03:34:49,000 BACK FROM ALABAMA, THERE WAS AN 5270 03:34:49,001 --> 03:34:53,000 ARTICLE MADE REFERENCE TO THE 5271 03:34:53,001 --> 03:34:55,000 FACT THAT WHEN THE FEDERAL 5272 03:34:55,001 --> 03:34:59,000 GOVERNMENT PUTS OUT THIS MUCH 5273 03:34:59,001 --> 03:35:00,000 MONEY AND THE INTERESTATES -- 5274 03:35:00,001 --> 03:35:03,000 ARE -- BECOME LOWER -- HIGHER 5275 03:35:03,001 --> 03:35:05,000 THAN THEY HAVE BEEN, 5276 03:35:05,001 --> 03:35:10,000 EXTRAORDINARILY LOW, THAT BANKS 5277 03:35:10,001 --> 03:35:13,000 ARE NOW BUYING TREASURY BILLS AT 5278 03:35:13,001 --> 03:35:15,000 3.67% INTEREST FOR 10-YEAR 5279 03:35:15,001 --> 03:35:17,000 TREASURY NOTES INSTEAD OF 5280 03:35:17,001 --> 03:35:19,000 LOANING TO LOCAL BUSINESSES. 5281 03:35:19,001 --> 03:35:22,000 THEY CAN GET THE MONEY FROM THE 5282 03:35:22,001 --> 03:35:23,000 FE 5283 03:35:23,001 --> 03:35:29,000 THEY CAN BUY A FEDERAL 5284 03:35:29,001 --> 03:35:32,000 GOVERNMENT DEBT INSTRUMENT FOR 5285 03:35:32,001 --> 03:35:34,000 3.5%, 4%, AND NOT HAVE TO LOAN 5286 03:35:34,001 --> 03:35:36,000 IT TO SOME BUSINESS PERSON WHO 5287 03:35:36,001 --> 03:35:39,000 MIGHT BE A HIGHER RISK. 5288 03:35:39,001 --> 03:35:40,000 WE'RE CROWDING OUT RESOURCES 5289 03:35:40,001 --> 03:35:43,000 NECESSARY FOR ECONOMIC GROWTH. 5290 03:35:43,001 --> 03:35:47,000 THIS IS A REALITY. 5291 03:35:47,001 --> 03:35:51,000 AND A -- IN A BUDGET COMMITTEE 5292 03:35:51,001 --> 03:35:53,000 HEARING ON BUDGET ATTEMPT, 5293 03:35:53,001 --> 03:35:54,000 FORMER COMPTROLLER OF OUR 5294 03:35:54,001 --> 03:35:57,000 CURRENCY, DAVID WALKER, 5295 03:35:57,001 --> 03:35:59,000 TESTIFIED THAT BY 2040, 30 YEARS 5296 03:35:59,001 --> 03:36:00,000 FROM NOW, WE WILL HAVE TO DOUBLE 5297 03:36:00,001 --> 03:36:03,000 TAXES JUST T KEEP UP WITH 5298 03:36:03,001 --> 03:36:04,000 CURRENT COMMITMENTS. 5299 03:36:04,001 --> 03:36:05,000 CAN YOU IMAGINE THAT? 5300 03:36:05,001 --> 03:36:07,000 THE WAY WE'RE SPENDING WE'RE 5301 03:36:07,001 --> 03:36:08,000 GOING TO HAVE TO DOUBLE TAXES IN 5302 03:36:08,001 --> 03:36:11,000 30 YEARS. 5303 03:36:11,001 --> 03:36:13,000 HE STATED THAT IN 12 YEARS 5304 03:36:13,001 --> 03:36:15,000 INTEREST WILL BE THE SINGLE 5305 03:36:15,001 --> 03:36:17,000 BIGGEST LINE ITEM IN THE ENTIRE 5306 03:36:17,001 --> 03:36:18,000 BUDGET EVEN ASSUMING 5307 03:36:18,001 --> 03:36:20,000 RATES DON'T CHANGE FROM TODAY'S 5308 03:36:20,001 --> 03:36:22,000 LOW RATES. 5309 03:36:22,001 --> 03:36:23,000 BUT THEY ARE GOING TO GO UP. 5310 03:36:23,001 --> 03:36:26,000 EVERYBODY KNOWS THAT. 5311 03:36:26,001 --> 03:36:27,000 SOME ARE PREDICTING THE KIND OF 5312 03:36:27,001 --> 03:36:28,000 INTEREST RATES WE HAD IN THE 5313 03:36:28,001 --> 03:36:31,000 LATE 1970'S. 5314 03:36:31,001 --> 03:36:33,000 I TRULY HOPE THAT DOES NOT OCCUR. 5315 03:36:33,001 --> 03:36:36,000 BUT 5316 03:36:36,001 --> 03:36:37,000 WE DON'T HAVE ANY IDEA HOW HIGH 5317 03:36:37,001 --> 03:36:39,000 INTEREST RATES COULD SURGE AT -- 5318 03:36:39,001 --> 03:36:41,000 WHEN THE WHOLE WORLD, INCLUDING 5319 03:36:41,001 --> 03:36:43,000 EUROPE AND OTHER PLACES, ARE 5320 03:36:43,001 --> 03:36:46,000 SPENDING MONEY THEY DON'T HAVE 5321 03:36:46,001 --> 03:36:50,000 AND ATTEMPTING TO BORROW THE 5322 03:36:50,001 --> 03:36:51,000 MARKETACE TO HAVE THAT HAPPEN. 5323 03:36:51,001 --> 03:36:55,000 SO HE ALSO SAID THAT DEFICITS 5324 03:36:55,001 --> 03:36:57,000 ARE THE PUBLIC'S LARGEST CONCERN 5325 03:36:57,001 --> 03:36:58,000 BY 20 POINTS IN OPINION POLLS. 5326 03:36:58,001 --> 03:37:01,000 THAT'S MR. WALKER. 5327 03:37:01,001 --> 03:37:03,000 IN A FINANCIAL TIMES EDITORIAL 5328 03:37:03,001 --> 03:37:06,000 IN MAY, MR. WALKER WARNED THAT 5329 03:37:06,001 --> 03:37:09,000 THE U.S. IS IN DANGER OF LOSING 5330 03:37:09,001 --> 03:37:10,000 ITS TRIPLE A CREDIT RATING. 5331 03:37:10,001 --> 03:37:13,000 MOODY'S MADE THAT CLEAR. 5332 03:37:13,001 --> 03:37:14,000 IN A REPORT JUST LAST WEEK 5333 03:37:14,001 --> 03:37:16,000 MOODY'S STATED THAT THE UNITED 5334 03:37:16,001 --> 03:37:18,000 STATES IS IN DANGER OF LOSING 5335 03:37:18,001 --> 03:37:21,000 ITS TRIPLE A CREDIT RATING. 5336 03:37:21,001 --> 03:37:23,000 THE CHIEF ECONOMIST AT MOODY'S 5337 03:37:23,001 --> 03:37:24,000 STATED THAT UNLIKE SEVERAL YEARS 5338 03:37:24,001 --> 03:37:26,000 AGO -- QUOTE -- "NOW THE 5339 03:37:26,001 --> 03:37:29,000 QUESTION OF A 5340 03:37:29,001 --> 03:37:30,000 DOWNGRADE OF THE U.S. IS NOT 5341 03:37:30,001 --> 03:37:32,000 INCONCEIVABLE." 5342 03:37:32,001 --> 03:37:35,000 UNDER THE MOST PESSIMISTIC 5343 03:37:35,001 --> 03:37:37,000 SCENARIO PUT FORTH BY MOODY'S, 5344 03:37:37,001 --> 03:37:39,000 THE U.S. COULD LOSE ITS TOP 5345 03:37:39,001 --> 03:37:41,000 RATING IN 2013. 5346 03:37:41,001 --> 03:37:43,000 TWO OR THREE YEARS FROM NOW. 5347 03:37:43,001 --> 03:37:44,000 SO I WAS REALLY PLEASED THAT WE 5348 03:37:44,001 --> 03:37:48,000 HAD STRONG BIPARTISAN SUPPORT 5349 03:37:48,001 --> 03:37:52,000 FOR THIS AMENDMENT PREVIOUY BY 5350 03:37:52,001 --> 03:37:54,000 ALLOWING US NOT TO APPLY THESE 5351 03:37:54,001 --> 03:37:57,000 BUDGET LIMITS THAT WE PASSED 5352 03:37:57,001 --> 03:37:59,000 LAST YEAR TO THIS YEAR. 5353 03:37:59,001 --> 03:38:01,000 THAT GIVES SOME RELIEF TO OUR -- 5354 03:38:01,001 --> 03:38:03,000 OUR MEMBERS OF THE SENATE WHO 5355 03:38:03,001 --> 03:38:04,000 COMPLAIN THAT, WELL, NEXT YEAR 5356 03:38:04,001 --> 03:38:05,000 WE'LL 5357 03:38:05,001 --> 03:38:07,000 BUT NOT THIS YEAR. 5358 03:38:07,001 --> 03:38:08,000 SO WE WILL -- WE WILL GIVE A 5359 03:38:08,001 --> 03:38:10,000 LITTLE BIT THERE. 5360 03:38:10,001 --> 03:38:13,000 AND IT WILL MEAN THAT WE WON'T 5361 03:38:13,001 --> 03:38:15,000 SAVE AS MUCH MONEY FOR SURE. 5362 03:38:15,001 --> 03:38:16,000 BUT I REALLY BELIEVE WE NEED TO 5363 03:38:16,001 --> 03:38:19,000 PASS THIS LEGISLATION. 5364 03:38:19,001 --> 03:38:21,000 I TRULY HOPE THAT WE CAN. 5365 03:38:21,001 --> 03:38:22,000 WE ONLY NEED THREE OR FOUR MORE 5366 03:38:22,001 --> 03:38:24,000 VOTES TO MAKE IT A REALITY. 5367 03:38:24,001 --> 03:38:27,000 I COUNT NOW WITH THE ONES WHO 5368 03:38:27,001 --> 03:38:31,000 VOTED FOR IT BEFORE AND -- AND A 5369 03:38:31,001 --> 03:38:32,000 NEW SENATOR IN THE BODY, WE'LL 5370 03:38:32,001 --> 03:38:34,000 HAVE WITHIN 57 VOTES. 5371 03:38:34,001 --> 03:38:37,000 WE NEED 60. 5372 03:38:37,001 --> 03:38:38,000 SO THE SITUATION HAS NOT GOTTEN 5373 03:38:38,001 --> 03:38:39,000 ANY BETTER. 5374 03:38:39,001 --> 03:38:42,000 AND I'M HOPING THAT MY 5375 03:38:42,001 --> 03:38:43,000 COLLEAGUES WILL LOOK AT IT 5376 03:38:43,001 --> 03:38:45,000 AFRESH AND THAT WE MIGHT BE ABLE 5377 03:38:45,001 --> 03:38:46,000 TO REACH THAT NUMBER. 5378 03:38:46,001 --> 03:38:48,000 IT WILL HAVE A DIFFERENCE. 5379 03:38:48,001 --> 03:38:51,000 IT MADE A DIFFERENCE IN THE 1990'S. 5380 03:38:51,001 --> 03:38:54,000 IT LED TO AN ACTUAL SURPLUS. 5381 03:38:54,001 --> 03:38:55,000 I BELIEVE IT COULD HELP US THIS TIME. 5382 03:38:55,001 --> 03:38:56,000 WE HAVE A MUCH MORE SERIOUS 5383 03:38:56,001 --> 03:38:57,000 PROBLEM THIS TIME. 5384 03:38:57,001 --> 03:38:58,000 WE HAVE MORE CHALLENGES THIS 5385 03:38:58,001 --> 03:39:00,000 TIME. 5386 03:39:00,001 --> 03:39:01,000 BUT IT COULD -- COULD MAKE A 5387 03:39:01,001 --> 03:39:04,000 VERY SIGNIFICANT DIFFERENCE IN 5388 03:39:04,001 --> 03:39:05,000 OUR SPENDING LEVEL. 5389 03:39:05,001 --> 03:39:06,000 AND IT WOULD REALLY BE A 5390 03:39:06,001 --> 03:39:07,000 STATEMENT TO THE ENTIRE 5391 03:39:07,001 --> 03:39:11,000 FINANCIAL WORLD THAT WE'RE 5392 03:39:11,001 --> 03:39:12,000 BEGINNING TO TAKE SOME STEPS. 5393 03:39:12,001 --> 03:39:16,000 THAT WE'RE NOT NEXT YEAR GOING 5394 03:39:16,001 --> 03:39:17,000 TO HAVE 12% INCREASES IN -- IN 5395 03:39:17,001 --> 03:39:18,000 SPENDING FOR DISCRETIONARY 5396 03:39:18,001 --> 03:39:19,000 ACCOUNTS. 5397 03:39:19,001 --> 03:39:21,000 BUT WE'RE GOING TO HOLD IT TO 5398 03:39:21,001 --> 03:39:26,000 THE 1% OR 2% INCREASE LEVEL. 5399 03:39:26,001 --> 03:39:30,000 AND I THINK THAT MIGHT HAVE SOME 5400 03:39:30,001 --> 03:39:32,000 PSYCHOLOGICAL APPROVAL. 5401 03:39:32,001 --> 03:39:34,000 I THANK THE CHAIRMAN OF THE 5402 03:39:34,001 --> 03:39:36,000 FINANCE COMMITTEE FOR TAKING 5403 03:39:36,001 --> 03:39:37,000 THIS LONG. 5404 03:39:37,001 --> 03:39:39,000 I'M SO HOPEFUL THAT WE'RE 5405 03:39:39,001 --> 03:39:40,000 GETTING CLOSE AND WE 5406 03:39:40,001 --> 03:39:41,000 VOTES TO TAKE THIS POSITIVE 5407 03:39:41,001 --> 03:39:43,000 STEP. 5408 03:39:43,001 --> 03:39:44,000 I WOULD YIELD THE FLOOR. 5409 03:39:44,001 --> 03:39:47,000 MR. BAUCUS: MR. PRESIDENT? THE PRESIDING OFFICER: THE 5410 03:39:47,001 --> 03:39:49,000 SENATOR FROM MONTANA. 5411 03:39:49,001 --> 03:39:50,000 MR. BAUCUS: I APPRECIATE THE 5412 03:39:50,001 --> 03:39:51,000 COMMENTS FROM THE SENATOR FROM 5413 03:39:51,001 --> 03:39:53,000 ALABAMA. 5414 03:39:53,001 --> 03:39:54,000 HE IS CONCERNED, AS WE ALL ARE, 5415 03:39:54,001 --> 03:39:57,000 WITH THE CURRENT FISCAL 5416 03:39:57,001 --> 03:39:59,000 SITUATION, OUR DEBTS AND OUR DEFICITS. 5417 03:39:59,001 --> 03:40:00,000 I MIGHT ADD THIS IS 5418 03:40:00,001 --> 03:40:04,000 IT IS CLEAR THAT WE AMERICANS 5419 03:40:04,001 --> 03:40:06,000 HAVE A PROBLEM THAT NEEDS TO BE ADDRESSED. 5420 03:40:06,001 --> 03:40:07,000 OTHER COUNTRIES ARE IN THE SAME 5421 03:40:07,001 --> 03:40:08,000 FIX. 5422 03:40:08,001 --> 03:40:10,000 AGAIN, THAT'S NO EXCUSE. 5423 03:40:10,001 --> 03:40:15,000 OUR DEFICITS ARE HIGH PRIMARILY 5424 03:40:15,001 --> 03:40:16,000 BECAUSE THE FINANCIAL CRISIS AND 5425 03:40:16,001 --> 03:40:17,000 JUST WORKING OUR WAY THROUGH ALL 5426 03:40:17,001 --> 03:40:19,000 OF THAT. 5427 03:40:19,001 --> 03:40:21,000 THE REAL TEST IS WHETHER WE, AS 5428 03:40:21,001 --> 03:40:22,000 A COUNTRY, WHEN TIMES GET 5429 03:40:22,001 --> 03:40:24,000 BETTER, WHEN INCOMES INCREASE, 5430 03:40:24,001 --> 03:40:25,000 WHETHER WE LIVE MUCH MORE WITHIN 5431 03:40:25,001 --> 03:40:26,000 OUR MEANS. 5432 03:40:26,001 --> 03:40:28,000 I CERTAINLY HOPE SO. 5433 03:40:28,001 --> 03:40:30,000 I KNOW EVERY SENATOR IN THIS 5434 03:40:30,001 --> 03:40:32,000 BODY HOPES SO. 5435 03:40:32,001 --> 03:40:33,000 MORE PRECISELY, THE SENATOR FROM 5436 03:40:33,001 --> 03:40:35,000 ALABAMA SEEKS TO PLACE CAPS ON 5437 03:40:35,001 --> 03:40:39,000 THE APPROPRIATE ACCOUNTS. 5438 03:40:39,001 --> 03:40:41,000 THAT'S PRETTY MUCH THE AMENDMENT. 5439 03:40:41,001 --> 03:40:44,000 THE SENATOR OBJECTED ABOUT A 5440 03:40:44,001 --> 03:40:46,000 MONTH AGO, I THINK IT WAS JANUARY 28. 5441 03:40:46,001 --> 03:40:48,000 I BELIEVE THE PENDING SESSION'S 5442 03:40:48,001 --> 03:40:51,000 AMENDMENT ADDRESSES THE MATTER 5443 03:40:51,001 --> 03:40:53,000 IN THE BUDGET COMMITTEE AND 5444 03:40:53,001 --> 03:40:55,000 VIOLATES 306 OF THE 5445 03:40:55,001 --> 03:40:56,000 CONGRESSIONAL BUDGET ACT. 5446 03:40:56,001 --> 03:40:58,000 I BELIEVE THE AMENDMENT DOES 5447 03:40:58,001 --> 03:41:00,000 VIOLATE THE BUDGET ACT. 5448 03:41:00,001 --> 03:41:02,000 FURTHERMORE THIS SUBJECT IS 5449 03:41:02,001 --> 03:41:03,000 REALLY WORTH THE PURVIEW OF THE 5450 03:41:03,001 --> 03:41:04,000 APPROPRIATIONS COMMITTEE. 5451 03:41:04,001 --> 03:41:06,000 AND I DEFER TO THE CHAIRMAN OF 5452 03:41:06,001 --> 03:41:08,000 THE APPROPRIATIONS COMMITTEE TO 5453 03:41:08,001 --> 03:41:09,000 ADDRESS THIS AMENDMENT IN DUE 5454 03:41:09,001 --> 03:41:10,000 COURSE. 5455 03:41:10,001 --> 03:41:15,000 I ALSO NOTE, MR. PRESIDENT, TT 5456 03:41:15,001 --> 03:41:17,000 THE SENATOR FROM MINNESOTA HAS 5457 03:41:17,001 --> 03:41:19,000 BEEN WAITING VERY PATIENTLY TO 5458 03:41:19,001 --> 03:41:22,000 SPEAK AND WE'RE ALL ANXIOUS TO 5459 03:41:22,001 --> 03:41:25,000 HEAR FROM THE SENATOR FROM MINNESOTA. 5460 03:41:25,001 --> 03:41:26,000 A SENATOR: MR. PRESIDENT? 5461 03:41:26,001 --> 03:41:29,000 MR. SESSIONS: I WOULD LIKE TO 5462 03:41:29,001 --> 03:41:30,000 MAKE A BUDGET POINT 5463 03:41:30,001 --> 03:41:31,000 THE PRESIDING OFFICER: THE 5464 03:41:31,001 --> 03:41:34,000 SENATOR FROM MINNESOTA. 5465 03:41:34,001 --> 03:41:35,000 THE SENATOR FROM MINNESOTA. 5466 03:41:35,001 --> 03:41:36,000 MR. FRANKEN: MR. PRESIDENT, I 5467 03:41:36,001 --> 03:41:37,000 WISH TO SPEAK AS IF IN MORNING 5468 03:41:37,001 --> 03:41:38,000 BUSINESS. THE PRESIDING OFFICER: WITHOUT 5469 03:41:38,001 --> 03:41:40,000 OBJECTION. 5470 03:41:40,001 --> 03:41:42,000 MR. FRANKEN: THANK YOU, MR. PRESIDENT. 5471 03:41:42,001 --> 03:41:46,000 50 YEARS AGO THIS MONTH A GROUP 5472 03:41:46,001 --> 03:41:47,000 OF ATHLETES GATHERED IN SQUAW 5473 03:41:47,001 --> 03:41:48,000 VALLEY, CALIFORNIA, FOR THE 5474 03:41:48,001 --> 03:41:53,000 WINTER OLYMPICS. 5475 03:41:53,001 --> 03:41:56,000 PART OF THE U.S. CONTINGENT, THE 5476 03:41:56,001 --> 03:41:58,000 1960 MEN'S ICE HOCKEY TEAM 5477 03:41:58,001 --> 03:42:01,000 SURPRISED THE WORLD AND BROUGHT 5478 03:42:01,001 --> 03:42:06,000 HOME THE OLYMPIC GOLD MEDAL BY 5479 03:42:06,001 --> 03:42:07,000 BEATING THE SOVIET UNION, CZECH 5480 03:42:07,001 --> 03:42:09,000 AND CANADA. 5481 03:42:09,001 --> 03:42:10,000 THREE WERE FROM MY GREAT STATE 5482 03:42:10,001 --> 03:42:12,000 OF MINNESOTA. 