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starttime 1237298408.54719

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ON C-SPAN32.

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POUR IN.

THE PRESIDING OFFICER: THE


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SENATE WILL COME TO ORDER.


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THE CHAPLAIN

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WILL LEAD THE SENATE IN PRAYER.

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THE CHAPLAIN: LET US PRAY.

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LORD OF THE NATIONS, WE COME AS


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WE ARE TODAY INTO YOUR SACRED


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PRESENCE.


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WE FEEL UNWORTHY OF YOUR MERCY

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AND GRACE AND LONG TO PLEASE YOU

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BY LIVING TO HONOR YOUR NAME.

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SOME OF US ARE CORNERED BY


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TEMPTATION.


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OTHERS ARE DEEP IN GRIEF, AND


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STILL OTHERS ARE ANXIOUS.


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SUPPLY OUR VARIED NEEDS,


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ACCORDING TO THE RICHES OF YOUR


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LORD,


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POWERFUL PROVIDENCE.


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IN A SCIAL WAY, SUSTAIN OUR


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SENATORS.


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HELP THEM TO CAST THEIR BURDENS


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ON YOU, BECAUSE YOU KNOW ALL


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ABOUT THEM AND HAVE THE POWER TO


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ANSWER EVEN BEFORE THEY CALL.


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REMIND THEM THAT YOU DESIRE TO

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HEAR THEIR PRAYERS MORE THAN


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THEY LONG TO BE HEARD.


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MAY THEYEMBER YOUR PROMISE


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TO KEEP THEM FROM STUMBLING AND


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SLIPPING.


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WE PRAY IN THE REDEEMER'S NAME.


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AMEN.


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THE PRESIDING OFFICER: PLEASE


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JOIN ME IN RECITING THE PLEDGE

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OF ALLEGIANCE.
I PLEDGE ALLEGIANCE TO


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THE FLAG OF THE


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UNITED STATES OF A

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AND TO THE REPUBLIC


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FOR WHICH IT STANDS,


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ONE NATION UNDER GOD,


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INDIVISIBLE,

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WITH LIBERTY AND


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JUSTICE FOR ALL.

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THE PRES

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CLERK WILL READ A COMMUNICATION


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TO THE SENATE.

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THE CLERK: WASHINGTON, D.C,


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MARCH 17, 2009.


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TO THE SENATE:

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UNDER THE PROVISIONS OF RULE 1,


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PARAGRAP

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RULES OF THE SENATE, I HEREBY


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APPOINT THE HONORABLE JEANNE

SHAHEEN, A SENATOR FROM THE


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STATE OF NEW HAMPSHIRE, TO


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PERFORM THE DUTIES O

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SIGNED: ROBERT C. BYRD,


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PRESIDENT PRO TEMPORE.

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MR. REID: MADAM PRESIDENT?

THE PRESIDIN

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MAJORITY LEADER.

MR. REID: FOLLOWING LEADER


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REMARKS, THERE WILL BE AN HOUR


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OF MORNING BUSINESS.


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SENATORS WILL BE ALLOWED TO


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SPEAK FOR UP TO 10 MINUTES EACH.

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THE MAJORITY WILL CONTROL THE


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FIRST 30 MINUTES, THE


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REPUBLICANS WILL CONTROL THE


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FINAL 30 MINUTES.


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FOLLOWING MORNING BUSINESS, THE


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SENATE WILL RESUME THE MOTION TO


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PROCEED TO H.R. 146, THE


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LEGISLATIVE VEHICLE FOR THE

LANDS PACKAGE.


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THE SENATE WILL RECESS FROM


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12:30 TO 2:15 TO ALLOW FOR THE


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WEEKLY CAUCUS LUNCH

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MADAM PRESIDENT, WITH THE NUMBER


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OF CONVERSATIONS BY VARIOUS


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PEOPLE LAST NIGHT, I THINK WE'RE


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AT A POINT WHERE WE SHOULD


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SHORTLY BE ABLE TO ENTER INTO AN


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AGREEMENT TO CPLETE THE

H.R. 146.


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SENATOR

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SIX AMENDMENTS.


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WE ARE GOING TO AGREE ON A TIME


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FOR THOSE AMENDMENTS.


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WE HAVE THE SUBJECT MATTER AND


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THE STAFF IS GOING TO WORK OUT

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THE -- I'M TOLD THE LEGISLATIVE


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LANGUAGE HAS BEEN DRAFTED ON THE


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BILLS.


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SO IT SEEMS TO ME THAT WE'RE --


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SHOULD BE IN A POSITION TO MOVE


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FORWARD ON THIS.


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BUT SIX AMENDMENTS, WE SHOULD BE


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ABLE TO FINISH THE LEGISLATION

TOMORROW.


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YBE EARLY TOMORROW, WHICH


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WOULD ALLOW US TO DO S

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NOMINATIONS, GET SOME OF THE


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THINGS BEFORE WE LEAVE HERE.


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SO I HOPE THAT THAT WILL WORK


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OUT.


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WE'RE NOT THERE YET, BUT I THINK


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WE'RE VERY CLOSE.


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I'VE HAD A MEETING THIS MORNING

WITH SENATOR BINGAMAN.


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HE UNDERSTANDS THE SUBJECT


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MATTER OF THE AMENDMENT

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BEING THE CHAIR OF THE ENERGY


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COMMITTEE WHERE THE JURISDICTION


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OF EVERYTHING IN THIS BILL IS.

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SO THAT SHOULD TAKE CARE OF

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MATTER.


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I NOTE THE ABSENCE OF A QUORUM.


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THE PRESIDING OFFICER: THE


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CLERK WILL CALL THE ROLL.

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QUORUM CALL:


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MR. McCONNELL: MADAM

PRESIDENT?


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THE PRESIDING OFFICER: THE


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REPUBLICAN

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MR. McCONNELL: I ASK UNANIMOUS


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CONSENT THAT THE QUORUM CALL BE


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DISPENSED

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THE PRESIDING OFFICER: WITHOUT


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OBJECTION.

MR. McCONNELL: MADAM


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PRESIDENT, OVER THE WEEKEND, WE


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LEARNED THE EXTENT OF THE


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BONUSES BEING PAID TO SOME OF


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THE SAME PEOPLE AT A.I.G. THAT


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GOT THIS COMPANY IN THE POSITION


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THAT IT'S IN.


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MANY OF US ON BOTH SIDES OF THE


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AISLE

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THAT THESE BONUSES COULD

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PAID, AND YESTERDAY THE WHITE


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HOUSE JOINED THAT CHORUS ON THE


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ONE HAND PROMISED TO DO


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EVERYTHING POSSIBLE TO GET --


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AND PROMISED TO DO EVERYTHING


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POSSIBLE TO GET THE TAXPAYERS'


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MONEY BACK.


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WELL, WE CERTAINLY APPRECIATE


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THOSE EFFORTS.


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IT COULD HAVE BEEN, HOWEVER,


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HANDLED A LITTLE DIFFERENTLY.


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IT WOULD BE BETTER IF THIS


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PLEDGE HAD INCLUDED LANGUAGE


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JUST TWO WEEKS AGO -- JUST TWO


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WEEKS WEEKS AGO THE TREASURY


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AGREED TO GIVE A.I.G. ANOTHER


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$30 BILLION OF TAXPAYER MONEY,


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JUST WITHIN THE LAST TWO WEEKS.


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FOR EXAMPLE, WOULDN'T THE


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TREASURY AND THE TAXPAYER HAVE


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HAD MORE LEVERAGE OVER A.I.G.'S


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EXECUTIVE CONTRACTS BEFORE


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PROVIDING ANOTHER $30 BILLION IN

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TAX MONEY FOR THEM.


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YOU KNOW, ONCE THAT MONEY WAS


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HANDED OVER TO A.I.G., THE


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LEVERAGE WAS LOST.


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THAT WOULD HAVE BEEN THE PERFECT


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TIME TO MAKE SURE THAT THIS


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DIDN'T HAPPEN.


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IT'S MY HOPE THAT TREASURY WILL


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BE VIG

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TAXPAYER FUNDS FROM HERE ON.


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AND I CERTAINLY EXPECT THEM TO


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LOOK FOR EVERY POSSIBLE

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WAY TO LIVE UP TO THE PLEDGE


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MADE YESTERDAY ON BEHALF OF THE


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TAXPAYERS OF THE UNITED STATES.


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NOW, MADAM

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ISSUE, A LOT HAS BEEN WRITTEN


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OVER THE PAST SEVERAL DAYS ABOUT


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THE INMATES AT GUANTANAMO BAY


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AND NONE OF IT

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ADMINISTRATION'S DECISION TO


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SHUT THIS FACILITY DOWN BY THE


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END OF THE YEAR

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CHALLENGING THAN IT ALREADY WAS.


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THIS IS AN ISSUE THAT HAS BRAVE


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IMPLICATIONS FOR OUR NATION'S


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SECURITY WHEN WE REALLY NEED TO


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GET IT RIGHT.


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SO THIS MORNING I'D LIKE TO


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SPEND A FEW MINUTES EXPLAING


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WHY THE ADMINISTRATION WOULD DO


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WELL TO RECONSIDER ITS APPROACH


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TO GUANTANAMO.

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AN APPROACH THAT LOOKS EVEN


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HASTIER NOW THAN WHEN IT WAS


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FIRST ANNOUNCED BACK IN JANUARY.


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ONE OF THE MOST OBVIOUS PROBLEMS


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THAT THE ADMINISTRATION FACES ON


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THIS ISSUE IS WHAT TO DO WITH


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THESE

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CLOSED.


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THIS IS NOT A NEW CONCERN.


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EVER SINCE THE U.S. STARTED


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USING GUANTANAMO AS A DETENTION


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FACILITY, AFTER THE INVASION OF


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AFGHANISTAN, GOVERNMENT


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OFFICIALS AND LEGAL THINKERS


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HAVE TRIED TO COME UP WITH WAYS


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OF DEALING WITH

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WHO DON'T FALL INTO

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TRADITIONAL CATEGORIES OF WAR.


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NO ONE DENIES THAT THE UNITED


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STATES IS LEGALLY ENTITLED TO


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CAPTURE AND TO HOLD ENEMY

FIGHTERS TOREVENT THEM FROM


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RETURNING TO BATTLE.


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BUT

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REPATRIATION HAVE PROVED TO BE


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EXTREMELY COMPLICATED AND AS THE


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YEARS HAVE PASSED, THESE


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QUESTIONS HAVE BECOME EVEN MORE


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COMPLICATED, NOT LESS, THAN THEY


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WERE BACK IN 2001.


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JUST THIS WEEK, A NUMBER OF


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EUROPEAN COUNTRIES THAT HAD


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PREVIOUSLY OFFERED TO HELP THE


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ADMINISTRATION FIND A NEW HOME


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FOR ABOUT 60 OF THE REMAINING


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241 INMATES AT GUANTANAMO BEGAN


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TO BACK-PEDAL.


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SOME OF THESE COUNTRIES NOW


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INDICATE THEY WON'T TAKE ANY OF


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THESE INMATES UNLESS THE U.S.


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AGREES TO TAKE SOME OF THEM AS


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WELL.

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AND AGREES TO PUT THEM IN


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AMERICAN PRISONS.


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THIS

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THE AMERICAN PEOPLE APPEAR TO BE


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EVEN LESS INTERESTED IN HOUSING


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THESE INMATES THAN THE EUROPEANS


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ARE.


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WELL, IF THERE'S NO PLACE FOR


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THESE TERRORISTS TO GO IN EUROPE


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AND NO PLACE FOR THEM TO GO IN


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THE U.S., AN OBVIOUS QUESTION

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ARISES:


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WHERE ELSE CAN THEY GO?


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AT THE MOMENT THERE'S NO ANSWER


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TO THAT MOST IMPORTANT QUESTION.


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WHEN THE QUESTION OF SENDING


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DETAINEES TO U.S. SOIL WAS PUT


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TO THE SENATE IN THE SUMMER OF


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2007, THE VOTE AGAINST IT IT WAS

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94-3.


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MADAM PRESIDENT, WE HAD THAT


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VOTE RIGHT HERE IN THE SENATE IN


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THE SUMMER OF 2007, AND BY A


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VOTE OF 94-3, MEMBERS OF THE


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SENATE SAID THEY DO NOT WANT


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THESE

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U.S. SOIL.


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THIS IS NOT ONLY A GOOD


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REFLECTION OF WHERE PUBLIC


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OPINION IS ON THE ISSUE; IT'S


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ALSO NOTABLE THAT FOUR OF THE


263
00:10:09,001 --> 00:10:12,000
VOTES CAST WERE SENATORS FROM

264
00:10:12,001 --> 00:10:14,000
KANSAS AND COLORADO.


265
00:10:14,001 --> 00:10:15,000
STATES THAT ARE MOST OFTEN


266
00:10:15,001 --> 00:10:17,000
MENTIONED AS POSSIBILITIES TO


267
00:10:17,001 --> 00:10:19,000
HOUSE THE INMATES.


