starttime 1237298408.54719
ON C-SPAN32.
POUR IN. THE PRESIDING OFFICER: THE
SENATE WILL COME TO ORDER.
THE CHAPLAIN
WILL LEAD THE SENATE IN PRAYER.
THE CHAPLAIN: LET US PRAY.
LORD OF THE NATIONS, WE COME AS
WE ARE TODAY INTO YOUR SACRED
PRESENCE.
WE FEEL UNWORTHY OF YOUR MERCY
AND GRACE AND LONG TO PLEASE YOU
BY LIVING TO HONOR YOUR NAME.
SOME OF US ARE CORNERED BY
TEMPTATION.
OTHERS ARE DEEP IN GRIEF, AND
STILL OTHERS ARE ANXIOUS.
SUPPLY OUR VARIED NEEDS,
ACCORDING TO THE RICHES OF YOUR
LORD,
POWERFUL PROVIDENCE.
IN A SCIAL WAY, SUSTAIN OUR
SENATORS.
HELP THEM TO CAST THEIR BURDENS
ON YOU, BECAUSE YOU KNOW ALL
ABOUT THEM AND HAVE THE POWER TO
ANSWER EVEN BEFORE THEY CALL.
REMIND THEM THAT YOU DESIRE TO
HEAR THEIR PRAYERS MORE THAN
THEY LONG TO BE HEARD.
MAY THEYEMBER YOUR PROMISE
TO KEEP THEM FROM STUMBLING AND
SLIPPING.
WE PRAY IN THE REDEEMER'S NAME.
AMEN.
THE PRESIDING OFFICER: PLEASE
JOIN ME IN RECITING THE PLEDGE
OF ALLEGIANCE. I PLEDGE ALLEGIANCE TO
THE FLAG OF THE
UNITED STATES OF A
AND TO THE REPUBLIC
FOR WHICH IT STANDS,
ONE NATION UNDER GOD,
INDIVISIBLE,
WITH LIBERTY AND
JUSTICE FOR ALL.
THE PRES
CLERK WILL READ A COMMUNICATION
TO THE SENATE.
THE CLERK: WASHINGTON, D.C,
MARCH 17, 2009.
TO THE SENATE:
UNDER THE PROVISIONS OF RULE 1,
PARAGRAP
RULES OF THE SENATE, I HEREBY
APPOINT THE HONORABLE JEANNE SHAHEEN, A SENATOR FROM THE
STATE OF NEW HAMPSHIRE, TO
PERFORM THE DUTIES O
SIGNED: ROBERT C. BYRD,
PRESIDENT PRO TEMPORE.
MR. REID: MADAM PRESIDENT? THE PRESIDIN
MAJORITY LEADER. MR. REID: FOLLOWING LEADER
REMARKS, THERE WILL BE AN HOUR
OF MORNING BUSINESS.
SENATORS WILL BE ALLOWED TO
SPEAK FOR UP TO 10 MINUTES EACH.
THE MAJORITY WILL CONTROL THE
FIRST 30 MINUTES, THE
REPUBLICANS WILL CONTROL THE
FINAL 30 MINUTES.
FOLLOWING MORNING BUSINESS, THE
SENATE WILL RESUME THE MOTION TO
PROCEED TO H.R. 146, THE
LEGISLATIVE VEHICLE FOR THE LANDS PACKAGE.
THE SENATE WILL RECESS FROM
12:30 TO 2:15 TO ALLOW FOR THE
WEEKLY CAUCUS LUNCH
MADAM PRESIDENT, WITH THE NUMBER
OF CONVERSATIONS BY VARIOUS
PEOPLE LAST NIGHT, I THINK WE'RE
AT A POINT WHERE WE SHOULD
SHORTLY BE ABLE TO ENTER INTO AN
AGREEMENT TO CPLETE THE H.R. 146.
SENATOR
SIX AMENDMENTS.
WE ARE GOING TO AGREE ON A TIME
FOR THOSE AMENDMENTS.
WE HAVE THE SUBJECT MATTER AND
THE STAFF IS GOING TO WORK OUT
THE -- I'M TOLD THE LEGISLATIVE
LANGUAGE HAS BEEN DRAFTED ON THE
BILLS.
SO IT SEEMS TO ME THAT WE'RE --
SHOULD BE IN A POSITION TO MOVE
FORWARD ON THIS.
BUT SIX AMENDMENTS, WE SHOULD BE
ABLE TO FINISH THE LEGISLATION TOMORROW.
YBE EARLY TOMORROW, WHICH
WOULD ALLOW US TO DO S
NOMINATIONS, GET SOME OF THE
THINGS BEFORE WE LEAVE HERE.
SO I HOPE THAT THAT WILL WORK
OUT.
WE'RE NOT THERE YET, BUT I THINK
WE'RE VERY CLOSE.
I'VE HAD A MEETING THIS MORNING WITH SENATOR BINGAMAN.
HE UNDERSTANDS THE SUBJECT
MATTER OF THE AMENDMENT
BEING THE CHAIR OF THE ENERGY
COMMITTEE WHERE THE JURISDICTION
OF EVERYTHING IN THIS BILL IS.
SO THAT SHOULD TAKE CARE OF
MATTER.
I NOTE THE ABSENCE OF A QUORUM.
THE PRESIDING OFFICER: THE
CLERK WILL CALL THE ROLL.
QUORUM CALL:
MR. McCONNELL: MADAM PRESIDENT?
THE PRESIDING OFFICER: THE
REPUBLICAN
MR. McCONNELL: I ASK UNANIMOUS
CONSENT THAT THE QUORUM CALL BE
DISPENSED
THE PRESIDING OFFICER: WITHOUT
OBJECTION. MR. McCONNELL: MADAM
PRESIDENT, OVER THE WEEKEND, WE
LEARNED THE EXTENT OF THE
BONUSES BEING PAID TO SOME OF
THE SAME PEOPLE AT A.I.G. THAT
GOT THIS COMPANY IN THE POSITION
THAT IT'S IN.
MANY OF US ON BOTH SIDES OF THE
AISLE
THAT THESE BONUSES COULD
PAID, AND YESTERDAY THE WHITE
HOUSE JOINED THAT CHORUS ON THE
ONE HAND PROMISED TO DO
EVERYTHING POSSIBLE TO GET --
AND PROMISED TO DO EVERYTHING
POSSIBLE TO GET THE TAXPAYERS'
MONEY BACK.
WELL, WE CERTAINLY APPRECIATE
THOSE EFFORTS.
IT COULD HAVE BEEN, HOWEVER,
HANDLED A LITTLE DIFFERENTLY.
IT WOULD BE BETTER IF THIS
PLEDGE HAD INCLUDED LANGUAGE
JUST TWO WEEKS AGO -- JUST TWO
WEEKS WEEKS AGO THE TREASURY
AGREED TO GIVE A.I.G. ANOTHER
$30 BILLION OF TAXPAYER MONEY,
JUST WITHIN THE LAST TWO WEEKS.
FOR EXAMPLE, WOULDN'T THE
TREASURY AND THE TAXPAYER HAVE
HAD MORE LEVERAGE OVER A.I.G.'S
EXECUTIVE CONTRACTS BEFORE
PROVIDING ANOTHER $30 BILLION IN
TAX MONEY FOR THEM.
YOU KNOW, ONCE THAT MONEY WAS
HANDED OVER TO A.I.G., THE
LEVERAGE WAS LOST.
THAT WOULD HAVE BEEN THE PERFECT
TIME TO MAKE SURE THAT THIS
DIDN'T HAPPEN.
IT'S MY HOPE THAT TREASURY WILL
BE VIG
TAXPAYER FUNDS FROM HERE ON.
AND I CERTAINLY EXPECT THEM TO
LOOK FOR EVERY POSSIBLE
WAY TO LIVE UP TO THE PLEDGE
MADE YESTERDAY ON BEHALF OF THE
TAXPAYERS OF THE UNITED STATES.
NOW, MADAM
ISSUE, A LOT HAS BEEN WRITTEN
OVER THE PAST SEVERAL DAYS ABOUT
THE INMATES AT GUANTANAMO BAY
AND NONE OF IT
ADMINISTRATION'S DECISION TO
SHUT THIS FACILITY DOWN BY THE
END OF THE YEAR
CHALLENGING THAN IT ALREADY WAS.
THIS IS AN ISSUE THAT HAS BRAVE
IMPLICATIONS FOR OUR NATION'S
SECURITY WHEN WE REALLY NEED TO
GET IT RIGHT.
SO THIS MORNING I'D LIKE TO
SPEND A FEW MINUTES EXPLAING
WHY THE ADMINISTRATION WOULD DO
WELL TO RECONSIDER ITS APPROACH
TO GUANTANAMO.
AN APPROACH THAT LOOKS EVEN
HASTIER NOW THAN WHEN IT WAS
FIRST ANNOUNCED BACK IN JANUARY.
ONE OF THE MOST OBVIOUS PROBLEMS
THAT THE ADMINISTRATION FACES ON
THIS ISSUE IS WHAT TO DO WITH
THESE
CLOSED.
THIS IS NOT A NEW CONCERN.
EVER SINCE THE U.S. STARTED
USING GUANTANAMO AS A DETENTION
FACILITY, AFTER THE INVASION OF
AFGHANISTAN, GOVERNMENT
OFFICIALS AND LEGAL THINKERS
HAVE TRIED TO COME UP WITH WAYS
OF DEALING WITH
WHO DON'T FALL INTO
TRADITIONAL CATEGORIES OF WAR.
NO ONE DENIES THAT THE UNITED
STATES IS LEGALLY ENTITLED TO
CAPTURE AND TO HOLD ENEMY FIGHTERS TOREVENT THEM FROM
RETURNING TO BATTLE.
BUT
REPATRIATION HAVE PROVED TO BE
EXTREMELY COMPLICATED AND AS THE
YEARS HAVE PASSED, THESE
QUESTIONS HAVE BECOME EVEN MORE
COMPLICATED, NOT LESS, THAN THEY
WERE BACK IN 2001.
JUST THIS WEEK, A NUMBER OF
EUROPEAN COUNTRIES THAT HAD
PREVIOUSLY OFFERED TO HELP THE
ADMINISTRATION FIND A NEW HOME
FOR ABOUT 60 OF THE REMAINING
241 INMATES AT GUANTANAMO BEGAN
TO BACK-PEDAL.
SOME OF THESE COUNTRIES NOW
INDICATE THEY WON'T TAKE ANY OF
THESE INMATES UNLESS THE U.S.
AGREES TO TAKE SOME OF THEM AS
WELL.
AND AGREES TO PUT THEM IN
AMERICAN PRISONS.
THIS
THE AMERICAN PEOPLE APPEAR TO BE
EVEN LESS INTERESTED IN HOUSING
THESE INMATES THAN THE EUROPEANS
ARE.
WELL, IF THERE'S NO PLACE FOR
THESE TERRORISTS TO GO IN EUROPE
AND NO PLACE FOR THEM TO GO IN
THE U.S., AN OBVIOUS QUESTION
ARISES:
WHERE ELSE CAN THEY GO?
AT THE MOMENT THERE'S NO ANSWER
TO THAT MOST IMPORTANT QUESTION.
WHEN THE QUESTION OF SENDING
DETAINEES TO U.S. SOIL WAS PUT
TO THE SENATE IN THE SUMMER OF
2007, THE VOTE AGAINST IT IT WAS
94-3.
MADAM PRESIDENT, WE HAD THAT
VOTE RIGHT HERE IN THE SENATE IN
THE SUMMER OF 2007, AND BY A
VOTE OF 94-3, MEMBERS OF THE
SENATE SAID THEY DO NOT WANT
THESE
U.S. SOIL.
THIS IS NOT ONLY A GOOD
REFLECTION OF WHERE PUBLIC
OPINION IS ON THE ISSUE; IT'S
ALSO NOTABLE THAT FOUR OF THE
VOTES CAST WERE SENATORS FROM
KANSAS AND COLORADO.
STATES THAT ARE MOST OFTEN
MENTIONED AS POSSIBILITIES TO
HOUSE THE INMATES.
ONE OF THESE SENATORS, KEN
SALAZAR, IS NOW IN THE OBAMA
ADMINISTRATION AND FORMER KANSAS
GOVERNOR,
ALSO OPPOSES SENDING INMATES TO
KA
PICK TO HEAD THE DEPARTMENT OF
HEALTH AND HUMAN SERVICES.
SO THE BOTTOM LINE HERE IS THAT
IT'S PARDON TO FIND ANYONE
ANYWHERE, EVEN INSIDE THE OBAMA
ADMINISTRATION, WHO WANTS THEIR
STATE TO BECOME THE NEXT HOME TO
CAPTURED VIOLENT TERRORISTS.
NOW, THER THERE'S A REASON NO ONE
WANTS TO HAVE THESE GUYS NEARBY.
OVER THE YEARS THE POOL OF
PRISONERS AT GUANTANAMO HAS
BECOME ONLY MORE
NOT LESS.
AND THOSE WHO REMAIN INCLUDE
DOZENS OF PROUD AND
SELF-PROCLAIMED -- PROWS AND
SELF-PROCLAIMED
AL QAEDA.
MANY HAVE BEEN DIRECTLY LINKED
TO SOME OF THE WORST TERRORIST
ATTACKS IN HISTORY, INCLUDING
SOME WHO HAD D
DIRECT KNOWLEDGE -- OF SEPTEMBER
11.
OTHERS HAVE TRAINED OR FUNDED
TERRORISTS, MADE BOMBS OR
PRESENTED THEMSELVES AS
POTENTIAL SUICIDE BOMBERS.
WE RECENTLY GOT A VIVID GLIMPSE
INTO THE MINDS OF THESE MEN WHEN
A NUMBER OF THEM RESPONDED IN
WRITING TO THE GOVERNMENT'S
CHARGES AGAINST THEM.
HERE ARE SOME OF THE EXCERPTS
FROM THE DOCUMENT WHICH WAS
SIGNINGED BY FIVE MEN WHOSE
NAMES APPEAR ON THE CHART RIGHT
BEHIND ME:
WITH REGARD TO
ACCUSATI
US ON TRIAL FOR, SO
THE TERRORISTS, TO
NOT
TO US, THEY ARE BADGES OF HONOR.
WHICH WE CARRY
THEREFORE, KILLING YOU AND
FIGHTING
TERRORIZING YOU, RESPONDING BACK
TO YOUR ATTACKS ARE
CONSIDERED TO BE
LEGITIMATE DUTY IN RELIGION."
LATER ON, THESE MEN REFERRED TO
THE SEPTEMBER 11 ATTACKS AS "THE
BLESSED
TOWARD THE END OF THE DOCUMENT,
THEY MAKE A STATEMENT AND A PREDICTION.
HERE'S WHAT
WE FIGHT YOU
TERRORIZE YOU.
YOUR END IS VERY NEAR AND Y
FALL WILL BE JUST AS THE FALL OF
THE TOWERS OF THE BLESSED 9/11 DAY.
SO WE ASK FROM GOD TO ACCEPT OUR
CONTRIBUTIONS TO THE GREAT
ATTACK, THE GREAT ATTACK ON
AMERICA, AND TO PLACE OUR 19
MARTYRED BRETHREN AMONG THE
HIGHEST PEAKS IN PARADISE.
AND ONE ONE OF THE MOST CHILLING
STATEMENTS IS ONE OF THE
ASSERTIONS BY ONE OF THESE MEN
ON THE CHART MIND ME.
"WE ARE
"WE ARE TERRORISTS TO THE BONE."
THIS IS HOW THEY SEE THEMSELVES,
MADAM
THE MEN T
TO RELEASE FROM GUANTANAMO?
NOT ONLY ARE MOST OF THE
REMAING INMATES AT GUANTANAMO
EXTREMELY
RETURN TO BATTLE IF THEY'RE
TRANSFERRED BACK TO THEIR COUNTRIES.
ACCORDING TO PENTAGON REPORTS,
DETAINEES WHO'VE BEEN RELEASED
FROM GUANTANAMO APPEAR TO BE
REENGAGING IN TERRORISM AT
HIGHER RATES,
RATE OF THOSE EITHER SUSPECTED
OR CONFIRMED OF REENGAGING IN
TERRORISM AT ABOUT 12%.
ABOUT 12% OF THOSE WHO'VE BEEN
RELEASE REASONABLE DEGREE BACK
IN THE FIGHT.
MORE THAN A THIRD OF THE
DETAINEES WHO'VE ALREADY BEEN
RELEASED WERE FROM SAUDI ARABIA
REHABILITATION SYSTEM.
BUT OUR COMPETENCE IN THAT
SYSTEM HASEEN SHAKEN BY RECENT
REPORTS THAT SAUDI
RETURNED HOME
FIGHTING.
LAST
RELEASED FROM GUANTANAMO AND
PASSED THROUGH THE SAUDI REHABILITATION PROGRAM APPEARED
IN A VIDEO AS MEMBERS OF THE
AL QAEDA IN YEMEN.
ONE
AR IS THOUGHT TO HAVE BEEN
INVOLVED IN A DEADLY SHOMMING
BOMBING ON THE U.S. EMBASSY IN
YEMEN IN SEPTEMBER.