5483 03:42:12,001 --> 03:42:15,000 AS ANYONE CAN SEE FROM WATCHING 5484 03:42:15,001 --> 03:42:17,000 THIS YEAR'S GAMES, THIS OUTSIZED 5485 03:42:17,001 --> 03:42:19,000 CONTRIBUTION FROM MINNESOTANS 5486 03:42:19,001 --> 03:42:23,000 CONTINUES TO THIS DAY. 5487 03:42:23,001 --> 03:42:29,000 28 YEARS AFTER THIS FORGOTTEN 5488 03:42:29,001 --> 03:42:31,000 MIRACLE, TEAM U.S.A. DEFEATED 5489 03:42:31,001 --> 03:42:33,000 FINLAND AND THE SOVIET UNION TO 5490 03:42:33,001 --> 03:42:37,000 GENUINE THE GOLD MEDAL. 5491 03:42:37,001 --> 03:42:39,000 13 MINNESOTANS PLAYED FOR THE 5492 03:42:39,001 --> 03:42:40,000 1980 MIRACLE ON ICE TEAM AND THE 5493 03:42:40,001 --> 03:42:43,000 14th WAS THEIR COACH. 5494 03:42:43,001 --> 03:42:45,000 THIS YEAR'S OLYMPIC MEN'S ICE 5495 03:42:45,001 --> 03:42:47,000 HOCKEY TEAM WAS CONSIDERED BY 5496 03:42:47,001 --> 03:42:49,000 MANY NOT TO HAVE A CHAE FOR A MEDAL. 5497 03:42:49,001 --> 03:42:50,000 THEY WERE TOO YOUNG, TOO 5498 03:42:50,001 --> 03:42:52,000 INEXPERIENCED, THEY HADN'T 5499 03:42:52,001 --> 03:42:55,000 PLAYED TOGETHER BEFORE. 5500 03:42:55,001 --> 03:42:58,000 AND THE U.S. MEN HADN'T DEFEATED 5501 03:42:58,001 --> 03:43:01,000 CANADA IN THE OLYMPICS IN 50 YEARS. 5502 03:43:01,001 --> 03:43:05,000 YET, A WEEK AGO, DESPITE BEING 5503 03:43:05,001 --> 03:43:08,000 THE UNDERDOG, TEAM U.S.A. 5504 03:43:08,001 --> 03:43:09,000 DEFEATED THE CANADIANS IN THEIR 5505 03:43:09,001 --> 03:43:11,000 OWN ARENA. 5506 03:43:11,001 --> 03:43:13,000 AFTER SOUNDLY BEATING FINLAND IN 5507 03:43:13,001 --> 03:43:15,000 THE FINALS, TEAM U.S.A. PLAYED 5508 03:43:15,001 --> 03:43:17,000 CANADA A SECOND TIME LAST NIGHT 5509 03:43:17,001 --> 03:43:20,000 FOR THE GOLD MEDAL. 5510 03:43:20,001 --> 03:43:24,000 ALTHOUGH WE FOUND BEHIND EARLY, 5511 03:43:24,001 --> 03:43:26,000 ZACK PERSE TIED THE GAME WITH 5512 03:43:26,001 --> 03:43:29,000 UNDER A MINUTE TO PLAY. 5513 03:43:29,001 --> 03:43:31,000 SADLY, FOR US, CANADA WOULD END 5514 03:43:31,001 --> 03:43:32,000 UP SCORING IN OVERTIME TO WIN 5515 03:43:32,001 --> 03:43:34,000 THE GOLD MEDAL. 5516 03:43:34,001 --> 03:43:36,000 BUT THAT CANNOT TAKE AWAY FROM 5517 03:43:36,001 --> 03:43:38,000 WHAT WAS TRULY A GOLDEN 5518 03:43:38,001 --> 03:43:43,000 PERFORMANCE BY THE AMERICANS, 5519 03:43:43,001 --> 03:43:47,000 JAMIE LANGENBRUNER FROM 5520 03:43:47,001 --> 03:43:50,000 MINNESOTA, DID AN OUTSTANDING 5521 03:43:50,001 --> 03:43:54,000 JOB, INCLUDING ERIC FROM 5522 03:43:54,001 --> 03:43:57,000 BLOOMINGTON AND ERIC BAUCUS FROM BLAINE. 5523 03:43:57,001 --> 03:43:59,000 THE AMERICAN WOMEN'S ICE HOCKEY 5524 03:43:59,001 --> 03:44:00,000 TEAM WAS EXPECTED TO BE GREAT 5525 03:44:00,001 --> 03:44:02,000 AND THEY WERE. 5526 03:44:02,001 --> 03:44:05,000 BEFORE FALLING TO CANADA THEY 5527 03:44:05,001 --> 03:44:11,000 OUTSCORED THEIR OPPONENTS 40-2, 5528 03:44:11,001 --> 03:44:17,000 WITH NATALIE DARWITS AS CAPTAIN 5529 03:44:17,001 --> 03:44:19,000 AND JENNY POTTER AND DEEDEE 5530 03:44:19,001 --> 03:44:21,000 BROUGHT HOME A WELL-DESERVED 5531 03:44:21,001 --> 03:44:23,000 SILVER MEDAL. 5532 03:44:23,001 --> 03:44:26,000 OF THE 12 MEMBERS OF THE CURLING 5533 03:44:26,001 --> 03:44:28,000 TEAM, EIGHT WERE FROM MINNESOTA, 5534 03:44:28,001 --> 03:44:29,000 NATALIE AND ALLISON WERE ON THE 5535 03:44:29,001 --> 03:44:32,000 WOMEN'S TEAM. 5536 03:44:32,001 --> 03:44:33,000 THE MEN'S TEAM WAS AN 5537 03:44:33,001 --> 03:44:38,000 ALL-MINNESOTAN AFFAIR. 5538 03:44:38,001 --> 03:44:42,000 WITH JOHN SHUSTER AND JAYSON 5539 03:44:42,001 --> 03:44:48,000 SMITH AND JEFF ISAKSON OF DULUTH 5540 03:44:48,001 --> 03:44:50,000 AND BEN, AND THEIR COACH IS FROM 5541 03:44:50,001 --> 03:44:56,000 EVELITH, MINNESOTA 5542 03:44:56,001 --> 03:45:01,000 TONY IS AN OLYMPIC LUGER, DANA 5543 03:45:01,001 --> 03:45:04,000 WAS IN HER SECOND OLYMPICS, WYNN 5544 03:45:04,001 --> 03:45:07,000 ROBERTS WAS A COMPETITOR IN THE 5545 03:45:07,001 --> 03:45:11,000 BIATHLON, REBECCA 5546 03:45:11,001 --> 03:45:14,000 VALLEY, A SPEED SKATER, AND 5547 03:45:14,001 --> 03:45:16,000 KATELYN COMPTON AND GARY LEZUZI 5548 03:45:16,001 --> 03:45:17,000 EACH FROM MINNEAPOLIS COMPETED 5549 03:45:17,001 --> 03:45:19,000 IN CROSS-COUNTRY SKIING. 5550 03:45:19,001 --> 03:45:27,000 AND THERE ARE MANY OTHER, LIKE 5551 03:45:27,001 --> 03:45:29,000 LI VAUGHN,WHO HAVE TIES TO 5552 03:45:29,001 --> 03:45:32,000 MINNESOTA BUT WHO RESIDE NOW IN OTHER MOUNTAIN STATES. 5553 03:45:32,001 --> 03:45:34,000 YESTERDAY MARKED THE END OF THE 5554 03:45:34,001 --> 03:45:36,000 2010 WINTER OLYMPIC GAMES IN VANCOUVER. 5555 03:45:36,001 --> 03:45:39,000 I'M SO PROUD SO SEE THAT THERE 5556 03:45:39,001 --> 03:45:40,000 WERE MORE ATHLETES IN THIS 5557 03:45:40,001 --> 03:45:42,000 YEAR'S OLYMPICS FROM MINNESOTA 5558 03:45:42,001 --> 03:45:44,000 THAN FROM ANY OTHER STATE. 5559 03:45:44,001 --> 03:45:46,000 21 MINNESOTANS TOOK PART IN THIGHS GAMES. 5560 03:45:46,001 --> 03:45:47,000 MOST WERE IN THEIR FIRST OLYMPICS. 5561 03:45:47,001 --> 03:45:48,000 A FEW OTHERS IN THEIR SECOND 5562 03:45:48,001 --> 03:45:51,000 GAMES. 5563 03:45:51,001 --> 03:45:52,000 NATALIE DARWITZ HAS BEEN TO 5564 03:45:52,001 --> 03:45:53,000 THREE. 5565 03:45:53,001 --> 03:45:56,000 JENNY POTTER HAS NOW BEEN TO 5566 03:45:56,001 --> 03:45:59,000 FOUR, WINNING A MEDAL EACH TIME. 5567 03:45:59,001 --> 03:46:01,000 ISN'T THAT SOMETHING? 5568 03:46:01,001 --> 03:46:02,000 FOUR-TIME MED WINNING OLYMPIAN 5569 03:46:02,001 --> 03:46:05,000 AND MOTHER OF TWO. 5570 03:46:05,001 --> 03:46:06,000 21 ATHLETES FROM ALL OVER 5571 03:46:06,001 --> 03:46:09,000 MINNESOTA WHO NOW WILL BE GOING 5572 03:46:09,001 --> 03:46:11,000 BACK TO TENDING A BAR OR BEING A 5573 03:46:11,001 --> 03:46:14,000 TEACHER OR BEING AN ENGINEER OR 5574 03:46:14,001 --> 03:46:15,000 A MOM. 5575 03:46:15,001 --> 03:46:18,000 NATALIE NICHOLSON WILL RETURN TO 5576 03:46:18,001 --> 03:46:20,000 THE RED LAKE INDIAN RESERVATION 5577 03:46:20,001 --> 03:46:22,000 AS A NSE PRACTITIONER. 5578 03:46:22,001 --> 03:46:23,000 THE MEN'S ICE HOCKEY PLAYERS 5579 03:46:23,001 --> 03:46:27,000 WILL BE GOING BACK TO FINISH 5580 03:46:27,001 --> 03:46:30,000 THEIR NHL SEASON. 5581 03:46:30,001 --> 03:46:32,000 JOHN SHUSTER WILL BE GETTING MARRIED. 5582 03:46:32,001 --> 03:46:34,000 ALL WILL CONTINUE TO INSPIRE US. 5583 03:46:34,001 --> 03:46:37,000 I WANT TO CONGRATULATE EVERY 5584 03:46:37,001 --> 03:46:38,000 SINGLE ONE OF THESE COMPETITORS. 5585 03:46:38,001 --> 03:46:40,000 EACH HAS SHOWN TREMENDOUS GRIT 5586 03:46:40,001 --> 03:46:42,000 AND DETERMINATION TO EARN A 5587 03:46:42,001 --> 03:46:45,000 PLACE REPRESENTING OUR NATION IN 5588 03:46:45,001 --> 03:46:46,000 THE WINTER OLYMPICS. 5589 03:46:46,001 --> 03:46:48,000 WHETHER YOU WON A MEDAL OR YOU 5590 03:46:48,001 --> 03:46:50,000 SIMPLY GAVE IT YOUR ALL AND 5591 03:46:50,001 --> 03:46:53,000 COMPETED, EACH OF YOU IS A 5592 03:46:53,001 --> 03:46:54,000 CHAMPION. 5593 03:46:54,001 --> 03:46:56,000 OLYMPIANS MAKE THE CHILDREN OF 5594 03:46:56,001 --> 03:47:00,000 OUR STATE AND OF OUR NATION 5595 03:47:00,001 --> 03:47:01,000 DREAM OF WHAT THEY MIGHT DO AND 5596 03:47:01,001 --> 03:47:03,000 GROWNUPS LIKE ME OF WHAT WE WISH 5597 03:47:03,001 --> 03:47:06,000 WE COULD DO. 5598 03:47:06,001 --> 03:47:08,000 ALL WHILE FULFILLING THEIR 5599 03:47:08,001 --> 03:47:10,000 DREAMS ON THE WORLD STAGE AND 5600 03:47:10,001 --> 03:47:12,000 REPRESENTING OUR NATION SO ADMIRABLY. 5601 03:47:12,001 --> 03:47:14,000 WE OWE THEM THANKS FOR THEIR 5602 03:47:14,001 --> 03:47:17,000 HARD WORK, THEIR PERSEVERANCE, 5603 03:47:17,001 --> 03:47:19,000 AND, MOST OF ALL, FORHEIR HEART. 5604 03:47:19,001 --> 03:47:20,000 AND I HOPE TO HAVE THE CHANCE IN 5605 03:47:20,001 --> 03:47:22,000 TH COMING WEEKS TO MEET WITH 5606 03:47:22,001 --> 03:47:25,000 EACH OF THESE MINNESOTA ATHLETES 5607 03:47:25,001 --> 03:47:27,000 SO I CAN CONGRATULATE THEM IN 5608 03:47:27,001 --> 03:47:28,000 PERSON. 5609 03:47:28,001 --> 03:47:29,000 MR. PRESIDENT, I ALSO WOULD LIKE 5610 03:47:29,001 --> 03:47:33,000 TO TAKE A FEW MINUTES TO SPEAK 5611 03:47:33,001 --> 03:47:35,000 ON ANOTHER TOPIC, THE EXTENSION 5612 03:47:35,001 --> 03:47:37,000 OF UNEMPLOYMENT BENEFITS AND 5613 03:47:37,001 --> 03:47:39,000 COBRA SUBSIDIES. 5614 03:47:39,001 --> 03:47:44,000 YOU KNOW, I ADMIRE THOSE IN THIS 5615 03:47:44,001 --> 03:47:45,000 BODY WHO TAKE PRINCIPLED STANDS. 5616 03:47:45,001 --> 03:47:47,000 THE SENATE WOULD GET MORE DONE 5617 03:47:47,001 --> 03:47:49,000 IF ALL MEMBERS WERE GUIDED BY 5618 03:47:49,001 --> 03:47:51,000 THEIR BASIC CORE PRINCIPLES AND 5619 03:47:51,001 --> 03:47:54,000 PUT PRINCIPLES AHEAD OF 5620 03:47:54,001 --> 03:47:57,000 POLITICAL POSTURING, AHEAD OF 5621 03:47:57,001 --> 03:48:00,000 PARTY, AHEAD OF POLLING. 5622 03:48:00,001 --> 03:48:04,000 TO BLOCK A LEGISLATIVE MEASURE 5623 03:48:04,001 --> 03:48:06,000 BECAUSE IT'S NOT FULLY OFFSET, 5624 03:48:06,001 --> 03:48:08,000 SURE, THAT COULD -- THAT COULD 5625 03:48:08,001 --> 03:48:09,000 BE BASED ON PRINCIPLE, AND, 5626 03:48:09,001 --> 03:48:12,000 BELIEVE ME, I AM CONCERNED ABOUT 5627 03:48:12,001 --> 03:48:14,000 OUR BUDGET DEFICIT. 5628 03:48:14,001 --> 03:48:18,000 BUT PRINCIPLES AREOMETHING 5629 03:48:18,001 --> 03:48:20,000 THAT YOU CONSISTENTLY STAND 5630 03:48:20,001 --> 03:48:23,000 BEHIND. 5631 03:48:23,001 --> 03:48:24,000 WHAT MAKES I A PRINCIPLE? 5632 03:48:24,001 --> 03:48:26,000 SOMETHING YOU CARE ABOUT, 5633 03:48:26,001 --> 03:48:28,000 SOMETHING THAT GUIDES YOU 5634 03:48:28,001 --> 03:48:30,000 THROUGHOUT YOUR CAREER. 5635 03:48:30,001 --> 03:48:32,000 THAT'S WHAT MAKES IT A PRINCIPLE. 5636 03:48:32,001 --> 03:48:36,000 AND PRINCIPLES CAN'T BE IGNORED. 5637 03:48:36,001 --> 03:48:38,000 EVEN WHEN IT'S EXPEDIENT OR 5638 03:48:38,001 --> 03:48:40,000 ADVANTAGEOUS TO DO SO. 5639 03:48:40,001 --> 03:48:43,000 AND YET THAT'S EXACTLY WHAT'S 5640 03:48:43,001 --> 03:48:45,000 HAPPENING NOW. 5641 03:48:45,001 --> 03:48:48,000 A PRINCIPLE IS BEING INVOKED 5642 03:48:48,001 --> 03:48:50,000 ONLY NOW THAT IT'S CONVENIENT. 5643 03:48:50,001 --> 03:48:52,000 YOU MIGHT REMEMBER THAT WHEN 5644 03:48:52,001 --> 03:48:56,000 GEORGE W. BUSH ENTERED OFFICE, 5645 03:48:56,001 --> 03:48:59,000 IT WAS WITH A $200 BILLION 5646 03:48:59,001 --> 03:49:00,000 BUDGET SURPLUS. 5647 03:49:00,001 --> 03:49:02,000 HE ALSO ENTERED OFFICE WITH 5648 03:49:02,001 --> 03:49:05,000 PROJECTIONS OF NEARLY A BILLION 5649 03:49:05,001 --> 03:49:07,000 IN FUTURE SURPLUSES OVER THE 5650 03:49:07,001 --> 03:49:10,000 NEXT DECADE AND A GLIDE PATH TO 5651 03:49:10,001 --> 03:49:11,000 PAYING OFF THE ENTIRE NATIONAL 5652 03:49:11,001 --> 03:49:13,000 DEBT. 5653 03:49:13,001 --> 03:49:15,000 BUT INSTEAD OF DOING THE 5654 03:49:15,001 --> 03:49:17,000 SENSIBLE THING AND PAYING DOWN 5655 03:49:17,001 --> 03:49:19,000 OUR DEBT WHEN WE HAD THE MEANS, 5656 03:49:19,001 --> 03:49:24,000 THE BUSH ADMINISTRATION RACKED 5657 03:49:24,001 --> 03:49:27,000 UP MASSIVE DEFICITS AT A RECORD PACE. 5658 03:49:27,001 --> 03:49:31,000 VICE PRESIDENT CHENEY EVEN SAID 5659 03:49:31,001 --> 03:49:32,000 THAT DEFICITS DON'T MATTER. 5660 03:49:32,001 --> 03:49:34,000 AND FED CHAIRMAN ALAN GREENSPAN 5661 03:49:34,001 --> 03:49:37,000 TESTIFIED THAT WE MIGHT PAY OFF 5662 03:49:37,001 --> 03:49:38,000 OUR DEBT JUST TOO QUICKLY. 5663 03:49:38,001 --> 03:49:42,000 WE WERE TOLD THAT WE MIGHT HAVE 5664 03:49:42,001 --> 03:49:44,000 TOO MUCH MONEY. 5665 03:49:44,001 --> 03:49:45,000 REALLY, HE DID THIS, HE 5666 03:49:45,001 --> 03:49:50,000 TESTIFIED TO CONGRESS SAYING 5667 03:49:50,001 --> 03:49:53,000 THAT WAS A REAL WORRY. 5668 03:49:53,001 --> 03:49:55,000 THEN WE PAID FOR AN UNNECESSARY 5669 03:49:55,001 --> 03:49:57,000 WAR IN IRAQ WITHOUT OFFSETS, WE 5670 03:49:57,001 --> 03:49:58,000 PASSED MEDICARE PART-D WITHOUT 5671 03:49:58,001 --> 03:50:01,000 OFFSETS, WE PASSED THREE 5672 03:50:01,001 --> 03:50:03,000 DIFFERENT SETS OF TAX CUTS 5673 03:50:03,001 --> 03:50:05,000 TOTALING TRILLIONS OF DOLLARS, 5674 03:50:05,001 --> 03:50:10,000 MOST BENEFITING THE WEALTHIEST 5675 03:50:10,001 --> 03:50:14,000 PEOPLE IN THE NATION. 5676 03:50:14,001 --> 03:50:17,000 WITHOUT OFFSETS. 5677 03:50:17,001 --> 03:50:19,000 YET LAST THURSDAY NIGHT, THE 5678 03:50:19,001 --> 03:50:20,000 SENATOR REPEATEDLY -- SENATE 5679 03:50:20,001 --> 03:50:22,000 REPEATEDLY ATTEMPTED TO EXTEND 5680 03:50:22,001 --> 03:50:24,000 BENEFITS FOR AMERICA'S 5681 03:50:24,001 --> 03:50:28,000 UNEMPLOYED WORKERS AND THESE 5682 03:50:28,001 --> 03:50:32,000 EFFORTS WERE BLOCKED SUPPOSEDLY 5683 03:50:32,001 --> 03:50:35,000 BECAUSE IT WASN'T FULLY OFFSET. 5684 03:50:35,001 --> 03:50:39,000 NOW, FOR SOME REASON, BENEFITS 5685 03:50:39,001 --> 03:50:42,000 TO THE WEALTHIEST AMERICANS, 5686 03:50:42,001 --> 03:50:43,000 THEY DIDN'T NEED TO BE OFFSET, 5687 03:50:43,001 --> 03:50:45,000 BUT KEEPING UNEMPLOYMENT 5688 03:50:45,001 --> 03:50:47,000 BENEFITS FLOWING TO THOSE 5689 03:50:47,001 --> 03:50:50,000 FAMILIES WHO HAVE BEEN HARDEST 5690 03:50:50,001 --> 03:50:52,000 HIT BY THIS RECESSION, NOW 5691 03:50:52,001 --> 03:50:54,000 SUDDENLY THEY, THEY NEED AN 5692 03:50:54,001 --> 03:50:59,000 OFFSET. 