268
00:10:19,001 --> 00:10:21,000
ONE OF THESE SENATORS, KEN


269
00:10:21,001 --> 00:10:23,000
SALAZAR, IS NOW IN THE OBAMA


270
00:10:23,001 --> 00:10:26,000
ADMINISTRATION AND FORMER KANSAS


271
00:10:26,001 --> 00:10:28,000
GOVERNOR,

272
00:10:28,001 --> 00:10:30,000
ALSO OPPOSES SENDING INMATES TO


273
00:10:30,001 --> 00:10:32,000
KA

274
00:10:32,001 --> 00:10:33,000
PICK TO HEAD THE DEPARTMENT OF 


275
00:10:33,001 --> 00:10:35,000
HEALTH AND HUMAN SERVICES.


276
00:10:35,001 --> 00:10:37,000
SO THE BOTTOM LINE HERE IS THAT


277
00:10:37,001 --> 00:10:40,000
IT'S PARDON TO FIND ANYONE


278
00:10:40,001 --> 00:10:41,000
ANYWHERE, EVEN INSIDE THE OBAMA


279
00:10:41,001 --> 00:10:44,000
ADMINISTRATION, WHO WANTS THEIR


280
00:10:44,001 --> 00:10:47,000
STATE TO BECOME THE NEXT HOME TO


281
00:10:47,001 --> 00:10:49,000
CAPTURED VIOLENT TERRORISTS.


282
00:10:49,001 --> 00:10:51,000
NOW, THER THERE'S A REASON NO ONE


283
00:10:51,001 --> 00:10:53,000
WANTS TO HAVE THESE GUYS NEARBY.


284
00:10:53,001 --> 00:10:55,000
OVER THE YEARS THE POOL OF


285
00:10:55,001 --> 00:10:57,000
PRISONERS AT GUANTANAMO HAS


286
00:10:57,001 --> 00:10:59,000
BECOME ONLY MORE

287
00:10:59,001 --> 00:11:01,000
NOT LESS.


288
00:11:01,001 --> 00:11:04,000
AND THOSE WHO REMAIN INCLUDE


289
00:11:04,001 --> 00:11:06,000
DOZENS OF PROUD AND

290
00:11:06,001 --> 00:11:09,000
SELF-PROCLAIMED -- PROWS AND


291
00:11:09,001 --> 00:11:10,000
SELF-PROCLAIMED

292
00:11:10,001 --> 00:11:11,000
AL QAEDA.


293
00:11:11,001 --> 00:11:12,000
MANY HAVE BEEN DIRECTLY LINKED


294
00:11:12,001 --> 00:11:14,000
TO SOME OF THE WORST TERRORIST


295
00:11:14,001 --> 00:11:17,000
ATTACKS IN HISTORY, INCLUDING


296
00:11:17,001 --> 00:11:19,000
SOME WHO HAD D

297
00:11:19,001 --> 00:11:20,000
DIRECT KNOWLEDGE -- OF SEPTEMBER


298
00:11:20,001 --> 00:11:22,000
11.


299
00:11:22,001 --> 00:11:23,000
OTHERS HAVE TRAINED OR FUNDED

300
00:11:23,001 --> 00:11:25,000
TERRORISTS, MADE BOMBS OR


301
00:11:25,001 --> 00:11:27,000
PRESENTED THEMSELVES AS


302
00:11:27,001 --> 00:11:29,000
POTENTIAL SUICIDE BOMBERS.


303
00:11:29,001 --> 00:11:31,000
WE RECENTLY GOT A VIVID GLIMPSE


304
00:11:31,001 --> 00:11:33,000
INTO THE MINDS OF THESE MEN WHEN


305
00:11:33,001 --> 00:11:35,000
A NUMBER OF THEM RESPONDED IN


306
00:11:35,001 --> 00:11:36,000
WRITING TO THE GOVERNMENT'S


307
00:11:36,001 --> 00:11:38,000
CHARGES AGAINST THEM.


308
00:11:38,001 --> 00:11:40,000
HERE ARE SOME OF THE EXCERPTS


309
00:11:40,001 --> 00:11:41,000
FROM THE DOCUMENT WHICH WAS


310
00:11:41,001 --> 00:11:44,000
SIGNINGED BY FIVE MEN WHOSE


311
00:11:44,001 --> 00:11:47,000
NAMES APPEAR ON THE CHART RIGHT

312
00:11:47,001 --> 00:11:49,000
BEHIND ME:


313
00:11:49,001 --> 00:11:50,000
WITH REGARD TO

314
00:11:50,001 --> 00:11:52,000
ACCUSATI

315
00:11:52,001 --> 00:11:54,000
US ON TRIAL FOR, SO

316
00:11:54,001 --> 00:11:56,000
THE TERRORISTS, TO

317
00:11:56,001 --> 00:11:58,000
NOT

318
00:11:58,001 --> 00:12:01,000
TO US, THEY ARE BADGES OF HONOR.


319
00:12:01,001 --> 00:12:03,000
WHICH WE CARRY

320
00:12:03,001 --> 00:12:05,000
THEREFORE, KILLING YOU AND


321
00:12:05,001 --> 00:12:06,000
FIGHTING

322
00:12:06,001 --> 00:12:09,000
TERRORIZING YOU, RESPONDING BACK


323
00:12:09,001 --> 00:12:10,000
TO YOUR ATTACKS ARE

324
00:12:10,001 --> 00:12:15,000
CONSIDERED TO BE

325
00:12:15,001 --> 00:12:16,000
LEGITIMATE DUTY IN
RELIGION."


326
00:12:16,001 --> 00:12:19,000
LATER ON, THESE MEN REFERRED TO


327
00:12:19,001 --> 00:12:22,000
THE SEPTEMBER 11 ATTACKS AS "THE


328
00:12:22,001 --> 00:12:23,000
BLESSED

329
00:12:23,001 --> 00:12:26,000
TOWARD THE END OF THE DOCUMENT,


330
00:12:26,001 --> 00:12:30,000
THEY MAKE A STATEMENT AND A

PREDICTION.


331
00:12:30,001 --> 00:12:34,000
HERE'S WHAT 

332
00:12:34,001 --> 00:12:35,000
WE FIGHT YOU

333
00:12:35,001 --> 00:12:38,000
TERRORIZE YOU.


334
00:12:38,001 --> 00:12:39,000
YOUR END IS VERY NEAR AND Y

335
00:12:39,001 --> 00:12:42,000
FALL WILL BE JUST AS THE FALL OF


336
00:12:42,001 --> 00:12:45,000
THE TOWERS OF THE BLESSED 9/11

DAY.


337
00:12:45,001 --> 00:12:46,000
SO WE ASK FROM GOD TO ACCEPT OUR

338
00:12:46,001 --> 00:12:48,000
CONTRIBUTIONS TO THE GREAT


339
00:12:48,001 --> 00:12:51,000
ATTACK, THE GREAT ATTACK ON


340
00:12:51,001 --> 00:12:54,000
AMERICA, AND TO PLACE OUR 19


341
00:12:54,001 --> 00:12:56,000
MARTYRED BRETHREN AMONG THE

342
00:12:56,001 --> 00:13:01,000
HIGHEST PEAKS IN PARADISE.


343
00:13:01,001 --> 00:13:03,000
AND ONE  ONE OF THE MOST CHILLING


344
00:13:03,001 --> 00:13:04,000
STATEMENTS IS ONE OF THE

345
00:13:04,001 --> 00:13:06,000
ASSERTIONS BY ONE OF THESE MEN


346
00:13:06,001 --> 00:13:10,000
ON THE CHART MIND ME.


347
00:13:10,001 --> 00:13:14,000
"WE ARE

348
00:13:14,001 --> 00:13:16,000
"WE ARE TERRORISTS TO THE BONE."

349
00:13:16,001 --> 00:13:18,000
THIS IS HOW THEY SEE THEMSELVES,


350
00:13:18,001 --> 00:13:20,000
MADAM

351
00:13:20,001 --> 00:13:24,000
THE MEN T

352
00:13:24,001 --> 00:13:25,000
TO RELEASE FROM GUANTANAMO?


353
00:13:25,001 --> 00:13:28,000
NOT ONLY ARE MOST OF THE


354
00:13:28,001 --> 00:13:30,000
REMAING INMATES AT GUANTANAMO


355
00:13:30,001 --> 00:13:34,000
EXTREMELY

356
00:13:34,001 --> 00:13:37,000
RETURN TO BATTLE IF THEY'RE


357
00:13:37,001 --> 00:13:38,000
TRANSFERRED BACK TO THEIR
COUNTRIES.


358
00:13:38,001 --> 00:13:40,000
ACCORDING TO PENTAGON REPORTS,


359
00:13:40,001 --> 00:13:42,000
DETAINEES WHO'VE BEEN RELEASED


360
00:13:42,001 --> 00:13:44,000
FROM GUANTANAMO APPEAR TO BE


361
00:13:44,001 --> 00:13:46,000
REENGAGING IN TERRORISM AT


362
00:13:46,001 --> 00:13:48,000
HIGHER RATES,

363
00:13:48,001 --> 00:13:50,000
RATE OF THOSE EITHER SUSPECTED


364
00:13:50,001 --> 00:13:54,000
OR CONFIRMED OF REENGAGING IN


365
00:13:54,001 --> 00:13:55,000
TERRORISM AT ABOUT 12%.

366
00:13:55,001 --> 00:13:56,000
ABOUT 12% OF THOSE WHO'VE BEEN


367
00:13:56,001 --> 00:13:57,000
RELEASE REASONABLE DEGREE BACK


368
00:13:57,001 --> 00:13:58,000
IN THE FIGHT.


369
00:13:58,001 --> 00:14:00,000
MORE THAN A THIRD OF THE


370
00:14:00,001 --> 00:14:02,000
DETAINEES WHO'VE ALREADY BEEN


371
00:14:02,001 --> 00:14:06,000
RELEASED WERE FROM SAUDI ARABIA


372
00:14:06,001 --> 00:14:08,000
REHABILITATION SYSTEM.


373
00:14:08,001 --> 00:14:10,000
BUT OUR COMPETENCE IN THAT

374
00:14:10,001 --> 00:14:13,000
SYSTEM HASEEN SHAKEN BY RECENT


375
00:14:13,001 --> 00:14:14,000
REPORTS THAT SAUDI

376
00:14:14,001 --> 00:14:16,000
RETURNED HOME

377
00:14:16,001 --> 00:14:19,000
FIGHTING.


378
00:14:19,001 --> 00:14:21,000
LAST

379
00:14:21,001 --> 00:14:23,000
RELEASED FROM GUANTANAMO AND


380
00:14:23,001 --> 00:14:25,000
PASSED THROUGH THE SAUDI

REHABILITATION PROGRAM APPEARED


381
00:14:25,001 --> 00:14:27,000
IN A VIDEO AS MEMBERS OF THE


382
00:14:27,001 --> 00:14:31,000
AL QAEDA IN YEMEN.


383
00:14:31,001 --> 00:14:33,000
ONE

384
00:14:33,001 --> 00:14:35,000
AR IS THOUGHT TO HAVE BEEN


385
00:14:35,001 --> 00:14:39,000
INVOLVED IN A DEADLY SHOMMING


386
00:14:39,001 --> 00:14:40,000
BOMBING ON THE U.S. EMBASSY IN


387
00:14:40,001 --> 00:14:42,000
YEMEN IN SEPTEMBER.


388
00:14:42,001 --> 00:14:45,000
HE WAS RELEASED FROM GUANTANAMO


389
00:14:45,001 --> 00:14:47,000
IN 2007.


390
00:14:47,001 --> 00:14:48,000
EVEN MORE WORRISOME THAN

391
00:14:48,001 --> 00:14:53,000
SAUDI DETAINEES IS THE PROSPECT


392
00:14:53,001 --> 00:14:57,000
OF
YEMEN.


393
00:14:57,001 --> 00:14:59,000
ABILITY TO CONTROL EVEN THE MOST


394
00:14:59,001 --> 00:15:04,000
DANGEROUS TERRORISTS WE RELEASE.


395
00:15:04,001 --> 00:15:07,000
OF

396
00:15:07,001 --> 00:15:10,000
GUANTANAMO, ABOUT 15 HAVE BEEN


397
00:15:10,001 --> 00:15:12,000
CLEARED FOR TRA

398
00:15:12,001 --> 00:15:13,000
ANOTHER 15 MAY FACE TRIAL IN THE


399
00:15:13,001 --> 00:15:15,000
U.S.


400
00:15:15,001 --> 00:15:17,000
SOME MAY END UP GOING TO SAUDI


401
00:15:17,001 --> 00:15:18,000
ARABIA BUT THE YES, MA'AM ENY


402
00:15:18,001 --> 00:15:19,000
GOVERNMENT TO PROTESTING IT THE


403
00:15:19,001 --> 00:15:20,000
MOVE.


404
00:15:20,001 --> 00:15:22,000
OTHER INMATES HAVE SHOWN UP ON


405
00:15:22,001 --> 00:15:23,000
THE BATTLEFIELD IN PLACES LIKE


406
00:15:23,001 --> 00:15:26,000
PAKISTAN AND IRAQ.