HE WAS RELEASED FROM GUANTANAMO
IN 2007.
EVEN MORE WORRISOME THAN
SAUDI DETAINEES IS THE PROSPECT
OF YEMEN.
ABILITY TO CONTROL EVEN THE MOST
DANGEROUS TERRORISTS WE RELEASE.
OF
GUANTANAMO, ABOUT 15 HAVE BEEN
CLEARED FOR TRA
ANOTHER 15 MAY FACE TRIAL IN THE
U.S.
SOME MAY END UP GOING TO SAUDI
ARABIA BUT THE YES, MA'AM ENY
GOVERNMENT TO PROTESTING IT THE
MOVE.
OTHER INMATES HAVE SHOWN UP ON
THE BATTLEFIELD IN PLACES LIKE
PAKISTAN AND IRAQ.
ONE FORMER
INMATE TRAVELED TO SYRIA AFTER
HIS RELEASE, SNUCK INTO IRAQ AND
PLOTTE ATTACKS AGAINST U.S.
TROOPS THERE.
HE EVENTUALLY DROVE A TRUCK
PACKED WITH EXPLOSIVES INTO A
JOINT AMERICAN AND IRAQI
MILITARY TRAINING CAMP, BLOWING
HIMSELF UP AND KILLING 13 IRAQI
SOLDIERS.
EACH ONE OF THESE CONCERNS IS
SERIOUS ENOUGH TO WARRANT A
RECONSIDERATION OF THE
ADMINISTRATION'S DECISION TO
CLOSE THE DETENTION FACILITY AT
GUANTANAMO BAY.
TAKEN TOGETHER, IT'S HARD TO
IMAGINE THE ADMINISTRATIOS IS
NOT ALREADY HAVING SECOND
THOUGHTS
OF THE ALTERNATIVES THAT HAVE
BEEN CONSIDERED, SOME LIKE THE
TRANSFER OF DETAINEES TO EUROPE,
MAY NO LONGER BE VIABLE.
BUT EVEN IF THESE INMATES WERE
SENT TO EUROPE, ONE
ALL-IMPORTANT QUESTION WOULD
REMAIN: WHAT THEN?
WILL THEY BE RELEASED?
WITH THE RESID SREUFPL RATE NOW
HOVERING -- RECIDIVISM RATE NOW
HOVERING AROUND 12%, THIS IS A
RISK TOO DANGEROUS TO TAKE,
ESPECIALLY WHEN IT TAKES JUST
ONE TERRORIST, JUST ONE, TO
INFLICT UNIMAGINABLE HORROR.
ACCORDING TO THE EUROPEAN
UNION'S OWN RULES, A DETAINEE
WHO IS RELEASED WITHIN A
25-NATION AREA WITHIN THE E.U.
IS FREE TO MOVE ABOUT IN THESE
COUNTRIES WITHOUT EVEN A PASSPORT.
A MEMBER OF AL QAEDA WHO IS SENT
TO EUROPE AND SUBSEQUENTLY
RELEASED COULD EASILY REENTER A
TRANSNATIONAL TERRORIST NETWORK,
AND THE RECIDIVISM RATE SUGGESTS
THAT IS NOT AT ALL UNLIK
GUANTANAMO ITSELF, ON THE OTHER
HAND, IS PROVEN TO BE A
COMPLETELY SECURE FACILITY, AND
MORE THAN SEVEN YEARS OF USE NOT
A SINGLE PRISONER -- NOT ONE --
HAS ESCAPED GUANTANAMO TO MAIM
OR KILL A SINGLE INNOCENT
PERSON.
LET ME REPEAT THAT.
IN THE MORE
THAT WE'VE USED GUANTANAMO AS A
DETENTION FACILITY, NOT A SINGLE
PRISONER OUT OF ROUGHLY 800 WHO
HAVE BEEN HOUSED THERE HAS
ESCAPED TO MAIM OR KILL A SINGLE
INNOCENT PERSON.
NO ONE HAS CREDIBLY ARGUED THAT
THE INMATES ARE POORLY TREATED.
THREE MEALS A DAY, A FULL
LIBRARY OF BOOKS, MAGAZINES,
D.V.D.'S AND MEDICAL CARE THAT
IS SAID TO BE EXCELLENT.
INDEED, ONE EUROPEAN OFFICIAL
WHO VISITED IN 2006 CALLED
GUANTANAMO A MODEL PRISON AND
BETTER THAN THE ONES IN BELGIUM.
THIS IS CLEAR NOT ABU GHRAIB.
ATTORNEY GENERAL ERIC HOLDER IS
IN CHARGE OF THE REVIEW OF THE
DETENTION FACILITY AT GUANTANAMO
BAY.
HE CAPTURED THE DILEMMA OVER
GUANTANAMO AER A RECENT TRIP
THERE WHEN HE OFFERED A GLOWING
REPORT ON THE FILITY.
HE SAIDHE THE PRISONERS WERE
BEING TREATED WELL, AND THEN
REITERATED THE ADMINISTRATION'S
INTENT TO CLOSE IT WITHIN THE
YEAR.
ON SOME LEVEL, THE ATTORNEY
GENERAL MUST REALIZE HOW
ILLOGICAL THIS SEEMS.
IF HE DOESN'T, THEN FOR THE SAKE
OF THE SAFETY OF THE UNITED
STATES AND ITS CITIZENS, IT IS
MY HOPE THAT HE REALIZES IT
BEFORE THE END OF THE YEAR.
PRESIDENT OBAMA WAS RIGHT AND
COURAGEOUS TO RETHINK AN
ARTIFICIAL DEADLINE ON
WITHDRAWING U.S. TROOPS FROM IRAQ.
AS WE APPROACH ANOTHER
ARTIFICIAL DEADLINE, IT IS MY
HOPE THAT HE RETHINKS THIS
DECISION REGARDLESS OF WHAT HE
MAY THINK -- OF WHAT THEY MAY
THINK IN CERTAIN
MADAM PRESIDENT, ANY SHIFT ON
OUR POLICY ON THESE DETAIES
MUST MEET A VERY SIMPLE TEST.
WILL IT KEEP US SAFE, AS
GUANTANAMO HAS, FROM THE MEN
LIKE THE ONES WHOSE NAMES APPEAR
BEHIND ME?
IF THE ANSWER IS NO, THEN THE
POLICY WE CURRENTLY HAVE IS BEST.
AT THE MOMENT, THE ONLY SAFE
OPTION IS TO KEEP THE INMATES AT
GUANTANAMO IN ONE PLACE, AND
THAT'S RIGHT WHERE THEY ARE.
FLOOR.
MR. REID: MADAM PRESIDENT? THE PRESIDING OFFICER: THE
MAJORITY L
MR. REID: I CERTAINLY AGREE
WITH THE REPUBLICAN LEADER ABOUT A.I.G.
IF I WERE
A.I.G. ADMINISTRATION, I WOULD
RECOMMEND THEY GIVE BACK THOSE
BONUSES.
REMEMBER, WE AS A C
NOT DEFENSELESS.
WE CAN ALSO DO THINGS.
SENATOR BAUCUS AS CHAIRMAN OF
THE FINANCE COMMITTEE IS GOING
TO MAKE A PROPOSAL, I THINK,
THAT WILL CERTAINLY SEND A
MESSAGE TO THE PEOPLE AT A.I.G.
AND ALL OTHERS WHO TRY TO
BENEFIT FROM THE HARDSHIPS THE AMERICAN PEOPLE FACE.
AND SO YOU WILL HEAR IN THE NEXT
24 HOURS FROM THE CHAIRMAN OF
OUR FINANCE COMMITTEE, SENATOR
BAUCUS, THAT
OF THESE BONUSES WILL NOT BE
AB
AND THAT'S AN UNDERSTATEMENT.
I WOULD SAY ALSO REGARDING GUANTANAMO, I THINK THAT WE
SHOULD NOT MAKE THIS A
ISSUE.
JOHN McCAIN HAS COME OUT
FAVOR OF THIS.
I THINK THIS IS A
HE SAID ABOUT CLOSING GUAANAMO BAY.
SO THIS IS SOMETHING T
PRESIDENT OBAMA IS OUT THERE
ALONE ON.
MADAM PRESIDENT, EIGHT YEARS OF
GREED AND PHEG GENERALS LEFT OUR COUNTRY -- NEGLIGENCE GENERALS
LEFT OUR
ECONOMIC CLIMATE SINCE THE GREAT DEPRESSION.
STAGGERING JOB LOSS, THE LARGEST
NATIONAL D
CREDIT MARKET, MAJOR BANKS
TEETERING ON THE EDGE OF
INSOLVENCY, A RECORD FORECLOSURE
RATE FORCING MILLIONS OF
FAMILIES TO LOSE THEIR JOBS AND
THEIR HOMES, STOCK MARKET IN
FREE FALL AND SENIOR CITIZENS
PUT RETIREMENT ON HOLD, PUTTING
THE ECONOMIC SECURITY OF
LLIONS MORE AT RISK.
THE FIRST JOB OF ANY DOCTOR IS
TO STABILIZE THE PATIENT.
THE
ADMINISTRATION, PRESIDENT OBAMA
HAS STARTED TO STOP THE BLEEDING
AND BEGIN TO HEAL OUR ECONOMY.
THE CORNERSTONE OF THE
PRESIDENT'S NEAR-TERM PLAN TO
END THE FREE FALL HE INHERITED
IS THE ECONOMIC RECOVERY ACT
WHICH WILL SAFE AND CREATE 3.5
MILLION JOBS WHILE MAKING
CRITICALLY NEEDED INVESTMENTS IN
ROADS,
EDUCATION, HEALTH CARE --
TUNNELS, EDUCATION, AND ENERGY.
PRESIDENT OBAMA UNDERSTANDS AS
DEEP AS OUR IMMEDIATE PROBLEMS
MAY BE, THE WORST MISTAKE WE
COULD MAKE IS STOP INVESTING FOR
THE
THAT'S WHY THE PRESENT BUDGET
PROPOSAL LAYS THE GROUNDWORK
ECONOMY THAT JUST DOESN'T
RECOVER IN THE SHORT TERM, BUT
ALSO PROSPERS IN THE LONG TERM.
THAT STARTS WITH ENDING THE
PREVIOUS ADMINISTRATION'S ERROR
OF PASSING THE BUCK, REFUSING TO
MAKE TOUGH CHOICES, TO PLAN
THE FUTURE OR TO HOLD ANYONE
ACCOUNTABLE FOR THE GREED AND
CORRUPTION.
THERE WILL BE NO ACCOUNTING
TRICKS IN THE OBAMA BUDGET.
THERE WILL
ACCOUNTABILITY, LOWER TAXES FOR
WORKING FAMILIES AND SMART INVESTMENTS.
THE LONG-TERM PROSPERITY THAT
REACHES BEYOND THE PRIVILEGE TO
LIFT UP THE MIDDLE CLASS.
ONE OF THE MOST CRITICAL
INVESTMENTS WE CAN MAKE TODAY IS
IN THE NEW
POLICY THAT FINALLY BEGINS TO
END OUR ADDICTION TO OIL.
SINCE THE FIRST MODEL-T FORD
LEFT THE ASSEMBLY LINE MORE THAN
80 YEARS AGO, THE RISKS
ASSOCIATED WITH OIL
HAVE BEEN KNO
TODAY WE FACE A THREE-PRONGED
OIL CRISIS, THREATENING OUR
ECONOMY, OUR NATIONAL SECURITY
AND OUR ENVIRONMENT.
AFTER YEARS OF
BIGGER AND BIGGER CHECKS TO
FOREIGN NATIONS FOR MORE OIL,
THIS BUDGET FINAL TAKES THE
LOGICAL APPROACH THAT ALL
AMERICANS UNDERSTAND WE NEED TO
REDUCE OUR CONSUMPTION, WE NEED
TO FIND NEW RENEWABLE SOURCES OF
ENERGY -- CLEAN ENERGY -- THAT
WE CAN GROW RIGHT HERE AT
CREATING HUNDREDS OF THOUSANDS
OF GOOD JOBS HERE AT HOME.
WE MUST MAKE THESE INVESTMENTS NOW.
AND IF WE DO, WE WILL NOT
ACCOMPLISH THOSE GOALS, BUT ALSO
LOWER OUR FUTURE ENERGY BILLS.
FOR EVERY SINGLE
CONSUMER AND SAVE MONEY FOR THE
MILE-CLASS FAMILY.
REMEMBER, MADAM PRESIDENT, LAST
YEAR WE SPENT BUYING OIL FROM
FOREIGN NATIONS ABOUT $500
BILLION, MONEY THAT SHOULD HAVE
STAYED AT HOME.
THAT'S WHY PRESIDENT OBAMA IS
PROPOSING A MARKET-BASED CAP ON
CARBON POLLUTION, TO PROVIDE
PRODUCTION RENEWABLE FUELS AND
ENERGY-EFFICIENCY TECHNOLOGY AND
REWARDS COMPANIES THAT LEAD THE
WAY.
THIS BUDGET INVESTS $15 BILLION
A YEAR TO DEVELOP RENEWABLE
SOURCES OF ENERGY LITERALLY ALL
AROUND US, IN THE SUN, THE WIND
AND JUST BENEATH THE EARTH IN
GEOTHERMAL.
ALL ACROSS AMERICA THE WORK OF
TAPPING THESE PLENTIFUL ENERGY
SOURCES IS UNDERWAY.
IN PENNSYLVANIA, RENEWABLE
ENERGY HAS SPARKED MORE THAN $1
BILLION IN PRIVATE INVESTMENT.
IN IOWA, SHUT FACTORIES HAVE
REOPENED TO BUILD PARTS FOR WIND
TURBINES.
IN NEVADA THEY ALREADY HAVE
ENOUGH RENEWABLE ENERGY PROJECTS
TO HEAT AND COOL HUNDREDS AND
THOUSANDS OF NEW HOMES WITHOUT A
DROP OF OIL.
WE MAKE RENEWABLE ENERGY A
PRIORITY IN THIS BUDGET.
BEGINNING.
SOLAR POWER IN NEVADA AND THE
DESERT SOUTHWEST ALONE COULD
MEET OUR ENTIRE ENERGY NEEDS
SEVEN TIME OVER, THE ENTIRE
NEEDS OF THIS
WIND ENERGY IN THE GREAT PLAINS,
THE MIDWEST AND ON BOTH OUR
COASTS IS VERY, VERY ABUNDANT.
POTENTIAL FOR
STILL LARGELY UNTAPPE IS
STAGGERING.
UNTIL RECENTLY ALL THESE
OUTSTANDING PROJECTS HAVE BEEN
MOVING FORWARD WITH LITTLE, IF
ANY, FEDERAL SUPPORT.
OUR LANDSCAPE IS DOTTED WITH
RENEWABLE ENERGY PROJECTS, BUT
RIGHT NOW WE'RE
THE THE DOTS.
RENEWABLE ENERGY MUCH OF THE
TIME IS WHERE PEOPLE DON'T LIVE.
WE NEED TO BRING THAT ENERGY TO
NOW, THE FACT
CONNECTING THESE DOTS HAS TO
END, AND IT WILL END WHEN WE
BEGIN TO INVEST IN SMARTER AND
GREENER TRANSMISSION.
A GRID THAT BRINGS RENEWABLE
ENERGY FROM THE PLACES THAT
PRODUCE IT TO THE PLACES THAT
WILL USE IT.
WE SHOULD BE CATALYZING THE WORK
OF THE PRIVATE-SECTOR INNOVATORS
WHO
RELUTION ON THEIR SHOULDERS.
EVERY JOB CREATED BY A
RENEWABLE-ENERGY PROJECT IN
CALIFO
IOWA IS A JOB THAT CAN NEVER BE
SHIPPED OVERSEAS.
SOME ON THE OTHER SIDE MAY TRY
TO PROTECT OUR COUNTRY'S BIGGEST
CORPORATE POLLUTERS CLEANING UP
THEIR ACT.
SOME MAY SAY IN THIS TIME OF
ECONOMIC CRISIS WE SHOULD NOT BE
SREFGS IN OUR FUTURE --
INVESTING IN OUR FUTURE.
SOME MAY KREUT -- CRITICIZE THE
PRESIDENT'S BUDGET.
OVER THE NEXT SEVERAL WEEKS
WE'LL ENGAGE IN SERIOUS DEBATE
OVER THIS BUDGET AND THE
PRIORITIES IT REFLECTS.
IN THIS DEBATE, I URGE ALL
COLLEAGUES TO CHOOSE SOUND
POLICY OVER SOUND BITES.
WE MAY NOT AGREE ON EVERYTHING;
WE KNOW WE CAN AGREE AFTER EIGHT
LONG YEARS OF IRRESPONSIBILITY
WE MUST PASS A BUDGET THAT PUTS
THE AM
THE PRES
THE PREVIOUS ORDER, THE
LEADERSHIP TIME IS RESERVED.