5693 03:50:59,001 --> 03:51:00,000 IF THIS IS A MATTER 5694 03:51:00,001 --> 03:51:06,000 PRINCIPLE, IT SEEMS TO ME TO BE 5695 03:51:06,001 --> 03:51:08,000 A VERY, VERY BIZARRE PRINCIPLE. 5696 03:51:08,001 --> 03:51:12,000 ONE PRINCIPLE WE SHOULD ALL 5697 03:51:12,001 --> 03:51:14,000 STAND BEHIND IS SUPPORTING 5698 03:51:14,001 --> 03:51:19,000 AMERICAN FAMILIES WHEN ECONOMIC 5699 03:51:19,001 --> 03:51:21,000 TIMES ARE TOUGH. 5700 03:51:21,001 --> 03:51:22,000 LAST WEEK, HALF A MILLION 5701 03:51:22,001 --> 03:51:24,000 AMERICANS APPLIED FOR 5702 03:51:24,001 --> 03:51:28,000 UNEMPLOYMENT BENEFITS FOR THE 5703 03:51:28,001 --> 03:51:30,000 FIRST TIME. 5704 03:51:30,001 --> 03:51:32,000 DESPITE WHAT SOME MIGHT SUGGEST, 5705 03:51:32,001 --> 03:51:35,000 OUR NATION'S UNEMPLOYMENT CRISIS 5706 03:51:35,001 --> 03:51:37,000 IS NOT OVER. 5707 03:51:37,001 --> 03:51:41,000 WE KNOW THAT UNEMPLOYMENT CAN 5708 03:51:41,001 --> 03:51:42,000 PERSIST LONG AFTER A RECOVERY 5709 03:51:42,001 --> 03:51:45,000 BEGINS. 5710 03:51:45,001 --> 03:51:46,000 THIS DOWNTURN WILL CONTINUE 5711 03:51:46,001 --> 03:51:50,000 AFFECTING AMERICAN FAMILIES FOR 5712 03:51:50,001 --> 03:51:52,000 MONTHS AND YEARS TO COME. 5713 03:51:52,001 --> 03:51:57,000 THAT IS WHY WE NEED TO EXTEND 5714 03:51:57,001 --> 03:51:58,000 FEDERAL 5715 03:51:58,001 --> 03:52:00,000 NOW. 5716 03:52:00,001 --> 03:52:01,000 WITHOUT AN EXTENSION, OVER 5717 03:52:01,001 --> 03:52:03,000 1 MILLION AMERICANS, INCLUDING 5718 03:52:03,001 --> 03:52:09,000 THOUSANDS OF MINNESOTANS, WILL 5719 03:52:09,001 --> 03:52:10,000 LOSE THEIR BENEFITS THIS MONTH. 5720 03:52:10,001 --> 03:52:12,000 WITHOUT THOSE UNEMPLOYMENT 5721 03:52:12,001 --> 03:52:16,000 BENEFITS, MANY FAMILIES WILL 5722 03:52:16,001 --> 03:52:19,000 HAVE NO 5723 03:52:19,001 --> 03:52:20,000 THEIR MTGAGE AND BUYING 5724 03:52:20,001 --> 03:52:22,000 GROCERIES. 5725 03:52:22,001 --> 03:52:25,000 EVEN WITH SOME ECONOMIC 5726 03:52:25,001 --> 03:52:27,000 PROGRESS, THERE ARE STILL SIX 5727 03:52:27,001 --> 03:52:28,000 APPLICANTS FOR EVERY JOB 5728 03:52:28,001 --> 03:52:30,000 OPENING. 5729 03:52:30,001 --> 03:52:33,000 IN SOME INDUSTRIES, THERE ARE 5730 03:52:33,001 --> 03:52:37,000 SIMPLY NO JOBS TO BE FOUND. 5731 03:52:37,001 --> 03:52:42,000 OUR OBLIGATION TO AMERICA'S 5732 03:52:42,001 --> 03:52:46,000 WORKG FAMILIES IS A SERIOUS ONE. 5733 03:52:46,001 --> 03:52:48,000 WHEN THERE ARE JOBS TO BE HAD, 5734 03:52:48,001 --> 03:52:49,000 WORKING AND MIDDLE-CLASS 5735 03:52:49,001 --> 03:52:52,000 FAMILIES KEEP OUR ECONOMY RUNNING. 5736 03:52:52,001 --> 03:52:53,000 AFTER WALL STREET'S 5737 03:52:53,001 --> 03:52:54,000 INSCRETIONZ -- INDISCRETIONS 5738 03:52:54,001 --> 03:52:55,000 WERE THE CAUSE OF AN ECONOMIC 5739 03:52:55,001 --> 03:52:57,000 COLLAPSE AND OUR GOVERNMENT 5740 03:52:57,001 --> 03:53:00,000 BAILED THEM OUT, WE'RE IN NO 5741 03:53:00,001 --> 03:53:04,000 PLACEO TELL AMERICA'S FAMILIES 5742 03:53:04,001 --> 03:53:06,000 THAT THERE ISN'T EUGH OF HELP 5743 03:53:06,001 --> 03:53:09,000 TO GO AROUND. THEIR INTERESTS SHOULD HAVE BEEN 5744 03:53:09,001 --> 03:53:13,000 PLACED AHEAD OF THE BIG BANKS 5745 03:53:13,001 --> 03:53:14,000 FROM THE START. 5746 03:53:14,001 --> 03:53:15,000 FURTHER, THE PROVISIONS THAT ARE 5747 03:53:15,001 --> 03:53:19,000 CURRENTLY BEG BLOCKED WILL 5748 03:53:19,001 --> 03:53:22,000 ALSO PROVIDE FOR THE VITAL COBRA SUBSIDY. 5749 03:53:22,001 --> 03:53:23,000 RIGHT NOW THE COBRA SUBSIDY IS 5750 03:53:23,001 --> 03:53:24,000 HELPING AMERICAN FAMILIES RETAIN 5751 03:53:24,001 --> 03:53:28,000 THEIR HEALTH CARE COVERAGE WHILE 5752 03:53:28,001 --> 03:53:31,000 THEY CONTINUE TO LOOK FOR WORK. 5753 03:53:31,001 --> 03:53:33,000 FACING A MEDICAL CRISIS WHILE 5754 03:53:33,001 --> 03:53:36,000 BEING UNEMPLOYED AND UNINSURED 5755 03:53:36,001 --> 03:53:38,000 IS A BURDEN MOST FAMILIES SIMPLY 5756 03:53:38,001 --> 03:53:39,000 CANNOT WITHSTAND. 5757 03:53:39,001 --> 03:53:41,000 WE SHOULD NOT BE PUTTING 5758 03:53:41,001 --> 03:53:43,000 AMERICANS IN THAT POSITION WHEN 5759 03:53:43,001 --> 03:53:46,000 IT'S DUE TO NO FAULT OF THEIR OWN. 5760 03:53:46,001 --> 03:53:48,000 WE SHOULD NOT BE DRIVING THEM TO 5761 03:53:48,001 --> 03:53:53,000 A PLACE WHERE THEY SIMPLY HAVE 5762 03:53:53,001 --> 03:53:54,000 RUN OUT OF OPTIONS. 5763 03:53:54,001 --> 03:53:55,000 THIS PROCEDURAL STALLING IS 5764 03:53:55,001 --> 03:53:57,000 UNACCEPTABLE. 5765 03:53:57,001 --> 03:53:59,000 I'VE HEARD FROM MINNESOTA'S 5766 03:53:59,001 --> 03:54:00,000 EMPLOYMENT COMMISSIONER THAT THE 5767 03:54:00,001 --> 03:54:03,000 EXPIRATION AND SUBSEQUENT 5768 03:54:03,001 --> 03:54:06,000 AGREEMENT ON AN EXTENSION WILL 5769 03:54:06,001 --> 03:54:08,000 BE AN ADMINISTRATIVE BURDEN ON 5770 03:54:08,001 --> 03:54:09,000 OUR STATE, NOT TO MENTION AN 5771 03:54:09,001 --> 03:54:11,000 INEFFICIENT USE OF STATE 5772 03:54:11,001 --> 03:54:14,000 RESOURCES. 5773 03:54:14,001 --> 03:54:19,000 THE DELAYS ARE ALSO STRESSFUL 5774 03:54:19,001 --> 03:54:21,000 AND DISRUPTIVE FOR MINNESOTA'S FAMILIES. 5775 03:54:21,001 --> 03:54:22,000 THIS IS A CASE IN ALL 50 OF OUR 5776 03:54:22,001 --> 03:54:25,000 STATES. 5777 03:54:25,001 --> 03:54:30,000 SO I CALL ON ALL OF MY 5778 03:54:30,001 --> 03:54:34,000 COLLEAGUES TO COME TOGETHER 5779 03:54:34,001 --> 03:54:36,000 TODAY AND STAND BEHIND THE 5780 03:54:36,001 --> 03:54:37,000 PRINCIPLE -- THE PRINCIPLE -- OF 5781 03:54:37,001 --> 03:54:40,000 SUPPORTING AMERICAN FAMILIES 5782 03:54:40,001 --> 03:54:42,000 WHEN TIMES ARE TOUGH. 5783 03:54:42,001 --> 03:54:45,000 THIS IS THE PRINCIPLE ON WHICH 5784 03:54:45,001 --> 03:54:46,000 WE SHOULD ALL BE FOCUSED AND ALL 5785 03:54:46,001 --> 03:54:47,000 BE JUDGED. 5786 03:54:47,001 --> 03:54:55,000 THANK YOU, MR. PRESIDENT. 5787 03:54:55,001 --> 03:54:56,000 MR. THUNE: MR. PRESIDENT? 5788 03:54:56,001 --> 03:54:57,000 THE PRESIDING OF 5789 03:54:57,001 --> 03:54:58,000 SENATOR FROM SOUTH DAKOTA. MR 5790 03:54:58,001 --> 03:55:01,000 WOULD LIKE TO CALL UP AMENDMENT 5791 03:55:01,001 --> 03:55:03,000 NUMBER 3338 AND ASK FOR ITS 5792 03:55:03,001 --> 03:55:04,000 IMMEDIATE CONSIDERATION. 5793 03:55:04,001 --> 03:55:05,000 A SENATOR: MR. PRESIDENT? 5794 03:55:05,001 --> 03:55:07,000 THE PRESIDING OFFICER: THE 5795 03:55:07,001 --> 03:55:09,000 SENATOR FROM MONTANA. 5796 03:55:09,001 --> 03:55:12,000 IS THERE OBJECTION? 5797 03:55:12,001 --> 03:55:15,000 MR. BAUCUS: MR. PRESIDENT, IS 5798 03:55:15,001 --> 03:55:17,000 THE SENATOR ASKING UNANIMOUS 5799 03:55:17,001 --> 03:55:18,000 CONSENT TO SET ASIDE THE PENDING AMENDMENT? 5800 03:55:18,001 --> 03:55:21,000 MR. THUNE: I'D LIKE TO ASK TO 5801 03:55:21,001 --> 03:55:22,000 HAVE THIS AMENDMENT BE MADE 5802 03:55:22,001 --> 03:55:24,000 PENDING, YES. 5803 03:55:24,001 --> 03:55:26,000 MR. BAUCUS: YOU WISH TO SET 5804 03:55:26,001 --> 03:55:27,000 ASIDE THE PENDING AMENDMENT? 5805 03:55:27,001 --> 03:55:28,000 MR. THUNE: CORRECT. 5806 03:55:28,001 --> 03:55:29,000 MR. BAUCUS: NO OBJECTION. 5807 03:55:29,001 --> 03:55:31,000 THE PRESIDING OFFICER: WITHOUT 5808 03:55:31,001 --> 03:55:32,000 OBJECTION, SO ORDERED. THE CLERK WILL REPORT. 5809 03:55:32,001 --> 03:55:33,000 THE CLERK: THE SENATOR FROM SOUTH DAKOTA, MR. THIEWRNTION 5810 03:55:33,001 --> 03:55:37,000 PROPOSES AN AMENDMENT NUMBERED 5811 03:55:37,001 --> 03:55:38,000 3338 TO AMENDMENT NUMBERED 3336. 5812 03:55:38,001 --> 03:55:39,000 MR. THUNE: 5813 03:55:39,001 --> 03:55:40,000 UNANIMOUS CONSENT THAT THE 5814 03:55:40,001 --> 03:55:41,000 READING OF THE AMENDMENT BE 5815 03:55:41,001 --> 03:55:42,000 DISPENSED WITH. 5816 03:55:42,001 --> 03:55:44,000 THE PRESIDING OFFICER: WITHOUT OBJECTION. 5817 03:55:44,001 --> 03:55:45,000 MR. THUNE: MR. PRESIDENT, AS WE 5818 03:55:45,001 --> 03:55:46,000 ALL KNOW, OUR ECONOMY IS 5819 03:55:46,001 --> 03:55:49,000 SUFFICING. 5820 03:55:49,001 --> 03:55:51,000 WE HAVE UNEMPLOYMENT RATE THAT 5821 03:55:51,001 --> 03:55:52,000 IS CURRENTLY AT 9.7%. 5822 03:55:52,001 --> 03:55:54,000 FURTHERMORE, WE'VE GOT LARGE 5823 03:55:54,001 --> 03:55:56,000 PORTIONS OF THE POPULATION THAT 5824 03:55:56,001 --> 03:55:57,000 ARE EITHER UNDEREMPLOYED OR HAVE 5825 03:55:57,001 --> 03:55:59,000 DROPPED OUT OF THE WORK FORCE 5826 03:55:59,001 --> 03:56:00,000 BECAUSE OF LIMITED JOB 5827 03:56:00,001 --> 03:56:01,000 PROSPECTS. 5828 03:56:01,001 --> 03:56:03,000 NOW, WHERE THERE ARE A VARIETY 5829 03:56:03,001 --> 03:56:05,000 OF FACTORS THAT HAVE CONTRIBUTED 5830 03:56:05,001 --> 03:56:06,000 TO THIS RECESSION, THE 5831 03:56:06,001 --> 03:56:09,000 GOVERNMENT'S RESPONSE SO FAR HAS 5832 03:56:09,001 --> 03:56:10,000 BEEN LARGELY INEFFECTIVE, 5833 03:56:10,001 --> 03:56:12,000 PARTICULARLY WITH REGARD TO EMPLOYMENT. 5834 03:56:12,001 --> 03:56:13,000 AND I WOULD ARGUE, 5835 03:56:13,001 --> 03:56:15,000 MR. PRESIDENT, THAT THE BEST 5836 03:56:15,001 --> 03:56:17,000 THING THAT WE CAN DO TO ADDRESS 5837 03:56:17,001 --> 03:56:19,000 THE ISSUE OF UNEMPLOYMENTND 5838 03:56:19,001 --> 03:56:20,000 HAVINGO EXTEND UNEMPLOYMENT 5839 03:56:20,001 --> 03:56:22,000 BENEFITS AND COBRA AND OTHER 5840 03:56:22,001 --> 03:56:24,000 TYPES OF BENEFITS, ALL OF WHICH 5841 03:56:24,001 --> 03:56:25,000 ARE CONSIDERED IN THIS 5842 03:56:25,001 --> 03:56:28,000 UNDERLYING BILL, IS TO GET 5843 03:56:28,001 --> 03:56:29,000 PEOPLE BACK TO WORK. 5844 03:56:29,001 --> 03:56:30,000 THAT IS FUNDAMENTALLY THE VERY 5845 03:56:30,001 --> 03:56:33,000 BEST THING THAT WE CAN BE DOING 5846 03:56:33,001 --> 03:56:35,000 IS FOCUSING HOW -- ON HOW DO WE 5847 03:56:35,001 --> 03:56:36,000 CREATE JOBS, HOW DO WE GROW THIS 5848 03:56:36,001 --> 03:56:39,000 ECONOMY, HOW DO WE PROVIDE 5849 03:56:39,001 --> 03:56:40,000 FIEWNTS FOR THOSE WHO HAVE -- 5850 03:56:40,001 --> 03:56:41,000 OPPORTUNITIES FOR THOSE WHO HAVE 5851 03:56:41,001 --> 03:56:42,000 LOST THEIR JOBS, WHO ARE 5852 03:56:42,001 --> 03:56:44,000 UNDEREMPLOYED, TO GET BACK INTO THE WORK FORCE? 5853 03:56:44,001 --> 03:56:45,000 THAT TO ME, MR. PRESIDENT, OUGHT 5854 03:56:45,001 --> 03:56:46,000 TO BE THE FOCUS OF OUR EFFORTS 5855 03:56:46,001 --> 03:56:47,000 HERE IN THE UNITED STATES SENATE. 5856 03:56:47,001 --> 03:56:49,000 NOW, THE BILL THAT WAS PASSED 5857 03:56:49,001 --> 03:56:50,000 ABOUT A YEAR AGO, THE STIMULUS 5858 03:56:50,001 --> 03:56:51,000 LEGISLATION, WHICH WE NOW KNOW 5859 03:56:51,001 --> 03:56:54,000 IS GOING TO COST SOMEWHERE IN 5860 03:56:54,001 --> 03:56:55,000 THE NEIGHBOR 5861 03:56:55,001 --> 03:56:56,000 $862 BILLION, WITHOUT 5862 03:56:56,001 --> 03:56:57,000 WITH INTEREST, WELL OVER A 5863 03:56:57,001 --> 03:56:58,000 TRILLION DOLLARS, WAS ALL 5864 03:56:58,001 --> 03:57:00,000 BORROWED MONEY. 5865 03:57:00,001 --> 03:57:01,000 IT IS GOING TO ADD A TRILLION 5866 03:57:01,001 --> 03:57:04,000 DOLLARS TO THE NATIONAL DEBT. 5867 03:57:04,001 --> 03:57:08,000 NOW, DESPITE THAT AMOUNT OF 5868 03:57:08,001 --> 03:57:09,000 SPENDING, ONLY $6.2 BILLION WAS 5869 03:57:09,001 --> 03:57:12,000 SPENT ON TAX INCENTIVES FOR 5870 03:57:12,001 --> 03:57:14,000 SMALL BUSINESSES AND ANOTHER 5871 03:57:14,001 --> 03:57:16,000 $730 MILLION WAS SPENT IN 5872 03:57:16,001 --> 03:57:17,000 FUNDING FOR THE SMALL BUSINESS 5873 03:57:17,001 --> 03:57:21,000 ADMINISTRATION. SO I WANT JUST TO THINK ABOUT 5874 03:57:21,001 --> 03:57:22,000 FOR A MOMENT WHAT THAT MEANS IN 5875 03:57:22,001 --> 03:57:24,000 TERMS OF THE DIMENSIONS OF THE 5876 03:57:24,001 --> 03:57:26,000 BILL THAT WAS PASSED LAST YEAR. 5877 03:57:26,001 --> 03:57:27,000 WE HAD A TRILLION-DOLLAR BILL. 5878 03:57:27,001 --> 03:57:28,000 TOGETHER, THE INCENTIVES FOR 5879 03:57:28,001 --> 03:57:31,000 SMALL BUSINESSES IN THAT BILL 5880 03:57:31,001 --> 03:57:32,000 REPRESENTED LESS THAN 1% OF THE 5881 03:57:32,001 --> 03:57:35,000 TOTAL COST OF THE BILL. 5882 03:57:35,001 --> 03:57:36,000 NOW, WE ALL KNOW THAT SMALL 5883 03:57:36,001 --> 03:57:39,000 BUSINESSES HAVE A MUCH GREATER 5884 03:57:39,001 --> 03:57:40,000 IMPACT ON THE ECONOMY AND ON 5885 03:57:40,001 --> 03:57:41,000 EMPLOYMENT THAN THAT NUMBER 5886 03:57:41,001 --> 03:57:42,000 REPRESENTS. 5887 03:57:42,001 --> 03:57:45,000 SMALL BUSINESSES EMPLOY MORE 5888 03:57:45,001 --> 03:57:46,000 THAN HALF OF ALL THE NATION'S 5889 03:57:46,001 --> 03:57:48,000 PRIVATE-SECTOR EMPLOYEES. 5890 03:57:48,001 --> 03:57:50,000 THEY CREATE NEARLY TWO-THIRDS OF 5891 03:57:50,001 --> 03:57:52,000 ALL THE NEW JOBS AND CREATE A DISPROPORTIONATE NUMBER OF THE 5892 03:57:52,001 --> 03:57:53,000 PATENTS THAT ARE ISSUED IN OUR 5893 03:57:53,001 --> 03:57:55,000 NATION. 5894 03:57:55,001 --> 03:57:56,000 I BELIEVE THAT THE TIME -- AT 5895 03:57:56,001 --> 03:57:57,000 THE TIME THAT WE VOTED LAST YEAR 5896 03:57:57,001 --> 03:57:58,000 ON THE STIMULUS BILL, 5897 03:57:58,001 --> 03:58:00,000 MR. PRESIDENT, AND I BELIEVE NOW 5898 03:58:00,001 --> 03:58:01,000 THAT THIS WAS JUST ONE EXAMPLE 5899 03:58:01,001 --> 03:58:04,000 OF THE PRIORITS IN THAT 5900 03:58:04,001 --> 03:58:06,000 LEGISLATION THAT WERE MISPLACED 5901 03:58:06,001 --> 03:58:08,000 IF WE ARE INTENT ON AND FOCUSED 5902 03:58:08,001 --> 03:58:10,000 LIKE A LAZER ON -- 5903 03:58:10,001 --> 03:58:12,000 LIKE A LASER ON CREATING JOBS 5904 03:58:12,001 --> 03:58:15,000 AND GETTING THIS ECONOMY DROGUE AGAIN. 