407
00:15:26,001 --> 00:15:27,000
ONE FORMER


408
00:15:27,001 --> 00:15:29,000
INMATE TRAVELED TO SYRIA AFTER


409
00:15:29,001 --> 00:15:31,000
HIS RELEASE, SNUCK INTO IRAQ AND


410
00:15:31,001 --> 00:15:32,000
PLOTTE ATTACKS AGAINST U.S.


411
00:15:32,001 --> 00:15:34,000
TROOPS THERE.


412
00:15:34,001 --> 00:15:36,000
HE EVENTUALLY DROVE A TRUCK


413
00:15:36,001 --> 00:15:38,000
PACKED WITH EXPLOSIVES INTO A


414
00:15:38,001 --> 00:15:40,000
JOINT AMERICAN AND IRAQI


415
00:15:40,001 --> 00:15:43,000
MILITARY TRAINING CAMP, BLOWING


416
00:15:43,001 --> 00:15:44,000
HIMSELF UP AND KILLING 13 IRAQI


417
00:15:44,001 --> 00:15:46,000
SOLDIERS.


418
00:15:46,001 --> 00:15:47,000
EACH ONE OF THESE CONCERNS IS


419
00:15:47,001 --> 00:15:49,000
SERIOUS ENOUGH TO WARRANT A


420
00:15:49,001 --> 00:15:50,000
RECONSIDERATION OF THE


421
00:15:50,001 --> 00:15:52,000
ADMINISTRATION'S DECISION TO


422
00:15:52,001 --> 00:15:54,000
CLOSE THE DETENTION FACILITY AT


423
00:15:54,001 --> 00:15:56,000
GUANTANAMO BAY.


424
00:15:56,001 --> 00:15:57,000
TAKEN TOGETHER, IT'S HARD TO


425
00:15:57,001 --> 00:16:00,000
IMAGINE THE ADMINISTRATIOS IS


426
00:16:00,001 --> 00:16:01,000
NOT ALREADY HAVING SECOND


427
00:16:01,001 --> 00:16:02,000
THOUGHTS


428
00:16:02,001 --> 00:16:03,000
OF THE ALTERNATIVES THAT HAVE


429
00:16:03,001 --> 00:16:06,000
BEEN CONSIDERED, SOME LIKE THE


430
00:16:06,001 --> 00:16:08,000
TRANSFER OF DETAINEES TO EUROPE,


431
00:16:08,001 --> 00:16:09,000
MAY NO LONGER BE VIABLE.


432
00:16:09,001 --> 00:16:11,000
BUT EVEN IF THESE INMATES WERE


433
00:16:11,001 --> 00:16:12,000
SENT TO EUROPE, ONE


434
00:16:12,001 --> 00:16:15,000
ALL-IMPORTANT QUESTION WOULD


435
00:16:15,001 --> 00:16:18,000
REMAIN: WHAT THEN?


436
00:16:18,001 --> 00:16:22,000
WILL THEY BE RELEASED?


437
00:16:22,001 --> 00:16:25,000
WITH THE RESID SREUFPL RATE NOW


438
00:16:25,001 --> 00:16:26,000
HOVERING -- RECIDIVISM RATE NOW


439
00:16:26,001 --> 00:16:28,000
HOVERING AROUND 12%, THIS IS A


440
00:16:28,001 --> 00:16:29,000
RISK TOO DANGEROUS TO TAKE,


441
00:16:29,001 --> 00:16:31,000
ESPECIALLY WHEN IT TAKES JUST


442
00:16:31,001 --> 00:16:32,000
ONE TERRORIST, JUST ONE, TO


443
00:16:32,001 --> 00:16:34,000
INFLICT UNIMAGINABLE HORROR.


444
00:16:34,001 --> 00:16:36,000
ACCORDING TO THE EUROPEAN


445
00:16:36,001 --> 00:16:39,000
UNION'S OWN RULES, A DETAINEE


446
00:16:39,001 --> 00:16:40,000
WHO IS RELEASED WITHIN A


447
00:16:40,001 --> 00:16:43,000
25-NATION AREA WITHIN THE E.U.


448
00:16:43,001 --> 00:16:46,000
IS FREE TO MOVE ABOUT IN THESE


449
00:16:46,001 --> 00:16:48,000
COUNTRIES WITHOUT EVEN A

PASSPORT.


450
00:16:48,001 --> 00:16:49,000
A MEMBER OF AL QAEDA WHO IS SENT


451
00:16:49,001 --> 00:16:52,000
TO EUROPE AND SUBSEQUENTLY


452
00:16:52,001 --> 00:16:54,000
RELEASED COULD EASILY REENTER A


453
00:16:54,001 --> 00:16:56,000
TRANSNATIONAL TERRORIST NETWORK,


454
00:16:56,001 --> 00:17:00,000
AND THE RECIDIVISM RATE SUGGESTS


455
00:17:00,001 --> 00:17:02,000
THAT IS NOT AT ALL UNLIK

456
00:17:02,001 --> 00:17:04,000
GUANTANAMO ITSELF, ON THE OTHER


457
00:17:04,001 --> 00:17:06,000
HAND, IS PROVEN TO BE A


458
00:17:06,001 --> 00:17:10,000
COMPLETELY SECURE FACILITY, AND


459
00:17:10,001 --> 00:17:13,000
MORE THAN SEVEN YEARS OF USE NOT

460
00:17:13,001 --> 00:17:15,000
A SINGLE PRISONER -- NOT ONE --


461
00:17:15,001 --> 00:17:18,000
HAS ESCAPED GUANTANAMO TO MAIM


462
00:17:18,001 --> 00:17:19,000
OR KILL A SINGLE INNOCENT


463
00:17:19,001 --> 00:17:21,000
PERSON.


464
00:17:21,001 --> 00:17:23,000
LET ME REPEAT THAT.


465
00:17:23,001 --> 00:17:25,000
IN THE MORE

466
00:17:25,001 --> 00:17:28,000
THAT WE'VE USED GUANTANAMO AS A


467
00:17:28,001 --> 00:17:30,000
DETENTION FACILITY, NOT A SINGLE


468
00:17:30,001 --> 00:17:33,000
PRISONER OUT OF ROUGHLY 800 WHO


469
00:17:33,001 --> 00:17:36,000
HAVE BEEN HOUSED THERE HAS


470
00:17:36,001 --> 00:17:38,000
ESCAPED TO MAIM OR KILL A SINGLE


471
00:17:38,001 --> 00:17:40,000
INNOCENT PERSON.


472
00:17:40,001 --> 00:17:43,000
NO ONE HAS CREDIBLY ARGUED THAT


473
00:17:43,001 --> 00:17:45,000
THE INMATES ARE POORLY TREATED.


474
00:17:45,001 --> 00:17:49,000
THREE MEALS A DAY, A FULL


475
00:17:49,001 --> 00:17:51,000
LIBRARY OF BOOKS, MAGAZINES,


476
00:17:51,001 --> 00:17:53,000
D.V.D.'S AND MEDICAL CARE THAT


477
00:17:53,001 --> 00:17:55,000
IS SAID TO BE EXCELLENT.


478
00:17:55,001 --> 00:17:57,000
INDEED, ONE EUROPEAN OFFICIAL


479
00:17:57,001 --> 00:17:59,000
WHO VISITED IN 2006 CALLED


480
00:17:59,001 --> 00:18:00,000
GUANTANAMO A MODEL PRISON AND


481
00:18:00,001 --> 00:18:04,000
BETTER THAN THE ONES IN BELGIUM.


482
00:18:04,001 --> 00:18:06,000
THIS IS CLEAR NOT ABU GHRAIB.


483
00:18:06,001 --> 00:18:07,000
ATTORNEY GENERAL ERIC HOLDER IS


484
00:18:07,001 --> 00:18:10,000
IN CHARGE OF THE REVIEW OF THE


485
00:18:10,001 --> 00:18:11,000
DETENTION FACILITY AT GUANTANAMO


486
00:18:11,001 --> 00:18:14,000
BAY.


487
00:18:14,001 --> 00:18:15,000
HE CAPTURED THE DILEMMA OVER


488
00:18:15,001 --> 00:18:17,000
GUANTANAMO AER A RECENT TRIP


489
00:18:17,001 --> 00:18:19,000
THERE WHEN HE OFFERED A GLOWING


490
00:18:19,001 --> 00:18:20,000
REPORT ON THE FILITY.


491
00:18:20,001 --> 00:18:24,000
HE SAIDHE THE PRISONERS WERE


492
00:18:24,001 --> 00:18:25,000
BEING TREATED WELL, AND THEN


493
00:18:25,001 --> 00:18:26,000
REITERATED THE ADMINISTRATION'S


494
00:18:26,001 --> 00:18:27,000
INTENT TO CLOSE IT WITHIN THE


495
00:18:27,001 --> 00:18:29,000
YEAR.


496
00:18:29,001 --> 00:18:30,000
ON SOME LEVEL, THE ATTORNEY


497
00:18:30,001 --> 00:18:32,000
GENERAL MUST REALIZE HOW


498
00:18:32,001 --> 00:18:34,000
ILLOGICAL THIS SEEMS.


499
00:18:34,001 --> 00:18:35,000
IF HE DOESN'T, THEN FOR THE SAKE


500
00:18:35,001 --> 00:18:37,000
OF THE SAFETY OF THE UNITED


501
00:18:37,001 --> 00:18:39,000
STATES AND ITS CITIZENS, IT IS


502
00:18:39,001 --> 00:18:41,000
MY HOPE THAT HE REALIZES IT


503
00:18:41,001 --> 00:18:43,000
BEFORE THE END OF THE YEAR.


504
00:18:43,001 --> 00:18:45,000
PRESIDENT OBAMA WAS RIGHT AND


505
00:18:45,001 --> 00:18:46,000
COURAGEOUS TO RETHINK AN


506
00:18:46,001 --> 00:18:48,000
ARTIFICIAL DEADLINE ON


507
00:18:48,001 --> 00:18:50,000
WITHDRAWING U.S. TROOPS FROM

IRAQ.


508
00:18:50,001 --> 00:18:52,000
AS WE APPROACH ANOTHER


509
00:18:52,001 --> 00:18:54,000
ARTIFICIAL DEADLINE, IT IS MY


510
00:18:54,001 --> 00:18:57,000
HOPE THAT HE RETHINKS THIS


511
00:18:57,001 --> 00:18:59,000
DECISION REGARDLESS OF WHAT HE

512
00:18:59,001 --> 00:19:03,000
MAY THINK -- OF WHAT THEY MAY


513
00:19:03,001 --> 00:19:04,000
THINK IN CERTAIN

514
00:19:04,001 --> 00:19:06,000
MADAM PRESIDENT, ANY SHIFT ON


515
00:19:06,001 --> 00:19:11,000
OUR POLICY ON THESE DETAIES


516
00:19:11,001 --> 00:19:12,000
MUST MEET A VERY SIMPLE TEST.


517
00:19:12,001 --> 00:19:15,000
WILL IT KEEP US SAFE, AS


518
00:19:15,001 --> 00:19:16,000
GUANTANAMO HAS, FROM THE MEN


519
00:19:16,001 --> 00:19:17,000
LIKE THE ONES WHOSE NAMES APPEAR


520
00:19:17,001 --> 00:19:20,000
BEHIND ME?


521
00:19:20,001 --> 00:19:23,000
IF THE ANSWER IS NO, THEN THE


522
00:19:23,001 --> 00:19:25,000
POLICY WE CURRENTLY HAVE IS

BEST.


523
00:19:25,001 --> 00:19:28,000
AT THE MOMENT, THE ONLY SAFE


524
00:19:28,001 --> 00:19:29,000
OPTION IS TO KEEP THE INMATES AT


525
00:19:29,001 --> 00:19:33,000
GUANTANAMO IN ONE PLACE, AND


526
00:19:33,001 --> 00:19:35,000
THAT'S RIGHT WHERE THEY ARE.


527
00:19:35,001 --> 00:19:37,000
FLOOR.


528
00:19:37,001 --> 00:19:38,000
MR. REID: MADAM PRESIDENT?

THE PRESIDING OFFICER: THE


529
00:19:38,001 --> 00:19:40,000
MAJORITY L

530
00:19:40,001 --> 00:19:46,000
MR. REID: I CERTAINLY AGREE


531
00:19:46,001 --> 00:19:52,000
WITH THE REPUBLICAN LEADER ABOUT

A.I.G.


532
00:19:52,001 --> 00:19:53,000
IF I WERE

533
00:19:53,001 --> 00:19:56,000
A.I.G. ADMINISTRATION, I WOULD


534
00:19:56,001 --> 00:19:57,000
RECOMMEND THEY GIVE BACK THOSE


535
00:19:57,001 --> 00:19:59,000
BONUSES.


536
00:19:59,001 --> 00:20:00,000
REMEMBER, WE AS A C

537
00:20:00,001 --> 00:20:04,000
NOT DEFENSELESS.


538
00:20:04,001 --> 00:20:06,000
WE CAN ALSO DO THINGS.