UNDER THE PREVIOUS ORDER, THERE
WILL BE A PERIOD OF MORNING
BUSINESS FOR UP TO ONE HOUR WITH
SENATORS PERMITTED
UP TO TEN MINUTES EACH, WITH THE
TIME EQUALLY DIVIDED AND
CONTROLLED BETWEEN THE TWO
LEADERS OR THEIR DESIG
THE MAJORITY CONTROLLING THE
FIRST HALF AND THE REPUBLICANS
CONTROLLING THE SOND
THE CLERK WILL CALL THE ROLL.
QUORUM CALL:
MRS. MURRAY: MADAM PRESI THE PRESIDING OFFICER: THE
SENATOR FROM WASHINGTON.
MRS. MURRAY: I ASK UNANIMOUS
CONSENT THAT THE QUORUM CALL BE LIFTED. THE PRESIDING OFFICER: WITHOUT
OBJECTION.
MRS. MURRAY: MADAM PRESIDENT,
WHAT IS THE ORDER?
THE PRESIDING OFFICER: THE
SENATE CONDUCTING MORNING
BUSINESS.
THE MAJORITY CONTROLS THE NEXT
24 1/2 MINUTES.
MRS. MURRAY: THANK YOU, MADAM PRESIDENT.
MADAM PRESIDENT, FOR YEARS WE
HAVE TALKED ABOUT THE FACT THAT
THE ANNUAL BUDGET PROCESS IS THE
TRUEST TEST OF PRIORITIES FOR --
THAT THE PRESIDENT AND CONGRESS
ENGAGE IN.
FOR YEARS I WAS CONCERNED ABOUT
THE LAST ADMINISTRATIOS
BUDGETS, AND I WAS VERY VOCAL
ABOUT THAT.
TOO LITTLE INVESTMENT IN
AMERICA, TOO MANY GIMMICKS, AND
TOO MUCH FOCUS ON THE FEW AND
NOT THE MANY.
IT'S THESE BUDGETS AND THE
POLICIES THEY IMPOSE THAT LED US
TO THE CHALLENGES THAT WE ARE
NOW FACING.
PRESIDENT OBAMA INHERITED HUGE
PROBLEMS, NOT OF HIS OWN MAKING.
THAT'S WHY HIS FIRST BUDGET
BLUEPRINT IS SH A BREATH OF
FRESH AIR.
PRESIDENT OBAMA'S BUDGET IS BOTH
A STATEMENT OF PRIORITIES AND A
ST OF OUR COMMITMENT TO MAKING
OUR COUNTRY STRONGER FOR ALL AMERICANS.
OUR NATION FACES REALLY SERIOUS
CHALLENGES NOW, BUT IT'S NOT A
TIME TO SHY AWAY FROM THE
INVESTMENTS THAT WILL ENSURE OUR
PROSPERITY AND OUR
COMPETITIVENESS IN THE FUTURE.
HIS BUDGET BUILDS THE FOUNDATION
THAT WILL MAKE AMERICA STRONGER
BY INVESTING IN HEALTH CARE,
ENERGY INDEPENDENCE, AND
EDUCATION.
THE PRESIDENT INHERITED AN
ECONOMIC RECESSION AND
STAGGERING DEFICITS.
THE SHORTSIGHTED BUDGETS AND
POLICIES OF THE PAST HAVE LEFT
OUR INFRASTRUCTURE CRUMBLING,
OUR EDUCATION SYSTEM FALLING
BEHIND, AND THE DEBT OF WAR IN
THE POCKETS OF OUR
GRANDCHILDREN.
THERE IS NO DOUBT THAT WE HAVE
TO TAKE SOME SERIOUS STEPS TO
DIG OUT OF THIS HOLE.
PRESIDENT OBAMA'S BUDGET TAKES
STEPS TO CUT OUR DEFICIT IN HALF
AND TO RESTORE FAIRNESS TO OUR
TAX SYSTEM, AND IMPORTANTLY,
AFTER EIGHT YEARS OF GIMMICKS,
THIS BUDGET IS TRANSPARENT AND
TELLS THE AMERICAN PEOPLE
EXACTLY WHERE WE ARE SPENDING
OUR MONEY.
THE PRESIDENT ACCOUNTS FOR WAR
SPENDING AND LEAVES ROOM FOR
NATURAL DISASTERS OR OTHER
EMERGENCIES THAT WE MIGHT FACE.
THE PRESIDENT HAS BEEN HONEST
ABOUT THE CHALLENGES
THIS COUNTRY AND NOW HE'S BEING
HONEST ABOUT WHERE WE NEED TO INVEST.
HE'S WARNED CONGRESS AND THE
AMERICAN PEOPLE ABOUT THE
SACRIFICE WE ALL HAVE TO MAKE TO
MOVE OUR COUNTRY FORWARD, AND
THEY ARE MANY.
BUT HE'S ALSO BEEN CLEAR THAT
NOW IS THE TIME TO INVEST IN
HEALTH CARE AND ENERGY AND
EDUCATION REFORM TO ENSURE OUR
LONG-TERM STRENGTH AND PROSPERITY.
MADAM PRESIDENT, I COME TO THE
FLOOR TODAY TO TALK SPECIFICALLY
ABOUT THE NEED TO INVEST IN
EDUCATION.
INVESTING IN EDUCATION IS ONE OF
THE MOST CERTAIN WAYS WE CAN
CREATE JOBS AND STRENGTHEN OUR
ECONOMY WELL INTO THE FUTURE.
EDUCATION MEANS ECONOMIC
RECOVERY, AND IN THIS GLOBAL
ECONOMY, A GOOD EDUCATION IS NO
LONGER JUST A PATHWAY TO
OPPORTUNITY; IT'S A PREQUISITE
FOR SUCCESS.
ENSURING QUALITY EDUCATION FOR
EVERY AMERICAN IS ESSENTIAL TO
OUR FUTURE AS A NATION.
THE PRESIDENT AND THIS CONGRESS
MADE A DOWN PAYMENT ON THAT
COMMITMENT IN THE ECONOMIC
RECOVERY ACT THAT WE PASSED LAST MONTH.
THAT BILL MEANT HELP FOR
WASHINGTON STATE STUDENTS IN MY
STATE WHO ARE STRUGGLING TO
AFFORD AND ATTEND COLLEGE AND
STUDENTS ACROSS THE COUNTRY.
IT MEANS SERVING
STUDENTS' NEEDS.
IT MEANS THE ABILITY TO RESTORE
THE EDUCATION CUTS THAT OUR
STATES ARE FACING, AND IT MEANS
KEEPING TEACHERS IN THEIR JOBS
AND KEEPING OUR CLASS SIZ DOWN.
THOSE INVESTMENTS THAT WE MADE
IN THAT ECONOMIC RECOVERY
PACKAGE ARE GOING TO NOT ONLY
HELP CREATE JOBS; THEY'RE GOING
TO HOIRP TEACHERS AND OUR
PARENTS AND OUR -- THEY'RE GOING
TO HELP OUR TEACHERS AND OUR
PARENTS AND OUR COMMUNITIES.
THE STUDENTS ARE GOING TO BE
TOMORROW'S HIGHLY SKILLED WORKFORCE.
SO WE NEED TO MAKE THIS
INVESTMENT TO STAY STRONG AS A
NATION.
THAT ECONOMIC RECOVERY BILL MADE
A DOWN PAYMENT ON OUR STUDENTS' FUTURES.
THE NEXT STEP WE HAVE TO TAKE IS
OUR BUDGET, TO HELP IMPROVE
EDUCATION FOR OUR KIDS AND FOR ALL.
THE BUDGET THAT WE ARE GOING TO
BE SEEING PUTS A LONG-NEED
EMPHASIS ON PREPARING STUDENTS
FOR THE JOBS OF TODAY AND
TOMORROW WITH THE FOCUS ON
SCIENCE, MATH, AND
SKILLS AND EQUIPMENT.
IT FOCUSESN 21st CENTURY
SKILLS AND EARLY CHILDHOOD EDUCATION.
IT TALKS ABOUT CAREER AND
TECHNICAL EDUCATION AND
ACCESSING AND AFFORDING HIGHER
EDUCATION, WHICH INCLUDES
TWO-YEAR COLLEGES AND TECHNICAL TRAINING.
LET ME TALK FOR A MINUTE ABOUT
IF A BUDGET AND ITS DETAILS.
THAT BUDGET CREATES A
ZERO-TO-FIVE PLAN WHICH WILL
CONTINUE TO INCREASE FUNDING FOR
HEAD START, EARLY START, AND
CHILD CARE DEVELOPMENT BLOCK GRANTS.
IT ENCOURAGES OUR STATES AND
LOCAL INVESTMENT IN EARLY
EDUCATION TO HELP GET
INFORMATION TO PARENTS ABOUT
QUALITY CHILD CARE PROGRAMS,
INCLUDING IMPORTANT HOME
VISITING PROGRAMS FOR PARENTS
WITH YOUNG CHILDREN.
THE BUDGET WILL MAKE IMPORTANT
INVESTMENTS IN PREPARING AND
SUPPORTING GREAT TEACHERS AND
SCHOOL LEADERS FOR OUR COOLS
SCHOOLS.
IT WILL ALLOW STUDENTS TO
ACHIEVE THEIR DREAM BY MAKE
CRITICAL FUNDING TO RAISE THE
PELL GRANT AND IT CONTINUES THE
NEW AMERICAN OPPORTUNITY TAX
CREDIT WHICH WILL HEL
ACROSS THE NATION AFFORD
TUITION.
AND THE BUDGET MAKES A FIVE-YEAR
$2.5 BILLION INVESTMENT IN A NEW
ACCESS AND COMPLETION INCENTIVE
FUND TO ENSURE THAT LOW-INCOME
STUDENTS COMPLETE COLLEGE.
WE KNOW THAT ONLY ABOUT 50% OF
OUR STUDENTS START A COLLEGE
EDUCATION IN THIS COUNTRY
COMPLETE IT.
WE'VE GOT TO DO A LOT BETTER
THAN THAT BECAUSE ALL ALL OF OUR
GOOD-PAYING JOBS REQUIRE A
CREDENTIAL BEYOND HIGH SCHOOL.
SO, MADAM PRESIDENT, I COME TO
THE FLOOR TODAY TO SAY NOW IS
NOT A TIME TO SIT BACK AND JUST WORRY.
NOW IS THE TIME TO BE BOLD AND
MAKE THE CRITICAL INVESTMENTS IN
OUR COUNTRY THAT ARE SO LONG
OVERDUE.
NOWHERE IS THIS CLEARER THAN IN EDUCATION.
SO I APPLAUD THE PRESIDENT FOR
MAKING HIS COMMITMENT CLEAR.
AND I PLEDGE TO WORK WITH HIM
AND EVERY ONE OF OUR COLLEAGUES
WHO'S WILLING TO ENSURE THAT
OURS BECOME THE GREATEST
EDUCATION SYSTEM IN THE WORLD.
AND NOW, MADAM PRESIDENT, LET ME
SAY A WORD ABOUT SOME OF THE
CRITICISM THAT WE'VE BEEN
HEARING FROM OUR FRIENDS ON THE
OTHER SIDE OF THE AISLE.
I'VE HEARD A LOT OF TALK ABOUT
THIS BUDGET -- QUOTE -- "TAXING
TOO MUCH."
THEY MUST BE READING A DIFFERENT
BUDGETHAN I AM.
PRESIDENT OBAMA'S BUDGET WOULD
NOT RAISE
AMERICANS.
I THINK THAT'S REALLY IMPORTANT.
SO LET ME SAY THIS AGAIN.
95% OF AMERICANS WILL NOT SEE
THEIR TAXES RAISED UNDER THIS PLAN.
IN FACT, TOO MUCH OF THE TAX
BURDEN IN THIS COUNTRY IS BEING
BORNE TODAY BY OUR WORKING
FAMILIES AND PRESIDENT OBAMA IS
WORKING HARD TO FIX THAT.
NINE OF 10 WORKING FAMILIES WILL
SEE THEIR TAXES GO DOWN WITH HIS
BUDGET PLAN.
THE PRESIDENT'S MAKING WORK PAY
CREDIT -- $HAD00 FOR INDIVID
AND $800 FOR WORKING FAMILIES --
IS EXTENDED UNDER HIS BUDGET
PLAN.
THAT CREDIT CUTS TAXES FOR 95%
OF OUR WORKING FAMILIES.
IT CUTS TAXES FOR 95% OF OUR
WORKING FAMILIES.
THE AMERICAN OPPORTUNITY
EDUCATION TAX CREDIT IS GOING TO
HELP OUR FAMILIES PAY FOR
COLLEGE BY PROVIDING A $2,500
CREDIT TO OFFSET THE COST OF
TUITION AND
AND IT MAKES THE CREDIT
PARTIALLY REFUNDABLE.
AND FINALLY, THE BUDGET
INCREASES ELIGIBILITY FOR THE
REFUNDABLE PORTION OF THE CHILD CREDIT.
SO, MADAM PRESIDENT, THOSE ARE
JUST THREE WAYS
ADMINISTRATION IS FOCUSING ON
TAX RELIEF FOR THOSE WHO NEED IT
MOST -- OUR WORKING FAMILIES.
SO WHILE WE ARE HEARING A LOT,
AND WE WILL CONTINUE TO HEAR, NO
DOUBT, A LOT FROM OUR FRIENDS ON
THE OTHER SIDE ABOUT TAXING TOO
MUCH, IT'S IMPORTANT THAT WE ALL
LOOK AT THE FACTS AND NOT BUY
INTO THE RHETORIC.
MADAM PRESIDENT, AFTER EIGHT
LONG YEARS OF BUDGETS THAT LEFT
OUR AMERICAN FAMILIES BEHIND, I
LOOK FORWARD TO WORKING WITH
PRESIDENT OBAMA AND A BIPARTISAN
GROUP IN CONGRESS TO MOVE
FORWARD AND INVEST IN THE FUTURE
STRENGTH OF THIS NATION.
WE HAVE A LOT OF GREAT
CHALLENGES AHEAD, BUT I BELIEVE
WE CAN AND WE'LL OVERCOME THEM
BY MAKING TOGETHER, -- BY
WORKING TOGETHER AND I VESTING
IN THE BEST RESOURCE WE HAVE --
THE AMERICAN PEOPLE.
THANK YOU, MADAM PRESIDENT.
I YIELD
I GGEST THE ABSENCE OF A QUORUM.
THE PRESIDING OFFICER: THE
CLERK
QUORUM CALL:
QUOR
FIRST
A SENATOR: MR. PRESIDENT? THE PRESIDING OFFICER: THE
SENATOR FROM LOUISIANA.
MR. VITTER: MADAM PRESIDENT,
I'D ASK UNANIMOUS CONSENT THAT
THE
PRESERVED AND THAT I MIGHT BE
THE PRESIDING OFFICER:
SENATOR, THE QUORUM CALL IS
PROGRESS.
MR. VITTER: EXCUSE ME,
I ASK UNANIMOUS CONSENT TO CALL OFF THE QUORUM CALL.
THE PRESIDING OFFICER: WITHOUT
OBJECTION. MR. VITTER: NOW I ASK
UNANIMOUS CONSENT THAT THE
MAJORITY PARTY'S TIME BE
PRESERVED AND THAT I PROCEED
WITH WRARBGS UNDER THE THE
MINORITY TIME -- WITH REMARKS
UNDER THE MINORITY TIME.
THE PRESIDING OFFICER: WITHOUT OBJECTION.
MR. VITTER: THANK YOU,
MADAM PRESIDENT.
MADAM PRESIDENT, I RISE AGAIN TO
DISCUSS THE ISSUE OF AUTOMATIC
PAY RAISES FOR MEMBERS OF
CONG
AS I SAID IN OUR DEBATE ON THE
OMNIBUS SPENDING BILL LAST WEEK,
I THINK THIS SYSTEM OF AUTOMATIC
PAY RAISES, PAY RAISES FOR
MEMBERS OF CONGRESS ON AUTOPILOT
WITHOUT THE NEED FOR ANY
LEGISLATION, ANY DEBATE, ANY
VOTE, IS TRAOUPL -- IS TRULY
WRONG AND TRULY OFFENSIVE.
AND, MADAM PRESIDENT, I BELIEVE
IS IN THE BEST OF TIMES, BUT
I BELIEVE IT IS TRIPOLI WRONG
AND OFFENSIVE RIGHT NOW AS
AMERICANS ALL OVER OUR COUNTRY
WHO HAVE TO WORK HARD IN THE
AL WORLD FACE DIRE ECONOMIC
CHALLENGES AND CONDITIONS.
AND SO, MADAM PRESIDENT, I RISE
AGAIN TO URGE US TO ACT, TO DO
THE RIGHT
CONFIDENCE AMONG THE AMERICAN
PEOPLE BY CHANGING THIS SYSTEM
AND NO LONGER HAVING AUTOMATIC
PAY RAISES FOR MEMBERS OF
CONGRESS.
MADAM PRESIDENT, I PROPOSE DOING
THIS AS AN AMENDMENT ON THE
OMNIBUS APPROPRIATIONS BILL.
AFTER SOME DIFFICULTY IN GETTING
MY AMENDMENT EVEN RECOGNIZED AND
DEBATED AND VOTED ON, I FINALLY
WAS ABLE TO DO THAT, AND WE HAD
A MEANINGFUL DEBATE.