5905 03:58:15,001 --> 03:58:16,000 AS DID MANY OF MY COLLEAGUES -- 5906 03:58:16,001 --> 03:58:17,000 AND WE OFFERED AMENDMENTS IN 5907 03:58:17,001 --> 03:58:19,000 SUPPORT OF THAT BELIEF -- THAT 5908 03:58:19,001 --> 03:58:21,000 THE BEST WAY TO GET THE ECONOMY 5909 03:58:21,001 --> 03:58:22,000 GROWING AGAIN ISN'T TO FOCUS ON 5910 03:58:22,001 --> 03:58:25,000 A LOT OF GOVERNMENT SPENDING ON 5911 03:58:25,001 --> 03:58:28,000 NEW GOVERNMENT PROGRAMS BUT, IN 5912 03:58:28,001 --> 03:58:29,000 FACT, TO PROVIDE INCENTIVES FOR 5913 03:58:29,001 --> 03:58:30,000 SMALL BUSINESSES, THE ENGINES OF 5914 03:58:30,001 --> 03:58:32,000 OUR ECONOMY, TO GET OUT THERE 5915 03:58:32,001 --> 03:58:33,000 AND TO START INVESTING AND TO 5916 03:58:33,001 --> 03:58:34,000 START CREATING JOBS. 5917 03:58:34,001 --> 03:58:37,000 AND SO I OFFERED AN AMENDMENT 5918 03:58:37,001 --> 03:58:39,000 THAT WAS AN ALTERNATIVE TO THE 5919 03:58:39,001 --> 03:58:41,000 STIMULUS BILL A YEAR AGO WHICH, 5920 03:58:41,001 --> 03:58:42,000 ACCORDING TO THE ECONOMIC MODEL 5921 03:58:42,001 --> 03:58:44,000 DEVELOPED BY THE PRESIDENT'S 5922 03:58:44,001 --> 03:58:46,000 ECONOMIC ADVISOR, WOULD HAVE 5923 03:58:46,001 --> 03:58:49,000 CREATED T 5924 03:58:49,001 --> 03:58:51,000 IT WOULD HAVE COST HALF OF WHAT THIS STIMULUS LEGISLATION IS 5925 03:58:51,001 --> 03:58:52,000 GOING TO END UP COSTING THE 5926 03:58:52,001 --> 03:58:54,000 TAXPAYERS OF THIS COUNTRY. 5927 03:58:54,001 --> 03:58:56,000 AGAIN, ALL OF WHICH IS BORROWED 5928 03:58:56,001 --> 03:58:58,000 FROM FUTURE GENERATIONS. 5929 03:58:58,001 --> 03:59:02,000 NOW, WHILE THE SENATE PASSED A 5930 03:59:02,001 --> 03:59:03,000 SMALLER JOBS BILL LAST 5931 03:59:03,001 --> 03:59:04,000 SENATORS -- SENATORS HERE IN THE 5932 03:59:04,001 --> 03:59:05,000 CHAMBER WERE BLOCKED FROM 5933 03:59:05,001 --> 03:59:07,000 OFFERING AMENDMENTS. 5934 03:59:07,001 --> 03:59:09,000 I WANTED TO OFFER THIS AMENDMENT 5935 03:59:09,001 --> 03:59:11,000 A WEEK AGO WHEN WE CONSIDERED 5936 03:59:11,001 --> 03:59:12,000 THE OTHER JOBS BILL THAT PASSED 5937 03:59:12,001 --> 03:59:14,000 THROUGH HERE. 5938 03:59:14,001 --> 03:59:16,000 IT WAS A $15 BILLION JOBS BILL, 5939 03:59:16,001 --> 03:59:17,000 WHICH IS NOW PENDING I THINK 5940 03:59:17,001 --> 03:59:19,000 ACTION IN THE HOUSE OF REPRESENTATIVES, BUT I'M 5941 03:59:19,001 --> 03:59:21,000 OFFERING THIS AMENDMENT NOW 5942 03:59:21,001 --> 03:59:24,000 BECAUSE WE HAVE THIS UNDERLYING 5943 03:59:24,001 --> 03:59:26,000 TAX EXTENDERS BILL AND I THINK 5944 03:59:26,001 --> 03:59:28,000 IT'S IMPORTANT THAT WE DISCUSS 5945 03:59:28,001 --> 03:59:29,000 AND DEBATE HOW BEST WE CAN 5946 03:59:29,001 --> 03:59:31,000 STIMULATE THE ECONOMY, HOW BEST 5947 03:59:31,001 --> 03:59:33,000 WE CAN GROW THE ECONOMY, GET IT 5948 03:59:33,001 --> 03:59:34,000 EXPANDING AGAIN, AND HOW BEST WE 5949 03:59:34,001 --> 03:59:35,000 CAN CREATE JOBS TO GET PEOPLE 5950 03:59:35,001 --> 03:59:37,000 BACK TO WORK. 5951 03:59:37,001 --> 03:59:38,000 IT SEEMS TO ME, AGAIN, 5952 03:59:38,001 --> 03:59:41,000 MADAM PRESIDENT, THAT THAT OUGHT 5953 03:59:41,001 --> 03:59:42,000 TO BE THE FIRST PRIORITY THAT WE 5954 03:59:42,001 --> 03:59:44,000 AS A UNITED STATES SENATE GET 5955 03:59:44,001 --> 03:59:47,000 FOCUSED ON. 5956 03:59:47,001 --> 03:59:50,000 NOW, WHAT MY AMENDMENT 5957 03:59:50,001 --> 03:59:53,000 WOULD TOO DOE IS FOR THE YEAR 5958 03:59:53,001 --> 03:59:55,000 2010 IT WOULD EXTEND BONUS DEPRECIATION. 5959 03:59:55,001 --> 03:59:57,000 IT WOULD PERMANENTLY INCREASE -- 5960 03:59:57,001 --> 03:59:59,000 OR IT WOULD PERMANENTLY INCREASE 5961 03:59:59,001 --> 04:00:00,000 THE SECTION 179 DEDUCTIONS THAT 5962 04:00:00,001 --> 04:00:02,000 ALLOW SMALL BUSINESSES TO 5963 04:00:02,001 --> 04:00:03,000 EXPENSE MORE OF THE INVESTMENTS 5964 04:00:03,001 --> 04:00:05,000 THEY MAKE AS OPPOSING TO HAVING 5965 04:00:05,001 --> 04:00:07,000 TO DEPRECIATE THOSE. 5966 04:00:07,001 --> 04:00:08,000 AND BY LOWERING THE COST OF NEW 5967 04:00:08,001 --> 04:00:09,000 CAPITAL EXPENDITURES, THESE 5968 04:00:09,001 --> 04:00:13,000 PROVISIONS WOULD ENCOURAGE 5969 04:00:13,001 --> 04:00:15,000 COMPANIES TO INVEST IN THESE NEW 5970 04:00:15,001 --> 04:00:16,000 -- NEW EQUIPMENT, MAKE CAPITAL 5971 04:00:16,001 --> 04:00:19,000 PURCHASES, CAPITAL INVESTMENTS, 5972 04:00:19,001 --> 04:00:22,000 THAT WOULD INCREASE BOTH GROWTH 5973 04:00:22,001 --> 04:00:28,000 AND EMPLOYMENT T WOULD ALSO 5974 04:00:28,001 --> 04:00:29,000 REDUCE CAPITAL GAINS TAXES. 5975 04:00:29,001 --> 04:00:30,000 THIS WAS SUPPORTED BY THE 5976 04:00:30,001 --> 04:00:32,000 PRESIDENT IN HIS STATE OF THE 5977 04:00:32,001 --> 04:00:33,000 UNION SPEECH AND WOULD INCREASE 5978 04:00:33,001 --> 04:00:34,000 INVESTMENT IN SMALL BUSINESSES. 5979 04:00:34,001 --> 04:00:37,000 THIS AMENDMENT ALSO WOULD ALLOW 5980 04:00:37,001 --> 04:00:38,000 A 20% DEDUCTION FOR SMALL 5981 04:00:38,001 --> 04:00:39,000 BUSINESS INCOME. 5982 04:00:39,001 --> 04:00:40,000 WE CURRENTLY HAVE A LOT OF SMALL 5983 04:00:40,001 --> 04:00:42,000 BUSINESS OWNERS IN THIS COUNTRY 5984 04:00:42,001 --> 04:00:45,000 WHO PAY THEIR TAXES AT THE INDIVIDUAL LEVEL. 5985 04:00:45,001 --> 04:00:47,000 IT IS CALLED FLOW-THREW INCOME. 5986 04:00:47,001 --> 04:00:49,000 THEY HAVE THEIRMALL BUSINESSES. 5987 04:00:49,001 --> 04:00:50,000 THE INCOME FLOWS THROUGH TO THE 5988 04:00:50,001 --> 04:00:51,000 INDIVIDUAL TAX RETURN. 5989 04:00:51,001 --> 04:00:52,000 THEY PAY AN INDIVIDUAL INCOME 5990 04:00:52,001 --> 04:00:54,000 TAX RATE. 5991 04:00:54,001 --> 04:00:56,000 THOSE TAX RATES ARE SET TO RISE 5992 04:00:56,001 --> 04:00:58,000 ON SMALL BUSINESSES BEGINNING IN 2011. 5993 04:00:58,001 --> 04:01:00,000 IN FACT, A LOT OF OUR SMALL 5994 04:01:00,001 --> 04:01:02,000 BUSINESSES IN THIS COUNTRY -- I 5995 04:01:02,001 --> 04:01:04,000 THINK ABOUT HALF OF OUR SMALL 5996 04:01:04,001 --> 04:01:06,000 BUSINESSES -- ARE GOING TO BE 5997 04:01:06,001 --> 04:01:07,000 IMPACTED BY THOSE INCREASED IN 5998 04:01:07,001 --> 04:01:10,000 MARGINAL INCOME TAX RATES THAT 5999 04:01:10,001 --> 04:01:11,000 WILL OCCUR IN 2011. 6000 04:01:11,001 --> 04:01:12,000 SO THIS WOULD HELP MITIGATE AND 6001 04:01:12,001 --> 04:01:14,000 LIMIT THE IMPACT OF THOSE 6002 04:01:14,001 --> 04:01:17,000 INCREASES ON THE 20 MILLION 6003 04:01:17,001 --> 04:01:18,000 PEOPLE WHO ARE WORKING AT SMALL BUSINESSES, THOSE SMALL 6004 04:01:18,001 --> 04:01:20,000 BUSINESSES WHICH WOULD BE TAXED 6005 04:01:20,001 --> 04:01:22,000 RAT A HIGHER RATE UNDER THE 6006 04:01:22,001 --> 04:01:23,000 PRESIDENT'S TAX PROPOSALS. 6007 04:01:23,001 --> 04:01:26,000 FINALLY, MADAM PRESIDENT, THIS 6008 04:01:26,001 --> 04:01:27,000 BILL WOULD PREVENT DAVIS-BACON 6009 04:01:27,001 --> 04:01:30,000 PREVAILING WAGE RUIREMENTS 6010 04:01:30,001 --> 04:01:31,000 FROM RAISING THE COST OF 6011 04:01:31,001 --> 04:01:32,000 PROJECTS UNDER THE STIMULUS 6012 04:01:32,001 --> 04:01:34,000 BILL. WHILE I UNDERSTAND THE 6013 04:01:34,001 --> 04:01:36,000 IMPORTANCE OF GOOD WAGES, 6014 04:01:36,001 --> 04:01:37,000 FLOODGES COMPLY WITH DAVIS-BACON 6015 04:01:37,001 --> 04:01:42,000 RESTRICTIONS SEE LABOR COSTS 6016 04:01:42,001 --> 04:01:52,000 THAT ARE ON AVERAGE 22% HIGHER 6017 04:01:52,001 --> 04:01:53,000 THAN MARKET RARITY RATES. 6018 04:01:53,001 --> 04:01:55,000 WAIVING THESE PROVISIONS WILL 6019 04:01:55,001 --> 04:01:57,000 HELP IN ELIMINATING THE 6020 04:01:57,001 --> 04:01:59,000 CONFUSION AND STRETCH TAXPAYER 6021 04:01:59,001 --> 04:02:01,000 DOLLARS SO WE GET MORE BANG FOR 6022 04:02:01,001 --> 04:02:02,000 OUR BUCK IN THE AMOUNT OF 6023 04:02:02,001 --> 04:02:03,000 DOLLARS THAT ARE CURRENTLY OUT 6024 04:02:03,001 --> 04:02:05,000 THERE, HOPEFULLY TRYING TO 6025 04:02:05,001 --> 04:02:07,000 CREATE JOBS. 6026 04:02:07,001 --> 04:02:09,000 NOW, MY AMENDMENT WOULD BE PAID 6027 04:02:09,001 --> 04:02:11,000 FOR, MADAM PRESIDENT, BY 6028 04:02:11,001 --> 04:02:12,000 REDIRECTING UNSPENT OR 6029 04:02:12,001 --> 04:02:14,000 UNOBLIGATED STIMULUS FUNDS FROM 6030 04:02:14,001 --> 04:02:15,000 THE BILL THAT WAS PASSED PAST 6031 04:02:15,001 --> 04:02:17,000 YEAR. 6032 04:02:17,001 --> 04:02:23,000 OUT OF THAT $862 BILLION IN 6033 04:02:23,001 --> 04:02:24,000 SPENDING,-- 6034 04:02:24,001 --> 04:02:28,000 --ACCORDING TO WHAT WE HEAR FROM 6035 04:02:28,001 --> 04:02:29,000 THE 6036 04:02:29,001 --> 04:02:30,000 RECOVERY.ORG, I THINK -- ABOUT 6037 04:02:30,001 --> 04:02:32,000 30% OF THAT MONEY HAS BEEN SPENT 6038 04:02:32,001 --> 04:02:34,000 AS OF THE END OF THIS LAST YEAR. 6039 04:02:34,001 --> 04:02:35,000 BEAR IN MIND, A LOT OF THAT 6040 04:02:35,001 --> 04:02:37,000 MONEY IS OBLIGATEDMENT BUT WE 6041 04:02:37,001 --> 04:02:39,000 NEED THAT THE UNOBLIGATED 6042 04:02:39,001 --> 04:02:41,000 AMOUNTS, UNSPENT, UNOBLIGATED 6043 04:02:41,001 --> 04:02:48,000 AMOUNTS ON THE SPENDING PORTION 6044 04:02:48,001 --> 04:02:51,000 -- NOT ON THE TAX PORTION -- 6045 04:02:51,001 --> 04:02:52,000 THERE IS STILL MONEY THAT HAS 6046 04:02:52,001 --> 04:02:54,000 NOT BEEN OBLIGATED. 6047 04:02:54,001 --> 04:02:55,000 IT WOULD SEEM TO ME THAT OUR 6048 04:02:55,001 --> 04:02:58,000 EFFORTS ARE TO CREATE JOBS, WE 6049 04:02:58,001 --> 04:02:59,000 OUGHT TO THINK ABOUT WHO CREATES 6050 04:02:59,001 --> 04:03:00,000 JOBS. 6051 04:03:00,001 --> 04:03:01,000 TWO-THIRDS OF THE JOBS IN OUR 6052 04:03:01,001 --> 04:03:02,000 COUNTRY ARE CREATED BY SMALL 6053 04:03:02,001 --> 04:03:04,000 BUSINESSES. 6054 04:03:04,001 --> 04:03:05,000 WHY SHOULDN'T WE BE FOCUSING OUR 6055 04:03:05,001 --> 04:03:07,000 EFFORTS ON CREATING INCENTIVES 6056 04:03:07,001 --> 04:03:09,000 FOR SMALL BUSINESSES TO INVEST? 6057 04:03:09,001 --> 04:03:10,000 FRANKLY, AS I SAID EARLIER, THAT 6058 04:03:10,001 --> 04:03:12,000 WAS THE -- WOULD HAVE BEEN THE 6059 04:03:12,001 --> 04:03:13,000 WAY THAT I WOULD HAVE GONE ABOUT 6060 04:03:13,001 --> 04:03:15,000 THE STIMULUS BILL THAT WAS 6061 04:03:15,001 --> 04:03:16,000 PASSED LAST YEAR AND MANY OF MY 6062 04:03:16,001 --> 04:03:18,000 COLLEAGUES HERE OFFERED 6063 04:03:18,001 --> 04:03:19,000 AMENDMENTS AND MANY OF THEM 6064 04:03:19,001 --> 04:03:21,000 SPORTED MY AMENDMENT. 6065 04:03:21,001 --> 04:03:22,000 I THINK I HAD 37 VOTES HERE FOR 6066 04:03:22,001 --> 04:03:24,000 MY AMENDMENT THAT WOULD HAVE 6067 04:03:24,001 --> 04:03:26,000 FOCUSED THE STIMULUS BILL OF A 6068 04:03:26,001 --> 04:03:27,000 YEAR AGO MORE ON SMALL 6069 04:03:27,001 --> 04:03:29,000 BUSINESSES WHEREAS THE BILL THAT 6070 04:03:29,001 --> 04:03:32,000 ULTIMATELY PASSED, AS I SAID 6071 04:03:32,001 --> 04:03:34,000 EARLIER, ONLY SPENT ABOUT 1% -- 6072 04:03:34,001 --> 04:03:36,000 UNDER 1% OF THAT TOTAL AMOT, 6073 04:03:36,001 --> 04:03:37,000 ALMOST $1 TRILLION, ON SMALL 6074 04:03:37,001 --> 04:03:38,000 BUSINESSES, WHICH ARE THE 6075 04:03:38,001 --> 04:03:39,000 ECONOMIC ENGINE, THE JOB 6076 04:03:39,001 --> 04:03:42,000 CREATORS IN OUR ECONOMY. 6077 04:03:42,001 --> 04:03:43,000 SO IF WEEK FIGURE OUT WAY, MADAM 6078 04:03:43,001 --> 04:03:45,000 PRESIDENT, TO GET -- SO IF WE 6079 04:03:45,001 --> 04:03:46,000 CAN FIGURE OUT WAYS, MADAM 6080 04:03:46,001 --> 04:03:47,000 PRESIDENT TO GET SMALL 6081 04:03:47,001 --> 04:03:48,000 BUSINESSES SOME RELIEF SO THEY 6082 04:03:48,001 --> 04:03:50,000 CAN START HIRING AGAIN, WE 6083 04:03:50,001 --> 04:03:53,000 ADDRESS ALL OF THESE OTHER 6084 04:03:53,001 --> 04:03:54,000 ISSUES, 9.7% UNEMPLOYMENT, WHICH 6085 04:03:54,001 --> 04:03:56,000 INCIDENTALLY THE PROMISES THAT 6086 04:03:56,001 --> 04:03:57,000 WERE MADE WHEN THE BIG STIMULUS 6087 04:03:57,001 --> 04:03:59,000 PASSED LAST YEAR WAS IF WE 6088 04:03:59,001 --> 04:04:00,000 DIDN'T PASS THIS STIMULUS BILL, 6089 04:04:00,001 --> 04:04:01,000 UNEMPLOYMENT W GOING TO GO UP 6090 04:04:01,001 --> 04:04:03,000 TO 8%. 6091 04:04:03,001 --> 04:04:05,000 WELL, WE'VE BLOWN WAY BY THAT. 6092 04:04:05,001 --> 04:04:06,000 IT'S AT 9.%. 6093 04:04:06,001 --> 04:04:08,000 WE WERE TOLD THAT IT WOULD 6094 04:04:08,001 --> 04:04:10,000 CREATE MILLIONS OF JOBS. 6095 04:04:10,001 --> 04:04:12,000 WE KNOW NOW THAT SINCE ITS 6096 04:04:12,001 --> 04:04:16,000 PASSAGE LAST YEAR WE'VE ACTUALLY 6097 04:04:16,001 --> 04:04:17,000 LOST 2.7 MILLION JOBS IN OUR COMU. 6098 04:04:17,001 --> 04:04:19,000 THE SPRIPTION THAT WASUT IN 6099 04:04:19,001 --> 04:04:21,000 PLACE IS NOT -- THE PRESCRIPTION 6100 04:04:21,001 --> 04:04:24,000 THAT WAS PUT IN PLACE IS NOT WORKED. 6101 04:04:24,001 --> 04:04:26,000 IT WAS MISDIRECTED TOWARDS 6102 04:04:26,001 --> 04:04:28,000 CREATING NEW BUREAUCRACIES IN 6103 04:04:28,001 --> 04:04:29,000 WASHINGTON, D.C., PERHAPS SOME 6104 04:04:29,001 --> 04:04:30,000 GOVERNMENT JOBS. 6105 04:04:30,001 --> 04:04:31,000 BUT THE GOOD-PAYING GOVERNMEN 6106 04:04:31,001 --> 04:04:33,000 JOBS IN OUR ECONOMY ARE CREATED 6107 04:04:33,001 --> 04:04:35,000 IN OUR PRIVATE ECONOMY. 