539
00:20:06,001 --> 00:20:08,000
SENATOR BAUCUS AS CHAIRMAN OF

540
00:20:08,001 --> 00:20:09,000
THE FINANCE COMMITTEE IS GOING


541
00:20:09,001 --> 00:20:11,000
TO MAKE A PROPOSAL, I THINK,


542
00:20:11,001 --> 00:20:12,000
THAT WILL CERTAINLY SEND A

543
00:20:12,001 --> 00:20:16,000
MESSAGE TO THE PEOPLE AT A.I.G.


544
00:20:16,001 --> 00:20:18,000
AND ALL OTHERS WHO TRY TO


545
00:20:18,001 --> 00:20:20,000
BENEFIT FROM THE HARDSHIPS THE

AMERICAN PEOPLE FACE.


546
00:20:20,001 --> 00:20:22,000
AND SO YOU WILL HEAR IN THE NEXT


547
00:20:22,001 --> 00:20:24,000
24 HOURS FROM THE CHAIRMAN OF


548
00:20:24,001 --> 00:20:28,000
OUR FINANCE COMMITTEE, SENATOR


549
00:20:28,001 --> 00:20:30,000
BAUCUS, THAT

550
00:20:30,001 --> 00:20:32,000
OF THESE BONUSES WILL NOT BE


551
00:20:32,001 --> 00:20:34,000
AB

552
00:20:34,001 --> 00:20:38,000
AND THAT'S AN UNDERSTATEMENT.


553
00:20:38,001 --> 00:20:43,000
I WOULD SAY ALSO REGARDING

GUANTANAMO, I THINK THAT WE


554
00:20:43,001 --> 00:20:44,000
SHOULD NOT MAKE THIS A

555
00:20:44,001 --> 00:20:45,000
ISSUE.


556
00:20:45,001 --> 00:20:47,000
JOHN McCAIN HAS COME OUT

557
00:20:47,001 --> 00:20:51,000
FAVOR OF THIS.


558
00:20:51,001 --> 00:20:53,000
I THINK THIS IS A

559
00:20:53,001 --> 00:20:55,000
HE SAID ABOUT CLOSING GUAANAMO

BAY.


560
00:20:55,001 --> 00:20:56,000
SO THIS IS SOMETHING T

561
00:20:56,001 --> 00:20:58,000
PRESIDENT OBAMA IS OUT THERE


562
00:20:58,001 --> 00:21:00,000
ALONE ON.


563
00:21:00,001 --> 00:21:05,000
MADAM PRESIDENT, EIGHT YEARS OF

564
00:21:05,001 --> 00:21:09,000
GREED AND PHEG GENERALS LEFT OUR

COUNTRY -- NEGLIGENCE GENERALS


565
00:21:09,001 --> 00:21:12,000
LEFT OUR

566
00:21:12,001 --> 00:21:14,000
ECONOMIC CLIMATE SINCE THE GREAT
DEPRESSION.


567
00:21:14,001 --> 00:21:18,000
STAGGERING JOB LOSS, THE LARGEST


568
00:21:18,001 --> 00:21:20,000
NATIONAL D

569
00:21:20,001 --> 00:21:22,000
CREDIT MARKET, MAJOR BANKS


570
00:21:22,001 --> 00:21:24,000
TEETERING ON THE EDGE OF


571
00:21:24,001 --> 00:21:25,000
INSOLVENCY, A RECORD FORECLOSURE


572
00:21:25,001 --> 00:21:28,000
RATE FORCING MILLIONS OF


573
00:21:28,001 --> 00:21:32,000
FAMILIES TO LOSE THEIR JOBS AND


574
00:21:32,001 --> 00:21:33,000
THEIR HOMES, STOCK MARKET IN


575
00:21:33,001 --> 00:21:35,000
FREE FALL AND SENIOR CITIZENS


576
00:21:35,001 --> 00:21:36,000
PUT RETIREMENT ON HOLD, PUTTING


577
00:21:36,001 --> 00:21:37,000
THE ECONOMIC SECURITY OF


578
00:21:37,001 --> 00:21:39,000
LLIONS MORE AT RISK.


579
00:21:39,001 --> 00:21:41,000
THE FIRST JOB OF ANY DOCTOR IS


580
00:21:41,001 --> 00:21:44,000
TO STABILIZE THE PATIENT.


581
00:21:44,001 --> 00:21:45,000
THE

582
00:21:45,001 --> 00:21:48,000
ADMINISTRATION, PRESIDENT OBAMA


583
00:21:48,001 --> 00:21:51,000
HAS STARTED TO STOP THE BLEEDING


584
00:21:51,001 --> 00:21:52,000
AND BEGIN TO HEAL OUR ECONOMY.

585
00:21:52,001 --> 00:21:55,000
THE CORNERSTONE OF THE


586
00:21:55,001 --> 00:21:57,000
PRESIDENT'S NEAR-TERM PLAN TO


587
00:21:57,001 --> 00:21:58,000
END THE FREE FALL HE INHERITED


588
00:21:58,001 --> 00:22:00,000
IS THE ECONOMIC RECOVERY ACT


589
00:22:00,001 --> 00:22:01,000
WHICH WILL SAFE AND CREATE 3.5


590
00:22:01,001 --> 00:22:03,000
MILLION JOBS WHILE MAKING


591
00:22:03,001 --> 00:22:05,000
CRITICALLY NEEDED INVESTMENTS IN


592
00:22:05,001 --> 00:22:06,000
ROADS,

593
00:22:06,001 --> 00:22:09,000
EDUCATION, HEALTH CARE --

594
00:22:09,001 --> 00:22:11,000
TUNNELS, EDUCATION, AND ENERGY.


595
00:22:11,001 --> 00:22:12,000
PRESIDENT OBAMA UNDERSTANDS AS


596
00:22:12,001 --> 00:22:14,000
DEEP AS OUR IMMEDIATE PROBLEMS


597
00:22:14,001 --> 00:22:16,000
MAY BE, THE WORST MISTAKE WE


598
00:22:16,001 --> 00:22:17,000
COULD MAKE IS STOP INVESTING FOR


599
00:22:17,001 --> 00:22:18,000
THE

600
00:22:18,001 --> 00:22:20,000
THAT'S WHY THE PRESENT BUDGET


601
00:22:20,001 --> 00:22:22,000
PROPOSAL LAYS THE GROUNDWORK

602
00:22:22,001 --> 00:22:24,000
 ECONOMY THAT JUST DOESN'T


603
00:22:24,001 --> 00:22:27,000
RECOVER IN THE SHORT TERM, BUT


604
00:22:27,001 --> 00:22:28,000
ALSO PROSPERS IN THE LONG TERM.


605
00:22:28,001 --> 00:22:29,000
THAT STARTS WITH ENDING THE

606
00:22:29,001 --> 00:22:31,000
PREVIOUS ADMINISTRATION'S ERROR


607
00:22:31,001 --> 00:22:33,000
OF PASSING THE BUCK, REFUSING TO


608
00:22:33,001 --> 00:22:36,000
MAKE TOUGH CHOICES, TO PLAN

609
00:22:36,001 --> 00:22:38,000
THE FUTURE OR TO HOLD ANYONE


610
00:22:38,001 --> 00:22:39,000
ACCOUNTABLE FOR THE GREED AND


611
00:22:39,001 --> 00:22:41,000
CORRUPTION.


612
00:22:41,001 --> 00:22:42,000
THERE WILL BE NO ACCOUNTING


613
00:22:42,001 --> 00:22:45,000
TRICKS IN THE OBAMA BUDGET.


614
00:22:45,001 --> 00:22:46,000
THERE WILL

615
00:22:46,001 --> 00:22:48,000
ACCOUNTABILITY, LOWER TAXES FOR


616
00:22:48,001 --> 00:22:49,000
WORKING FAMILIES AND SMART

INVESTMENTS.


617
00:22:49,001 --> 00:22:51,000
THE LONG-TERM PROSPERITY THAT


618
00:22:51,001 --> 00:22:53,000
REACHES BEYOND THE PRIVILEGE TO


619
00:22:53,001 --> 00:22:54,000
LIFT UP THE MIDDLE CLASS.


620
00:22:54,001 --> 00:22:55,000
ONE OF THE MOST CRITICAL


621
00:22:55,001 --> 00:22:58,000
INVESTMENTS WE CAN MAKE TODAY IS


622
00:22:58,001 --> 00:22:59,000
IN THE NEW

623
00:22:59,001 --> 00:23:01,000
POLICY THAT FINALLY BEGINS TO


624
00:23:01,001 --> 00:23:04,000
END OUR ADDICTION TO OIL.


625
00:23:04,001 --> 00:23:06,000
SINCE THE FIRST MODEL-T FORD


626
00:23:06,001 --> 00:23:08,000
LEFT THE ASSEMBLY LINE MORE THAN


627
00:23:08,001 --> 00:23:09,000
80 YEARS AGO, THE RISKS


628
00:23:09,001 --> 00:23:10,000
ASSOCIATED WITH OIL

629
00:23:10,001 --> 00:23:13,000
HAVE BEEN KNO

630
00:23:13,001 --> 00:23:15,000
TODAY WE FACE A THREE-PRONGED


631
00:23:15,001 --> 00:23:16,000
OIL CRISIS, THREATENING OUR


632
00:23:16,001 --> 00:23:17,000
ECONOMY, OUR NATIONAL SECURITY


633
00:23:17,001 --> 00:23:21,000
AND OUR ENVIRONMENT.


634
00:23:21,001 --> 00:23:23,000
AFTER YEARS OF

635
00:23:23,001 --> 00:23:24,000
BIGGER AND BIGGER CHECKS TO


636
00:23:24,001 --> 00:23:26,000
FOREIGN NATIONS FOR MORE OIL,


637
00:23:26,001 --> 00:23:27,000
THIS BUDGET FINAL TAKES THE


638
00:23:27,001 --> 00:23:29,000
LOGICAL APPROACH THAT ALL


639
00:23:29,001 --> 00:23:30,000
AMERICANS UNDERSTAND WE NEED TO


640
00:23:30,001 --> 00:23:33,000
REDUCE OUR CONSUMPTION, WE NEED


641
00:23:33,001 --> 00:23:35,000
TO FIND NEW RENEWABLE SOURCES OF


642
00:23:35,001 --> 00:23:36,000
ENERGY -- CLEAN ENERGY -- THAT


643
00:23:36,001 --> 00:23:37,000
WE CAN GROW RIGHT HERE AT

644
00:23:37,001 --> 00:23:40,000
CREATING HUNDREDS OF THOUSANDS


645
00:23:40,001 --> 00:23:41,000
OF GOOD JOBS HERE AT HOME.


646
00:23:41,001 --> 00:23:43,000
WE MUST MAKE THESE INVESTMENTS

NOW.


647
00:23:43,001 --> 00:23:46,000
AND IF WE DO, WE WILL NOT

648
00:23:46,001 --> 00:23:47,000
ACCOMPLISH THOSE GOALS, BUT ALSO


649
00:23:47,001 --> 00:23:50,000
LOWER OUR FUTURE ENERGY BILLS.


650
00:23:50,001 --> 00:23:52,000
FOR EVERY SINGLE

651
00:23:52,001 --> 00:23:53,000
CONSUMER AND SAVE MONEY FOR THE


652
00:23:53,001 --> 00:23:54,000
MILE-CLASS FAMILY.


653
00:23:54,001 --> 00:23:56,000
REMEMBER, MADAM PRESIDENT, LAST


654
00:23:56,001 --> 00:23:59,000
YEAR WE SPENT BUYING OIL FROM


655
00:23:59,001 --> 00:24:01,000
FOREIGN NATIONS ABOUT $500


656
00:24:01,001 --> 00:24:02,000
BILLION, MONEY THAT SHOULD HAVE


657
00:24:02,001 --> 00:24:03,000
STAYED AT HOME.


658
00:24:03,001 --> 00:24:07,000
THAT'S WHY PRESIDENT OBAMA IS


659
00:24:07,001 --> 00:24:08,000
PROPOSING A MARKET-BASED CAP ON


660
00:24:08,001 --> 00:24:12,000
CARBON POLLUTION, TO PROVIDE


661
00:24:12,001 --> 00:24:14,000
PRODUCTION RENEWABLE FUELS AND


662
00:24:14,001 --> 00:24:15,000
ENERGY-EFFICIENCY TECHNOLOGY AND


663
00:24:15,001 --> 00:24:16,000
REWARDS COMPANIES THAT LEAD THE

664
00:24:16,001 --> 00:24:19,000
WAY.


665
00:24:19,001 --> 00:24:20,000
THIS BUDGET INVESTS $15 BILLION


666
00:24:20,001 --> 00:24:22,000
A YEAR TO DEVELOP RENEWABLE


667
00:24:22,001 --> 00:24:24,000
SOURCES OF ENERGY LITERALLY ALL


668
00:24:24,001 --> 00:24:27,000
AROUND US, IN THE SUN, THE WIND


669
00:24:27,001 --> 00:24:28,000
AND JUST BENEATH THE EARTH IN


670
00:24:28,001 --> 00:24:30,000
GEOTHERMAL.