WE HAD A VOTE.
UNFORTUNATELY FROM MY
PERSPECTIVE, I FELL A LITTLE BIT
SHORT IN TERMS OF PASSING THE AMENDMENT.
IT WAS TKWAOETD 52 -- IT WAS
DEFEATED 52-45.
BUT IN THAT PROCESS,
MADAM PRESIDENT, WE DID HAVE AN
IMPORTANT DEBATE, AND SEVERAL
OTHER MEMBERS CAME FORWARD AND
EXPRESSED SUPPORT FOR THE
CONCEPT, MOST NOTABLY, THE
MAJORITY LEADER, LEADER
IN FACT, THE VERY DAY AFTER I
FINALLY, FINALLY SECURED A
DEBATE AND A VOTE ON MY
AMENDMENT, THE DAY AFTER THAT
NATOR REID INTRODUCED HIS OWN
FREE-STANDING BILL TO GET RID OF
AUTOMATIC PAY RAISES AT LEAST
AFTER THE NEXT ONE SCHEDULED,
AND TO DO AWAY WITH THAT
PROCESS.
AND OBVIOUSLY I COM
WITH THAT CONCEPT.
THAT'S THE W
WORK ALONG WITH SENATOR FEINGOLD
OF WISCONSIN AND MY OTHER
COAUTHORS: SENATOR ENSIGN AND
SENATOR GRASSLEY.
DURING THE DEBATE ON THIS ISSUE,
SENATOR REID
HE SPOKE ON THE FLOOR IN SUPPORT
OF THIS EFFORT.
HE SAID SEVERAL THINGS.
QUOTE -- "I
VITTER THAT COST-OF-LIVING
ADJUSTMENTS FOR MEMBERS OF
CONGRESS SHOULD NOT BE AUTOMATIC.
THAT IS WHY I INTRODUCED A
FREE-STANDING BILL LAST WEEK
THAT WOULD DO JUST THAT."
IN ADDITION, IN THE SAME TIME ON
THE FLOOR SENATOR REID SAID --
QUOTE -- "IF THERE ARE PEOPLE
WHO DON'T WANT TO AGREE TO THIS
TONIGHT, ASSUMING THE SENATOR
FROM
WILL BRING IT UP SOME OTHER TIME.
I AM
AGAIN -- QUOTE -- "I WILL BRING
IT UP SOME OTHER TIME.
I AM COMMITTED TO DOING THIS."
WELL, MADAM PRESIDENT, I
OBJECTED TO BRINGING THAT
FREE-STANDING BILL UP THEN
BECAUSE
DRAINED VOTES IN SUPPORT OF MY
AMENDMENT AWAY FROM MY AMENDMENT
AND HELPED DEFEAT IT.
IN FACT, WE SAW HOW CLOSE THAT VOTE WAS.
BUT NOW THAT THAT
I APPLAUD SENATOR REID FOR HIS
OFFER.
QUOTE -- "I WILL BRING IT UP
SOME OTHER TIME.
I AM COMMITTED TO DOING THIS."
MADAM PRESIDENT, I'M HERE
THAT THIS TIME, RIGHT NOW, THESE
NEXT TWO WEEKS, IS
SOME OTHER TIME.
WE ARE CLEARLY IN A BIT OF A
LULL IN TERMS OF FLOOR ACTIVITY
THIS WEEK AND NEXT WEEK BEFORE
WE BEGIN AN IMPORTANT DEBATE ON
THE BUDGET.
THE MAJORITY LEADER IS LOOKING
FOR THINGS TO TAKE UP OUR FLOOR
WE ARE CLEARLY IN A LIGHT
PERIOD.
SO WHAT BETTER "SOME OTHER TIME"
THAN RIGHT HERE, RIGHT NOW?
IN THAT SPIRIT, MADAM PRESIDENT,
AND THE SPIRIT OF COOPERATION TO
MOVE
MAJORITY LEADER A LETTER LAST
THURSDAY, AND I EXPRESSED JUST
THESE THOUGHTS, AND I ASKED HIM
TO BRING UP HIS FREE-STANDING
BILL OR MINE OR ANY
FREE-STANDING BILL
RAISES FOR MEMBERS OF CONGRESS
BEING ON AUTOPILOT ON THE SENATE
FLOOR AS SOON AS POSSIBLE.
AS I POINTED OUT, THIS CLEARLY
HAS SUPPORT TO MOV
THE PROCESS THROUGH THE SENATE
IN THE
IT DOESN'T HAVE UNANIMOUS SUPPORT.
ANY ISSUE LIKE
HAVE UNANIMOUS SUPPORT.
BUT IT HAS THE SUPPORT OF OVER
60 MEMBERS OF TS BODY.
NOW WHY DO I SAY THAT?
SIMPLE MATH, MADAM PRESIDENT.
ON THE VOTE ON MY AMENDMENT,
OBTAINED 45 "YES" VOTES.
IN ADDITION TO THOSE 45 VOTES, THE DISTINGUISHED MAJORITY
LEADER, WHO VOTED AGAINST MY
AMENDMENT, SAYING THAT THE ONLY
REASON THEY WERE DOING THAT W
TO NOT BURDEN THE OMNIBUS
SPENDING BILL WITH THE AMENDMENT.
AND THEY SAID ON THE RECORD
THEY'RE FOR THE CONCEPT.
AND SENATOR REID INTRODUCED A
FREE-STANDING BILL IN THIS BODY,
AND HE HAS COAUTHORS TO THIS
FREE-STANDING BILL IN THAT NUMBER. 20.
SO IT'S SIMPLE MATH, IF YOU ADD
45 AND
65 -- WELL OVER A FILIBUSTER-PROOF NUMBER.
WELL OVER THE 60 VOTES REQUIRED
TO NOT ONLY MOVE THIS BILL
THROUGH THE SENATE, BUT MOVE IT
THROUGH IN A FAIRLY EXPEDITED,
EFFICIENT, QUICK PROCESS.
SO, MADAM PRESIDENT, THE PERFECT
TIME IS NOW.
WE ARE CLEARLY IN TWO WEEKS OF
RELATIVE LULL BEFORE THE
ON THE BUDGET.
THE MAJORITY LEADER CLEARLY IS
LOOKING FOR IMPORTANT BUSINESS
TO
PARTICULARLY SINCE OTHER ISSUES
ARE
FLOOR THIS WEEK AS PLANNED.
SO WHAT BETTER TIME TO COME
TOGETHER IN A BIPARTISAN WAY TO
REBUILD THE CONFIDENCE OF
AMERICAN PEOPLE AND TO GET THIS
DONE, PASSING IT THROUGH THE
SENA?
AIN -- QUOTE -- "I WILL BRING
IT UP SOME OTHER TIME.
I AM COMMITTED TO DOING THIS." THE DISTINGUISHED MAJORITY LEADER.
WELL, AGAIN, I ASK THE MAJORITY
LEADER IN A SPIRIT OF
BIPARTISANSHIP, OF COOPERATION,
OF REESTABLISHING THE CONFIDENCE
OF THE AMERICAN PEOPLE IN
CONGRESS BY DOING AWAY WITH THIS
OFFENSIVE PRACTICE.
PAY RAISES ON AUTOPILOT WITHOUT
DEBATE, WITHOUT LEGISLATION,
WITHOUT A VOTE, WITHOUT EVEN A
LINE-ITEM IN AN APPROPRIATIONS
BILL WHICH WE CAN TRY TO CHANGE
THROUGH AMENDMENT.
LET'S CHANGE THAT WRONG AND
OFFENSIVE PRACTICE.
I URGE THE DISTINGUISHED
MAJORITY LEADER TO LOOK AT MY
LETTER OF LAST THURSDAY, TO
CONSIDER IT CAREFULLY, TO
UNDERSTAND THAT WE HAVE
ESTABLISHED THROUGH HIS BILL,
THROUGH MY VOTE, 65 VOTES IN
SUPPORT OF DOING AWAY WITH THIS
ON THE SENATE FLOOR.
WITH 65 VOTES, WE
CAN BE SUCCESSFUL, AND WE CAN DO
IT IN A VERY EFFICIENT MANNER.
WHAT BETTER TIME TO DO
RIGHT NOW.
WITH THAT, MADAM PRESIDENT, I
YIELD THE FLOOR.
AND QUORUM.
THE PRESIDING OFFICER: THE
CLERK WILL CALL THE ROLL.
QUORUM CALL:
A SENATOR: MR. PRESIDENT?
THE PRESIDING OFFICER: THE
SENATOR FROM
MRS. BOXER: MR. PRESIDENT,
WHAT I THE ORDER NOW
THE PRESIDING OFFICER: WE'RE
IN A QUORUM CALL.
MRS. BOXER: I ASK THAT
QUORUM CALL BE DISPENSED WITH.
THE PRESIDING OFFICER: WITHOUT
OBJECTION, SO ORDERED.
MRS. BOXER: WHAT IS THE ORD
THE PRESIDING OFFICER: SEVEN
MINUTES REMAINING IN MORNING BUSINESS.
MRS. BOXER: MR. PRESIDENT, I
COMEO THE FLOOR TODAY TO TALK
ABOUT A COUPLE OF ISSUES.
THE FIRST IS TO ADD
THE OUTRAGE OVER THESE BONUSES
TO PEOPLE WHO -- TO SAY THEY
DON'T DESERVE IT IS AN UNDERSTATEMENT.
I USED TO WORKN WALL STREET A
VERY LONG TIME AGO, AND YOU GOT
A BONUS WHEN YOU DID SOMETHING
GOOD, WHEN YOU BROUGHT BUSINESS
IN, WHEN YOU DID WELL FOR THE COMPANY.
NOT WHEN YOU BROUGHT THE COMPANY
DOWN.
IT'S DISGUSTING.
IT'S
AND I THINK YOU'RE HEARING
OUTRAGE FROM ALL QUARTERS OF OUR
SOCIETY, WHICH MEANS WE'RE GOING
TO DO SOMETHING
I JUST WANT TO MAKE SURE THAT
I'M ON RECORD AS SAYING THOSE
BONUSES OUGHT TO BE RETURNED
VOLUNTARILY.
AND IF THEY'RE NOT RETURNED,
THEY OUGHT TO BE TAXED AS CLOSE
TO
AND I WILL BE SUPPORTING THAT.
IT'S TIME TO CHANGE THE CULTURE
IN CORPORATE AMERICA.
IF YOU'RE GOING TO TURN TO
TAXPAYERS FOR HELP, THEN YOU
DON'T SQUANDER THEIR MONEY.
YOU WORK TO PAY IT BACK AS FAST
AS YOU CAN AND GET BACK OUT ON YOUR OWN.
I THINK IT'S SUCH AN OBVIOUS POINT.
AND I WANT TO PRAISE THE
PRESIDENT FOR BEING VERY, VERY
CLEAR ON THIS P
I ALSO CAME TO THE FLOOR TO TALK
ABOUT THE U
GOING TO BE HAVING ON THE BUDGET.
I WAS A LONGTIME MEMBER OF THE
BUDGET COMMITTEE AND THEN MOVED
OFF TO TAKE SOME OTHER ASSIGNMENTS.
BUT I'VE ALWAYS RESPECTED THE
WORK OF THAT COMMITTEE BECAUSE
THE BUDGET IS TRULY A ROAD MAP
TO THE PRIORITIES OF A NATION.
AND WHEN WE LOOK AT A BUDGET,
SURE, THERE ARE GOING TO BE
CERTAIN TPHEUPBGZ IT WE DON'T --
THINGS IN IT WE DON'T AGREE WITH.
WE MAY WANT TO TRIM IT HERE AND
THERE.
I DON'T ALWAYS AGREE WITH
EVERYTHING IN THE OBAMA
THERE ARE FEW THINGS I'M GOING
WORK TO CHANGE.
BUT IN GENERAL, IN GENERAL AT
SO ECONOMICALLY, I THINK THAT
THE PRIORITIES THAT ARE LAID OUT
IN THERE ARE GOOD FOR AMERICA,
GOOD FOR MY STATE OF CALIFORNIA.
AND I WANT TO TALK ABOUT A
COUPLE OF THESE PRIORITIES.
WE KNOW THAT
ADMINISTRATION INHERITED A
NIGHTMARE, AN ECONOMIC NIGHTMARE
FROM GEORGE BUSH'S
ADMINISTRATION.
4.4 MILLION JOBS LOST IN THE
LAST 14 MONTHS, AN UNEMPLOYMENT
RATE THAT IS S
STATE.
IT'S IN DOUBLE DIGITS.
12.5 MILLION AMERICANS
UNEMPLOYED AND A FEDERAL DEBT
THAT'S JUST G
VERY QUICKLY.
I'LL TELL YOU WHAT IS SO
INTERESTING TO ME IS
BILL CLINTON HANDED OVER THE
KEYS TO THE WHITE HOUSE TO
GEORGE W. BUSH, OUR BUDGET WAS
ACTUALLY IN A SURPLUS.
IT WAS IN A SURPLUS,
ACTUALLY HAD DISCUSSIONS IN MY
HOUSEHOLD ABOUT THE FACT THAT
THE DEBT WAS GOING DOWN SO FAST
THAT WE MAY NOT HAVE THE
OPPORTUNITY TO BUY ANY MORE
TREASURY BONDS.
SO, LET'S NOT FORGET WHAT
HAPPENED IN EIGHT YEARS.
A BUDGET SURPLUS TURNED INTO OUTRAGEOUS DEFICITS.
THE ECONOMY TOOK A TERRIBLE TURN
FOR THE WORSE.
THE DEBT
SO NOW WE HAVE A NEW PRESIDENT
WHO RAN ON A PLATFORM OF CHANGE.
AND, YOU KNOW, AS
COLLEAGUES ON THE OTHER SIDE OF
THE AISLE, SAVE A FEW OF THEM,
THEY'RE FIGHTING FOR THE STATUS
QUO.
WELL, MY BELIEF IS IF YOU FIGHT
FOR THE STATUS QUO, THAT IS NOT
A PASSIVE ACT.
IT'S A HOSTILE ACT, BECAUSE THE
STATUS QUO HAS GOT TO CHANGE SO
WE CAN RELIEVE SOME OF THE PAIN
IN
AND WHAT PRESIDENT OBAMA DOES
WITH THIS BUDGET, I THINK VERY
WISELY, IS TO CONTINUE THE
ECONOMIC STIMULUS THAT HE
STARTED WITH
STIMULUS BILL.
HE FOCUSES ON THREE PRIORITIES:
EDUCATION, HEALTH CARE, AND
CLEAN
AND, MR. PRESIDENT, EVERYONE
KNOWS -- AND I KNOW MY FRIEND IN
THE CHAIR HAS A YOUNG SON.
WE
SAID IS TRUE: THE COUNTRIES THAT
OUTTCH US TODAY WILL
OUTCOMPETE US TOMORROW.
AND HIS YOUNG SON AND MY
GRANDCHILDREN, IF THEY DON'T GET
THE EDUCATION THEY DESERVE ARE
JUST NOT GOING TO HAVE THE
CHANCE TO GET
HAD THE OPPORTUNITY TO GET IN
OUR GENERATION.
FOR EVERY DOLLAR INVESTED IN
EDUCATION, THERE'S A $4 TO $9
RETURN IN HIGHER EARNINGS, IN
HIGHER EMPLOYMENT RATES, IN LESS
CRIME, IN LESS WELFARE, AND IN
BETTER HEALTH.
AND THE OBAMA PLAN WILL DOUBLE
THE NUMBER OF CHILDREN SERVED BY
EARLY HEAD START, AND HE'LL
EXPAND HEAD START.
HE'LL PROVIDE RESOURCES
REWARD EFFECTIVE TEACHERS --
EFFECTIVE TEACHERS AND EFFECTIVE
PRINCIPALS.
HE'LL INCREASE THE CAPACITY OF
OUR YOUNG PEOPLE TO GO TO
COLLEGE ON PELL
SO, WHEN WE HAVE A PRESIDENT WHO
INVESTS IN EDUCATION, WE KNOW WE
SHOULD SUPPORT HIM BECAUSE EVERY
DOLLAR WE INVEST COMES BACK NINEFOLD.
THEN THE PRESIDENT INVESTS IN
HEALTH CARE.
AND WE KNOW THAT THE BIGGEST
CAUSE OF BANKRUPTCY IN AMERICA
IS WHEN A FAMILY IS HIT WITH A
CATAROPHIC HEALTH PROBLEM, AND
THEY ARE UNINSURED OR THEIR
INSURANCE IS CAPPED.
AND WE KNOW THAT PREMIUMS HAVE
GROWN FOUR TIMES FASTER THAN
WAGES IN THE LAST EIGHT YEARS.
PREMIUMS HAVE GROWN FOUR TIMES
FASTER THAN WAGES IN THE LAST
EIGHT YEARS.
SO, OUR PRESIDENT IS GOING TO
FINALLY TAKE ON THE ISS OF
HEALTH CARE, AND WE SHOULD STAND
WITH HIM.
DOES THAT MEAN WE'RE GOING TO
SUPPORT EVERY LITTLE THING HE
RECOMMENDS? IT MAY NOT.