6108 04:04:35,001 --> 04:04:37,000 THE BIGGEST CREATOR OF THOSE 6109 04:04:37,001 --> 04:04:39,000 JOBS ARE OUR SMALL BUSINESSES. 6110 04:04:39,001 --> 04:04:40,000 SO FRANKLY, MADAM PRESIDENT, WE 6111 04:04:40,001 --> 04:04:42,000 OUGHT TO BE LOOKING AT WHAT 6112 04:04:42,001 --> 04:04:44,000 TYPES OF POLICIES CAN WE PUT IN 6113 04:04:44,001 --> 04:04:46,000 PLACE THAT WILL CREATE AN 6114 04:04:46,001 --> 04:04:48,000 ENVIRONMENT IN WHICH SMALL 6115 04:04:48,001 --> 04:04:49,000 BUSINESSES CAN GO BACK OUT 6116 04:04:49,001 --> 04:04:51,000 THERE, MAKE THOSE INVESTMENTS, 6117 04:04:51,001 --> 04:04:52,000 PUT PEOPLE BACK TO WORK, AND 6118 04:04:52,001 --> 04:04:54,000 THEN WE CAN START HOPEFULLY 6119 04:04:54,001 --> 04:04:56,000 BRINGING THIS UNEMPLOYMENT RATE 6120 04:04:56,001 --> 04:04:57,000 DOWN, GIVE PEOPLE BACK -- GET 6121 04:04:57,001 --> 04:04:58,000 PEOPLE BACK EMPLOYED AGAIN AND A 6122 04:04:58,001 --> 04:05:02,000 LOT OF THESE MEASURES THAT WE'RE 6123 04:05:02,001 --> 04:05:03,000 NOW HAVING TO TAKE WITH REGARD 6124 04:05:03,001 --> 04:05:04,000 TO UNEMPLOYMENT BENEFITS 6125 04:05:04,001 --> 04:05:06,000 HOPEFULLY WOULD COST THE 6126 04:05:06,001 --> 04:05:07,000 TAXPAYERS A LOT LESS BECAUSE THE 6127 04:05:07,001 --> 04:05:09,000 BEST THING WE CAN DO FOR PEOPLE 6128 04:05:09,001 --> 04:05:10,000 WHO ARE WITHOUT A JOB IN THIS 6129 04:05:10,001 --> 04:05:11,000 ECONOMY IS TO GET THEM BACK TO 6130 04:05:11,001 --> 04:05:13,000 WORK. 6131 04:05:13,001 --> 04:05:14,000 AND THE BEST WAY TO DO THAT IS 6132 04:05:14,001 --> 04:05:15,000 TO GET SMALL BUSINESSES IN THIS 6133 04:05:15,001 --> 04:05:17,000 COUNTRY HIRING AGAIN. 6134 04:05:17,001 --> 04:05:19,000 I WANT TO MAKE ONE FINAL POINT, 6135 04:05:19,001 --> 04:05:21,000 MADAM PRESIDENT, BECAUSE I THINK 6136 04:05:21,001 --> 04:05:22,000 THAT ONE OF THE THINGS THAT I 6137 04:05:22,001 --> 04:05:23,000 HEAR REPEATEDLY FROM SMALL 6138 04:05:23,001 --> 04:05:26,000 BUSINESSES IN SOUTH DAKOTA AND 6139 04:05:26,001 --> 04:05:29,000 ACROSS THE COUNTRY IS THAT THE 6140 04:05:29,001 --> 04:05:31,000 -- THERE IS A SORT OF A -- JUST 6141 04:05:31,001 --> 04:05:35,000 A PARALYSIS, IF YOU WANT TO CALL 6142 04:05:35,001 --> 04:05:37,000 IT THAT, ABOUT INVESTORS LOOKING 6143 04:05:37,001 --> 04:05:39,000 AT INVESTING 0 MONEY IN 6144 04:05:39,001 --> 04:05:40,000 DIFFERENT AREAS AND DIFFERENT 6145 04:05:40,001 --> 04:05:42,000 PROJECTS, BUT LOOKING AT 6146 04:05:42,001 --> 04:05:44,000 WASHINGTON, D.C., AND SEEING ALL 6147 04:05:44,001 --> 04:05:45,000 OF THIS POLICY UNCERTAINTY. 6148 04:05:45,001 --> 04:05:46,000 THEY SEE THIS CLOUD OVER OUR 6149 04:05:46,001 --> 04:05:47,000 ECONOMY. 6150 04:05:47,001 --> 04:05:48,000 IT'S CREATING A LOT OF ECONOMIC 6151 04:05:48,001 --> 04:05:50,000 UNCERTAINTY, A LOST ECONOMIC 6152 04:05:50,001 --> 04:05:53,000 ANXIETY, AND FRANKLY WHAT I HEAR 6153 04:05:53,001 --> 04:05:55,000 FROM A LOT OF SMALL BUSINESSES 6154 04:05:55,001 --> 04:05:56,000 AND PEOPLE WHO CREATE JOBS IS 6155 04:05:56,001 --> 04:05:58,000 THE REASON NOR THAT IS THEY'RE 6156 04:05:58,001 --> 04:06:00,000 WORD ABOUT THE POLICY 6157 04:06:00,001 --> 04:06:01,000 UNCERTAINTY IN WAWSHTD. 6158 04:06:01,001 --> 04:06:02,000 -- THE POLICY 6159 04:06:02,001 --> 04:06:07,000 UNCERTAINTY IN WASHINGTON, D.C. 6160 04:06:07,001 --> 04:06:09,000 IS WASHIN GOING TO PASS THIS 6161 04:06:09,001 --> 04:06:10,000 MASSIVE NEWAX BILL? 6162 04:06:10,001 --> 04:06:13,000 IS WASHINGTON, D.C., GOING TO 6163 04:06:13,001 --> 04:06:16,000 PASS A CLIMATE CHANGE BILL THAT 6164 04:06:16,001 --> 04:06:17,000 IS HAS PUNISHING ENERGY TAXES 6165 04:06:17,001 --> 04:06:18,000 PARTICULARLY ON AREAS IN THE 6166 04:06:18,001 --> 04:06:19,000 MIDWEST? 6167 04:06:19,001 --> 04:06:21,000 I'VE GOT COUPLE OF POWER PLANTS 6168 04:06:21,001 --> 04:06:23,000 IN MYTATE THAT ARE ON ICE 6169 04:06:23,001 --> 04:06:24,000 RIGHT NOW BECAUSE OF YOUR HONOR 6170 04:06:24,001 --> 04:06:26,000 CERTAINTY ABOUT WHAT'S GOING TO 6171 04:06:26,001 --> 04:06:27,000 HAPPEN WITH REGARD TO COAL-FIRED 6172 04:06:27,001 --> 04:06:29,000 POWER IN OUR FUTURE. 6173 04:06:29,001 --> 04:06:30,000 THERE IS A LOT OF 6174 04:06:30,001 --> 04:06:31,000 OUT HERE SWIRLING AROUND 6175 04:06:31,001 --> 04:06:33,000 WASHINGTON ABOUT WHAT CONGRESS 6176 04:06:33,001 --> 04:06:34,000 MIGHT DO OR WHAT -- WORSE YET, 6177 04:06:34,001 --> 04:06:35,000 WHEN THE E.P.A. MIGHT DO ON 6178 04:06:35,001 --> 04:06:37,000 THEIR OWN. 6179 04:06:37,001 --> 04:06:38,000 AND THERE'S UNCERTAINTY ABOUT 6180 04:06:38,001 --> 04:06:40,000 WHAT'S GOING TO HAPPEN WITH 6181 04:06:40,001 --> 04:06:42,000 TASSMENTS ARE WE GOING TO -- 6182 04:06:42,001 --> 04:06:43,000 WHAT'S GOING TO HAPPEN WITH TAXES. 6183 04:06:43,001 --> 04:06:46,000 ARE WE GOING TO SEE TAXES GO UP 6184 04:06:46,001 --> 04:06:47,000 IN THE YEAR 2011? 6185 04:06:47,001 --> 04:06:49,000 FOR SMALL BUSINESSES -- ABOUT 6186 04:06:49,001 --> 04:06:50,000 HALF OF OUR SMALL BUSINESSES WHO DO ALLOW THAT YOU ARE INCOME 6187 04:06:50,001 --> 04:06:52,000 FROM THEIR SMALL BUSINESS TO 6188 04:06:52,001 --> 04:06:54,000 FLOW THROUGH TO THEIR INDIVIDUAL 6189 04:06:54,001 --> 04:06:56,000 INCOME TAX RETURN ARE GOING TO 6190 04:06:56,001 --> 04:06:57,000 SEE THOSE TAX INCREASES, THOSE 6191 04:06:57,001 --> 04:06:59,000 MARGINAL RATE INCREASES WHEN 6192 04:06:59,001 --> 04:07:05,000 THEY GO FROM 33% TO 36% AND 35% 6193 04:07:05,001 --> 04:07:06,000 SIGNIFICANT TAX 6194 04:07:06,001 --> 04:07:07,000 INCREAS. WHICH IS WHY I'VE GOT THIS 6195 04:07:07,001 --> 04:07:08,000 DEDUCTION FOR SMALL BUSINESS 6196 04:07:08,001 --> 04:07:11,000 INCOME AS PART OF THIS AMENDMENT 6197 04:07:11,001 --> 04:07:13,000 OF BUT WE NEED TO BRING SOME CERTAINTY TO SMALL BUSINESSES IN 6198 04:07:13,001 --> 04:07:14,000 THIS COUNTRY, IN THE AREA OF 6199 04:07:14,001 --> 04:07:16,000 TAXES, SOME CERTAINTY WITH 6200 04:07:16,001 --> 04:07:18,000 REGARD TO REGULATION, SOME 6201 04:07:18,001 --> 04:07:19,000 CERTAINTY WITH REGARD TO THE 6202 04:07:19,001 --> 04:07:21,000 LITIGATION ENVIRONMENT. 6203 04:07:21,001 --> 04:07:23,000 WE'VE GOT SO MUCH UNCERTAINTY 6204 04:07:23,001 --> 04:07:25,000 SWIRLING AROUND WASHINGTON, IT 6205 04:07:25,001 --> 04:07:27,000 IS CREATING THIS HUGE CLOUD AND 6206 04:07:27,001 --> 04:07:28,000 NOW WE HAVE A SITUATION WHERE 6207 04:07:28,001 --> 04:07:31,000 SMALL BUSINESSES IN THIS CRUN 6208 04:07:31,001 --> 04:07:32,000 MAKING DECISIONS BASED ON POLL 6209 04:07:32,001 --> 04:07:34,000 FACTORS RATHER THAN ECONOMIC FACTORS. 6210 04:07:34,001 --> 04:07:36,000 WE WANT THEM MAKING DECISIONS 6211 04:07:36,001 --> 04:07:37,000 BASED UPON ECONOMIC FACTORS, NOT 6212 04:07:37,001 --> 04:07:41,000 WORRYING ABOUT WHAT HAS BECOME 6213 04:07:41,001 --> 04:07:42,000 THE NEW CENTER OF GRAVITY IN 6214 04:07:42,001 --> 04:07:43,000 THIS COUNTRY AND THAT'S 6215 04:07:43,001 --> 04:07:45,000 WASHINGTON, D.C. BECAUSE WASHINGTON, D.C., CANNOT 6216 04:07:45,001 --> 04:07:46,000 CREATE PERMANENT, GOOD-PAYING 6217 04:07:46,001 --> 04:07:48,000 JOBS IN OUR ECONOMY. 6218 04:07:48,001 --> 04:07:52,000 THOSE CAN ONLY BE CREATED IN THE 6219 04:07:52,001 --> 04:07:53,000 ECONOMY IN THIS COUNTRY AS WE 6220 04:07:53,001 --> 04:07:54,000 UNLEASH SMALL BUSINESSES AND 6221 04:07:54,001 --> 04:07:55,000 ENTREPRENEURS AND PROVIDE 6222 04:07:55,001 --> 04:07:57,000 INCENTIVES FOR THEM TO DO WHAT 6223 04:07:57,001 --> 04:07:59,000 THEY DO BEST, AND THAT IS TO 6224 04:07:59,001 --> 04:08:01,000 GROW THEIR BUSINESSES AND TO 6225 04:08:01,001 --> 04:08:02,000 MAKE CAPITAL INVESTMENTS AND TO 6226 04:08:02,001 --> 04:08:03,000 CREATE JOBS. 6227 04:08:03,001 --> 04:08:04,000 SO, MADAM PRESIDENT, I HOPE THAT 6228 04:08:04,001 --> 04:08:05,000 MY COLLEAGUES WILL SUPPORT THIS 6229 04:08:05,001 --> 04:08:06,000 AMENDMENT. 6230 04:08:06,001 --> 04:08:08,000 AS I SAID, IT IS PAID FOR. 6231 04:08:08,001 --> 04:08:09,000 IT IS OFFSET. 6232 04:08:09,001 --> 04:08:11,000 THIS DOESN'T ADD ANYTHING TO THE DEBT. 6233 04:08:11,001 --> 04:08:14,000 WE DON'T HAVE TO BORROW MONEY TO DO THI 6234 04:08:14,001 --> 04:08:16,000 WE REDIRECT UNSPENT, UNUNLETTED 6235 04:08:16,001 --> 04:08:17,000 STIMULUS MONEYS, 6236 04:08:17,001 --> 04:08:19,000 LEFT OVER FROM LAST YR'S 6237 04:08:19,001 --> 04:08:21,000 STIMULUS BILL, TOWARD SMALL 6238 04:08:21,001 --> 04:08:23,000 BUSINESS TAX INCENTIVES WHICH 6239 04:08:23,001 --> 04:08:30,000 FRANKLY I THINK MANY OF US ARGUE 6240 04:08:30,001 --> 04:08:31,000 -- AND I WOULD ARGUE -- AND I I ARGUED AT THE TIME. 6241 04:08:31,001 --> 04:08:35,000 H. -- SHOULD HAVE BEEN A GREATER 6242 04:08:35,001 --> 04:08:37,000 STIMULUS BILL AT THE TIME. 6243 04:08:37,001 --> 04:08:38,000 THE ECONOMIC ENGINE IN THIS SCUN 6244 04:08:38,001 --> 04:08:40,000 OUR SMALL BUSINESSES AND SO WHAT 6245 04:08:40,001 --> 04:08:42,000 MY AMENDMENT DOES IS CREATES TAX 6246 04:08:42,001 --> 04:08:43,000 INCENTIVES FOR THEM TO GO OUT 6247 04:08:43,001 --> 04:08:45,000 AND CREATE JOBS AND DISCO IT IN 6248 04:08:45,001 --> 04:08:49,000 A WAY THAT DOESN'T -- AND DOES 6249 04:08:49,001 --> 04:08:51,000 IT IN A WAY THAT DOESN'T ADD TO 6250 04:08:51,001 --> 04:08:52,000 THE DEFICIT, ALLOWS THE SMALL 6251 04:08:52,001 --> 04:08:53,000 BUSINESSES IN THIS COUNTRY TO DO 6252 04:08:53,001 --> 04:08:54,000 WHAT THEY DO BEST. 6253 04:08:54,001 --> 04:08:55,000 I WOULD ENCOURAGE MY COLLEAGUES 6254 04:08:55,001 --> 04:08:57,000 TO SUPPORT THIS AMENDMENT AND 6255 04:08:57,001 --> 04:09:00,000 WITH THAT, I WOULD YIELD THE 6256 04:09:00,001 --> 04:09:02,000 FLOOR. 6257 04:09:02,001 --> 04:09:03,000 MR. MERKLEY: MR. PRESIDENT? 6258 04:09:03,001 --> 04:09:04,000 THE PRESIDING OFFICER: THE SENATOR FROM OREGON. 6259 04:09:04,001 --> 04:09:05,000 MR.ERKLEY: SKILLED TO SPEAK 6260 04:09:05,001 --> 04:09:06,000 IN MORNING BUSINESS. 6261 04:09:06,001 --> 04:09:08,000 THE PRESIDING OFFICER: WITHOUT OBJECTION. 6262 04:09:08,001 --> 04:09:10,000 AMERICAMARK I RISE TO ADDRESS 6263 04:09:10,001 --> 04:09:12,000 THE REPUBLICAN FILIBUSTER, 6264 04:09:12,001 --> 04:09:14,000 ATTACKING THE AMERICAN WORKER. 6265 04:09:14,001 --> 04:09:15,000 MR. MERKLEY: I RISE TO ADDRESS 6266 04:09:15,001 --> 04:09:16,000 THE REPUBLICAN FILIBUSTER 6267 04:09:16,001 --> 04:09:18,000 ATTACKING THE AMERICAN WORKER 6268 04:09:18,001 --> 04:09:19,000 AND THE REPUBLICAN FILIBUSTER 6269 04:09:19,001 --> 04:09:21,000 ATTACKING AMERICA'S SMALL BUSINESSES. 6270 04:09:21,001 --> 04:09:24,000 I HAD THE CHANCE TO GO HOME THIS 6271 04:09:24,001 --> 04:09:27,000 WEEKEND TO START MY TRIP HOME IN 6272 04:09:27,001 --> 04:09:30,000 CENTRAL OREGON. 6273 04:09:30,001 --> 04:09:34,000 14% UNEMPLOYMENT. 6274 04:09:34,001 --> 04:09:37,000 NEXT DOOR TO THAT COUNTY, COOK 6275 04:09:37,001 --> 04:09:38,000 COUNTY, 16.8% UMPLOYMENT. 6276 04:09:38,001 --> 04:09:40,000 THAT'S ONLY COUNTING THE WORKERS 6277 04:09:40,001 --> 04:09:41,000 THAT ARE OFFICIALLY UNEMPLOYED 6278 04:09:41,001 --> 04:09:43,000 AS OPPOSED TO THOSE WHO HAVE 6279 04:09:43,001 --> 04:09:48,000 GIVEN UP ON FINDING JOBS. 6280 04:09:48,001 --> 04:09:49,000 WENT DOWN TO PLAMOUTH COUNTY, 6281 04:09:49,001 --> 04:09:52,000 12.6% UNEMPLOYMENT. 6282 04:09:52,001 --> 04:09:56,000 I WENT TO HOOD RIVER AND THE 6283 04:09:56,001 --> 04:09:57,000 COLUMBIA GORGE, I WENT TO 6284 04:09:57,001 --> 04:09:59,000 WASHINGTON COUNTY IN THE 6285 04:09:59,001 --> 04:10:03,000 METROPOLITAN AREA AND EVERYWHERE 6286 04:10:03,001 --> 04:10:06,000 I WENT IN OREGON, WHETHER IT BE 6287 04:10:06,001 --> 04:10:11,000 EASTERN OR WESTERN OR NORTH OR 6288 04:10:11,001 --> 04:10:12,000 SOUTH, I WAS IN EVERY QUARTER 6289 04:10:12,001 --> 04:10:15,000 THIS WEEKEND, CITIZENS WANTED TO 6290 04:10:15,001 --> 04:10:17,000 KNOW WHY ARE THE REPUBLICANS 6291 04:10:17,001 --> 04:10:20,000 ATTACKING THE AMERICAN WORKER 6292 04:10:20,001 --> 04:10:24,000 AND THE AMERICAN SMALL BUSINESS? 6293 04:10:24,001 --> 04:10:26,000 BECAUSE, YOU SEE, ACROSS THIS 6294 04:10:26,001 --> 04:10:28,000 COUNTRY OUR WORKING FAMILIES ARE 6295 04:10:28,001 --> 04:10:29,000 IN TROUBLE. 6296 04:10:29,001 --> 04:10:34,000 AND THEY'RE LOOK FOG THIS BODY 6297 04:10:34,001 --> 04:10:36,000 RIGHT HERE FOR HELP. 6298 04:10:36,001 --> 04:10:38,000 THEY WANT TO KNOW WHEN ARE WE 6299 04:10:38,001 --> 04:10:42,000 GOING TO GET IT DONE. 6300 04:10:42,001 --> 04:10:44,000 AND BY "IT," THEY MEAN EXTENSION 6301 04:10:44,001 --> 04:10:48,000 OF UNEMPLOYMENT BENEFITS. 6302 04:10:48,001 --> 04:10:49,000 THEY WANT TO KNOW, WHEN ARE WE 6303 04:10:49,001 --> 04:10:51,000 GOING TO GET EXTENDED THE COBRA 6304 04:10:51,001 --> 04:10:53,000 HEALTH BENEFITS? 6305 04:10:53,001 --> 04:10:56,000 THEY WANT TO KNOW WHEN WE'RE 6306 04:10:56,001 --> 04:10:58,000 GOING TO FIX THE MEDICARE RATES 6307 04:10:58,001 --> 04:11:01,000 THAT CHANGED TODAY? 6308 04:11:01,001 --> 04:11:03,000 AND DROPPED MORE THAN 20%. 6309 04:11:03,001 --> 04:11:07,000 SO IT'S THAT MUCH HARDER TO GET 6310 04:11:07,001 --> 04:11:08,000 INTO THE DOOR OF A DOCTOR IF 6311 04:11:08,001 --> 04:11:11,000 YOU'RE A SENIOR. 6312 04:11:11,001 --> 04:11:13,000 THEY WANT TO KNOW WHY TRANSPORTATION PROJECTS ARE 6313 04:11:13,001 --> 04:11:15,000 GRINDED TO HALT ACROSS THIS 6314 04:11:15,001 --> 04:11:20,000 COUNTRY EVEN THOUGH WE NEED THOSE JOBS. 6315 04:11:20,001 --> 04:11:23,000 THE ANSWER LIES IN THIS CHAMBER. 