671
00:24:30,001 --> 00:24:31,000
ALL ACROSS AMERICA THE WORK OF


672
00:24:31,001 --> 00:24:32,000
TAPPING THESE PLENTIFUL ENERGY

673
00:24:32,001 --> 00:24:34,000
SOURCES IS UNDERWAY.


674
00:24:34,001 --> 00:24:35,000
IN PENNSYLVANIA, RENEWABLE


675
00:24:35,001 --> 00:24:37,000
ENERGY HAS SPARKED MORE THAN $1


676
00:24:37,001 --> 00:24:44,000
BILLION IN PRIVATE INVESTMENT.


677
00:24:44,001 --> 00:24:46,000
IN IOWA, SHUT FACTORIES HAVE


678
00:24:46,001 --> 00:24:47,000
REOPENED TO BUILD PARTS FOR WIND


679
00:24:47,001 --> 00:24:48,000
TURBINES.


680
00:24:48,001 --> 00:24:50,000
IN NEVADA THEY ALREADY HAVE


681
00:24:50,001 --> 00:24:52,000
ENOUGH RENEWABLE ENERGY PROJECTS


682
00:24:52,001 --> 00:24:53,000
TO HEAT AND COOL HUNDREDS AND


683
00:24:53,001 --> 00:24:54,000
THOUSANDS OF NEW HOMES WITHOUT A


684
00:24:54,001 --> 00:24:56,000
DROP OF OIL.


685
00:24:56,001 --> 00:25:01,000
WE MAKE RENEWABLE ENERGY A


686
00:25:01,001 --> 00:25:02,000
PRIORITY IN THIS BUDGET.


687
00:25:02,001 --> 00:25:04,000
BEGINNING.


688
00:25:04,001 --> 00:25:05,000
SOLAR POWER IN NEVADA AND THE


689
00:25:05,001 --> 00:25:07,000
DESERT SOUTHWEST ALONE COULD


690
00:25:07,001 --> 00:25:09,000
MEET OUR ENTIRE ENERGY NEEDS


691
00:25:09,001 --> 00:25:10,000
SEVEN TIME OVER, THE ENTIRE


692
00:25:10,001 --> 00:25:12,000
NEEDS OF THIS

693
00:25:12,001 --> 00:25:16,000
WIND ENERGY IN THE GREAT PLAINS,


694
00:25:16,001 --> 00:25:18,000
THE MIDWEST AND ON BOTH OUR


695
00:25:18,001 --> 00:25:19,000
COASTS IS VERY, VERY ABUNDANT.


696
00:25:19,001 --> 00:25:22,000
POTENTIAL FOR

697
00:25:22,001 --> 00:25:23,000
STILL LARGELY UNTAPPE IS


698
00:25:23,001 --> 00:25:24,000
STAGGERING.


699
00:25:24,001 --> 00:25:25,000
UNTIL RECENTLY ALL THESE


700
00:25:25,001 --> 00:25:27,000
OUTSTANDING PROJECTS HAVE BEEN


701
00:25:27,001 --> 00:25:30,000
MOVING FORWARD WITH LITTLE, IF


702
00:25:30,001 --> 00:25:31,000
ANY, FEDERAL SUPPORT.


703
00:25:31,001 --> 00:25:32,000
OUR LANDSCAPE IS DOTTED WITH


704
00:25:32,001 --> 00:25:34,000
RENEWABLE ENERGY PROJECTS, BUT


705
00:25:34,001 --> 00:25:36,000
RIGHT NOW WE'RE

706
00:25:36,001 --> 00:25:37,000
THE THE DOTS.


707
00:25:37,001 --> 00:25:38,000
RENEWABLE ENERGY MUCH OF THE


708
00:25:38,001 --> 00:25:40,000
TIME IS WHERE PEOPLE DON'T LIVE.


709
00:25:40,001 --> 00:25:44,000
WE NEED TO BRING THAT ENERGY TO

710
00:25:44,001 --> 00:25:46,000
NOW, THE FACT

711
00:25:46,001 --> 00:25:47,000
CONNECTING THESE DOTS HAS TO


712
00:25:47,001 --> 00:25:50,000
END, AND IT WILL END WHEN WE


713
00:25:50,001 --> 00:25:51,000
BEGIN TO INVEST IN SMARTER AND


714
00:25:51,001 --> 00:25:53,000
GREENER TRANSMISSION.


715
00:25:53,001 --> 00:25:55,000
A GRID THAT BRINGS RENEWABLE


716
00:25:55,001 --> 00:25:56,000
ENERGY FROM THE PLACES THAT


717
00:25:56,001 --> 00:25:57,000
PRODUCE IT TO THE PLACES THAT


718
00:25:57,001 --> 00:25:58,000
WILL USE IT.


719
00:25:58,001 --> 00:26:01,000
WE SHOULD BE CATALYZING THE WORK


720
00:26:01,001 --> 00:26:02,000
OF THE PRIVATE-SECTOR INNOVATORS


721
00:26:02,001 --> 00:26:03,000
WHO

722
00:26:03,001 --> 00:26:07,000
RELUTION ON THEIR SHOULDERS.


723
00:26:07,001 --> 00:26:08,000
EVERY JOB CREATED BY A


724
00:26:08,001 --> 00:26:10,000
RENEWABLE-ENERGY PROJECT IN


725
00:26:10,001 --> 00:26:12,000
CALIFO

726
00:26:12,001 --> 00:26:13,000
IOWA IS A JOB THAT CAN NEVER BE


727
00:26:13,001 --> 00:26:15,000
SHIPPED OVERSEAS.


728
00:26:15,001 --> 00:26:18,000
SOME ON THE OTHER SIDE MAY TRY


729
00:26:18,001 --> 00:26:19,000
TO PROTECT OUR COUNTRY'S BIGGEST


730
00:26:19,001 --> 00:26:20,000
CORPORATE POLLUTERS CLEANING UP


731
00:26:20,001 --> 00:26:21,000
THEIR ACT.


732
00:26:21,001 --> 00:26:22,000
SOME MAY SAY IN THIS TIME OF


733
00:26:22,001 --> 00:26:24,000
ECONOMIC CRISIS WE SHOULD NOT BE


734
00:26:24,001 --> 00:26:26,000
SREFGS IN OUR FUTURE --


735
00:26:26,001 --> 00:26:30,000
INVESTING IN OUR FUTURE.


736
00:26:30,001 --> 00:26:31,000
SOME MAY KREUT -- CRITICIZE THE


737
00:26:31,001 --> 00:26:33,000
PRESIDENT'S BUDGET.


738
00:26:33,001 --> 00:26:35,000
OVER THE NEXT SEVERAL WEEKS


739
00:26:35,001 --> 00:26:36,000
WE'LL ENGAGE IN SERIOUS DEBATE


740
00:26:36,001 --> 00:26:37,000
OVER THIS BUDGET AND THE


741
00:26:37,001 --> 00:26:38,000
PRIORITIES IT REFLECTS.


742
00:26:38,001 --> 00:26:40,000
IN THIS DEBATE, I URGE ALL

743
00:26:40,001 --> 00:26:41,000
COLLEAGUES TO CHOOSE SOUND


744
00:26:41,001 --> 00:26:44,000
POLICY OVER SOUND BITES.


745
00:26:44,001 --> 00:26:46,000
WE MAY NOT AGREE ON EVERYTHING;


746
00:26:46,001 --> 00:26:48,000
WE KNOW WE CAN AGREE AFTER EIGHT


747
00:26:48,001 --> 00:26:50,000
LONG YEARS OF IRRESPONSIBILITY


748
00:26:50,001 --> 00:27:00,000
WE MUST PASS A BUDGET THAT PUTS


749
00:27:00,001 --> 00:27:01,000
THE AM

750
00:27:01,001 --> 00:27:02,000
THE PRES

751
00:27:02,001 --> 00:27:04,000
THE PREVIOUS ORDER, THE


752
00:27:04,001 --> 00:27:05,000
LEADERSHIP TIME IS RESERVED.


753
00:27:05,001 --> 00:27:06,000
UNDER THE PREVIOUS ORDER, THERE


754
00:27:06,001 --> 00:27:07,000
WILL BE A PERIOD OF MORNING


755
00:27:07,001 --> 00:27:09,000
BUSINESS FOR UP TO ONE HOUR WITH


756
00:27:09,001 --> 00:27:13,000
SENATORS PERMITTED

757
00:27:13,001 --> 00:27:15,000
UP TO TEN MINUTES EACH, WITH THE


758
00:27:15,001 --> 00:27:17,000
TIME EQUALLY DIVIDED AND


759
00:27:17,001 --> 00:27:18,000
CONTROLLED BETWEEN THE TWO


760
00:27:18,001 --> 00:27:19,000
LEADERS OR THEIR DESIG

761
00:27:19,001 --> 00:27:20,000
THE MAJORITY CONTROLLING THE


762
00:27:20,001 --> 00:27:41,000
FIRST HALF AND THE REPUBLICANS


763
00:27:41,001 --> 00:27:49,000
CONTROLLING THE SOND

764
00:27:49,001 --> 00:29:47,000
THE CLERK WILL CALL THE ROLL.

765
00:29:47,001 --> 00:33:11,000
QUORUM CALL:


766
00:33:11,001 --> 00:33:12,000
QUORUM CALL:


767
00:33:12,001 --> 00:33:13,000
MRS. MURRAY: MADAM PRESI
THE PRESIDING OFFICER: THE


768
00:33:13,001 --> 00:33:14,000
SENATOR FROM WASHINGTON.


769
00:33:14,001 --> 00:33:16,000
MRS. MURRAY: I ASK UNANIMOUS


770
00:33:16,001 --> 00:33:17,000
CONSENT THAT THE QUORUM CALL BE

LIFTED.

THE PRESIDING OFFICER: WITHOUT


771
00:33:17,001 --> 00:33:18,000
OBJECTION.


772
00:33:18,001 --> 00:33:20,000
MRS. MURRAY: MADAM PRESIDENT,


773
00:33:20,001 --> 00:33:22,000
WHAT IS THE ORDER?

774
00:33:22,001 --> 00:33:23,000
THE PRESIDING OFFICER: THE


775
00:33:23,001 --> 00:33:26,000
SENATE CONDUCTING MORNING


776
00:33:26,001 --> 00:33:27,000
BUSINESS.


777
00:33:27,001 --> 00:33:29,000
THE MAJORITY CONTROLS THE NEXT


778
00:33:29,001 --> 00:33:30,000
24 1/2 MINUTES.


779
00:33:30,001 --> 00:33:31,000
MRS. MURRAY: THANK YOU, MADAM

PRESIDENT.


780
00:33:31,001 --> 00:33:33,000
MADAM PRESIDENT, FOR YEARS WE


781
00:33:33,001 --> 00:33:36,000
HAVE TALKED ABOUT THE FACT THAT


782
00:33:36,001 --> 00:33:38,000
THE ANNUAL BUDGET PROCESS IS THE


783
00:33:38,001 --> 00:33:39,000
TRUEST TEST OF PRIORITIES FOR --


784
00:33:39,001 --> 00:33:40,000
THAT THE PRESIDENT AND CONGRESS


785
00:33:40,001 --> 00:33:43,000
ENGAGE IN.


786
00:33:43,001 --> 00:33:45,000
FOR YEARS I WAS CONCERNED ABOUT


787
00:33:45,001 --> 00:33:46,000
THE LAST ADMINISTRATIOS


788
00:33:46,001 --> 00:33:48,000
BUDGETS, AND I WAS VERY VOCAL


789
00:33:48,001 --> 00:33:49,000
ABOUT THAT.


790
00:33:49,001 --> 00:33:51,000
TOO LITTLE INVESTMENT IN


791
00:33:51,001 --> 00:33:52,000
AMERICA, TOO MANY GIMMICKS, AND


792
00:33:52,001 --> 00:33:54,000
TOO MUCH FOCUS ON THE FEW AND

793
00:33:54,001 --> 00:33:56,000
NOT THE MANY.


794
00:33:56,001 --> 00:33:58,000
IT'S THESE BUDGETS AND THE


795
00:33:58,001 --> 00:33:59,000
POLICIES THEY IMPOSE THAT LED US


796
00:33:59,001 --> 00:34:01,000
TO THE CHALLENGES THAT WE ARE


797
00:34:01,001 --> 00:34:03,000
NOW FACING.


798
00:34:03,001 --> 00:34:06,000
PRESIDENT OBAMA INHERITED HUGE


799
00:34:06,001 --> 00:34:08,000
PROBLEMS, NOT OF HIS OWN MAKING.


800
00:34:08,001 --> 00:34:10,000
THAT'S WHY HIS FIRST BUDGET


801
00:34:10,001 --> 00:34:11,000
BLUEPRINT IS SH A BREATH OF


802
00:34:11,001 --> 00:34:13,000
FRESH AIR.