WE MAY AGREE ON 90% OF IT, BUT
WE'RE GOING TO MOVE ON HEALTH
CARE, BECAUSE NOT TO DO SO,
AGAIN, IS A HOSTILE ACT,
THE CURRENT SITUATION IS UNSUSTAINABLE.
THE COST OF FAMILIES TODAY IS UNSUSTAINABLE.
THE FEAR THAT
CATASTROPHIC ILLNESS, WHAT WILL
HAPPEN?
THAT'S UNSUSTAINABLE.
AND, LASTLY, WE SEE OUR
PRESIDENT INVESTING IN CLEAN ENERGY.
WHAT HE IS DOING IS LOOKING AT
THE FUTURE AND RECOGNIZING THAT
THE OLD ENERGY ISN'T GOING TO SUSTAIN US.
AND IF WE WANT TO LEAD THE
WORLD, WE HAVE TO DO WHAT THOMA
FREEMAN SUGGESTS IN HIS BOOK,
"HOT, FLAT, AND CROWDED."
STEP OUT AND INVENT THE NEW
TECHNOLOGIES FOR THE FUTURE, THE
NEW CLEAN-ENERGY TECHNOLOGIES.
AND IN DOING THAT, WE WILL LEAD
THE WLD IN GREEN JOBS.
WE WILL LEAD THE WORLD IN EXPORTS.
IF WE ADOPT THE CAP-AND-TRADE
PLAN THAT IS RECOMMENDED BY
PRESIDENT, WE WILL SEE A
ROBUST -- A ROBUST -- ECONOMY,
BECAUSE ONCE YOU PUT A PRICE ON
CARBON, ALL THE OTHER
ALTERNATIVES COME UP BEHIND IT
AND LEAD US OUT OF THIS ECONOMIC MORASS.
MR. PRESIDENT, I'D ASK FOR 30
MORE SECONDS JUST TO CONCLUDE.
THE PRESIDING OFFICER: WITHOUT
OBJECTION, SO
MRS. BOXER: AND I KNOW MY TIME
IS RUNNING LOW.
BUT I FELT IT IMPORTANT TO COME
HERE TODAY TO SAY THOSE TWO THINGS.
ONE, WE CAN'T ABIDE BY THESE
OUTRAGEOUS BONUSES BY A COMPANY
THAT WAS LED BY PEOPLE WHO TOOK
THE COMPANY DOWN.
WE
AND, TWO, WE NEED TO WORK WITH
OUR NEW PRESIDENT AND BRING
ABOUT THE CHANGE THAT HE
PROMISED IN HIS CAMPAIGN.
AND THAT CHANGE IS REFLECTED IN HIS BUDGET.
AND I THANK YOU VERY MUCH.
I YIELD THE FLOOR.
AND
QUORUM.
THE PRESIDING OFFICER:
SENATOR, WILL YOU WHHOLD YOUR
QUORUM CALL?
THANK YOU.
MORNING BUSINESS IS CLOSED.
UNDER THE PREVIOUS ORDER, THE
SENATE WILL RESUME THE CONSIDERATION OF THE MOTION TO
PROCEED TO H.R. 146, WHICH THE
CLERK WILL REPORT.
THE CLERK: MOTION TO PROCEED
TO THE CONSIDERATION OF H.R.
146, AN ACT TO ESTABLISH A
BATTLEFIELD
PROGRAM FOR THE ACQUISITION AND
PROTECTION OF NATIONALLY
SIGNIFICANT BATTLEFIELDS AND
ASSOCIATED SITES OF THE
REVOLUTIONARY WAR AND THE WAR OF
1812, AND FOR OTHER PURPOSES. MR. GREGG: MR. PRESIDENT?
THE PRESIDING OFFICER: THE
SENATOR FROM NEW HAMPSHIRE.
MR. GREGG: IT'D SKA THAT
FURTHER PROCEEDINGS -- I'D ASK
THAT FURTHER PROCEEDINGS UNDER
THE QUORUM CALL BE SET ASIDE. THE PRESIDING OFFICER: THE
SENATOR IS RECOGNIZED. MR. GREGG: THANK YOU.
I LISTENED THIS MORNING TO
PRESIDENT OBAMA AS HE SPOKE ON
BUDGET, ALONG WITH BEING IN
ATTENDANCE WITH THE CHAIRMAN OF
THE BUDGET COMMITTEES HERE IN
THE SENATE AND IN THE HOUSE,
CHAIRMAN SPRATT AND CHAIRMAN
CONRAD.
ESSENTIALLY THE PRESIDENT WAS
DEFENDING HIS PREDENT, AS
PROPOSED, AND SENT UP HERE ON
THE FLOOR HILL.
HIS THEME WAS THAT WE SHOULDN'T
PASS ON PROBLEMS TO THE NEXT
GENERATION AND, THUS, HE SAID
HIS BUDGET TOOK ON THE ISSUE OF
ENERGY AND TOOK ON THE ISSUE OF
HEALTH
QUESTIONS THAT NEED TO BE
RESOLVED NOW AND NOT BE PASSED
ON TO THE NEXT GENERATION.
I COULDN'T AGREE WITH HIM MORE.
FIRST THAT WE SHOULDN'T PASS ON
PROBLEMS TO THE NEXT GENERATION
AND SECONDLY WE SHOULD TAKE ON
THE PROBLEMS THAT WE HAVE NOW,
AND THEY'RE FAIRLY BIG.
WHERE I DISAGREE WITH HIM IS THE
CONCLUSION
HE SENT UP HERE DOESN'T PASS
PROBLEMS ON TO THE NEXT GENERATION.
IN FACT, IT PASSES THE MOST
SIGNIFICANT PROBLEM ON TO THE
NEXT GENERATION, WHICH IS THAT
IT SO GREATLY EXPANDS THE SIZE
OF GOVERNMENT IN SUCH A SHORT
PERIOD OF TIME, WITH SO MUCH
BORROWING, THAT IT BASICALLY
WILL BANKRUPT OUR CHILDREN AND
OUR CHILDREN'S CHILDREN AS A
RESULT OF E COST OF GOVERNMENT
GOING FORWARD.
HE DOESN'T HAVE TO BELIEVE ME.
PEOPLE DON'T HAVE TO BELIEVE HEY TO RECOGNIZE THIS.
ALL THEY HAVE TO DO IS LOOK AT
THE PRESIDENT'S
IN FIVE YEARS THE PRESIDENT'S
DGET WILL DOUBLE THE NATIONAL
DEBT.
IN 10 YEARS THE PRESIDENT'S
BUDGET WILL TRIPLE THE FL DEBT.
IF YOU TAKE ALL THE DEBT THAT
THE UNITED STATES GOVERNMENT HAS
RUN UP SINCE THE BEGINNING OF
OUR COUNTRY, GEORGE WASHINGTON
ALL THE WAY THROUGH
BUSH, THA DEBT -- THAT TOTAL
AMOUNT OF DEBT IN FIVE YEARS
WILL BE DOUBLED UNDER THIS
BUDGET AS SENT UP BY PRESIDENT
OBAMA.
NO A LOT OF THAT DEBT THAT'S
BEING RUN UP IN THE SHORT RUN
I'M NOT GOING TO CLAIM IS
INAPPROPRIATE IN THE SENSE THAT
IT'S SOMETHING THAT'S UNDER HIS
CONTROL OR THAT HE'S RESPONSIBLE
FOR AS PRESIDENT.
IN FACT, I AGREE THAT WE AS A
NATION NEED TO
AS A GOVERNMENT IN THE SHORT RUN
MURED TO TRY TO ADDRESS THIS --
IN ORDER TO TRY TO ADDRESS THIS
AND TO TRY TO STABLIZE OUR
FINANCIAL SYSTEM.
I DON'T HAPPEN TO AGREE WITH THE
STIMULUS PACKAGE PASSED OR THE
OMNIBUS PACKAGE PASSED.
MONE
INAPPROPRIATELY. I'M WILLING TO ACCEPT THE FACT
THAT IN THE SHORT RUN THERE HAS
TO BE A SPIKE IN OUR NATIONAL
DEBT IN ORDER TO ADDRESS THIS
RECESSION.
WHAT'S NOT TOLERABLE, HOWEVER,
IS THAT UNDER THIS BUDGET AFTER
THE SHOR
FROM 2008-2009 THROUGH 2011 WHEN
THE RECESSION BY ALL ESTIMATES
BE HOPEFULLY BEVER, THIS WE'RE
STILL RUNNING THE DEBT UP
RADICALLY UNDER THIS BUDGET SENT
UP BY THE PRESIDENT.
IN FACT, IT DOUBLES IN TWO YEARS
BUT IT TRIPLES TRI TRIPLES IN 10 YEARS.
I AM NOT AWARE OF A RECESSION IN
THE LAST FIVE YEARS OF THIS
BUDGET BEING PROPOSED.
I CERTAINLY HOPE IT'S NOT BEING PROPOSED.
BUT CERTAINLY THERE'S NOTHING
THAT REQUIRES THAT TYPE OF A
RADICAL EXPANSION IN OUR DEBT
OVER THAT PERIOD.
THE PRACTICAL IMPLICATIONS OF
IS SORT OF TRIPLING OF THE
DEBT IS THAT
BUDGET GETS INTO
THE PUBLIC DEBT OF THIS COUNTRY
WILL BE AS A RATIO OF G.D.P.,
67% OF G.D.P.
AND I SUSPECT WHEN C.B.O. SCORES
THE PRESIDENT'S NUMBERS AT THE
END OF THIS WEEK, IT IS PROBABLY
GOING TO BE CLOSE TO 70% OF G.D.P.
WHAT DOES THAT MEAN?
WE'LL TR PUT PERSPECTIVE.
PRIOR TO THE RECESSION, PUBLIC
DEBT -- DEBT HELD BY PEOPLE LIKE
THE CHINESE, R EXAMPLE -- AND
THE EUROPEANS -- OUR PUBLIC
DERKTS THE DEBT WHICH WE SELL TO
THE WORLD IN ORDER TO FINANCE
OUR GOVERNMENT, WAS ABOUT 40% OF
OUR GROSS NATIONAL PRODUCT.
MOST ECONOMISTS WILL SAY WE CAN
TOLERATE A DEBT TO GROSS
NATIONAL PRODUCT PRODUCT OF 40%.
WHEN IT GETS UP TO 60%, 70%, IT
IS NOT
YOU MIGHT BE AIL TO TOLERATE IT
FOR A FEW YEARS BUT YOU CAN'T
TOLL TRAIT FOR AN EXTENDED
PERIOD OF TIME.
AND WHAT THE PRESIDENT IS
PROPOSING IS THAT THAT DEBT,
THAT 67%
RATIO, WHICH WILL BE OVER 70%, I
SUSPECT ONCE RESCORED, THAT GOES
ON FOREVER.
IN ADDITION, THE DEFICIT
BEGINNING IN THE YEAR 2012 OR SO
UNDER THE PRESIDENT'S BUDGET, IS
AT 3% TO 4% OF GROSS NATIONAL
PRODUCT.
NOW, HISTORICALLY, OVER THE LAST
20 YEARS PRIOR TO THE
IT'S BEEN AROUND 2% OF GROSS
NATIONAL PRODUCT, THE DEFICIT.
WHY IS IT FOREIGN DHEEP DOWN IN
BECAUSE EVERY TIME YOU ADD TO
THE DEFICIT, YOU ADD TO THE
PUBLIC DEBT.
WHEN YOU GET IN THE 3% TO 4%
RANGE, YOU ARE ESSENTIALLY
ADDING SO MH DEBT, SO QUICKLY,
EVERY YEAR THAT BASICALLY YOUR
GOVERNMENT BEC
THAT'S THE BOTTOM LINE HERE.
WHAT HAPPENS AS YOU GO INTO THE
OUT YEARS WHEN YOU TRIPLE THE
DEFICIT, WHEN YOU'VE GOT THE --
TRIPLE THE DEBT AND GOT THE
DEFICIT AROUND 3%, 4% OF G.D.P.?
WHAT HAPPENS IS THAT THE
CURRENCY STARTS TO BE UNDER PRESSURE.
THE DOLLAR BECOMES QUESTIONED AS
TO ITS VALUE.
PEOPLE START ASKING, ESPECIALLY
IN THENTERNATIONAL COMMUNITY,
DO WE REALLY DARE BUY AMERICAN
DEBT?
IN FACT YOU HEARD REGRETTABLY
THE CHINESE PREMIER RAISE THAT
ISSUE ALREADY.
AND IF YOU CAN'T SELL THE DEBT
AND YOU CAN'T FINANCE THE
GOVERNMENT, YOU DON'T HAVE TOO
MANY CHOICES.
YOU MUST MOVE TO INFLATION.
THAT'S NOT A GOOD CHOICE FOR AMERICANS.
SO BASICALLY WHAT YOU'RE PUTTING
IN PLACE IS A STRUCTURAL DEBT
AND A STRUCTURAL DEFICIT UNDER
THE PRESIDENT'S PROPOSAL WHICH
SIMPLY ISN'T AFFORDABLE.
WHICH MEANS THAT OUR CHILDREN
ARE EITHER GOING TO BE
OVERWHELMED BY A TAX BURDEN OR
THEY'RE GOING TO F
WHERE INFLATION IS RAMPANT OR
BASICALLY THE STANDARD OF LIVING
HAS DROPPED SIGNIFICANTLY.
AND WHY DOESHIS ALL HAPPEN?
WELL IT HAPPENS PRIMARILY
BECAUSE UNDER THE PRESIDENT'S
BUDGET HE IS TAKING SPENDING UP RADICALLY.
SURE, IN THE SHORT RUN THAT MAY
BE ACCEPTABLE BECAUSE WE'RE
TRYING TO ADDRESS THIS RECESSION.
BUT HE DOESN'T BRING SPENDING
BACK DOWN TO ITS HISTORICAL LEVELS.
THIS CHART SHOWS YOU THE
HISTORICAL LEVEL OF SPENDING HAS
BEEN ABOUT 27% OF GROSS NATIONAL PRODUCT.
WE'VEN UP AND DOWN FOR YEARS L
BUR UNDER PRESIDENT OBAMA'S
PROPOSAL, HE RADICALLY MOVES THE
GOVERNMENT TO THE LEFT, GREATLY
EXPANDING THE GOVERNMENT ROLE IN
ALL SORTS OF AREAS -- IN ENERGY,
IN HEALTH CARE, IN EDUCATION.
AND AS A RESULT, HE TAKES
FEDERAL SPENDING UP TO 23% OF
GROSS NATIONAL PRODUCT AND KEEPS
IT THERE FOR AS FAR AS THE EYE
CAN SEE.
ACTUALLY, IT KEEPS GOING UP A
LITTLE BIT.
AND REVENUES STAY DOWN HERE AT
ABOUT 18%.
SOY YOU'VE GOT THIS BIG -- SO
YOU'VE GOT THIS BIG STRUCTURAL
DEFICIT IN HERE.
EVEN IF YOU WERE TO TAKE
REVENUES UP TO 23% OF GROS
NATIONAL PRODUCT, THE PRACTICAL
EFFECT WOULD BE TO BASICALLY BE
WIPE OUT MOST PEOPLE'S INCOME
WITH TAXES.
THE PRESIDENT SAYS HE'S ONLY
GOING TO RAISE TAXES ON THE
WEALTHIEST IN AMERICA.
PUT IN THIS PROPOSAL A MASSIVE
CARBON TAX WHICH IS BASICALLY
NATIONAL SALES TAX ON
ELECTRICITY AND EVERY TIME YOU
TURN ON YOUR LIGHT, YOU'RE GOING
TO END UP WITH A NEW NATIONAL FEDERAL TAX.
BUT INDEPENDENT OF THAT, HE
CANNOT GET THIS DEFICIT UNDER
CONTROL -- OR THIS DEBT UNDER
CONTROL WITH THIS TYPE OF
SPENDING LEVEL UNLESS HE
CRADICALLY INCREASE INCREASE -- UNLESS HE
RADICALLY INCREASES THE TAX
BURDEN ON ALL AMERICANS TO A
POINT WHERE PRODUCTIVITY WOULD DROP SIGNIFICANTLY IN THIS
COUNTRY AND THAT WOULD BE A
SELF-FULFILLING EVENT.
ONCE PRODUCTIVITY DROPS, YOUR
REVENUES DROP AND YOU NEVER GET
BACK TO AN OFFICIATE MARKETPLACE
AND THEREFORE YOU AGGRAVATE THE
DEFICIT.
BUT THE PROBLEM IS, THIS HUGE
DEBT THAT HE'S RUNNING UP AND
PASSING ON TO THE NEXT
GENERATION, THIS TRIPLING OF THE
FEDERAL DEBT WHICH HE SAYS WE
DON'T PASS PROBLEMS ON TO THE
NEXT GENERATION, THIS IS A
PRETTY DARN BIG PROBLEM THAT'S
BEING PASSED ON TO THE NEXT
GENERATION, IS DRIVEN ALMOST
ENTIRELY BY SPENDING, SPENDING
AT THE FEDERAL LEVEL, WHICH HE
GREATLY EXPANDS BECAUSE, UNDER
THE PROPOSAL WHICH HS PUT
FORWARD OS A BLUEPRINT, THIS
BUDGET PROPOSAL, HIS WAY OF
SOLVING THE HEALTH CARE PROBLEM
IS TO ESSENTIALLY NATIONALIZE
HEALTH CARE.