6316 04:11:23,001 --> 04:11:26,000 SO THIS ATTACK ON THE AMERICAN 6317 04:11:26,001 --> 04:11:30,000 WORKER BY THE REPUBLICAN 6318 04:11:30,001 --> 04:11:31,000 FILIBUSTER, IT'S UNACCEPTABLE. 6319 04:11:31,001 --> 04:11:35,000 THIS ATTACK ON THE AMERICAN 6320 04:11:35,001 --> 04:11:37,000 SENIOR IS UNACCEPTABLE. 6321 04:11:37,001 --> 04:11:42,000 THIS ATTACK 0 ON THE AMERICAN 6322 04:11:42,001 --> 04:11:45,000 SMALL BUSINESS IS UNACCEPTABLE. 6323 04:11:45,001 --> 04:11:47,000 NOT ONLY DOES THIS DIRECTLY 6324 04:11:47,001 --> 04:11:49,000 IMPACT WORKING AMERICANS AND 6325 04:11:49,001 --> 04:11:51,000 RETIRED AMERICANS, BUT IT ALSO 6326 04:11:51,001 --> 04:11:54,000 AFFECTS THE ECONOMY. 6327 04:11:54,001 --> 04:11:57,000 UNEMPLOYMENT INSURANCE, COBRA 6328 04:11:57,001 --> 04:11:58,000 EXTENSI GOOD FOR THE 6329 04:11:58,001 --> 04:12:00,000 ECONOMY. 6330 04:12:00,001 --> 04:12:01,000 THEY HELP PUT FOOD ON TABLE. 6331 04:12:01,001 --> 04:12:03,000 THEY HELP PAY THE RENT CHEFNTLE 6332 04:12:03,001 --> 04:12:04,000 ALL OF THAT MONEY STAYS IN OUR 6333 04:12:04,001 --> 04:12:05,000 ECONOMY. 6334 04:12:05,001 --> 04:12:06,000 ALL OF IT GOES FROM THOSE 6335 04:12:06,001 --> 04:12:08,000 FAMILIES BECAUSE THEY HAVE BILLS 6336 04:12:08,001 --> 04:12:09,000 TO PAY TO OUR BUSINESSES IN THE 6337 04:12:09,001 --> 04:12:10,000 COMMUNITIES, AND THOSE 6338 04:12:10,001 --> 04:12:14,000 BUSINESSES CAN THEN PAY THEIR 6339 04:12:14,001 --> 04:12:16,000 WORKERS AND PAY THEIR 6340 04:12:16,001 --> 04:12:18,000 CONTRACTORS. 6341 04:12:18,001 --> 04:12:21,000 SO ONE OF THE BEST BANGS FOR THE 6342 04:12:21,001 --> 04:12:23,000 BUCK IN TERMS OF ECONOMIC GROWTH 6343 04:12:23,001 --> 04:12:25,000 IS RIGHT BEFORE US IN 6344 04:12:25,001 --> 04:12:29,000 UNEMPLOYMENT INSURANCE AND COBRA 6345 04:12:29,001 --> 04:12:31,000 EXTENSION. 6346 04:12:31,001 --> 04:12:35,000 NOW, I'M PUZZLED -- I'VE PUZZLED 6347 04:12:35,001 --> 04:12:37,000 OVER THIS CHALLENGE. 6348 04:12:37,001 --> 04:12:38,000 BECAUSE BEHAVE A OBSERVED IS 6349 04:12:38,001 --> 04:12:39,000 THIS -- BECAUSE WHAT I'VE 6350 04:12:39,001 --> 04:12:43,000 OBSERVED IS THIS: 6351 04:12:43,001 --> 04:12:45,000 WHEN IT COMES TO GIVING AWAY 6352 04:12:45,001 --> 04:12:46,000 MONEY OUT OF THE TREASURY TO THE 6353 04:12:46,001 --> 04:12:49,000 WEALTHIEST AMERICANS, MY 6354 04:12:49,001 --> 04:12:50,000 COLLEAGUES ACROSS THE AISLE ARE 6355 04:12:50,001 --> 04:12:55,000 DELIVERING IT ON A SILVER 6356 04:12:55,001 --> 04:12:58,000 PLATTER. 6357 04:12:58,001 --> 04:13:00,000 A SILVER PLATTER T THE 6358 04:13:00,001 --> 04:13:03,000 WEALTHIEST AND BEST OFF. 6359 04:13:03,001 --> 04:13:05,000 BUT BH IT COMES TO A PLAN TO 6360 04:13:05,001 --> 04:13:06,000 ASSIST WORKING AMERICANS AND 6361 04:13:06,001 --> 04:13:08,000 SENIORS AND SMALL BUSINESSES, MY 6362 04:13:08,001 --> 04:13:10,000 COLLEAGUES ACROSS THE AISLE 6363 04:13:10,001 --> 04:13:11,000 THROUGH THIS REPUBLICAN 6364 04:13:11,001 --> 04:13:13,000 FILIBUSTER ARE TAKING THE 6365 04:13:13,001 --> 04:13:15,000 HATCHET TO IT. 6366 04:13:15,001 --> 04:13:17,000 THEY'RE SAYING, WORKING 6367 04:13:17,001 --> 04:13:20,000 AMERICANS DON'T COUNT. 6368 04:13:20,001 --> 04:13:22,000 WE ONLY WANT TO HAVE BENEFITS ON 6369 04:13:22,001 --> 04:13:25,000 THE SILVER PLATTER FOR THE 6370 04:13:25,001 --> 04:13:27,000 WEALTHIEST. 6371 04:13:27,001 --> 04:13:28,000 I HAVE TO TELL YOU, IT'S WORKING 6372 04:13:28,001 --> 04:13:32,000 AMERICANS THAT MADE THIS NATION 6373 04:13:32,001 --> 04:13:34,000 GREAT. 6374 04:13:34,001 --> 04:13:35,000 IT'S AMERICAN MIDDLE CLASS TT 6375 04:13:35,001 --> 04:13:38,000 CREATED THE STRONGEST ECONOMY IN 6376 04:13:38,001 --> 04:13:40,000 THE WORLD. 6377 04:13:40,001 --> 04:13:41,000 IT'S AMERICAN PUBLIC SCHOOL 6378 04:13:41,001 --> 04:13:50,000 SYSTEM AND OUR WORKING FAMILIES 6379 04:13:50,001 --> 04:13:51,000 THAT HAVE COME UP WITH THE 6380 04:13:51,001 --> 04:13:52,000 INDUSTRIOUSNESS TO TAKE THIS 6381 04:13:52,001 --> 04:13:56,000 NATION FORWARD. 6382 04:13:56,001 --> 04:13:57,000 NOW, WHEN I'M TALKING ABOUT THE SILVER PLATTER THAT THE 6383 04:13:57,001 --> 04:13:59,000 REPUBLANS HAVE FOR THE 6384 04:13:59,001 --> 04:14:01,000 WETTIEST IN AMERICA, LET'S 6385 04:14:01,001 --> 04:14:06,000 EXAMINE THE DETAILS. 6386 04:14:06,001 --> 04:14:12,000 -- UNFUNDED REPUBLICAN PROGRAM 6387 04:14:12,001 --> 04:14:13,000 2001 TAX CUTS, $1.35 TRILLION 6388 04:14:13,001 --> 04:14:16,000 GIVEAWAY, BORROWED FROM THE NEXT 6389 04:14:16,001 --> 04:14:17,000 GENERATION, FROM OUR COMIRN. -- FROM OUR 6390 04:14:17,001 --> 04:14:19,000 CHILDREN. 6391 04:14:19,001 --> 04:14:22,000 THAT'S QUITE A GIFT. 6392 04:14:22,001 --> 04:14:27,000 THAT'S QUITE A SILVER PLATTER. 6393 04:14:27,001 --> 04:14:30,000 2003 TAX CUTS -- $350 BILLION 6394 04:14:30,001 --> 04:14:34,000 DELIVERED ON THE SILVER PLATTER 6395 04:14:34,001 --> 04:14:37,000 FOR THE WEALTHIEST AMERICANS. 6396 04:14:37,001 --> 04:14:38,000 MEDICARE PART-D, UNFUNDED 6397 04:14:38,001 --> 04:14:40,000 PROGRAM: 6398 04:14:40,001 --> 04:14:44,000 $400 BILLION ON A SILVER 6399 04:14:44,001 --> 04:14:46,000 PLATTER. 6400 04:14:46,001 --> 04:14:52,000 IRAQ AND AFGHANISTAN WARS: 6401 04:14:52,001 --> 04:14:54,000 ALMOST $1 TRILLION. 6402 04:14:54,001 --> 04:14:57,000 $944 BILLION THROUGH JUNE OF 2009. 6403 04:14:57,001 --> 04:15:00,000 THE TOTAL THIS YEAR WILL EXCEED 6404 04:15:00,001 --> 04:15:01,000 $1 TRILLION UNPAID FOR, 6405 04:15:01,001 --> 04:15:03,000 UNFUNDED, BORROWED FROM OUR CHILDREN. 6406 04:15:03,001 --> 04:15:11,000 NOW THERE'S BEEN SOME COLLEAGUES 6407 04:15:11,001 --> 04:15:17,000 RING TO SAY HOW THIS IS A 6408 04:15:17,001 --> 04:15:21,000 MATTER OF BEING CONSISTENT ON 6409 04:15:21,001 --> 04:15:23,000 PAYING FOR AMERICAN PROGRAMS. 6410 04:15:23,001 --> 04:15:25,000 BUT WHEN YOU CHECK THE RECORD, 6411 04:15:25,001 --> 04:15:30,000 THEY VOTED TIME AND TIME AGAIN 6412 04:15:30,001 --> 04:15:31,000 FOR UNFUNDED GIVEAWAYS TO THE 6413 04:15:31,001 --> 04:15:33,000 WEALTHIEST AMERICANS, THE 2001 6414 04:15:33,001 --> 04:15:35,000 TAX CUTS, THE 2003 TAX CUTS. 6415 04:15:35,001 --> 04:15:37,000 AND THEY VOTED FOR OTHER 6416 04:15:37,001 --> 04:15:38,000 PROGRAMS THAT I LIKE, BUT THEY 6417 04:15:38,001 --> 04:15:42,000 WEREN'T FUNDED. 6418 04:15:42,001 --> 04:15:43,000 AND I'D INCLUDE IN THAT MEDICARE 6419 04:15:43,001 --> 04:15:47,000 PART-B. 6420 04:15:47,001 --> 04:15:49,000 YOU KNOW, IT MADE ME THINK, WHEN 6421 04:15:49,001 --> 04:15:50,000 I HEARD A COLLEAGUE TALKING 6422 04:15:50,001 --> 04:15:53,000 ABOUT FISCAL RESPONSIBILITY, 6423 04:15:53,001 --> 04:15:55,000 IT'S A LITTLE LIKE LISTENING TO 6424 04:15:55,001 --> 04:15:57,000 BERNIE MADOFF TALKING ABOUT 6425 04:15:57,001 --> 04:16:00,000 TOUGH ACCOUNTING RULES. 6426 04:16:00,001 --> 04:16:06,000 IT'S A LITTLE BIT LIKE TALKING 6427 04:16:06,001 --> 04:16:08,000 OR HEARING FROM BRETT FAVRE 6428 04:16:08,001 --> 04:16:11,000 ABOUT PROMISING HE'LL RETIRE. 6429 04:16:11,001 --> 04:16:16,000 IT'S A LITTLE BIT LIKE LISTENING 6430 04:16:16,001 --> 04:16:19,000 TO SAOEUPL CO-- SIMON COWELL 6431 04:16:19,001 --> 04:16:21,000 DELIVERING A LECTU THAT PEOPLE 6432 04:16:21,001 --> 04:16:24,000 SHOULDN'T UTILIZE SARCASM 6433 04:16:24,001 --> 04:16:25,000 BECAUSE AFTER THESE UNFUNDED 6434 04:16:25,001 --> 04:16:26,000 GIVEAWAYS MY COLLEAGUES PUT 6435 04:16:26,001 --> 04:16:28,000 TOGETHER A REPUBLICAN FILIBUSTER 6436 04:16:28,001 --> 04:16:33,000 TO ATTACK THE AMERICAN WORKER IN 6437 04:16:33,001 --> 04:16:35,000 A COMPLETELY INCONSISTENT MANNER. 6438 04:16:35,001 --> 04:16:36,000 SO, I WOULD SAY I HAVE A 6439 04:16:36,001 --> 04:16:38,000 DIFFERENT OUTLOOK. 6440 04:16:38,001 --> 04:16:40,000 I THINK MANY OF MY COLLEAGUES 6441 04:16:40,001 --> 04:16:41,000 HERE HAVE A DIFFERENT OUTLOOK 6442 04:16:41,001 --> 04:16:45,000 THAT WE SHOULD BE HERE TO MAKE 6443 04:16:45,001 --> 04:16:48,000 AMERICA WORK FOR WORKING AMERICANS. 6444 04:16:48,001 --> 04:16:50,000 AND THAT MEANS THAT WHEN THEY'RE 6445 04:16:50,001 --> 04:16:51,000 HURTING, WE'RE GOING TO ASSIST 6446 04:16:51,001 --> 04:16:53,000 THEM WITH UNEMPLOYMENT INSURANCE. 6447 04:16:53,001 --> 04:16:54,000 WE'RE GOING TO HELP WITH THE 6448 04:16:54,001 --> 04:16:56,000 KPWA EXTENSION. 6449 04:16:56,001 --> 04:16:57,000 WE'RE GOING -- WITH THE COBRA 6450 04:16:57,001 --> 04:16:58,000 EXTENSION. 6451 04:16:58,001 --> 04:16:59,000 WE'RE GOING TO HELP WITH LOANS 6452 04:16:59,001 --> 04:17:01,000 TO SMALL BUSINESS AND WE'RE 6453 04:17:01,001 --> 04:17:02,000 GOING TO HELP SENIORS BY FIXING 6454 04:17:02,001 --> 04:17:04,000 THAT MEDICARE PROVISION. 6455 04:17:04,001 --> 04:17:05,000 WE'RE NOT GOING TO TAKE THE 6456 04:17:05,001 --> 04:17:07,000 HAMMER TO THOSE PROGRAMS. 6457 04:17:07,001 --> 04:17:08,000 WE'RE GOING TO ASSIST OUR 6458 04:17:08,001 --> 04:17:10,000 WORKING FAMILIES. 6459 04:17:10,001 --> 04:17:12,000 BECAUSE OF THIS REPUBLICAN 6460 04:17:12,001 --> 04:17:15,000 FILIBUSTER, NEARLY 1.2 MILLION 6461 04:17:15,001 --> 04:17:17,000 AMERICANS WILL LOSEHEIR BENEFITS. 6462 04:17:17,001 --> 04:17:19,000 AND BY JUNE, THIS NUMBER WILL 6463 04:17:19,001 --> 04:17:21,000 GROW TO 5 MILLION UNEMPLOYED 6464 04:17:21,001 --> 04:17:22,000 WORKERS WILLE LEFT WITHOUT 6465 04:17:22,001 --> 04:17:24,000 VITAL BENEFITS IF CONGRESS 6466 04:17:24,001 --> 04:17:27,000 DOESN'T ACT. 6467 04:17:27,001 --> 04:17:28,000 NOW, LET'S TALK ABOUT THAT SMALL 6468 04:17:28,001 --> 04:17:29,000 BUSINESS PROVISION. 6469 04:17:29,001 --> 04:17:31,000 SMALL BUSINESS OWNERS HAVE BEEN 6470 04:17:31,001 --> 04:17:37,000 HURT BECAUSE OF CONGRESSIONAL 6471 04:17:37,001 --> 04:17:40,000 BUDGET SMALL BUSINESS 6472 04:17:40,001 --> 04:17:41,000 ADMINISTRATION'S GENERAL 6473 04:17:41,001 --> 04:17:42,000 BUSINESS LOAN EXPIRED YESTERDAY. 6474 04:17:42,001 --> 04:17:44,000 MY COLLEAGUE FROM SOUTH DAKOTA 6475 04:17:44,001 --> 04:17:45,000 WAS JUST UP SPEAKING ON THE 6476 04:17:45,001 --> 04:17:46,000 FLOOR ABOUT THE IMPORTANCE OF 6477 04:17:46,001 --> 04:17:49,000 HELPING SMALL BUSINESSES. 6478 04:17:49,001 --> 04:17:51,000 AND I SAY TO HIM, AND YOUR -- 6479 04:17:51,001 --> 04:17:52,000 END YOUR REPUBLICAN FILIBUSTER 6480 04:17:52,001 --> 04:17:53,000 ATTACKING SMALL BUSINESS IN 6481 04:17:53,001 --> 04:17:54,000 AMERICA. 6482 04:17:54,001 --> 04:17:55,000 COME TO THIS FLOOR AND SAY 6483 04:17:55,001 --> 04:17:57,000 ENOUGH IS ENOUGH, I'M GOING TO 6484 04:17:57,001 --> 04:18:02,000 STAND WITH OUR WORKERS AND OUR 6485 04:18:02,001 --> 04:18:06,000 SENIORS AND OUR SMALL BUSINESS. 6486 04:18:06,001 --> 04:18:09,000 SO IT IS TIME TO END THE 6487 04:18:09,001 --> 04:18:11,000 POLITICAL POSTURING, TAKE OUR 6488 04:18:11,001 --> 04:18:14,000 EYES OFF NOVEMBER AND PUT OUR 6489 04:18:14,001 --> 04:18:18,000 EYES ON THE CHALLENGE OF 6490 04:18:18,001 --> 04:18:20,000 AMERICAN FAMILIES AND PASS THIS 6491 04:18:20,001 --> 04:18:32,000 LEGISLATION RIGHT AWAY. 6492 04:18:32,001 --> 04:18:33,000 TH 6493 04:18:33,001 --> 04:18:34,000 TH 6494 04:18:34,001 --> 04:18:35,000 SENATOR FROM MICHIGAN. 6495 04:18:35,001 --> 04:18:36,000 MS. STABENOW: THANK YOU, MADAM 6496 04:18:36,001 --> 04:18:38,000 SPEAKER. 6497 04:18:38,001 --> 04:18:39,000 I WANT TO THANK, FIRST OF ALL, 6498 04:18:39,001 --> 04:18:41,000 THE SENATOR FROM OREGON FOR 6499 04:18:41,001 --> 04:18:42,000 THOSE VERY PASSIONATE COMMENTS. 6500 04:18:42,001 --> 04:18:46,000 WE'VE HAD THE OPPORTUNITY TO 6501 04:18:46,001 --> 04:18:48,000 JOIN TOGETHER IN A NUMBER OF 6502 04:18:48,001 --> 04:18:49,000 FORUMS TO SPEAK OUT ABOUT THE 6503 04:18:49,001 --> 04:18:52,000 IMPOANCE OF CREATING JOBS IN 6504 04:18:52,001 --> 04:18:53,000 AMERICA AND OF HELPING THOSE 6505 04:18:53,001 --> 04:18:54,000 THROUGH NO FAULT OF THEIR OWN 6506 04:18:54,001 --> 04:18:56,000 WHO HAVE LOST THEIR JOBS. 6507 04:18:56,001 --> 04:18:59,000 I WANT TO THANK YOU FOR YOUR 6508 04:18:59,001 --> 04:19:02,000 ELOQUENCE AND PASSION AGAIN THIS EVENING. 6509 04:19:02,001 --> 04:19:05,000 I COME TO THE FLOOR TO ALSO ADD 6510 04:19:05,001 --> 04:19:06,000 MY VOICE TO WHAT I BELIEVE TO BE 6511 04:19:06,001 --> 04:19:09,000 AN OUTRAGEOUS SITUATION. 6512 04:19:09,001 --> 04:19:12,000 I SAY THIS WITH ALL DUE RESPECT 6513 04:19:12,001 --> 04:19:14,000 TO MY FRIEND FROM KENTUCKY. 6514 04:19:14,001 --> 04:19:15,000 WE WORK TOGETHER ON A NUMBER OF 6515 04:19:15,001 --> 04:19:16,000 ISSUES. 6516 04:19:16,001 --> 04:19:18,000 AND I LOOK FORWARD TO CONTINUING 6517 04:19:18,001 --> 04:19:19,000 TO DO THAT. 6518 04:19:19,001 --> 04:19:25,000 BUT ON THIS, I BELIEVE THAT WHAT 6519 04:19:25,001 --> 04:19:28,000 IS BEING DONE IS ABSOLUTELY WRONG. 6520 04:19:28,001 --> 04:19:32,000 IT IS OUTRAGEOUS, AND WE ARE IN 6521 04:19:32,001 --> 04:19:36,000 A SITUATION RIGHT NOW WHERE 6522 04:19:36,001 --> 04:19:40,000 NEARLY 135,000 MICHIGAN 6523 04:19:40,001 --> 04:19:41,000 RESINTS WILLOSE THE 6524 04:19:41,001 --> 04:19:43,000 UNEMPLOYMENT ASSISTANCE THAT 6525 04:19:43,001 --> 04:19:45,000 THEY NEED BY THE END OF THIS 6526 04:19:45,001 --> 04:19:46,000 MONTH IF WE DON'T TAKE ACTION 6527 04:19:46,001 --> 04:19:49,000 IMMEDIATELY. 