803
00:34:13,001 --> 00:34:15,000
PRESIDENT OBAMA'S BUDGET IS BOTH


804
00:34:15,001 --> 00:34:17,000
A STATEMENT OF PRIORITIES AND A


805
00:34:17,001 --> 00:34:20,000
ST OF OUR COMMITMENT TO MAKING


806
00:34:20,001 --> 00:34:22,000
OUR COUNTRY STRONGER FOR ALL

AMERICANS.


807
00:34:22,001 --> 00:34:24,000
OUR NATION FACES REALLY SERIOUS


808
00:34:24,001 --> 00:34:26,000
CHALLENGES NOW, BUT IT'S NOT A


809
00:34:26,001 --> 00:34:28,000
TIME TO SHY AWAY FROM THE


810
00:34:28,001 --> 00:34:29,000
INVESTMENTS THAT WILL ENSURE OUR


811
00:34:29,001 --> 00:34:31,000
PROSPERITY AND OUR


812
00:34:31,001 --> 00:34:32,000
COMPETITIVENESS IN THE FUTURE.


813
00:34:32,001 --> 00:34:34,000
HIS BUDGET BUILDS THE FOUNDATION


814
00:34:34,001 --> 00:34:37,000
THAT WILL MAKE AMERICA STRONGER


815
00:34:37,001 --> 00:34:38,000
BY INVESTING IN HEALTH CARE,


816
00:34:38,001 --> 00:34:39,000
ENERGY INDEPENDENCE, AND


817
00:34:39,001 --> 00:34:41,000
EDUCATION.


818
00:34:41,001 --> 00:34:42,000
THE PRESIDENT INHERITED AN


819
00:34:42,001 --> 00:34:44,000
ECONOMIC RECESSION AND


820
00:34:44,001 --> 00:34:45,000
STAGGERING DEFICITS.


821
00:34:45,001 --> 00:34:48,000
THE SHORTSIGHTED BUDGETS AND


822
00:34:48,001 --> 00:34:49,000
POLICIES OF THE PAST HAVE LEFT


823
00:34:49,001 --> 00:34:52,000
OUR INFRASTRUCTURE CRUMBLING,


824
00:34:52,001 --> 00:34:53,000
OUR EDUCATION SYSTEM FALLING


825
00:34:53,001 --> 00:34:55,000
BEHIND, AND THE DEBT OF WAR IN


826
00:34:55,001 --> 00:34:56,000
THE POCKETS OF OUR


827
00:34:56,001 --> 00:34:58,000
GRANDCHILDREN.


828
00:34:58,001 --> 00:35:00,000
THERE IS NO DOUBT THAT WE HAVE


829
00:35:00,001 --> 00:35:03,000
TO TAKE SOME SERIOUS STEPS TO


830
00:35:03,001 --> 00:35:04,000
DIG OUT OF THIS HOLE.


831
00:35:04,001 --> 00:35:06,000
PRESIDENT OBAMA'S BUDGET TAKES


832
00:35:06,001 --> 00:35:09,000
STEPS TO CUT OUR DEFICIT IN HALF


833
00:35:09,001 --> 00:35:11,000
AND TO RESTORE FAIRNESS TO OUR


834
00:35:11,001 --> 00:35:12,000
TAX SYSTEM, AND IMPORTANTLY,


835
00:35:12,001 --> 00:35:14,000
AFTER EIGHT YEARS OF GIMMICKS,


836
00:35:14,001 --> 00:35:16,000
THIS BUDGET IS TRANSPARENT AND


837
00:35:16,001 --> 00:35:17,000
TELLS THE AMERICAN PEOPLE


838
00:35:17,001 --> 00:35:19,000
EXACTLY WHERE WE ARE SPENDING


839
00:35:19,001 --> 00:35:21,000
OUR MONEY.


840
00:35:21,001 --> 00:35:23,000
THE PRESIDENT ACCOUNTS FOR WAR


841
00:35:23,001 --> 00:35:25,000
SPENDING AND LEAVES ROOM FOR

842
00:35:25,001 --> 00:35:26,000
NATURAL DISASTERS OR OTHER


843
00:35:26,001 --> 00:35:28,000
EMERGENCIES THAT WE MIGHT FACE.


844
00:35:28,001 --> 00:35:30,000
THE PRESIDENT HAS BEEN HONEST


845
00:35:30,001 --> 00:35:32,000
ABOUT THE CHALLENGES

846
00:35:32,001 --> 00:35:34,000
THIS COUNTRY AND NOW HE'S BEING


847
00:35:34,001 --> 00:35:35,000
HONEST ABOUT WHERE WE NEED TO

INVEST.


848
00:35:35,001 --> 00:35:37,000
HE'S WARNED CONGRESS AND THE


849
00:35:37,001 --> 00:35:39,000
AMERICAN PEOPLE ABOUT THE


850
00:35:39,001 --> 00:35:40,000
SACRIFICE WE ALL HAVE TO MAKE TO


851
00:35:40,001 --> 00:35:41,000
MOVE OUR COUNTRY FORWARD, AND


852
00:35:41,001 --> 00:35:42,000
THEY ARE MANY.


853
00:35:42,001 --> 00:35:44,000
BUT HE'S ALSO BEEN CLEAR THAT


854
00:35:44,001 --> 00:35:46,000
NOW IS THE TIME TO INVEST IN


855
00:35:46,001 --> 00:35:49,000
HEALTH CARE AND ENERGY AND


856
00:35:49,001 --> 00:35:51,000
EDUCATION REFORM TO ENSURE OUR


857
00:35:51,001 --> 00:35:52,000
LONG-TERM STRENGTH AND

PROSPERITY.


858
00:35:52,001 --> 00:35:54,000
MADAM PRESIDENT, I COME TO THE


859
00:35:54,001 --> 00:35:56,000
FLOOR TODAY TO TALK SPECIFICALLY


860
00:35:56,001 --> 00:35:57,000
ABOUT THE NEED TO INVEST IN


861
00:35:57,001 --> 00:35:59,000
EDUCATION.


862
00:35:59,001 --> 00:36:01,000
INVESTING IN EDUCATION IS ONE OF


863
00:36:01,001 --> 00:36:03,000
THE MOST CERTAIN WAYS WE CAN


864
00:36:03,001 --> 00:36:06,000
CREATE JOBS AND STRENGTHEN OUR


865
00:36:06,001 --> 00:36:07,000
ECONOMY WELL INTO THE FUTURE.


866
00:36:07,001 --> 00:36:09,000
EDUCATION MEANS ECONOMIC


867
00:36:09,001 --> 00:36:11,000
RECOVERY, AND IN THIS GLOBAL


868
00:36:11,001 --> 00:36:12,000
ECONOMY, A GOOD EDUCATION IS NO


869
00:36:12,001 --> 00:36:14,000
LONGER JUST A PATHWAY TO


870
00:36:14,001 --> 00:36:16,000
OPPORTUNITY; IT'S A PREQUISITE


871
00:36:16,001 --> 00:36:18,000
FOR SUCCESS.


872
00:36:18,001 --> 00:36:19,000
ENSURING QUALITY EDUCATION FOR


873
00:36:19,001 --> 00:36:21,000
EVERY AMERICAN IS ESSENTIAL TO


874
00:36:21,001 --> 00:36:22,000
OUR FUTURE AS A NATION.


875
00:36:22,001 --> 00:36:23,000
THE PRESIDENT AND THIS CONGRESS


876
00:36:23,001 --> 00:36:25,000
MADE A DOWN PAYMENT ON THAT


877
00:36:25,001 --> 00:36:28,000
COMMITMENT IN THE ECONOMIC


878
00:36:28,001 --> 00:36:30,000
RECOVERY ACT THAT WE PASSED LAST

MONTH.


879
00:36:30,001 --> 00:36:31,000
THAT BILL MEANT HELP FOR


880
00:36:31,001 --> 00:36:33,000
WASHINGTON STATE STUDENTS IN MY


881
00:36:33,001 --> 00:36:35,000
STATE WHO ARE STRUGGLING TO


882
00:36:35,001 --> 00:36:36,000
AFFORD AND ATTEND COLLEGE AND


883
00:36:36,001 --> 00:36:39,000
STUDENTS ACROSS THE COUNTRY.


884
00:36:39,001 --> 00:36:40,000
IT MEANS SERVING

885
00:36:40,001 --> 00:36:41,000
STUDENTS' NEEDS.


886
00:36:41,001 --> 00:36:43,000
IT MEANS THE ABILITY TO RESTORE


887
00:36:43,001 --> 00:36:44,000
THE EDUCATION CUTS THAT OUR


888
00:36:44,001 --> 00:36:45,000
STATES ARE FACING, AND IT MEANS


889
00:36:45,001 --> 00:36:47,000
KEEPING TEACHERS IN THEIR JOBS


890
00:36:47,001 --> 00:36:49,000
AND KEEPING OUR CLASS SIZ
DOWN.


891
00:36:49,001 --> 00:36:51,000
THOSE INVESTMENTS THAT WE MADE


892
00:36:51,001 --> 00:36:52,000
IN THAT ECONOMIC RECOVERY


893
00:36:52,001 --> 00:36:55,000
PACKAGE ARE GOING TO NOT ONLY


894
00:36:55,001 --> 00:36:56,000
HELP CREATE JOBS; THEY'RE GOING


895
00:36:56,001 --> 00:36:58,000
TO HOIRP TEACHERS AND OUR


896
00:36:58,001 --> 00:37:00,000
PARENTS AND OUR -- THEY'RE GOING


897
00:37:00,001 --> 00:37:02,000
TO HELP OUR TEACHERS AND OUR


898
00:37:02,001 --> 00:37:03,000
PARENTS AND OUR COMMUNITIES.


899
00:37:03,001 --> 00:37:05,000
THE STUDENTS ARE GOING TO BE


900
00:37:05,001 --> 00:37:07,000
TOMORROW'S HIGHLY SKILLED

WORKFORCE.


901
00:37:07,001 --> 00:37:09,000
SO WE NEED TO MAKE THIS


902
00:37:09,001 --> 00:37:10,000
INVESTMENT TO STAY STRONG AS A


903
00:37:10,001 --> 00:37:12,000
NATION.


904
00:37:12,001 --> 00:37:15,000
THAT ECONOMIC RECOVERY BILL MADE


905
00:37:15,001 --> 00:37:17,000
A DOWN PAYMENT ON OUR STUDENTS'

FUTURES.


906
00:37:17,001 --> 00:37:18,000
THE NEXT STEP WE HAVE TO TAKE IS


907
00:37:18,001 --> 00:37:21,000
OUR BUDGET, TO HELP IMPROVE


908
00:37:21,001 --> 00:37:23,000
EDUCATION FOR OUR KIDS AND FOR

ALL.


909
00:37:23,001 --> 00:37:25,000
THE BUDGET THAT WE ARE GOING TO


910
00:37:25,001 --> 00:37:26,000
BE SEEING PUTS A LONG-NEED


911
00:37:26,001 --> 00:37:27,000
EMPHASIS ON PREPARING STUDENTS


912
00:37:27,001 --> 00:37:29,000
FOR THE JOBS OF TODAY AND


913
00:37:29,001 --> 00:37:31,000
TOMORROW WITH THE FOCUS ON


914
00:37:31,001 --> 00:37:32,000
SCIENCE, MATH, AND

915
00:37:32,001 --> 00:37:35,000
SKILLS AND EQUIPMENT.


916
00:37:35,001 --> 00:37:37,000
IT FOCUSESN 21st CENTURY


917
00:37:37,001 --> 00:37:40,000
SKILLS AND EARLY CHILDHOOD

EDUCATION.


918
00:37:40,001 --> 00:37:41,000
IT TALKS ABOUT CAREER AND


919
00:37:41,001 --> 00:37:42,000
TECHNICAL EDUCATION AND


920
00:37:42,001 --> 00:37:44,000
ACCESSING AND AFFORDING HIGHER


921
00:37:44,001 --> 00:37:47,000
EDUCATION, WHICH INCLUDES

922
00:37:47,001 --> 00:37:48,000
TWO-YEAR COLLEGES AND TECHNICAL

TRAINING.


923
00:37:48,001 --> 00:37:50,000
LET ME TALK FOR A MINUTE ABOUT


924
00:37:50,001 --> 00:37:53,000
IF A BUDGET AND ITS DETAILS.


925
00:37:53,001 --> 00:37:54,000
THAT BUDGET CREATES A


926
00:37:54,001 --> 00:37:55,000
ZERO-TO-FIVE PLAN WHICH WILL


927
00:37:55,001 --> 00:37:59,000
CONTINUE TO INCREASE FUNDING FOR


928
00:37:59,001 --> 00:38:00,000
HEAD START, EARLY START, AND


929
00:38:00,001 --> 00:38:03,000
CHILD CARE DEVELOPMENT BLOCK

GRANTS.


930
00:38:03,001 --> 00:38:05,000
IT ENCOURAGES OUR STATES AND


931
00:38:05,001 --> 00:38:06,000
LOCAL INVESTMENT IN EARLY


932
00:38:06,001 --> 00:38:08,000
EDUCATION TO HELP GET


933
00:38:08,001 --> 00:38:09,000
INFORMATION TO PARENTS ABOUT


934
00:38:09,001 --> 00:38:10,000
QUALITY CHILD CARE PROGRAMS,


935
00:38:10,001 --> 00:38:12,000
INCLUDING IMPORTANT HOME


936
00:38:12,001 --> 00:38:13,000
VISITING PROGRAMS FOR PARENTS


937
00:38:13,001 --> 00:38:15,000
WITH YOUNG CHILDREN.