HIS WAY OF SOLVING THE EDUCATION
PROBLEM IS TO ESSENTIALLY
NATIONALIZE THE STUDENT LOAN
PROGRAM.
HIS WAY OF SOLVING THE ENERGY
PROBLEM ISN'T TO PRODUCE MORE
ENERGY IN AMECA; IT'S
BASICALLY TO
INCREASE THE COST OF ENERGY IN
AMERICA, TO ALL AMERICANS BY
PUTTING IN PLACE A CARBON TAX.
WHICH IS A NATIONAL SALES TAX.
HIS WAY OF ADDRESSING THE ISSUES
WHICH WE CONFRONT, WHICH ARE
REASONABLE FILL SOV QUAL
APPROACHES IS TO SIGNIFICANTLY
INCREASE THE SIZE OF
AND, THUS, THE COST OF GOVERNMENT.
AND, THUS, TO CREATE THIS HUGE
DEBT, THIS MASSIVE DEBT WHICH WE
AREN'T GOING TO BE ABLE TO
FINANCE AND WHICH IS THEREFORE
GOING TO
STRENGTH OF OUR NATION AND
CLEARLY GIVE OUR CHILDREN RECEIVED.
AND, THEREFORE, WHEN HE SAYSES A
ON TO THE NEXT GENERATION, THE
EXACT OPPOSITE IS TRUE.
HE'S CREATING A HUGE PROBLEM FOR
THE NEXT GENERATION, IN THE WAY
THAT HE WANTS TO SPEND THIS
MONEY.
NOW, THERE'S THE SECOND ISSUE I
WANT TO ADDRESS T
THAT GOES TO THE ISSUE OF THE
SUBSTANCE OF THE POINTS MADE
TODAY AT THE PRESS CONFERENCE
REGARDING THIS.
NOW, THIS COULD BE ADDRESSED, OF COURSE.
THIS ISSUE OF SPENDING AND
QUESTIONS REGARDING THE -- THESE
MAJOR PUBLIC POLICY ISSUES.
IF HE WANTED TO REACH ACROSS THE
AISLE AND APPROACH THINGS IN A
BIPARTISAN WAY.
MYSELF, SENATOR CONRAD, CHAIRMAN
OF THE BUDGET COMMITTEE, HAVE
PROPOSED AN IDEA.
A AUTHORITY WHICH ESSENTIALLY
WOULD TAKE ON THE BIG ISSUES
WHICH DRIVE THIS SPENDING EVENT
-- HEALTH CARE, SPECIFICALLY;
SOCIAL SECURITY ALSO; AND TAX
POLICY -- AND WOULD ALLOW NEWS A
BIPARTISAN WAY TO COME FORWARD
AND GRAPPLE WITH THESE ISSUES
AND PUT FORWARD IDEAS AS TO HOW
TO SOLVE THEM.
AND HOW TO BRING UNDE UNDER CONTROL
THESE NUMBERS SO WE DON'T RUN UP
THIS DEFICIT DEBT ON OUR CHILDREN.
I AM TOTALLY COMMITTED TO THAT.
IN THE AREA OF ENERGY THERE I
NUMBER OF INITIATIVES WHICH MAKE
SENSE.
BUT WE'RE NOW HEARING THAT
RATHER THAN PROCEEDING ON A
BIPARTISAN PATH TO TRY TO
ADDRESS THESE
GOING TO THINK ABOUT USING
SOMETHING CALLED RECONCILIATION.
THAT'S A TERM HERE.
MOST PEOPLE DON'T KNOW WHAT IT MEANS.
BUT WHAT IT ESSENTIALLY MEANS IS
THAT YOU SAY HERE IN THE SENATE
THIS THE SENATE WILL
AN AUTOCRACY.
IT WILL FUNCTION LIKE THE HOUSE
OF REPRESENTATIVES, THAT YOU
WILL HAVE THE ABILITY TO BRING
NOT ESSENTIALLY BE AMENDABLE AND
WHICH WILL ONLY TAKE 51 VOTES TO
PASS.
RECONCILIATION WAS A CONCEPT PUT
IN PLACE AS THE BUDGET PRO
EVOLVED, AND ITS PURPOSE WAS TO
RECONCILE THE BUDGET.
IN OTHER WORDS, IF THE NUMBERS
ON SPEND AROUND HERE DIDN'T MEET
THE BUDGET, THEN THERE'D BE A
BILL TO CORRECT THAT SO THAT IF
THE APPROPRIATION NUMBERS
WEREN'T CORRECT OR THE
ENTITLEMENT NUMBERS WEREN'T
CORRECT OR THE TAX NUMBERS
WEREN'T CORRECT, THERE COULD BE
A BILL THAT COMES THROUGH CALLED
RECONCILIATION WHICH WOULD
FOLLOW THE BUDGET PROCESS AND
WHICH WAS ORIGINALLY SUPPOSED TO
BE MINISTERIAL.
WELL, OVER THE YEARS IT WAS USED
IN A MUCH MORE AGGRESSIVE WAY
THAN MINISTERIAL.
IT WAS USED TO ADJUST ALREADY
EXISTING PROGRAMS, AUTHORIZED
PROGRAMS, ENTITLEMENT PROGRAMS,
AND TAX PROPOSALS.
PRESIDENT BUSH USED IT
AGGRESSIVELY ON TAXES, I
BELIEVE.
PRESIDENT CLINTON USED IT
AGGRESSIVELY
REPUBLICAN CONGRESS ON
EVERYTHING -- ENTITLEMENT AND
TAXES.
BUT IT WAS ALWAYS DIRECTED AT
EXISTING POLICY AND ADJUSTING
THAT POLICY.
IN OTHER WORDS, RAISING THE TAX
RATE OR DROPPING THE TAX RATE,
CHANGING AN ENTITLEMENT PROGRAM
IN SOME WAY THAT ALREADY EXISTED
OR NOT CHANGING AN ENTITLEMENT
PROGRAM.
RECONCILIATION HAS NEVER BEEN
USED FOR THE PURPOSES OF PUTTING
IN PLACE A DRAMATIC NEW FEDERAL
PROGRAM WHICH WILL FUNDAMENTALLY
SHIFT THE WAY
FUNCTIONS IN THIS COUNTRY.
NEVER BEEN USED IN THE SENSE AS
AN AD INITI EVENT.
THE CARBON TAX OR THE NATIONAL
SALES TAX ON ELECTRIC BILLS IS A
MASSIVE EXERCISE IN INDUSTRIAL
POLICY.
TOTALLY REDIRECTING HOW ENERGY
IS PRODUCED IN THIS NATION AND
A. EFFECTING EVERYBODY IN THIS
NATION.
BECAUSE EVERYBODY'S ENERGY BILL
WILL BE INCREASED AS A RESULT OF
THIS TAX.
ESPECIALLY IN THE MIDWEST.
AND IN THE NORTHEAST.
IT IS A BRAND-NEW PROGRAM,
SOMETHING THAT WE'VE NEVER SEEN
BEFORE.
HUGE PROGRAM.
OBVIOUSLY REWRITING THE HEALTH
CARE SYSTEM OF THIS COUNTRY IS A
DRAMATIC EXERCISE AFFECTING
ABSOLUTELY EVERYONE IN THIS
NATION.
AT ALL SORTS OF DIFFERENT
LEVELS, A BRAND-NEW MAJOR PROGRAM.
THESE ARE INITIATIVES OF
SIIFICANT SIZE AND IMPORT.
RECONCILIATION WAS NEVER
CONCEIVED TO UNDERTAKE THOSE
TYPES OF EVENTS.
THOSE TYPES OF INITIATIVES.
THE SENATE A BILL WHICH TOTALLY
REWRITES THE WAY PEOPLE PRODUCE
AND PAY FOR ENERGY IN THIS
NATION WITH A BRAND-NEW NATIONAL
SALES TAX UNDER A RULE THAT SAYS
YOU'LL GET 20 HOURS OF DEBATE
AND NO AMENDMENTS AND HAVE THE
SENATEUNCTION AS IS ITS
PU
OF DISCUSSION AND AMENDMENT.
IT WOULD FUNCTION LIKE THE HOUSE
THAT'S TRUE.
BUT IT WOULD BASICALLY ELIMINATE
THE SENATE AS A CONCEPT AND
RIGHT DIRECTLY ATHE DESTROYING
THE PURPOSES OF THE SENATE.
THE SAME OF COURSE IS TRUE TO
BRING A MAJOR INITIATIVE TO
BASICALLY REWRITE HEALTH CARE
COMPLETELY, BASICALLY
QUASI-NATIONALIZE IT, AS FAR AS
I CAN SEE IS THE PROPOSAL, BUT
TO HAVE A MASSIVE HEALTH CARE
INITIATIVE WHICH WOULD AFFECT
EVERYTHING THAT HAS TO DO WITH
HEALTH CARE BROUGHT TO THE FLOOR
OF THE SENATE UNDER
RECONCILIATION WOULD BE TO
FUNDAMENTALLY UNDERMINE THE
PURPOSES OF THE SENATE, WHICH IS
TO DISCUSS, DEBATE, AND HAVE THE
RIGHT TO AMEND MAJOR PUBLIC
POLICY AND I CAN'T THINK OF TWO
THINGS WHICH WOULD
SIGNIFICANT PUBLIC POLICY THAN
THOSE INITIATIVES.
YES, IF THEY BROUGHT -- USED
THIS SYSTEM OF RECONCILIATION
THEY WOULD TAKE GYRES RISK
BECAUSE IT WOULD BE SUBJECT TO
SOMETHING KNOWN AS THE BYRD RULE
ON PUBLIC PICY BUT JUST THE
CONCEPT THAT THEY WOULD BE
THINKING ABOUT THIS IS A
REFLECTION OF THE -- OF THEIR
WILLINGNESS TO IGNORE THIS
CONCEPT OF BIPARTISANSHIP WHICH
WE HEAR SO MUCH ABOUT.
YOU'RE GOING TO TALK ABOUT RECONCILIATION.
YOU'RE TALKING
THAT HAS NOTHING TO DO WITH BIPARTISANSHIP.
YOU'RE TALKING ABOUT THE EXACT
OPPOSITE OF BIPARTISAN.
YOU'RE TALKING ABOUT RUNNING
OVER THE MINORITY, PUTTING THEM
IN CEMENT, AND THROWING THEM IN
THE CHICAGO RIVER.
BASICALLY, IT TAKES THE MINORITY
COMPLETELY OUT OF OF THE PROCESS
OF HAVING A RIGHT TO HAVE ANY
DISCUSSION, SAY, OR EVEN THE
RIGHT TO AMEND SOMETHING SO FUNDAMENTAL AS A PIECE OF
LEGISLATION OF THIS
SIGNIFICANCE.
ALSO I WOULD NOTE, IT TAKES
ANYBODY WHO DISAGREES, ON THE
MAJORITY SIDE EVEN, OUT OF THE
ANYBODY WHO DISAGREES WITH THE
ACTUAL DOCUMENT FLOOR TO THE
FLOOR UNDER THE I
SO USING RECONCILIATION IN THIS
WOULD DO FUNDAMENTAL HARM,
FUNDAMENTAL HARM, TO T
INSTITUTION OF THE SENATE.
I MEAN,
WHY HAVE A SENATE IF YOU'RE
GOING TO DO RECONCILIATION ON
SOMETHING THIS SIGNIFICANT.
YOU MHT AS WELL GO TO A
UNICAMERAL BODY.
BE LIKE CANADA.
HAVE ONE BODY AND HAVE IT BE THE
HOUSE OF REPRESENTATIVES BECAUSE
THAT WILL BEING THE PRACTICAL
EFFECT OF USING RECONCILIATION HERE.
IT IS SUCH A DANGEROUS PRECEDENT
TO SET OR TO EVEN DISCUSS
BECAUSE BY DISCUSSING IT, YOU
BASICALLY DEVALUE THE PURPOSES
OF THE SENATE, WHICH IS TO AMEND
AND DEBATE AND HAVE AN OPEN
FORUM.
WHEREAS WASHINGTON SAID THE HOT
COFFEE CAN BE POURED FROM THE
SAUCER INTO THE -- FROM THE TEA
CUP IO THE SAUCER.
THE SENATE IS SUPPOSED TO BE THE SAUCER.
IT IS SUPPOSED TO BE WHERE WE
GET AN AIRING, AND CERTAINLY ON
ISSUES OF THIS SIZE WE SHOULD
HAVE ONE.
I CERTAINLY HOPE WE'LL HAVE NO FURTHER DISCUSSION OF THE IDEA
OF USING RECONCILIATION FOR THE
PURPOSES OF PURSUING EITHER A
NATIONAL SALES TAX ON ENERGY
CALLED THE KPWAPB TAX
CALLED THE CARBON TAX AND
POLICIES WHICH WOULD APPLY OR
FOR THE MASSIVE REWRITE OF
HEALTH CARE.
MR. PRESIDENT, I YIELD THE
FLOO
MR. BOND: THE PRESIDING OFFICER: THE
SENATOR FROM
MR. BOND: I ASK UNANIMOUS CONSENT TO PROCEED AS IF IN
MORNING BUSINESS.
THE PRESIDING OFFICER: WITHOUT OBJECTION, SO ORDERED.
MR. BOND: THANK YOU, MR. PRESIDENT.
AND I AGREE WHOLEHEARTEDLY WITH
THE WARNINGS WARNINGS ISSUED BY
MY FRIEND, THE SENATOR FROM NEW
HAMPSHIRE, WHOSE SERVICE ON THE
BUDGET COMMITTEE HAS BEEN VERY VALUABLE.
AND I HOPE THAT EVERYONE HAS
TAKEN CAREFUL HEED OF HIS WORDS.
FOR WHAT WE NEED TO DO IN THE FUTURE.
RIGHT NOW I WANT TO TALK ABOUT
SOMETHING THAT IS HAPPENING AT
THIS MOMENT, AND A PROBLEM WE'VE
GOT TO SOLVE BEFORE WE EVEN LOOK
AT WHAT WE DO IN
LIKE SO MANY OTHERS, AND I
ASSUME THE OCCUPANT OF THE CHAIR
AND ALL MY COLLEAGUES HAVE HEARD
THE SAME THING, MY PHONES IN MY
OFFICE IN THE DISTRICT OF
COLUMBIA AND ACROSS THE STATE
ARE RINGING OFF THE HOOK.
AMERICANS ARE OUTRAGED THAT
THEIR HARD-EARNED TAXPAYER
DOLLARS ARE BEING USED TO PAY
BONUSES AT A.I.G.
YESTERDAY AFTERNOON AND TODAY
THERE HAVE BEEN COUNTLESS PRESS
REPORTS ABOUT THESE BONUSES PAID
TO SOME OF THE SAME PEOPLE THAT
MAY HAVE BEEN RESPONSIBLE FOR
PUTTING A.I.G. INTO THIS MESS.
MR. PRESIDENT, I AGREE.
I TOO AM OUTRAGED.
IT'S UNACCEPTABLE TO PAY BONUSES
AFTER THE AMERICAN TAXPAYER WAS
FORCED TO BAIL OUT AN
INSTITUTION WITHOUT REFORMING IT.
WITHOUT REFORMING IT.
WITHOUT DEMANDING ANY CHANGES.
WHILE I SHARE THE AMERICANS'
FURY OVER THIS LATEST IDIOCY,
I'M, QUITE FRANKLY, A LITTLE
SURPRISED TO SEE THE PRESIDENT
AND
OUTRAGED BY THESE BONUSES WHEN
THEY HAD THE OPPORTUNITY TO
PREVENT THEM BEFORE THEY GAVE
A.I.G.
TAXPAYER DOLLARS.
THAT'S RIGHT, MR. PRESIDENT.
THE OBAMA ADMINISTRATION COULD
HAVE REFUSED TO PAY THE
REMAINDER OF THE $170 MILLION
BONUSES TO FAILED A.I.G.
EXECUTIVES AS A CONDITION TO
PROVIDING THAT COMPANY THE
ADDITIONAL MONEY IT SOUGHT FROM
THE TREASURY.
EARLIER THIS MONTH THE OBAMA
ADMINISTRATION GAVE A.I.G.
ANOTHER INJECTION OF $30 BILLION
OF TAXPAYER FUNDS TO KEEP THIS
FAILED INSTITUTION FROM FAILING
EVEN FURTHER.
THERE IS A RAT HOLE, AND WE HAVE
AT THE SAME TIME
SECRETARY GEITHNER COULD HAVE
AND SHOULD HAVE INSURED THAT
TAXPAYER DOLLARS WOULDN'T BE
USED TO PAY THESE BONUSES, BUT
HE DIDN'T.
THIS IS ANOTHER EXAMPLE, I
REGRETO SAY, OF THE
SECRETARY'S FAILED LEA
WHEN HE WAS PRESIDENT OF THE
FEDERAL RESERVE OF NEW YORK, HE
HAD OVERSIGHT RESPONSIBILITY
OVER A.I.G., CITI AND OTHERS OF
THE MAJOR FAILED INSTITUTIONS.