6528 04:19:49,001 --> 04:19:50,000 THAT'S JUST IN ONE MONTH, 6529 04:19:50,001 --> 04:19:52,000 MADAM PRESIDENT. 6530 04:19:52,001 --> 04:19:55,000 PEOPLE WHO HAVE BEEN HIT BY 6531 04:19:55,001 --> 04:19:58,000 NOTHING LESS THAN AN ECONOMIC TSUNAMI. 6532 04:19:58,001 --> 04:20:01,000 WE HAVE A SENSE OF URGENCY WHEN 6533 04:20:01,001 --> 04:20:03,000 AN EARTHQUAKE HAPPENS, WHEN 6534 04:20:03,001 --> 04:20:05,000 STORMS COME AND THE FLOODS COME. 6535 04:20:05,001 --> 04:20:08,000 WELL, TO FAMILIES ACROSS THIS 6536 04:20:08,001 --> 04:20:13,000 COUNTRY, THE STORMS HAVE COME. 6537 04:20:13,001 --> 04:20:15,000 THEY HAVE BEEN HERE, IN OUR CASE FOR YEARS. 6538 04:20:15,001 --> 04:20:19,000 AND WE ND TO HAVE THE SAME 6539 04:20:19,001 --> 04:20:24,000 SENSE OF URGENCY AS ANY OTHER 6540 04:20:24,001 --> 04:20:25,000 DISASTER WOULD CALL US TO IN 6541 04:20:25,001 --> 04:20:27,000 FOCUSING NOT ONLY ON HELPING 6542 04:20:27,001 --> 04:20:28,000 PEOPLE WHO HAVE LOST THEIR JOB 6543 04:20:28,001 --> 04:20:31,000 BUT IN CREATING JOBS. 6544 04:20:31,001 --> 04:20:34,000 AND I'M PROUD TO BE A PART OF A 6545 04:20:34,001 --> 04:20:38,000 CAUCUS THAT HAS PLACED JOBS AT 6546 04:20:38,001 --> 04:20:40,000 THE FOREFRONT AND A PRESIDENT 6547 04:20:40,001 --> 04:20:41,000 WHO HAS LAST YEAR, STARTING 6548 04:20:41,001 --> 04:20:43,000 RIGHT OUT AT THE BEGINNING OF 6549 04:20:43,001 --> 04:20:45,000 THE YEAR WITH A JOBS BILL, A 6550 04:20:45,001 --> 04:20:48,000 RECOVERY ACT AND MOVING ON, AND 6551 04:20:48,001 --> 04:20:49,000 THIS YEAR AN ENTIRE JOBS AGENDA. 6552 04:20:49,001 --> 04:20:52,000 BUT THE REALITY IS THAT UNTIL 6553 04:20:52,001 --> 04:20:56,000 JOBS ARE CREATED, WE HAVE 6554 04:20:56,001 --> 04:20:58,000 MILLIONS OF PEOPLE IN THIS 6555 04:20:58,001 --> 04:21:00,000 COUNTRY WHO PLAYED BY THE RULES 6556 04:21:00,001 --> 04:21:02,000 ALL THEIR LIVES, PAID THEIR 6557 04:21:02,001 --> 04:21:05,000 TAXES, CARE ABOUT THEIR 6558 04:21:05,001 --> 04:21:07,000 FAMILIES, GIVE BACK TO THEIR COMMUNITIES. 6559 04:21:07,001 --> 04:21:09,000 AND THEIR ONLY SIN IS THE FACT 6560 04:21:09,001 --> 04:21:11,000 THAT THEY LOST THEIR JOB THROUGH 6561 04:21:11,001 --> 04:21:13,000 NO FAULT OF THEIR OWN. 6562 04:21:13,001 --> 04:21:14,000 THEY'RE TRYING TO KEEP A ROOF 6563 04:21:14,001 --> 04:21:18,000 OVER THEIR HEAD, KEEP FOOD ON 6564 04:21:18,001 --> 04:21:19,000 THE TABLE, KEEP THE HEAT ON, 6565 04:21:19,001 --> 04:21:22,000 TRYING TO MAKE SURE THAT THEIR 6566 04:21:22,001 --> 04:21:26,000 KIDS HAVE WHAT THEY NEED. 6567 04:21:26,001 --> 04:21:28,000 MOST OF THEM ARE RECEIVING $200 6568 04:21:28,001 --> 04:21:31,000 OR $300 A WEEK JUST TO TRY TO 6569 04:21:31,001 --> 04:21:33,000 HOLD IT TOCK WHILE THEY GO BACK 6570 04:21:33,001 --> 04:21:34,000 AND GO TO JOB TRAING,HILE 6571 04:21:34,001 --> 04:21:36,000 THEY LOOK EVERY DAY FOR WORK. 6572 04:21:36,001 --> 04:21:37,000 PEOPLE WANT TO WORK. 6573 04:21:37,001 --> 04:21:39,000 THIS IS NOT ABOUT PEOPLE WHO 6574 04:21:39,001 --> 04:21:42,000 DON'T WANT TO WORK. 6575 04:21:42,001 --> 04:21:44,000 PEOPLE WANT TO WORK. 6576 04:21:44,001 --> 04:21:46,000 WE HAVE SIX PEOPLE APPLYING FOR 6577 04:21:46,001 --> 04:21:49,000 EVERY ONE JOB IN AMERICA. 6578 04:21:49,001 --> 04:21:51,000 SO WHILE WE FOCUS ON JOB 6579 04:21:51,001 --> 04:21:53,000 CREATION AND PARTNERING WITH THE 6580 04:21:53,001 --> 04:21:55,000 PRIVATE SECTOR TO MAKE THAT 6581 04:21:55,001 --> 04:21:59,000 HAPPEN, WE HAVE MILLIONS OF 6582 04:21:59,001 --> 04:22:02,000 PEOPLE IN AMERICA WHO DO NOT 6583 04:22:02,001 --> 04:22:04,000 UNDERSTAND HOW SOMETHING LIKE 6584 04:22:04,001 --> 04:22:08,000 MERELY EXTENDI UNEMPLOYMENT 6585 04:22:08,001 --> 04:22:11,000 NEFITS COULD BE HELD UP. 6586 04:22:11,001 --> 04:22:14,000 LAST NIGHT THE UNEMPLOYMENT 6587 04:22:14,001 --> 04:22:18,000 BENEFITS STOPPED THAT PROCESS 6588 04:22:18,001 --> 04:22:19,000 NOW, THIS MONTH; PEOPLE GETTING 6589 04:22:19,001 --> 04:22:21,000 NOTICES, AFRAID ABOUT WHAT'S 6590 04:22:21,001 --> 04:22:22,000 GOING TO HAPPEN TO THEMSELVES 6591 04:22:22,001 --> 04:22:26,000 AND THEIR FAMILIES. 6592 04:22:26,001 --> 04:22:28,000 AND WHAT WE HAVE IS A MISUSE OF 6593 04:22:28,001 --> 04:22:30,000 THE RULES, IN MY JUDGMENT. 6594 04:22:30,001 --> 04:22:33,000 WHAT WE HAVE IS AN OBJECTION, 6595 04:22:33,001 --> 04:22:34,000 AND IT'S ONE -- WE'VE BEEN DOWN 6596 04:22:34,001 --> 04:22:35,000 HERE MANY TIMES. 6597 04:22:35,001 --> 04:22:39,000 WE'VE GOT THE CHARTS NOW. 6598 04:22:39,001 --> 04:22:41,000 WE'RE AT OVER 116 TIMES THIS 6599 04:22:41,001 --> 04:22:42,000 SESSION WHERE WE'VE SEEN 6600 04:22:42,001 --> 04:22:46,000 OBJECTIONS BRINGING TO A HALT 6601 04:22:46,001 --> 04:22:49,000 THE WILL OF THE MAJORITY, 6602 04:22:49,001 --> 04:22:52,000 BLOCKI THE DEMOCRATIC PROCESS 6603 04:22:52,001 --> 04:22:55,000 OF VOTING, OF SIMPLY VOTING AND 6604 04:22:55,001 --> 04:22:57,000 BEING ABLE TO SOLVE PROBLEMS AND 6605 04:22:57,001 --> 04:22:59,000 MOVE THINGS FORWARD. 6606 04:22:59,001 --> 04:23:03,000 MADAM PRESIDENT, I RECEIVED AN 6607 04:23:03,001 --> 04:23:05,000 E-MAIL FROM A WOMAN IN LAVONIA, 6608 04:23:05,001 --> 04:23:07,000 MICHIGAN, WHO LOST HER JOB LAST YEAR. 6609 04:23:07,001 --> 04:23:09,000 SHE TOOK THE OPPORTUNITY TO GO 6610 04:23:09,001 --> 04:23:12,000 BACK TO SCHOOL, TO GET NEW JOBS 6611 04:23:12,001 --> 04:23:13,000 SKILLS TO BECOME A REGISTERED 6612 04:23:13,001 --> 04:23:14,000 DIETITIAN. 6613 04:23:14,001 --> 04:23:15,000 BUT NOW SHE'S DOING THAT, 6614 04:23:15,001 --> 04:23:18,000 BECAUSE OF THIS OBSTRUCTION, 6615 04:23:18,001 --> 04:23:20,000 THIS WOMAN IS GOING TO LOSE THE 6616 04:23:20,001 --> 04:23:23,000 HELP THAT SHE NEEDS TO ALLOW HER 6617 04:23:23,001 --> 04:23:25,000 TO MAKE IT AND KEEP A ROOF OVER 6618 04:23:25,001 --> 04:23:27,000 HER HEAD WHILE SHE'S TURNING THE 6619 04:23:27,001 --> 04:23:28,000 CORNER AND GAINING NEW SKILLS TO 6620 04:23:28,001 --> 04:23:30,000 GET A NEW JOB. 6621 04:23:30,001 --> 04:23:32,000 THE RUG IS, FRANKLY, BEING 6622 04:23:32,001 --> 04:23:35,000 PULLEDUT FROM UNDER HER, AND I 6623 04:23:35,001 --> 04:23:36,000 THINK THAT'S OUTRAGEOUS. 6624 04:23:36,001 --> 04:23:39,000 SHE'S NOT ALONE. 6625 04:23:39,001 --> 04:23:43,000 AS I INDICATED BEFORE, WE HAVE 6626 04:23:43,001 --> 04:23:45,000 NEARLY 135,000 PEOPLE IN 6627 04:23:45,001 --> 04:23:47,000 MICHIGAN WHO WILL LOSE THE HELP 6628 04:23:47,001 --> 04:23:48,000 THAT THEY NEED UNDER 6629 04:23:48,001 --> 04:23:51,000 UNEMPLOYMENT BENEFITS BY THE END 6630 04:23:51,001 --> 04:23:53,000 OF THIS MONTH IF WE DON'T ACT, 6631 04:23:53,001 --> 04:23:54,000 AND ACT IMMEDIATELY. 6632 04:23:54,001 --> 04:23:56,000 I RECEIVED ANOTHER E-MAIL FROM A 6633 04:23:56,001 --> 04:23:58,000 WOMAN IN GREEN BUSH, MICHIGAN. 6634 04:23:58,001 --> 04:24:02,000 SHE AND HER HUSBAND BOT WORKED 6635 04:24:02,001 --> 04:24:04,000 AT THE SAME MANUFACTURING PLANT. 6636 04:24:04,001 --> 04:24:07,000 IT'S A COMMON STORY IN MICHIGAN. 6637 04:24:07,001 --> 04:24:09,000 THEY BOTH LOST THEIR JOBS. 6638 04:24:09,001 --> 04:24:12,000 SHE WRITES "WE'RE BOTH SEEKING 6639 04:24:12,001 --> 04:24:13,000 WORK AND SCHOOLING FOR NEW CAREERS. 6640 04:24:13,001 --> 04:24:14,000 WE'VE BOTH RECEIVED A LETTER 6641 04:24:14,001 --> 04:24:17,000 FROM THE UNEMPLOYMENT OFFICE 6642 04:24:17,001 --> 04:24:19,000 THAT OUR BENEFITS WILL END. 6643 04:24:19,001 --> 04:24:21,000 WE HAVE NO OTHER SOURCE OF 6644 04:24:21,001 --> 04:24:24,000 INCOME, AND WE FEAR WE WILL LOSE 6645 04:24:24,001 --> 04:24:30,000 OUR HOME." 6646 04:24:30,001 --> 04:24:35,000 THIS IS REAL FOR MILLIONS OF 6647 04:24:35,001 --> 04:24:40,000 PEOPLE ACROSS THIS COUNTRY. 6648 04:24:40,001 --> 04:24:42,000 MILLIONS OF MIDDLE-CLASS 6649 04:24:42,001 --> 04:24:43,000 FAMILIES WHO TSUNAMI THAT IN A 6650 04:24:43,001 --> 04:24:44,000 DISASTER, AN ECONOMIC DISASTER, 6651 04:24:44,001 --> 04:24:46,000 THAT THEIR GOVERNMENT, THAT THE 6652 04:24:46,001 --> 04:24:47,000 PEOPLE OF THE COUNTRY WILL STE 6653 04:24:47,001 --> 04:24:49,000 UP TO HELP. 6654 04:24:49,001 --> 04:24:52,000 AND THAT'S WHAT UNEMPLOYMENT 6655 04:24:52,001 --> 04:24:53,000 BENEFITS ARE ALL ABOUT. 6656 04:24:53,001 --> 04:24:58,000 SO IT'S TIME TO ACT. 6657 04:24:58,001 --> 04:24:59,000 IT'S TIME TO STOP BLOCKING 6658 04:24:59,001 --> 04:25:02,000 DEMOCRACY. 6659 04:25:02,001 --> 04:25:04,000 IF MY FRIEND FROM KENTUCKY HAS 6660 04:25:04,001 --> 04:25:06,000 AN AMENDMENT TO OFFER, OFFER IT, 6661 04:25:06,001 --> 04:25:07,000 DEBATE I VOTE IT. 6662 04:25:07,001 --> 04:25:09,000 VOTE. 6663 04:25:09,001 --> 04:25:12,000 BUT JUST BLOCKING US FROM 6664 04:25:12,001 --> 04:25:15,000 EXERCISING OUR RIGHT TO VOTE IS 6665 04:25:15,001 --> 04:25:19,000 NOT THE AMERICAN WAY. 6666 04:25:19,001 --> 04:25:22,000 THE AMERICAN WAY IS TO VOTE, TO 6667 04:25:22,001 --> 04:25:23,000 ACT, TO MAKE DECISIONS. 6668 04:25:23,001 --> 04:25:26,000 NOT TO BLOCK. 6669 04:25:26,001 --> 04:25:28,000 AND WE'VE SEEN WAY TOO MUCH OF 6670 04:25:28,001 --> 04:25:32,000 BLOCKING DEMOCRACY FROM OUR 6671 04:25:32,001 --> 04:25:33,000 REPUBLICAN COLLEAGUES IN THIS 6672 04:25:33,001 --> 04:25:35,000 LAST MONTHS AND MONTHS. 6673 04:25:35,001 --> 04:25:37,000 NOW I ALSO WANT TO SPEAK TO 6674 04:25:37,001 --> 04:25:38,000 OTHER THINGS IN THIS BILL 6675 04:25:38,001 --> 04:25:40,000 BECAUSE, MADAM PRESIDENT, I FIND 6676 04:25:40,001 --> 04:25:44,000 IT INTERESTING THAT WITHIN HOURS 6677 04:25:44,001 --> 04:25:46,000 OF THE HEALTH CARE SUMMIT LAST 6678 04:25:46,001 --> 04:25:47,000 THURSDAY, THE BLOCKING OF THIS 6679 04:25:47,001 --> 04:25:51,000 BILL SHOWED US WHAT THE HEALTH 6680 04:25:51,001 --> 04:25:53,000 CARE PLAN IS BY REPUBLICANS. 6681 04:25:53,001 --> 04:25:54,000 CUT PEOPLE OFF OF HELP WITH 6682 04:25:54,001 --> 04:25:56,000 COBRA. 6683 04:25:56,001 --> 04:25:58,000 CUT DOCTORS' BENEFITS. 6684 04:25:58,001 --> 04:26:00,000 THAT CAME WITHIN HOURS OF THE 6685 04:26:00,001 --> 04:26:02,000 HEALTH CARE SUMMIT. 6686 04:26:02,001 --> 04:26:04,000 WE'RE NOW GETTING CALLS FROM 6687 04:26:04,001 --> 04:26:05,000 PEOPLE WHO ARE CONCERNED ABOUT 6688 04:26:05,001 --> 04:26:07,000 WHETHER OR NOT THEIR DOCTOR IS 6689 04:26:07,001 --> 04:26:08,000 GOING TO BE AVAILABLE. 6690 04:26:08,001 --> 04:26:10,000 SENIOR CITIZENS UNDER MEDICARE, 6691 04:26:10,001 --> 04:26:13,000 ARE THEY GOING TO BE ABLE TO SEE 6692 04:26:13,001 --> 04:26:16,000 THEIR SAME DOCTOR BECAUSE OF THE 6693 04:26:16,001 --> 04:26:19,000 CUTS THAT WILL HAPPEN IF WE DO 6694 04:26:19,001 --> 04:26:21,000 NOT ACT IMMEDIATELY? 6695 04:26:21,001 --> 04:26:23,000 PEOPLE WHO ONE DAY LOST THEIR 6696 04:26:23,001 --> 04:26:25,000 JOB, NEXT DAY LOST THEIR HEALTH CARE. 6697 04:26:25,001 --> 04:26:27,000 WE'VE BE ABLE TO HELP THEM 6698 04:26:27,001 --> 04:26:30,000 THROUGH THE JOBS BILL THAT WE 6699 04:26:30,001 --> 04:26:31,000 PASSED LAST FEBRUARY, BE ABLE TO 6700 04:26:31,001 --> 04:26:32,000 CONTINUE THEIR HEALTH INSURANCE 6701 04:26:32,001 --> 04:26:34,000 THROUGH WORK. 6702 04:26:34,001 --> 04:26:35,000 IT'S EXPENSIVE TO DO UNDER 6703 04:26:35,001 --> 04:26:38,000 SOMETHING CALLED COBRA, BUT 6704 04:26:38,001 --> 04:26:41,000 WE'VE BEEN ABLE TO HELP THEM DO 6705 04:26:41,001 --> 04:26:42,000 THAT BY HELPING TO PAY IN A 6706 04:26:42,001 --> 04:26:46,000 SHORT-TERM BASIS FOR PART OF 6707 04:26:46,001 --> 04:26:47,000 THAT COST. 6708 04:26:47,001 --> 04:26:49,000 SO THE HEALTH CARE SUMMIT 6709 04:26:49,001 --> 04:26:52,000 HAPPENS ON THURSDAY. 6710 04:26:52,001 --> 04:26:57,000 HOURS LATER THERE'S AN OBJECTION 6711 04:26:57,001 --> 04:27:00,000 THAT WILL STOP HEALTH CARE FOR 6712 04:27:00,001 --> 04:27:02,000 HUNDREDS OF THOUSANDS, IF NOT 6713 04:27:02,001 --> 04:27:06,000 MILLIONS OF AMERICANS, AND STOP 6714 04:27:06,001 --> 04:27:07,000 THE ABILITY FOR DOCTORS TO BE 6715 04:27:07,001 --> 04:27:09,000 REIMBURSED AT A FAIR 6716 04:27:09,001 --> 04:27:10,000 REIMRSEMENT TO BE ABLE TO CARE 6717 04:27:10,001 --> 04:27:13,000 FOR THEIR PATNTS. 6718 04:27:13,001 --> 04:27:16,000 THIS IS, IN MY JUDGMENT, AN 6719 04:27:16,001 --> 04:27:18,000 ABSOLUTELY OUTRAGEOUS SITUATION, 6720 04:27:18,001 --> 04:27:21,000 AND IT HAS TO STOP. 6721 04:27:21,001 --> 04:27:23,000 I WANT TO THANK OUR CHAIRMAN OF 6722 04:27:23,001 --> 04:27:28,000 THE FINANCE COMMITTEE FOR HIS 6723 04:27:28,001 --> 04:27:30,000 WORK AND ADVOCACY IN BEING HERE 6724 04:27:30,001 --> 04:27:31,000 ON THE FLOOR CALLING FOR US TO 6725 04:27:31,001 --> 04:27:33,000 VOTE. 6726 04:27:33,001 --> 04:27:36,000 I'M HOPEFUL THAT PEOPLE AROUND 6727 04:27:36,001 --> 04:27:37,000 THE COUNTRY WILL SPEAK OUT 6728 04:27:37,001 --> 04:27:38,000 LOUDLY BETWEEN TONIGHT AND 6729 04:27:38,001 --> 04:27:41,000 TOMORROW AND THAT WE WILL BE 6730 04:27:41,001 --> 04:27:43,000 ABLE TO COME TO THE FLOOR AND 6731 04:27:43,001 --> 04:27:47,000 STOP WHAT IS EFFECTIVELY 6732 04:27:47,001 --> 04:27:50,000 BLOCKING THE DEMOCRATIC PROCESS 6733 04:27:50,001 --> 04:27:52,000 AND BLOCKING OUR ABILITY TO 6734 04:27:52,001 --> 04:27:53,000 VOTE, TO MAKE DECISIONS, AND TO 6735 04:27:53,001 --> 04:27:56,000 MOVE FORWARD 6736 04:27:56,001 --> 04:27:57,000 WE HAVE MILLIONS OF AMERICANS 6737 04:27:57,001 --> 04:27:59,000 THAT ARE COUNTING ON US TO 6738 04:27:59,001 --> 04:28:01,000 UNDERSTAND WHAT'S HAPPENING IN 6739 04:28:01,001 --> 04:28:04,000 REAL PEOPLE'S LIVES, NOT 6740 04:28:04,001 --> 04:28:05,000 POLITICAL GAMES, NOT ALL THE 6741 04:28:05,001 --> 04:28:06,000 PARTISANSHIP. 