938
00:38:15,001 --> 00:38:16,000
THE BUDGET WILL MAKE IMPORTANT


939
00:38:16,001 --> 00:38:18,000
INVESTMENTS IN PREPARING AND


940
00:38:18,001 --> 00:38:20,000
SUPPORTING GREAT TEACHERS AND


941
00:38:20,001 --> 00:38:21,000
SCHOOL LEADERS FOR OUR COOLS


942
00:38:21,001 --> 00:38:23,000
SCHOOLS.


943
00:38:23,001 --> 00:38:24,000
IT WILL ALLOW STUDENTS TO

944
00:38:24,001 --> 00:38:26,000
ACHIEVE THEIR DREAM BY MAKE


945
00:38:26,001 --> 00:38:28,000
CRITICAL FUNDING TO RAISE THE


946
00:38:28,001 --> 00:38:30,000
PELL GRANT AND IT CONTINUES THE


947
00:38:30,001 --> 00:38:32,000
NEW AMERICAN OPPORTUNITY TAX


948
00:38:32,001 --> 00:38:33,000
CREDIT WHICH WILL HEL

949
00:38:33,001 --> 00:38:34,000
ACROSS THE NATION AFFORD


950
00:38:34,001 --> 00:38:38,000
TUITION.


951
00:38:38,001 --> 00:38:41,000
AND THE BUDGET MAKES A FIVE-YEAR


952
00:38:41,001 --> 00:38:42,000
$2.5 BILLION INVESTMENT IN A NEW


953
00:38:42,001 --> 00:38:45,000
ACCESS AND COMPLETION INCENTIVE


954
00:38:45,001 --> 00:38:46,000
FUND TO ENSURE THAT LOW-INCOME


955
00:38:46,001 --> 00:38:48,000
STUDENTS COMPLETE COLLEGE.


956
00:38:48,001 --> 00:38:50,000
WE KNOW THAT ONLY ABOUT 50% OF


957
00:38:50,001 --> 00:38:51,000
OUR STUDENTS START A COLLEGE


958
00:38:51,001 --> 00:38:52,000
EDUCATION IN THIS COUNTRY


959
00:38:52,001 --> 00:38:54,000
COMPLETE IT.


960
00:38:54,001 --> 00:38:57,000
WE'VE GOT TO DO A LOT BETTER


961
00:38:57,001 --> 00:38:59,000
THAN THAT BECAUSE ALL ALL OF OUR


962
00:38:59,001 --> 00:39:01,000
GOOD-PAYING JOBS REQUIRE A


963
00:39:01,001 --> 00:39:03,000
CREDENTIAL BEYOND HIGH SCHOOL.


964
00:39:03,001 --> 00:39:04,000
SO, MADAM PRESIDENT, I COME TO


965
00:39:04,001 --> 00:39:07,000
THE FLOOR TODAY TO SAY NOW IS


966
00:39:07,001 --> 00:39:09,000
NOT A TIME TO SIT BACK AND JUST

WORRY.


967
00:39:09,001 --> 00:39:11,000
NOW IS THE TIME TO BE BOLD AND


968
00:39:11,001 --> 00:39:13,000
MAKE THE CRITICAL INVESTMENTS IN


969
00:39:13,001 --> 00:39:14,000
OUR COUNTRY THAT ARE SO LONG


970
00:39:14,001 --> 00:39:16,000
OVERDUE.


971
00:39:16,001 --> 00:39:18,000
NOWHERE IS THIS CLEARER THAN IN

EDUCATION.


972
00:39:18,001 --> 00:39:20,000
SO I APPLAUD THE PRESIDENT FOR


973
00:39:20,001 --> 00:39:22,000
MAKING HIS COMMITMENT CLEAR.


974
00:39:22,001 --> 00:39:24,000
AND I PLEDGE TO WORK WITH HIM


975
00:39:24,001 --> 00:39:25,000
AND EVERY ONE OF OUR COLLEAGUES


976
00:39:25,001 --> 00:39:26,000
WHO'S WILLING TO ENSURE THAT


977
00:39:26,001 --> 00:39:28,000
OURS BECOME THE GREATEST


978
00:39:28,001 --> 00:39:29,000
EDUCATION SYSTEM IN THE WORLD.


979
00:39:29,001 --> 00:39:31,000
AND NOW, MADAM PRESIDENT, LET ME


980
00:39:31,001 --> 00:39:32,000
SAY A WORD ABOUT SOME OF THE


981
00:39:32,001 --> 00:39:33,000
CRITICISM THAT WE'VE BEEN


982
00:39:33,001 --> 00:39:35,000
HEARING FROM OUR FRIENDS ON THE


983
00:39:35,001 --> 00:39:38,000
OTHER SIDE OF THE AISLE.


984
00:39:38,001 --> 00:39:42,000
I'VE HEARD A LOT OF TALK ABOUT


985
00:39:42,001 --> 00:39:43,000
THIS BUDGET -- QUOTE -- "TAXING


986
00:39:43,001 --> 00:39:44,000
TOO MUCH."


987
00:39:44,001 --> 00:39:45,000
THEY MUST BE READING A DIFFERENT


988
00:39:45,001 --> 00:39:47,000
BUDGETHAN I AM.


989
00:39:47,001 --> 00:39:51,000
PRESIDENT OBAMA'S BUDGET WOULD


990
00:39:51,001 --> 00:39:52,000
NOT RAISE

991
00:39:52,001 --> 00:39:53,000
AMERICANS.


992
00:39:53,001 --> 00:39:54,000
I THINK THAT'S REALLY IMPORTANT.


993
00:39:54,001 --> 00:39:57,000
SO LET ME SAY THIS AGAIN.


994
00:39:57,001 --> 00:39:59,000
95% OF AMERICANS WILL NOT SEE


995
00:39:59,001 --> 00:40:01,000
THEIR TAXES RAISED UNDER THIS

PLAN.


996
00:40:01,001 --> 00:40:02,000
IN FACT, TOO MUCH OF THE TAX


997
00:40:02,001 --> 00:40:04,000
BURDEN IN THIS COUNTRY IS BEING


998
00:40:04,001 --> 00:40:05,000
BORNE TODAY BY OUR WORKING


999
00:40:05,001 --> 00:40:08,000
FAMILIES AND PRESIDENT OBAMA IS


1000
00:40:08,001 --> 00:40:10,000
WORKING HARD TO FIX THAT.


1001
00:40:10,001 --> 00:40:13,000
NINE OF 10 WORKING FAMILIES WILL


1002
00:40:13,001 --> 00:40:14,000
SEE THEIR TAXES GO DOWN WITH HIS


1003
00:40:14,001 --> 00:40:17,000
BUDGET PLAN.


1004
00:40:17,001 --> 00:40:19,000
THE PRESIDENT'S MAKING WORK PAY


1005
00:40:19,001 --> 00:40:21,000
CREDIT -- $HAD00 FOR INDIVID

1006
00:40:21,001 --> 00:40:23,000
AND $800 FOR WORKING FAMILIES --


1007
00:40:23,001 --> 00:40:24,000
IS EXTENDED UNDER HIS BUDGET


1008
00:40:24,001 --> 00:40:26,000
PLAN.


1009
00:40:26,001 --> 00:40:28,000
THAT CREDIT CUTS TAXES FOR 95%


1010
00:40:28,001 --> 00:40:31,000
OF OUR WORKING FAMILIES.


1011
00:40:31,001 --> 00:40:33,000
IT CUTS TAXES FOR 95% OF OUR


1012
00:40:33,001 --> 00:40:34,000
WORKING FAMILIES.


1013
00:40:34,001 --> 00:40:36,000
THE AMERICAN OPPORTUNITY


1014
00:40:36,001 --> 00:40:38,000
EDUCATION TAX CREDIT IS GOING TO


1015
00:40:38,001 --> 00:40:41,000
HELP OUR FAMILIES PAY FOR


1016
00:40:41,001 --> 00:40:43,000
COLLEGE BY PROVIDING A $2,500


1017
00:40:43,001 --> 00:40:45,000
CREDIT TO OFFSET THE COST OF


1018
00:40:45,001 --> 00:40:46,000
TUITION AND

1019
00:40:46,001 --> 00:40:48,000
AND IT MAKES THE CREDIT


1020
00:40:48,001 --> 00:40:49,000
PARTIALLY REFUNDABLE.


1021
00:40:49,001 --> 00:40:51,000
AND FINALLY, THE BUDGET


1022
00:40:51,001 --> 00:40:53,000
INCREASES ELIGIBILITY FOR THE

1023
00:40:53,001 --> 00:40:55,000
REFUNDABLE PORTION OF THE CHILD

CREDIT.


1024
00:40:55,001 --> 00:40:57,000
SO, MADAM PRESIDENT, THOSE ARE


1025
00:40:57,001 --> 00:40:59,000
JUST THREE WAYS

1026
00:40:59,001 --> 00:41:01,000
ADMINISTRATION IS FOCUSING ON


1027
00:41:01,001 --> 00:41:03,000
TAX RELIEF FOR THOSE WHO NEED IT


1028
00:41:03,001 --> 00:41:06,000
MOST -- OUR WORKING FAMILIES.


1029
00:41:06,001 --> 00:41:08,000
SO WHILE WE ARE HEARING A LOT,


1030
00:41:08,001 --> 00:41:10,000
AND WE WILL CONTINUE TO HEAR, NO


1031
00:41:10,001 --> 00:41:12,000
DOUBT, A LOT FROM OUR FRIENDS ON


1032
00:41:12,001 --> 00:41:13,000
THE OTHER SIDE ABOUT TAXING TOO


1033
00:41:13,001 --> 00:41:15,000
MUCH, IT'S IMPORTANT THAT WE ALL


1034
00:41:15,001 --> 00:41:17,000
LOOK AT THE FACTS AND NOT BUY


1035
00:41:17,001 --> 00:41:18,000
INTO THE RHETORIC.

1036
00:41:18,001 --> 00:41:20,000
MADAM PRESIDENT, AFTER EIGHT


1037
00:41:20,001 --> 00:41:22,000
LONG YEARS OF BUDGETS THAT LEFT


1038
00:41:22,001 --> 00:41:24,000
OUR AMERICAN FAMILIES BEHIND, I


1039
00:41:24,001 --> 00:41:26,000
LOOK FORWARD TO WORKING WITH


1040
00:41:26,001 --> 00:41:28,000
PRESIDENT OBAMA AND A BIPARTISAN


1041
00:41:28,001 --> 00:41:29,000
GROUP IN CONGRESS TO MOVE


1042
00:41:29,001 --> 00:41:31,000
FORWARD AND INVEST IN THE FUTURE


1043
00:41:31,001 --> 00:41:32,000
STRENGTH OF THIS NATION.


1044
00:41:32,001 --> 00:41:34,000
WE HAVE A LOT OF GREAT


1045
00:41:34,001 --> 00:41:37,000
CHALLENGES AHEAD, BUT I BELIEVE


1046
00:41:37,001 --> 00:41:41,000
WE CAN AND WE'LL OVERCOME THEM


1047
00:41:41,001 --> 00:41:42,000
BY MAKING TOGETHER, -- BY


1048
00:41:42,001 --> 00:41:43,000
WORKING TOGETHER AND I VESTING


1049
00:41:43,001 --> 00:41:44,000
IN THE BEST RESOURCE WE HAVE --


1050
00:41:44,001 --> 00:41:45,000
THE AMERICAN PEOPLE.


1051
00:41:45,001 --> 00:41:46,000
THANK YOU, MADAM PRESIDENT.


1052
00:41:46,001 --> 00:41:47,000
I YIELD 

1053
00:41:47,001 --> 00:41:48,000
I GGEST THE ABSENCE OF A

QUORUM.


1054
00:41:48,001 --> 00:41:52,000
THE PRESIDING OFFICER: THE


1055
00:41:52,001 --> 00:45:04,000
CLERK 

1056
00:45:04,001 --> 00:48:56,000
QUORUM CALL:


1057
00:48:56,001 --> 00:48:58,000
QUOR


1058
00:48:58,001 --> 00:48:59,000
 FIRST

1059
00:48:59,001 --> 00:49:00,000
A SENATOR: MR. PRESIDENT?

THE PRESIDING OFFICER: THE


1060
00:49:00,001 --> 00:49:02,000
SENATOR FROM LOUISIANA.


1061
00:49:02,001 --> 00:49:03,000
MR. VITTER: MADAM PRESIDENT,


1062
00:49:03,001 --> 00:49:05,000
I'D ASK UNANIMOUS CONSENT THAT


1063
00:49:05,001 --> 00:49:07,000
THE

1064
00:49:07,001 --> 00:49:09,000
PRESERVED AND THAT I MIGHT BE


1065
00:49:09,001 --> 00:49:10,000
THE PRESIDING OFFICER:


1066
00:49:10,001 --> 00:49:11,000
SENATOR, THE QUORUM CALL IS

1067
00:49:11,001 --> 00:49:12,000
PROGRESS.