WHAT WAS DONE, OBVIOUSLY THE
ANSWER IS NOT MUCH.
MR. PRESIDENT, THE
THE BONUSES REALLY IN SOME WAYS
KIND OF MISSES THE POINT.
I BELIEVE THAT CAPPING CORPORATE
PAY, TAKING AWAY BUSINESS
PRIVATE JETS IS NOT ENOUGH FOR
THE FAILED EXECUTIVES WHO GOT US
INTO THIS PROBLEM.
WE NEED TO GO FURTHER.
THE FAILED SENIOR EXECUTIVES AND
THE BOARD OF DIRECTORS SHOULD
HAVE BEEN FIRED, SHOULD HAVE
BEEN REPLACED WHEN THE
GOVERNMENT FIRST HAD TO STEP IN
AND RESCUE THE COMPANY.
DON'T THROW GOOD MONEY AFTER
PEOPLE WHO ARE NOT RUNNING THEIR
INSTITUTIONS WELL.
NOW, I CAN ASSUR YOU, IF ANY
WORKER IN MISSOURI OR ANY OTHER
STATE ACROSS THE NATN DROVE
THEIR COMPANY INTO
THEY WOULD HAVE BEEN AND SHOULD
HAVE BEEN FIRED.
THEY WOULDN'T BE RECEIVING A BONUS.
THIS DOUBLE STANDARD FOR WALL
STREET VERSUS MAIN STREET IS, I
BELIEVE, ANOTHER REASON WHY
AMERICANS ARE SO MAD ABOUT HOW
THEIR TAXPAYER DOLLARS ARE BEING
USED.
WHAT'S PARTICULARLY TROUBLING IS
THAT A.I.G.'S INTENTION TO PAY
THESE BONUSES HAVE BEEN NO
SECRET, AND
WAS COMPLETELY AWARE OF THESE
PAYMENTS.
NOW THAT THE AMERICANS ARE
OUTRAGED ABOUT HOW THEIR
TAXPAYER DOLLARS ARE BEING
SPENT, SKRAOEUR GEITHNER AND --
SECRETARY GEITHNER
OBAMA ARE SHOCKED, SHOCKED AND
OUTRAGED AS WELL.
THE REAL OUTRAGE, MR. PRESIDENT,
IS THEIR AD HOC AND KNEE-JERK
REACTI
THE ADMINISTRATION'S AD HOC
REAUCY IS THE
BILLIONS AWAY.
WHAT WE NEED TO DO IS FOLLOW THE
WORDS OF THAT OLD
SONG: WE NEED A LITTLE LESS TALK
AND A LOT MORE
WE NEED TO FOCUS ON THE FAILING
BANKS AND OTHERS.
AND I'VE LAID IT OUT, CALLED THE
AMERICAN CREDIT CLEANUP PLAN.
IT'S REALLY
IT USES EXISTING AUTHORITIES FOR
THE BANKS, EXISTING AUTHORITIES
WITHIN THE FEDERAL DEPOSIT
INSURANCE CORRATION.
THERE ARE THREE MAIN STEPS THAT
NEED TO BE TAKEN.
WE NEED TO IDENTIFY FAILING
INSTITUTIONS.
YOU NEED TO REMOVE THE TOXIC
ASSETS, PROTECT DEPOSITORS AND
REMOVE THE FAILED LEADERSHIP,
AND THEN RETURN HEALTHY,
BANKS, OR PORTIONS OF THOSE
BANKS INTO THE PRIVATE SECTOR
AND GET THE GOVERNMENT OUT OF
RUNNING THE BUSINESSES. GOVERNMENT DOESN'T DO A VERY
GOOD JOB OF RUNNING PRIVATE
BUSINE.
I HATE TO SAY IT, BUT OUR RECORD
IN CONGRESS ON RUNNING OUR OWN
BUSINESS IS NOT SOMETHING THAT
ONE WOULD HOLD UP AS AN EXAMPLE
OF GOOD EXECUTIVE MANAGEMENT.
WELL, UNFORTUNATELY, WE DON'T
SEEM TO HAVE ANY EXECUTIVE
MANAGEMENT IN THE
ADMINISTRATION, BUT WE CAN SEND
THE FDIC IN TO CLEAN UP THE
BANKS AND PUT THE BANKS BACK
INTO THE PRIVATE SECTOR, AT
LEAST IN VARIOUS PIECES,
WHATEVER
THE MARKET WILL BUY, AND LET THE
MARKET JUDGE WHETHER THESE NEW
INSTITUTIONS OR INSTITUTIONS
WITH THESE NEW PORTIONS IN THEM
ARE WORKING.
THERE OUGHT TO BE THE DISCIPLINE
OF THE MARKETPLACE.
THERE HAS BEEN NO DISCIPLINE.
I AGREE WITH AMERICANS WHO DON'T
WANT TO SEE THEIR TAX DOLLARS
GOING TO FAILED EXECUTIVES AT
A.I.G. INSTITUTION.
OUR PLEA IS STOP THROWING GOOD
TAX DOLLARS AT BAD BANKS.
THE STKOPL BYES SHOULD NOT BE --
THE ZOMBIES SHOULD NOT BE
PROPPED UP WITHOUT BEING CLEANED UP.
WE HAVE WELL ESTABLISHED
PRINCIPLES.
WEEED BOLD ACTION THAT FIXES
THE ROOT PROBLEMS.
AND WITH A CLEAR
IN MIND LIKE THE AMERICAN CREDIT CLEANUP PLAN.
GET IN, TAKE OUT THE BAD ASSETS,
PROTECT THE DEPOSITORS IF IT'S A
FINANCIAL INSTITUTION.
CLEAN OUT THE BOARD OF DIRECTORS
IF NEED BE.
TAKE OUT THE TOXIC ASSETS.
AND PUT THE BANK OR PARTS OF IT
BACK IN THE MARKETPLACE.
IT'S TIME THE PRESIDENT AND THE
TREASURY REALIZED THROWING GOOD
MONEY AFTER BAD IS NOT THE WAY
TO SOLVE THIS CRISIS.
WE SAW IN
1990'S WHEN PROMPT ACTION
CLEANED UP THE SLOAN CRISIS.
IT WAS ACTUALLY SAVINGS AND
LOANS AND BANKS.
THEY WENT IN AND
UP, SENT THEM OUT AND THE
ECONOMY RECOVERED.
JAPAN TRIED WHAT WE APPARENTLY
ARE TRYING TO DO NOW.
THEY SPENT A DECADE THROWING
MORE GOVERNMENT MONEY AT FAILING
INSTITUTIONS.
AND WHAT HAVE THEY GOT?
THEY GOT A DECADE OF STAGNATION.
MR. PRESIDENT, THERE IS NO
IT'S DONE.
I TALKED WITH BILL SEEDMAN, WHO
RAN THAT OPERATION.
I TALKED WITH FORMER CHAIRMAN
GREENSPAN, THE PRESIDENTS OF THE
FEDERAL RESERVE IN KANSAS CITY
AND ST. LOUIS, AND THEY ALL SAY
GET IN, CLEAN THEM UP, GET THE
TOXIC ASSETS OUT, GET THE
GOVERNMENT OUT OF RUNNING THE
BANKS AND TELLING THEM WHERE
THEY SPEND THEIR MONEY, WHERE
THEY DON'T.
GET THEM OUT, AND THE ECONOMY
WILL
CRIS WILL CLEAR UP.
MR. PRESIDENT, UNTIL WE DO THAT,
WE'LL SEE MORE AND MORE WASTED
DOLLARS.
NOW, I HAVE TALKED WITH THE
LEADERSHIP, AND I HOPE THA
WILL BRING UP A MEASURE THAT
I'VE
THE CHAIRMAN OF THE BANKING
COMMITTEE, SENATOR DODD, SENATOR
CRAPO, TO GIVE MORE, A LINE OF
CREDIT TO THE FDIC TO DO ITS
THEY SHOULD EXPAND THEIR POWERS
TO GO AFTER BANK HOLDING
COMPANIES IF THEY'RE IN BAD
SHAPE.
AND IF WE CAN PASS THAT, THAT
WILL BE ADDITIONAL TOOLS.
BUT THE FDIC HAS THE BASIC
TOOLS.
THERE'S THE EXPERTISE THERE.
LET'S USE THE EXPERTISE AND
CLEAN UP RATHER THAN FLOODING
THE ZOMBIES WITH MORE DOLLARS.
MR. PRESIDENT, I THANK THE
CHAIR.
I YIELD THE FLOOR.
AND
THE PRESIDING OFFICER: THE
CLERK WILL READ THE ROLL. OUT.
QUORUM CALL:
A SENATOR: MR. PRESIDENT?
THE PRESIDING OFFICER: THE
SENATOR FROM NEW YORK.
A SENATOR: ARE WE IN A QUORUM?
THE PRESIDING OFFICER: YES, WE
MR. SCHUMER: I ASK UNANIMOUS
CONSENT THAT THE
THE PRESIDING OFFICER: WITHOUT
OBJECTION, SO ORDED.
MR. SCHUMER: NOW, MR. PRESIDENT,
BEFORE I SPEAK, I WOULD LIKE TO
ASK FOR PERMISSIONS FOR
COMMITTEES TO MEET.
I HAVE SIX UNANIMOUS CONSENT
REQUESTS FOR COMMITTEES TO MEET
DURING TODAY'S SESSION OF THE
NATE, THEY HAVE THE
OF THE MAJORITY AND MINORITY
LEADERS, I ASK UNANIMOUS CONSENT
THAT THESE REQUESTS BE AGREED TO
AND THESE REQUESTS BE PRINTED IN
THE RECORD. THE PRESIDING OFFICER: WITHOUT
OBJECTION.
MR. SCHUMER: THANK YOU, MR. PRESIDENT.
AND, NOW, MR. PRESIDENT, I'D
LIKE TO SPEAK ON A
MYSELF AND A NUMBER OF
COLLEAGUES ARE SENDING TO THE
HEAD OF A.I.G.
I BELIEVE A FEW
COLLEAGUES WILL BE HERE IN THE
NEXT HALF-HOUR TO SPEAK ON THE
LETTER AS WELL.
MR. PRESIDENT, I RISE TODAY TO
EXPRESS MY OUTRAGE AND THE
OUTRAGE OF THE AMERICAN
TAXPAYERS AT THE
THAT'S THE AMERICAN
INTERNATIONAL GROUP INTENDS TO
MAKE TO THE EMPLOYEES OF ITS
FINANCIAL PRODUCTS DIVISION.
YESTERDAY WE LEARNED THAT A.I.G.
IS IN THE PROCESS OF PAYIN
PAYING $165 MILLION IN BONUSES
TO THE EMPLOYEES OF ITS
FINANCIAL PRODUCTS DIVISION AS
PART OF A PLAN THAT WILL PAY
THEM $450 MILLION IN BONUSES BY
THE END OF 2009.
THIS IS DISGRACEFUL.
THIS IS UNACCEPTABLE.
AND IT IS AN OFFENSE TO MILLIONS
OF HARD-WORKING AMERICANS WHOSE
TAX DOLLARS ARE THE ONLY REASON
A.I.G. CONTINUES TO EXIST AS A
GOING CONCERN.
AND TODAY I RISE TO ASSURE YOU,
TO ASSURE THE LEADERSHIP OF
A.I.G., AND TO
AMERICANS AND
WE INTEND TO DO EVERYTHING IN
OUR POWER TO PREVENT THOSE
PAYMENTS FROM BEING MADE AND TO
RECOUP THE MONEY THAT HAS
ALREADY BEEN PAID.
AS OF NOW EIGHT OF MY COLLEAGUES
AND I HAVE JOINED IN A LETTER TO
EDWARD LIDDY, CHAIRMAN OF
A.I.G., DEMANDING HE RENEGOTIATE
THESE CONTRACTS AND LETTING HIM
KNOW THAT WE WILLOT STAND BY
IF HE -- IF MR. LIDDY DOES
NOTHING, WE WILL ACT AND WE
TAKE THIS MONEY BACK AND RETURN
IT TO ITS RIGHTFUL OWNERS, THE
AMERICAN TAXPAYERS.
WE WILL TAKE THIS MONEY BACK BY
TAXING VIRTUALLY ALL OF IT.
SO LET THE RECIPIENTS OF THESE
LARGE AND UNSEAMLY BONUSES BE
WARNED: IF YOU DON'T RETURN IT
ON YOUR OWN, WE'LL DO IT FOR
YOU.
IN THE LETTER JOINING -- JOING
ME IN THE LETTER ARE THE
MAJORITY LEADER SENATOR REID,
SECRETARY OF THE CAUCUS, SENATOR
MURRAY,
CARPER, LINK ON, MENDEZ --
LINCOLN, MENDEZ, AND, YOU, MR.
PRESIDENT, SENATOR BEGICH, AND
THE NUMBER IS GROWING.
MANY OTHER PEOPLE, I BELIEVE,
WILL PUT THEIR NAME ON THE LETTER.
NOW IN THE PAST YEAR WE HAVE
LEARNED MUCH ABOUT THE RECKLESS
BEHAVIOR WITHIN
SYSTEM AND NO FIRM WAS MORE
RECKLESS THAN A.I.G.
WHAT THEY DID WAS NOT ONLY
IRRESPONSIBLE, BUT FROM A
BUSINESS PERSPECTIVE, IT WAS IMMORAL.
THEY TOOK WHAT WAS
WELL-MADE BUSINESS, THAT SOLD
INSURANCE TO INDIVIDUALS AND
FIRMS AROUND THE GLOBE AND
TURNED IT INTO A GAMBLING 10
THAT THEY USED TO ENRICH
THEMSELVES.
THEY SOLD CREDIT DEFAULT SWAPS
AND OTHER DERIVATIVES TO ALL
COMERS
PLAYING WITH MONOPOL
LY IT WASN'T MONOPOLY MONEY,
IT WAS REAL MONEY.
WHEN THEIR DEALS WENT SOUR, WHEN
THEY ACTUALLY HAD TO PAY, THEY
HAD NOTHING TO PAY ANYONE WITH.
AS WARREN BUFFETT SAID, WHEN THE
TIDE GOES OUT, YOU SEE WHO IS
SWIMMING WITHOUT A BATHING SUIT ON.
AND THE LEADERSHIP OF A.I.G.,
THIS UNIT, WAS DOING JUST THAT.
JUST THIS MONTH, IN FACT, LESS
THAN THREE WEEKS AGO A.I.G.
REPORTED THAT IN THE FINAL
QUARTER OF 2008,S A FIRM, IT
LOST $61.7
LET ME REPEAT THAT
IN A SINGLE QUARTER IN JUS THE
LAST THREE MONTHS OF 2008 ALONE
THIS FIRM LOST OVER $60 BILLION.
THAT IS BYAR THE LARGEST
SINGLE QUARTERLY LOSS IN CORPORATE HISTORY.
FOR ALL OF 2008 A.I.G.
-- $99.3 BILLION OR NEARL
NEARLY $100 BILLION.
AND NEARLY ALL OF THOSE LOSSES
WERE CAUSED BY THE ACTIONS OF
THE EMPLOYEES OF THE FINANCIAL
PRODUCTS DIVISION.
BUT YESTERDAY WE LEARNED THAT
THE FIRM INTENDED TO PAY NEARL
NEARLY $165 MILLION IN BONUSES
THIS YEAR AND AS A TOTAL
OF $450 MILLION BONUSES IN
OVER THE NEXT YEAR FOR THE
EMPLOYEES IN THE VERY SAME UNIT.
NOT ONLY BONUSES, BUT
PERFORMANCE BONUSES.
A PERFORMANCE BONUS FOR A FIRM
THAT LOST $100 BILLION.
AGAIN, LET ME REPEAT THAT.
THIS IS A PERFORMANCE BONUS FOR
A FIRM THAT
IF ANYTHING DEFINES -- IF
ANYTHING DEFINES ALICE IN
WONDERLAND BUSINESS PRACTICES,
THIS IS IT.
IT BOGGLES THE MIND.
IN THE PAST SIX MONTH ACE LOAN
THE -- SIX MONTHS ALONE, THE
AMERICAN TAXPAYERS HAVE BEEN
FORCED TO COMMIT $170 BILLION TO
A.I.G.
IF THE GOVERNMENT HAD NOT
STEPPED IN, IF IT HAD NOT
REPEATEDLY ACTED TO FILL THE
HOLE HOAL IN THE FINANCIAL
SYSTEM CREATED BY THIS FIRM AND
THESE EMPLOYEES' BEHAVIOR,
A.I.G. WOULD BE BANKRUPT.
ALL OF THESE EMPLOYEES WOULD
HAVE RECEIVED ZERO.
WE KEEP HEARING THAT A.I.G. IS
CONTRACTUALLY BOUND TO PAY THESE
BONUSES, THAT IF THEY DON'T
THESE SUPPOSEDLY TALENTED PEOPLE
WILL LEAVE.
HERE'S WHAT I WOULD LIKE TO KNOW
FROM MR. LIDDY.