6742 04:28:06,001 --> 04:28:08,000 BUT REAL PEOPLE'S LIVES EVERY 6743 04:28:08,001 --> 04:28:10,000 DAY THAT ARE GOING TO GET UP 6744 04:28:10,001 --> 04:28:12,000 TOMORROW MORNING AND SAY, OKAY, 6745 04:28:12,001 --> 04:28:15,000 WHAT DO I DO NOW? 6746 04:28:15,001 --> 04:28:18,000 WHAT DO I DO NOW? 6747 04:28:18,001 --> 04:28:20,000 HOW AM I GOING TO KP MY ROOF 6748 04:28:20,001 --> 04:28:22,000 OVER MY HEAD, AND HOW AM I GOING 6749 04:28:22,001 --> 04:28:24,000 TO CONTINUE TO GO TO SCHOOL TO 6750 04:28:24,001 --> 04:28:26,000 GET THAT NEW SKILL THAT I NEED? 6751 04:28:26,001 --> 04:28:28,000 HOW AM I GOING TO PUT FOOD ON 6752 04:28:28,001 --> 04:28:29,000 THE TABLE FOR MY FAMILY? 6753 04:28:29,001 --> 04:28:31,000 THAT'S WHAT'S AFFECTING PEOPLE 6754 04:28:31,001 --> 04:28:33,000 ACROSS THIS COUNTRY. 6755 04:28:33,001 --> 04:28:35,000 AND THE FINAL THING I WOULD SAY 6756 04:28:35,001 --> 04:28:36,000 IS THAT WE HAVE, IN ADDITION TO 6757 04:28:36,001 --> 04:28:38,000 PEOPLE, MILLIONS WHO HAVE LOST 6758 04:28:38,001 --> 04:28:40,000 EIR JOBS AND ARE ON 6759 04:28:40,001 --> 04:28:42,000 UNEMPLOYMENT, WE HAVE MILLIONS 6760 04:28:42,001 --> 04:28:45,000 OF OTHERS WHO ARE ONE PAYCHECK 6761 04:28:45,001 --> 04:28:48,000 AWAY FROM BEING IN THE VERY SAME SITUATION. 6762 04:28:48,001 --> 04:28:49,000 PEOPLE THAT COULD BE SPENDING IN 6763 04:28:49,001 --> 04:28:50,000 THE ECONOMY NOW TO BE ABLE TO 6764 04:28:50,001 --> 04:28:53,000 HELP MOVE THINGS FORWARD, WHO 6765 04:28:53,001 --> 04:28:55,000 ARE AFRAID OF WHAT HAPPENS NEXT. 6766 04:28:55,001 --> 04:28:57,000 AND PART OF THAT FEAR IS NOT 6767 04:28:57,001 --> 04:28:59,000 ONLY WILL THEY HAVE A JOB, BUT 6768 04:28:59,001 --> 04:29:01,000 WHAT HAPPENS IF THEY DON'T? 6769 04:29:01,001 --> 04:29:03,000 AND WHAT IS THE MESSAGE THAT IS 6770 04:29:03,001 --> 04:29:06,000 SENT IF WE DON'T MAKE IT CLEAR 6771 04:29:06,001 --> 04:29:09,000 THAT WE WILL BE THERE FOR THEM 6772 04:29:09,001 --> 04:29:12,000 IF THAT HAPPENS, AND THEY WILL 6773 04:29:12,001 --> 04:29:14,000 BE ABLE TO CONTINUE TO BE ABLE 6774 04:29:14,001 --> 04:29:15,000 TO HAVE THE BASICS TO KEEP THEIR 6775 04:29:15,001 --> 04:29:18,000 FAMILY GOING? 6776 04:29:18,001 --> 04:29:19,000 I WOULD STRONGLY URGE THAT WE DO 6777 04:29:19,001 --> 04:29:22,000 EVERYTHING POSSIBLE. 6778 04:29:22,001 --> 04:29:26,000 I KNOW THAT WE WILL -- TO STOP 6779 04:29:26,001 --> 04:29:27,000 THIS OBSTRUCTION, TO ALLOW THE 6780 04:29:27,001 --> 04:29:29,000 DEMOCRATIC PROCESS TO GO 6781 04:29:29,001 --> 04:29:33,000 FORWARD, TO ALLOW US TO VOTE, TO 6782 04:29:33,001 --> 04:29:35,000 SOLVE PROBLEMS, TO MOVE THIS 6783 04:29:35,001 --> 04:29:36,000 BILL FORWARD AND SEND A VERY 6784 04:29:36,001 --> 04:29:37,000 STRONG MESSAGE THAT WE 6785 04:29:37,001 --> 04:29:40,000 UNDERSTAND WHAT IS HAPPENING TO 6786 04:29:40,001 --> 04:29:43,000 MILLIONS OF FAMILIES IN THIS 6787 04:29:43,001 --> 04:29:46,000 COUNTRWHO HAVE FACED A 6788 04:29:46,001 --> 04:29:49,000 DISASTER OF ECONOMIC -- OF EPIC 6789 04:29:49,001 --> 04:29:51,000 PROPORTIONS. 6790 04:29:51,001 --> 04:29:53,000 THAT IS TRULY AS MUCH A DISASTER 6791 04:29:53,001 --> 04:29:55,000 AS ANYTHING ELSE ANY COMNITY 6792 04:29:55,001 --> 04:29:57,000 HAS EVER FELT IN TERMS OF LOSING 6793 04:29:57,001 --> 04:30:00,000 THEIR JOB AND FIGHTING AND 6794 04:30:00,001 --> 04:30:06,000 WORKING TO GET ANOTHER ONE. 6795 04:30:06,001 --> 04:30:07,000 THANK YOU VERY MUCH. 6796 04:30:07,001 --> 04:30:08,000 MR. BAUCUS: MADAM PRESIDENT? 6797 04:30:08,001 --> 04:30:09,000 THE PRESIDING OFFICER: THE SENATOR FROM MONTANA. 6798 04:30:09,001 --> 04:30:11,000 MR. BAUCUS: MADAM PRESIDENT, 6799 04:30:11,001 --> 04:30:12,000 WE ARE HERE TO DO THE PEOPLE'S 6800 04:30:12,001 --> 04:30:14,000 BUSINESS. 6801 04:30:14,001 --> 04:30:16,000 FOLKS IN OUR HOME STATES ELECTED 6802 04:30:16,001 --> 04:30:17,000 US TOO WHAT'S RIGHT. 6803 04:30:17,001 --> 04:30:20,000 MOST FOLKS DON'T CARE TOO MUCH 6804 04:30:20,001 --> 04:30:23,000 ABOUT THE PROCESS AS LONG AS WE 6805 04:30:23,001 --> 04:30:24,000 GET OUR JOB DONE AND SO LONG AS 6806 04:30:24,001 --> 04:30:25,000 IT'S REASONABLE, SO THAT 6807 04:30:25,001 --> 04:30:28,000 BOUNDARIES OF REASONABLENESS AND 6808 04:30:28,001 --> 04:30:30,000 AS LONG AS THEY THINK THAT WE 6809 04:30:30,001 --> 04:30:31,000 GIVE THE SUBJECT CONSIDERABLE 6810 04:30:31,001 --> 04:30:34,000 THOUGHT. 6811 04:30:34,001 --> 04:30:36,000 I THINK IF WE AGREE IT'S TRUE, 6812 04:30:36,001 --> 04:30:38,000 AND I THINK IT'S LARGELY TRUE, I 6813 04:30:38,001 --> 04:30:40,000 THINK MOST PEOPLE WOULD THINK 6814 04:30:40,001 --> 04:30:41,000 WHY DON'T YOU GO AHEAD AND PASS 6815 04:30:41,001 --> 04:30:42,000 THAT STIMULUS THING YOU'RE 6816 04:30:42,001 --> 04:30:44,000 TALKING ABOUT BACK THERE. 6817 04:30:44,001 --> 04:30:45,000 IT IS THE RIGHT THING TO DO. 6818 04:30:45,001 --> 04:30:46,000 PEOPLE NEED TO COLLECT 6819 04:30:46,001 --> 04:30:48,000 UNEMPLOYMENT CHECKS. 6820 04:30:48,001 --> 04:30:50,000 THEY NEED HEALTH INSURANCE. 6821 04:30:50,001 --> 04:30:51,000 SOME OF THESE TAX PROVISIONS 6822 04:30:51,001 --> 04:30:54,000 NEED TO BE CONTINUED. 6823 04:30:54,001 --> 04:30:56,000 OTHERWISE, 6824 04:30:56,001 --> 04:30:58,000 MADAM PRESIDENT, THIS A JOB 6825 04:30:58,001 --> 04:30:59,000 KILLER, ACTUALLY, THAT THE OTHER 6826 04:30:59,001 --> 04:31:01,000 SIDE'S TAKEN. 6827 04:31:01,001 --> 04:31:03,000 AS IT JOB DESTROYER NOT TO 6828 04:31:03,001 --> 04:31:04,000 CONTINUE THESE PROVISIONS 6829 04:31:04,001 --> 04:31:05,000 ACTUALLY DESTROYS JOBS. 6830 04:31:05,001 --> 04:31:06,000 AND THAT'S NOT WHAT WE THINK WE 6831 04:31:06,001 --> 04:31:07,000 WANT TO. 6832 04:31:07,001 --> 04:31:10,000 MADAM PRESIDENT, ON ANOTHER 6833 04:31:10,001 --> 04:31:11,000 MATTER, THE SENATOR FROM SOUTH 6834 04:31:11,001 --> 04:31:13,000 DAKOTA, PROPOSES AN AMENDMENT TO 6835 04:31:13,001 --> 04:31:16,000 MAKE A SERIES OF TAX CUTS FOR 6836 04:31:16,001 --> 04:31:18,000 SMALL BUSINESS. 6837 04:31:18,001 --> 04:31:21,000 I MIGHT SAY THAT SOME OF THESE 6838 04:31:21,001 --> 04:31:23,000 TAX CUTS, THE ONES THAT HE 6839 04:31:23,001 --> 04:31:24,000 PROPOSES, ACTUALLY HAS MERIT. 6840 04:31:24,001 --> 04:31:30,000 WE IN THE FINANCE COMMITTEE 6841 04:31:30,001 --> 04:31:32,000 HOPES TO ADDRESS TAX CUTS IN THE WRITEUP. 6842 04:31:32,001 --> 04:31:34,000 THIS IS PART OF THE JOBS AGENDA. 6843 04:31:34,001 --> 04:31:36,000 IT IS ADDITIONAL LEGISLATIONO 6844 04:31:36,001 --> 04:31:39,000 HELP CREATE JOBS, PRESERVE JOBS, 6845 04:31:39,001 --> 04:31:42,000 AND HELP THE RECOVERY COME ALONG 6846 04:31:42,001 --> 04:31:43,000 A LITTLE MORE QUICKLY. 6847 04:31:43,001 --> 04:31:45,000 THE -- WHAT THE SENATOR FROM 6848 04:31:45,001 --> 04:31:46,000 SOUTH DAKOTA PROPOSES IS ANOTHER MATTER. 6849 04:31:46,001 --> 04:31:48,000 THE SENATOR FROM SOUTH DAKOTA 6850 04:31:48,001 --> 04:31:49,000 SEEKS TO PAY FOR HIS AMENDMENT 6851 04:31:49,001 --> 04:31:50,000 BY CUTTING FUNDING FROM THE 6852 04:31:50,001 --> 04:31:56,000 RECOVERY ACT. 6853 04:31:56,001 --> 04:31:57,000 AND THAT IDEA DOES NOT HAVE MUCH 6854 04:31:57,001 --> 04:31:58,000 MERIT IN THIS SENATOR'S 6855 04:31:58,001 --> 04:31:59,000 JUDGMENT. 6856 04:31:59,001 --> 04:32:01,000 THE LAST THING WE SHOULD DO IS 6857 04:32:01,001 --> 04:32:04,000 TO CUT THE RECOVERY ACT. 6858 04:32:04,001 --> 04:32:06,000 THE NONPARTISAN CONGRESSIONAL 6859 04:32:06,001 --> 04:32:08,000 BUDGET OFFICE, THE INDEPENDENT 6860 04:32:08,001 --> 04:32:10,000 ORGANIZATION THAT WE RELY UPON 6861 04:32:10,001 --> 04:32:12,000 AROUND HERE, BOTH SIDES OF THE 6862 04:32:12,001 --> 04:32:15,000 AISLE IN BOTH BODIES, SAY THAT'S 6863 04:32:15,001 --> 04:32:16,000 THE RECOVERY ACT IS WORKING. 6864 04:32:16,001 --> 04:32:17,000 THE CONGRESSIONAL BUDGET OFFICE 6865 04:32:17,001 --> 04:32:20,000 SAYS THAT IN THE THIRD QUARTER 6866 04:32:20,001 --> 04:32:23,000 OF LAST YEAR, FOR EXAMPLE, THE 6867 04:32:23,001 --> 04:32:26,000 RECOVERY ACT COST BETWEE 6868 04:32:26,001 --> 04:32:27,000 BETWEEN $600,000 AND $1.00 -- 6869 04:32:27,001 --> 04:32:28,000 1.6 MILLION PEOPLE WHO HAVE JOBS. 6870 04:32:28,001 --> 04:32:29,000 THAT SOUNDS LIKE IT'S WORKING TO 6871 04:32:29,001 --> 04:32:31,000 HE ME. 6872 04:32:31,001 --> 04:32:33,000 THE C.B.O. ALSO SAID THAT THESE 6873 04:32:33,001 --> 04:32:36,000 PEOPLE WHO HAVE JOBS WHO WOULD 6874 04:32:36,001 --> 04:32:38,000 NOT OTHERWISE HAVE HAD JOBS. 6875 04:32:38,001 --> 04:32:39,000 I, THEREFORE, THINK THAT WE 6876 04:32:39,001 --> 04:32:42,000 SHOULD NOT CUT BACK ON THE 6877 04:32:42,001 --> 04:32:44,000 RECOVERY ACT, RATHER, WE SHOULD 6878 04:32:44,001 --> 04:32:45,000 LET IT WORK ITS ALSO. 6879 04:32:45,001 --> 04:32:46,000 THE INVESTMENT THAT'S THE 6880 04:32:46,001 --> 04:32:49,000 SENATOR FROM SOUTH DAKOTA SEEKS 6881 04:32:49,001 --> 04:32:50,000 TO CUT ARE LARGELY WITHIN THE JURISDICTION OF THE 6882 04:32:50,001 --> 04:32:51,000 APPROPRIATIONS COMMITTEE AND 6883 04:32:51,001 --> 04:32:53,000 THUS I WILL REFER TO THE 6884 04:32:53,001 --> 04:32:54,000 CHAIRMAN OF THE APPROPRIATIONS 6885 04:32:54,001 --> 04:32:56,000 COMMITTEE, WHO I THINK AT THE 6886 04:32:56,001 --> 04:32:58,000 APPROPRIATE TIME WILL HAVE QUITE 6887 04:32:58,001 --> 04:32:59,000 A BIT TO SAY ABOUT THIS THUNE 6888 04:32:59,001 --> 04:33:01,000 AMENDMENT. 6889 04:33:01,001 --> 04:33:04,000 AN HE'LL SPEAK TO IT AT GREATER 6890 04:33:04,001 --> 04:33:06,000 LENGTD AND I SUGGEST -- LENGTD 6891 04:33:06,001 --> 04:33:08,000 AND I -- LEBTSD AND I SUGGEST 6892 04:33:08,001 --> 04:33:11,000 THAT IS THE APPROPRIATE TIME FOR 6893 04:33:11,001 --> 04:33:12,000 A 6894 04:33:12,001 --> 04:33:14,000 THIS MATTER. 6895 04:33:14,001 --> 04:33:16,000 MADAM PRESIDENT, ABSENCE OF A QUORUM. 6896 04:33:16,001 --> 04:33:35,000 THE PRESIDING OFFICER: THE CLERK 6897 04:33:35,001 --> 04:36:19,000 WILL CALL THE ROLL. 6898 04:36:19,001 --> 04:36:20,000 QUORUM CALL: 6899 04:36:20,001 --> 04:36:23,000 THE PRESIDING OFFICER: THE 6900 04:36:23,001 --> 04:36:24,000 SENATO 6901 04:36:24,001 --> 04:36:25,000 MR. 6902 04:36:25,001 --> 04:36:26,000 QUORUM CALL BE DISPENSED WITH. 6903 04:36:26,001 --> 04:36:28,000 THE PRESIDING OFFICER: WITHOUT 6904 04:36:28,001 --> 04:36:29,000 OBJECTION. 6905 04:36:29,001 --> 04:36:30,000 MR. BAUCUS: I ASK UNANIMOUS 6906 04:36:30,001 --> 04:36:32,000 CONSENT THAT WHEN THE SENATE 6907 04:36:32,001 --> 04:36:34,000 COMPLETES ITS BUSINESS TODAY 6908 04:36:34,001 --> 04:36:36,000 THAT ITDJOURN UNTIL 10:00 A.M. 6909 04:36:36,001 --> 04:36:37,000 TUESDAY, MARCH 2, FOLLOW THE 6910 04:36:37,001 --> 04:36:38,000 PRAYER AND PLEDGE, THE JOURNAL 6911 04:36:38,001 --> 04:36:39,000 OF PROCEEDINGS BE APPROVED TO 6912 04:36:39,001 --> 04:36:40,000 DATE, THE MORNING HOUR BE DEEMED 6913 04:36:40,001 --> 04:36:42,000 EXPIRED, THE TIME FOR THE TWO 6914 04:36:42,001 --> 04:36:43,000 LEADERS BE RESERVED FOR THEIR 6915 04:36:43,001 --> 04:36:44,000 USE LATER IN THE DAY AND THE 6916 04:36:44,001 --> 04:36:45,000 SENATE PROCEED TO A PERIOD OF 6917 04:36:45,001 --> 04:36:47,000 MORNING BUSINESS FOR ONE HOUR 6918 04:36:47,001 --> 04:36:49,000 WITH THE TIME EQUALLY DIVIDE AND 6919 04:36:49,001 --> 04:36:51,000 CONTROLLED BETWEEN THE TWO 6920 04:36:51,001 --> 04:36:52,000 LEADERS OR THEIR DESIGNEES WITH 6921 04:36:52,001 --> 04:36:53,000 THE REPUBLICANS CONTROLLING THE 6922 04:36:53,001 --> 04:36:56,000 FIRST HALF AND THE MAJORITY 6923 04:36:56,001 --> 04:36:57,000 CONTROLLING THE FINAL HALF. 6924 04:36:57,001 --> 04:37:00,000 THAT FOLLOWING MORNING BUSINESS, 6925 04:37:00,001 --> 04:37:02,000 THE SENATE PROCEED TO EXECUTIVE 6926 04:37:02,001 --> 04:37:04,000 SESSION TO CONSIDER THE 6927 04:37:04,001 --> 04:37:06,000 NOMINATION OF BARBARA KEENAN AS 6928 04:37:06,001 --> 04:37:07,000 PROVIDED UNDER THE PREVIOUS ORDER. 6929 04:37:07,001 --> 04:37:10,000 UNDER A PREVIOUS ORDER THE TIME 6930 04:37:10,001 --> 04:37:12,000 FOLLOWING MORNING BUSINESS AND 6931 04:37:12,001 --> 04:37:14,000 UNTIL 12:15 P.M. BE EQUALLY 6932 04:37:14,001 --> 04:37:15,000 DIVIDED AND CONTROLLED BETWEEN 6933 04:37:15,001 --> 04:37:17,000 SENATORS LEAHY AND SESSIONS OR 6934 04:37:17,001 --> 04:37:18,000 THEIR DESIGNEES. 6935 04:37:18,001 --> 04:37:20,000 AT 12:15 P.M. THE SENATE WILL 6936 04:37:20,001 --> 04:37:22,000 PROCEED TO A ROLL CALL VOTE ON 6937 04:37:22,001 --> 04:37:24,000 THE MOTION TO INVOKE CLOTURE ON 6938 04:37:24,001 --> 04:37:26,000 THE NOMINATION OF BARBARA KEENAN 6939 04:37:26,001 --> 04:37:27,000 TO BE THE UNITED STATES CIRCUIT 6940 04:37:27,001 --> 04:37:29,000 JUDGE FOR THE FOURTH CIRCUIT. 6941 04:37:29,001 --> 04:37:30,000 IF THERE IS NO FURTHER BUSINESS 6942 04:37:30,001 --> 04:37:32,000 TO COME BEFORE THIS SENATE, I 6943 04:37:32,001 --> 04:37:33,000 ASK THAT IT ADJOURN UNDER A 6944 04:37:33,001 --> 04:37:34,000 PREVIOUS ORDER. 6945 04:37:34,001 --> 04:38:23,000 THE PRESIDING OFFICER: THE