DO YOU EVEN ATTEMPT -- DID HE
EVEN ATTEMPT TO RENEGOTIATE THE CONTRACTS?
DID HE POINT OUT THE HEALTH OF
A.I.G., THE CONDITION OF THE
U.S. AND GLOBAL ECONOMY?
THEIR OWN CULL
CULL PA BIBILITIY --
MR. LIDDY, I URGE YOU TO FIX
THIS MESS.
I'LL TELL YOU SOMETHING, IF YOU
DON'T FIX IT, WE WILL HERE'S
WHAT WE'RE DOING.
MY COLLEAGUES AND I ARE SENDING
A LETTER TO MR. LIDDY INFORMING
HIM THAT HE CAN GO RIGHT AHEAD
AND TELL THE EMPLOYEES THA ARE
SCHEDULED TO GET BONUSES THAT
THEY SHOULD VOLUNTARILY RETURN
THEM.
BECAUSE IF THEY DON'T, WE PLAN
TO TAX VIRTUALLY ALL OF IT.
HE SHOULD TELL THE EMPLOYEES IF
THEY DON'T GET THE MONEY BACK,
WE WILL PUT IN PLACE A NEW LAW
THAT WILL ALLOW US TO TAX THE
BONUSES AT
IT IS RETURNED TO ITS RIGHTFUL
OWNERS, THE TAXPAYERS.
FOR THOSE OF YOU GETTING THE
BONUSES,
NOT BE GETTING TO
I YIELD THE FLOOR.
MR. PRESIDENT, I NOTE THE
AB
THE PRESIDING OFFICER: THE
CLERK, PLEASE CALL THE ROLL.
QUORUM CALL:
A SENATOR: MR. PRESIDENT?
THE PRESIDING OFFICER: THE
SENATOR FROM MINNESOTA IS
RECOGNIZED.
MS. KLOBUCHAR: MR. PRESIDENT, IN
THE PAST FEW DAYS, WE HAVE
LEARNED THAT THE
INTERNATIONAL GROUP --
AND FIRST, ARE WE IN A QUORUM, MR. PRESIDENT?
THE PRESIDING OFFICER: THE
SENATOR IS ADVISED WE ARE IN A
QUORUM CALL.
MS. KLOBUCHAR: MR. PRESIDENT, I
ASK THAT THE QUORUM CALL BE
VI THE PRESIDING OFFICER: WITHOUT
OBJECTION, SO ORDERED.
THE SENATOR FROM MINNESOTA IS
RECOGNIZED.
MS. KLOBUCHAR: IN THE PAST FEW
DAYS, MR. PRESIDENT, WE HAVE
LEARNED THAT THE A
INTERNATIONAL GROUP, KNOWN AS
A.I.G., HAS JUST AWARDED
$165 MILLION IN BONUSES TO ITS HIGH-END EMPLOYEES, THE
EMPLOYEES OF ITS FINANCIAL
PRODUCTS GROUP.
THESE ARE PEOPLE RESPONSIBLE FOR
THE FANCY WHEELING
THAT NEARLY DESTROYED THE
COMPANY AND WREAKED HAVOC ON OUR
ENTIRE FINANCIAL SYSTEM.
THE AMERICAN PUBLIC IS OUTRAGED
BY THE ARROGANCE AND THE ABUSE
OF TAXPAYER
I WAS JUST IN MY STATE,
MR. PRESIDENT.
THERE ARE PEOPLE THAT ARE BARELY
HOLDING ON TO THEIR HOMES,
PEOPLE WHO'VE HAD THEIR HOURS
CUT, THEY'RE JUST ONE STEP AWAY
FROM THEIR HOME GOING INTO
FORECLOSURE OR FROM LOSING THEIR
CAR.
AND WE LEARN THIS TODAY.
LAST YEAR, UNDER DESPERATE BUT
NECESSARY CIRCUMSTANCES, THE
U.S. GOVERNMENT HAD TO RESCUE
A.I.G. FROM TOTAL COLLAPSE.
THIS WAS DONE NOT TO RESCUE THE
COMPANY ITSELF BUT TO RESCUE OUR
FINANCIAL SYSTEM.
A.I.G. WOULD NOT EVEN CONTINUE
TO EXIST TODAY EXCEPT FOR THE
INFUSION OF $170 BILLION IN
TAXPAYER FUNDS.
THE AMERICAN PEOPLE NOW OWN
ESSENTIALLY 80% OF THE COMPANY.
AND A.I.G. IS SUPPOSED TO BE
DOING EVERYTHING POSSIBLE TO
RIGHT ITSELF.
WELL, THEY HAVEN'T.
THERE IS NO RATIONAL WAY TO
JUSTIFY THESE BONUSES TO PEOPLE
WHO HAVE CAUSED UNTOLD DAMAGE TO
OUR ECONOMY.
THIS IS NOT PAY-FOR-PERFORMANCE.
IT'S PAY-FOR-FAILURE, WHICH
MAKES NO SENSE AT ALL.
WHY SHOULD THEY GET THE GOLDEN
PARACHUTES WHEN THEIR COMPANY
AND OUR FINANCIAL SYSTEM HAVE
BEEN CRASHING INTO THE GROUND.
THE BONUSES THESE INDIVIDUALS
ARE RECEIVING FOR THEIR F
IS MORE THAN MOST AMERICANS MAKE
IN A LIFETIME, MR. PRESIDENT.
THE AMERICAN PEOPLE SIMPLY
SHOULD NOT BE IN THE POSITION OF
REWARDING THE FAILURE OF
HIGH-FLYING WALL STREET BANKERS
WHO BROUGHT THEIR COMPANY AND
OUR ECONOMY CRASHING DOWN.
THAT'S WHY I'VE JOINED TODAY
WITH SENATOR SCHUMER AND OTHER
COLLEAGUES IN WRITING TO EDWARD
LIDY, THE CHAIRMAN AND C.E.O.,
OF A.I.G.
WE ARE TELLING HIM THAT IF THESE
BONUS CONTRACTS ARE NOT
RENEGOTIATED IMMEDIATELY, WE
WILL OFFER LEGISLATION THAT WILL
HAVE THE EFFECT OF MAKING
AMERICAN TAXPAYERS WHOLE.
A.I.G. NEEDS TO STEP UP AND DO
THE RIGHT THING.
BUT IF A.I.G. DOESN'T TAKE
ACTION ON ITS OWN TO CORRECT
THIS OUTRAGE, WE STAND READY TO
STEP OF ENACTING LEGISLATION
THAT WOULD ALLOW THE GOVERNMENT
TO RECOUP THESE BONUS PAYMENTS
THROUGH THE TAX CODE.
IF WE ARE FORCED TO DO THIS, WE
WILL IMPOSE A STEEP TAX,
POSSIBLY AS HIGH AS 91%, THAT
WOULD, IN EFFECT, RECOVER NEARLY
ALL THE BONUS MONEY.
NOW, I'M LIKE MOST AMERICANS.
I DON'T LIKE TO SEE TAXES RAISED.
BUT IN THIS INSTANCE, I THINK
ALL OF US CAN MAKE AN EXCEPTION.
IF THEY REFUSE TO DO THE RIGHT
THING, THEN IT'S ONLY FAIR TO
IMPOSE THIS KIND OF TAX AGAINST
THE PEOPLE WHO'VE DONE SUCH
GREAT HARM TO OUR FINANCIAL SYSTEM.
THEY JUST CAN'T WALK AWAY WITH
MILLIONS OF DOLLARS, MR. PRESIDENT.
THEY MAY BE LAUGHING ALL THE WAY
TO THE BANK RIGHT NOW, BUT IF
A.I.G. CAN'T OR WON'T FIX THIS
PROBLEM, THESE PEOPLE WILL SOON
BE CRYING ALL THE WAY TO THE TAX
OFFICE.
THESE PEOPLE SEEM TO THINK THEY
CAN OPERATE WITH THE
ARROGANCE AND IRRESPONSIBILITY.
THIS IS NOT JUST A BUSINESS
OUTRAGE, IT'S A MORAL OUTRAGE.
I'M ALSO CONCERNED THAT IN
ADDITION TO THE BONUSES ALREADY
HANDED OUT, A.I.G. HAS PLANS TO
SPEND AN ADDITIONAL $450 MILLION
IN BONUSES OVER THE NEXT TWO
YEARS.
BASED ON WHAT WE KNOW NOW, CAN
WE REALLY TRUST THAT THESE BONUS
PAYMENTS REALLY GO TO THE PEOPLE
WHO DESERVE IT, THE PEOPLE WHO
FIX THE PROBLEMS WHEN THE PEOPLE
WHO JUST MAKE THE PROBLEMS?
A.I.G. IS SET TO GO INTO THE
HISTORY BOOKS AS A COMPANY THAT
SYMBOLIZES THE TYPE OF GREED AND
RECKLESSNE
OUR ECONOMY.
WHERE I COME FROM, WE REWARD
THOSE WHO WORK HARD AND PLAY BY
THE RULES.
AND WE TAKE RESPONSIBILITY WHEN
WE SCREW UP.
I BELIEVE THAT THE ADMINISTRATION AND CONGRESS
SHOULD DO EVERYTHING IN OUR
POWER TO BLOCK THESE PAYMENTS
AND DEMAND ACCOUNTABILITY
NOW, WE KNOW THIS IS
INSULT TO THE MANY GOOD, STRONG,
HEALTHY FINANCIAL INSTITUTIONS
ACROSS THIS COUNTRY, THE SMALL
BANKS LIKE WE HAVE IN
THE HEALTHY FINANCIAL
INSTITUTIONS THAT DIDN'T ENGAGE
IN THESE
SHOULDN'T BE PUNISHED,
THEIR STOCK SHOULDN'T BE
PUNISHED BECAUSE OF WHAT
COMPANIES LIKE A.I.G. DID.
AS A PROSECUTOR FOR EIGHT YEARS,
MR. PRESIDENT, I DEALT WITH
CRIMINALS ALL THE TIME.
I HAVE TO SAY THAT THE
WHITE-COLLAR CROOKS WERE OFTEN
THE WORST TO DEAL WITH BECAUSE
THEY CLAIM THAT THEIR CRIMES
WERE JUST AN HONEST MISTAKE AND
THAT THERE REALLY WEREN'T ANY
VICTIMS.
AS FAR AS I'M CONCERNED, IT
DIDN'T MATTER IF SOMEONE
WITWITH A CROWBAR OR A COMPUTER OR
THEY COMMITTED THEIR CRIMES IN A
NICE OFFICE OR OUT ON THE
STREETS.
THEY NEEDED BE HELD
ACCOUNTABLE UNDER THE LAW.
NOW, TIME WILL TELL AND THE
JUSTICE DEPARTMENT AND OTHER
PROSECUTORS AND POLICE WILL SORT
THIS OUT TO FIGURE OUT, AS WE
LOOK AT THIS FINANCIAL WRECK,
WHEN AND WHERE CRIMES WERE
COMMITTED.
BUT IT IS CLEAR THAT WHAT WE
NEED HERE IS ACCOUNTABILITY.
AND IF A.I.GS LEADERSHIP WON'T
DEMAND IT, WE WILL.
THANK YOU VERY MUCH,
MR. PRESIDENT.
AND I YIELD THE FLOOR.
A SENATOR: MR. PRESIDENT?
THE
SE
RECOGNIZED.
MRS. LINCOLN: THANK YOU,
MR. PRESIDENT.
I RISE TODAY TO JOIN SOME O MY
COLLEAGUES TO EXPSS OUR DEEP
FRUSTRATION WITH THE FINANCIAL
SITUATIONS THAT HAVE MADE THE
VERY
OUT MULTIMILLION-DOLLAR BONUSES
AT TAXPAYERS' EXPENSE.
A.I.G. BEING THE LATEST IN THE
LINE OF CONTINUING IRRESPONSIBLE
BEHAVIOR COMING FROM STREET.
I'VE
MR. PRESIDENT, AND THERE ARE
HARD-WORKING FAMILIES ALL ACROSS
THIS GREAT NATION WHO ARE SAYING
SAYING, HUF ENOUGH IS ENOUGH.
THIS IS NOT THE KIND OF BEHAVIOR
THAT AMERICANS SHOULD BE TAKING
AT THIS TIME.
IT IS
TIMES ARE TOUGH AND PEOPLE ARE
SACRIFICING, PEOPLE ALL ACROSS
THIS COUNTRY ARE SACRIFICING.
MANY EMPLOYEES IN MY STATE A
SEEING THEIR HOURS CUT OR
THEY'RE FINDING THEMSELVES OUT
OF WORK ALTOGETHER.
HOW ARE THEY CARING FOR THEIR
THEY'RE WORKING HARD TO LOOK FOR
THAT NEXT JOB OR TO BE ABLE TO
PUT DINNER ON THE TABLE OR GET
THEIR KIDS TO SCHOOL OR MAKING
SURE THAT THEY CAN JUST KEEP
THEIR FAMILIES TOGETHER.
I'VE
THAT HAVE JUST BEEN DEVASTATED
BECAUSE THE NEST EGG THAT
THEY'VE BEEN SAYING UP ALL THESE
YEARS HAS BEEN SLASHED BY 40% OR
50% IN JUST A MATTER OF MONTHS,
MR. PRESIDENT.
NOW THEY'RE HAVING TO
DRAMATICALLY DOWNSIZE THEIR
QUALITY OF LIFE OR GO BACK TO
WORK, IF THEY CAN EVEN FIND WORK.
I MET A GENTLEMAN THIS WEEKEND,
VISITING WITH HIM WITH BEGINNING
TO HAVE
SPENDING HIS ENTIRE
TO SAVE FOR THOSE COLLEGE FUNDS
ONLY TO FIND THAT IN THESE LAST
SEVERAL MONTHS, THEY, TOO, HAVE
BEEN SLASHED IN HAL
THESE PEOPLE ARE -- ARE
REALIZING THE IMPACT OF WHAT IS
HAPPENING NOT ONLY IN OUR
COUNTRY BUT GLOBALLY.
BUT, MR. PRESIDENT, THEY ARE
STANDING UP AS AMERICANS, THEY
ARE WILLING TO MAKE SACRIFICES,
EY ARE WORKING HARD TO KEEP
BODY AND SOUL
IT IS ABSOLUTELY UNEQUIVOCALLY,
TOTALLY UNA FINANCIAL INSTITUTIONS THAT HAVE
BE REWARDING THEIR EMPLOYEES
WITH BONUS PAYMENTS AT THIS TIME.
IT IS OUTRAGEOUS AND IT WILL NOT
BE ALLOWED.
WE ARE THE STEWARDS OF -- OF THE
TAXPAYERS IN OUR STATES, THE
DOLLAR
IN GOOD FAITH AN INVESTMENT IN
THESE COMPANIES TO TRY TO MAKE
SURE THAT WE -- THAT THEY, TOO,
CA MAKE ENDS MEET.
BUT THIS ISN'T MAKING ENDS MEET.
NDING OUT BONUSES THAT ARE
FEW, IT IS ABSOLUTELY IRRESPONSIBLE.
DURING THE DEBATE OF THE
RECOVERY PACKAGE, SENATOR WYDEN
AND SENATOR SNOWE AND MYSELF
OFFERED AN AMENDMENT THAT PUT AN
EXCISE TAX ON BONUSES AND
FINA RECEIVED TARP DOLLARS.
WE DID SO BECAU WE FEARED THIS
VERY THING WOULD CONTINUE TO
HAPPEN.
UNFORTUNATELY, OUR PROPOSAL WAS
TAKEN OUT OF THE PACKAGE IN THE
CONFERENCE
MY COLLEAGUES NOW IN AGREEMENT
THAT SOMETHING MUST BE DONE TO
CORRECT THIS TRAVESTY.
MAKE NO MISTAKE, MR. PRESIDENT,
IF THESE COMPANIES HANDING OUT
MULTIMILLION-DOLLAR BONUSES DO
NOT RECTIFY THIS SIT
NOT CHANGE THEIR WAYS, WE STAND
READY TO WORK TO ENACT
LEGISLATION THAT RECOUPS THESE
TAX DOLLARS AND THESE TAXPAYERS'
FUNDS.
TAXPAYERS THAT HAVE WORKED HARD
AND WHO THEMSELVES ARE SUFFERING
JUST AS MUCH AS ANYBODY ELSE.
BUT WE DON'T NEED TO SEE THESE
MAJOR CORPORATIONS AND FINANCIAL
INSTITUTIONS THAT ARE HANDING
OUT THESE UNBELIEVABLE ENHANCED
BONUSES AT A TIME WHEN WE SHOULD
ALL BE PULLING TOGETHER, PULLING
TOGETHER TO MAKE OUR ECONOMY
STRONG, TO SET IT BACK ON TRACK
AND TO MAKE SURE THAT WE CAN
COME- WE CAN EMBRACE AND
CONTINUE THE KIND OF QUALITY OF
LIFE THAT ALL AMERICANS NEED TO
BE ABLE TO REALIZE.
SO I THANK YOU, MR. PRESIDENT,
AND I YIELD THE
THE PRESIDING OFFICER: UNDER THE
PREVIOUS ORDER, THE SENATE