1068
00:49:12,001 --> 00:49:13,000
MR. VITTER: EXCUSE ME,


1069
00:49:13,001 --> 00:49:14,000
I ASK UNANIMOUS CONSENT TO CALL

OFF THE QUORUM CALL.


1070
00:49:14,001 --> 00:49:15,000
THE PRESIDING OFFICER: WITHOUT


1071
00:49:15,001 --> 00:49:17,000
OBJECTION.

MR. VITTER: NOW I ASK


1072
00:49:17,001 --> 00:49:18,000
UNANIMOUS CONSENT THAT THE


1073
00:49:18,001 --> 00:49:20,000
MAJORITY PARTY'S TIME BE


1074
00:49:20,001 --> 00:49:21,000
PRESERVED AND THAT I PROCEED


1075
00:49:21,001 --> 00:49:22,000
WITH WRARBGS UNDER THE THE


1076
00:49:22,001 --> 00:49:24,000
MINORITY TIME -- WITH REMARKS


1077
00:49:24,001 --> 00:49:25,000
UNDER THE MINORITY TIME.


1078
00:49:25,001 --> 00:49:26,000
THE PRESIDING OFFICER: WITHOUT

OBJECTION.


1079
00:49:26,001 --> 00:49:27,000
MR. VITTER: THANK YOU,


1080
00:49:27,001 --> 00:49:28,000
MADAM PRESIDENT.


1081
00:49:28,001 --> 00:49:30,000
MADAM PRESIDENT, I RISE AGAIN TO


1082
00:49:30,001 --> 00:49:32,000
DISCUSS THE ISSUE OF AUTOMATIC


1083
00:49:32,001 --> 00:49:33,000
PAY RAISES FOR MEMBERS OF


1084
00:49:33,001 --> 00:49:36,000
CONG

1085
00:49:36,001 --> 00:49:38,000
AS I SAID IN OUR DEBATE ON THE


1086
00:49:38,001 --> 00:49:41,000
OMNIBUS SPENDING BILL LAST WEEK,


1087
00:49:41,001 --> 00:49:43,000
I THINK THIS SYSTEM OF AUTOMATIC


1088
00:49:43,001 --> 00:49:47,000
PAY RAISES, PAY RAISES FOR


1089
00:49:47,001 --> 00:49:50,000
MEMBERS OF CONGRESS ON AUTOPILOT


1090
00:49:50,001 --> 00:49:52,000
WITHOUT THE NEED FOR ANY


1091
00:49:52,001 --> 00:49:56,000
LEGISLATION, ANY DEBATE, ANY


1092
00:49:56,001 --> 00:49:59,000
VOTE, IS TRAOUPL -- IS TRULY


1093
00:49:59,001 --> 00:50:01,000
WRONG AND TRULY OFFENSIVE.


1094
00:50:01,001 --> 00:50:02,000
AND, MADAM PRESIDENT, I BELIEVE


1095
00:50:02,001 --> 00:50:06,000
 IS IN THE BEST OF TIMES, BUT


1096
00:50:06,001 --> 00:50:09,000
I BELIEVE IT IS TRIPOLI WRONG


1097
00:50:09,001 --> 00:50:10,000
AND OFFENSIVE RIGHT NOW AS


1098
00:50:10,001 --> 00:50:13,000
AMERICANS ALL OVER OUR COUNTRY


1099
00:50:13,001 --> 00:50:15,000
WHO HAVE TO WORK HARD IN THE


1100
00:50:15,001 --> 00:50:16,000
AL WORLD FACE DIRE ECONOMIC


1101
00:50:16,001 --> 00:50:17,000
CHALLENGES AND CONDITIONS.


1102
00:50:17,001 --> 00:50:22,000
AND SO, MADAM PRESIDENT, I RISE


1103
00:50:22,001 --> 00:50:24,000
AGAIN TO URGE US TO ACT, TO DO


1104
00:50:24,001 --> 00:50:25,000
THE RIGHT

1105
00:50:25,001 --> 00:50:27,000
CONFIDENCE AMONG THE AMERICAN


1106
00:50:27,001 --> 00:50:30,000
PEOPLE BY CHANGING THIS SYSTEM


1107
00:50:30,001 --> 00:50:33,000
AND NO LONGER HAVING AUTOMATIC


1108
00:50:33,001 --> 00:50:35,000
PAY RAISES FOR MEMBERS OF


1109
00:50:35,001 --> 00:50:36,000
CONGRESS.


1110
00:50:36,001 --> 00:50:40,000
MADAM PRESIDENT, I PROPOSE DOING


1111
00:50:40,001 --> 00:50:43,000
THIS AS AN AMENDMENT ON THE


1112
00:50:43,001 --> 00:50:45,000
OMNIBUS APPROPRIATIONS BILL.


1113
00:50:45,001 --> 00:50:47,000
AFTER SOME DIFFICULTY IN GETTING


1114
00:50:47,001 --> 00:50:49,000
MY AMENDMENT EVEN RECOGNIZED AND


1115
00:50:49,001 --> 00:50:51,000
DEBATED AND VOTED ON, I FINALLY


1116
00:50:51,001 --> 00:50:52,000
WAS ABLE TO DO THAT, AND WE HAD


1117
00:50:52,001 --> 00:50:58,000
A MEANINGFUL DEBATE.


1118
00:50:58,001 --> 00:50:59,000
WE HAD A VOTE.

1119
00:50:59,001 --> 00:51:01,000
UNFORTUNATELY FROM MY

1120
00:51:01,001 --> 00:51:04,000
PERSPECTIVE, I FELL A LITTLE BIT


1121
00:51:04,001 --> 00:51:07,000
SHORT IN TERMS OF PASSING THE

AMENDMENT.


1122
00:51:07,001 --> 00:51:09,000
IT WAS TKWAOETD 52 -- IT WAS


1123
00:51:09,001 --> 00:51:11,000
DEFEATED 52-45.


1124
00:51:11,001 --> 00:51:12,000
BUT IN THAT PROCESS,


1125
00:51:12,001 --> 00:51:14,000
MADAM PRESIDENT, WE DID HAVE AN


1126
00:51:14,001 --> 00:51:16,000
IMPORTANT DEBATE, AND SEVERAL


1127
00:51:16,001 --> 00:51:18,000
OTHER MEMBERS CAME FORWARD AND


1128
00:51:18,001 --> 00:51:19,000
EXPRESSED SUPPORT FOR THE


1129
00:51:19,001 --> 00:51:21,000
CONCEPT, MOST NOTABLY, THE


1130
00:51:21,001 --> 00:51:24,000
MAJORITY LEADER, LEADER

1131
00:51:24,001 --> 00:51:26,000
IN FACT, THE VERY DAY AFTER I


1132
00:51:26,001 --> 00:51:29,000
FINALLY, FINALLY SECURED A


1133
00:51:29,001 --> 00:51:30,000
DEBATE AND A VOTE ON MY


1134
00:51:30,001 --> 00:51:33,000
AMENDMENT, THE DAY AFTER THAT


1135
00:51:33,001 --> 00:51:36,000
NATOR REID INTRODUCED HIS OWN


1136
00:51:36,001 --> 00:51:38,000
FREE-STANDING BILL TO GET RID OF


1137
00:51:38,001 --> 00:51:41,000
AUTOMATIC PAY RAISES AT LEAST


1138
00:51:41,001 --> 00:51:43,000
AFTER THE NEXT ONE SCHEDULED,


1139
00:51:43,001 --> 00:51:44,000
AND TO DO AWAY WITH THAT


1140
00:51:44,001 --> 00:51:45,000
PROCESS.


1141
00:51:45,001 --> 00:51:47,000
AND OBVIOUSLY I COM

1142
00:51:47,001 --> 00:51:49,000
WITH THAT CONCEPT.


1143
00:51:49,001 --> 00:51:51,000
THAT'S THE W

1144
00:51:51,001 --> 00:51:54,000
WORK ALONG WITH SENATOR FEINGOLD


1145
00:51:54,001 --> 00:51:56,000
OF WISCONSIN AND MY OTHER


1146
00:51:56,001 --> 00:51:57,000
COAUTHORS: SENATOR ENSIGN AND


1147
00:51:57,001 --> 00:52:00,000
SENATOR GRASSLEY.


1148
00:52:00,001 --> 00:52:02,000
DURING THE DEBATE ON THIS ISSUE,


1149
00:52:02,001 --> 00:52:04,000
SENATOR REID

1150
00:52:04,001 --> 00:52:05,000
HE SPOKE ON THE FLOOR IN SUPPORT


1151
00:52:05,001 --> 00:52:08,000
OF THIS EFFORT.


1152
00:52:08,001 --> 00:52:10,000
HE SAID SEVERAL THINGS.


1153
00:52:10,001 --> 00:52:13,000
QUOTE -- "I

1154
00:52:13,001 --> 00:52:14,000
VITTER THAT COST-OF-LIVING


1155
00:52:14,001 --> 00:52:16,000
ADJUSTMENTS FOR MEMBERS OF


1156
00:52:16,001 --> 00:52:19,000
CONGRESS SHOULD NOT BE

AUTOMATIC.


1157
00:52:19,001 --> 00:52:20,000
THAT IS WHY I INTRODUCED A


1158
00:52:20,001 --> 00:52:24,000
FREE-STANDING BILL LAST WEEK


1159
00:52:24,001 --> 00:52:26,000
THAT WOULD DO JUST THAT."


1160
00:52:26,001 --> 00:52:28,000
IN ADDITION, IN THE SAME TIME ON


1161
00:52:28,001 --> 00:52:30,000
THE FLOOR SENATOR REID SAID --


1162
00:52:30,001 --> 00:52:33,000
QUOTE -- "IF THERE ARE PEOPLE


1163
00:52:33,001 --> 00:52:34,000
WHO DON'T WANT TO AGREE TO THIS


1164
00:52:34,001 --> 00:52:36,000
TONIGHT, ASSUMING THE SENATOR


1165
00:52:36,001 --> 00:52:39,000
FROM

1166
00:52:39,001 --> 00:52:44,000
WILL BRING IT UP SOME OTHER

TIME.


1167
00:52:44,001 --> 00:52:45,000
I AM

1168
00:52:45,001 --> 00:52:47,000
AGAIN -- QUOTE -- "I WILL BRING


1169
00:52:47,001 --> 00:52:50,000
IT UP SOME OTHER TIME.


1170
00:52:50,001 --> 00:52:52,000
I AM COMMITTED TO DOING THIS."


1171
00:52:52,001 --> 00:52:54,000
WELL, MADAM PRESIDENT, I


1172
00:52:54,001 --> 00:52:56,000
OBJECTED TO BRINGING THAT


1173
00:52:56,001 --> 00:52:58,000
FREE-STANDING BILL UP THEN


1174
00:52:58,001 --> 00:53:00,000
BECAUSE

1175
00:53:00,001 --> 00:53:03,000
DRAINED VOTES IN SUPPORT OF MY


1176
00:53:03,001 --> 00:53:04,000
AMENDMENT AWAY FROM MY AMENDMENT


1177
00:53:04,001 --> 00:53:07,000
AND HELPED DEFEAT IT.


1178
00:53:07,001 --> 00:53:10,000
IN FACT, WE SAW HOW CLOSE THAT

VOTE WAS.


1179
00:53:10,001 --> 00:53:14,000
BUT NOW THAT THAT

1180
00:53:14,001 --> 00:53:15,000
I APPLAUD SENATOR REID FOR HIS


1181
00:53:15,001 --> 00:53:17,000
OFFER.


1182
00:53:17,001 --> 00:53:18,000
QUOTE -- "I WILL BRING IT UP

1183
00:53:18,001 --> 00:53:21,000
SOME OTHER TIME.


1184
00:53:21,001 --> 00:53:23,000
I AM COMMITTED TO DOING THIS."


1185
00:53:23,001 --> 00:53:27,000
MADAM PRESIDENT, I'M HERE

1186
00:53:27,001 --> 00:53:30,000
THAT THIS TIME, RIGHT NOW, THESE


1187
00:53:30,001 --> 00:53:31,000
NEXT TWO WEEKS, IS

1188
00:53:31,001 --> 00:53:33,000
SOME OTHER TIME.


1189
00:53:33,001 --> 00:53:35,000
WE ARE CLEARLY IN A BIT OF A


1190
00:53:35,001 --> 00:53:38,000
LULL IN TERMS OF FLOOR ACTIVITY


1191
00:53:38,001 --> 00:53:40,000
THIS WEEK AND NEXT WEEK BEFORE


1192
00:53:40,001 --> 00:53:41,000
WE BEGIN AN IMPORTANT DEBATE ON


1193
00:53:41,001 --> 00:53:46,000
THE BUDGET.


1194
00:53:46,001 --> 00:53:49,000
THE MAJORITY LEADER IS LOOKING


1195
00:53:49,001 --> 00:53:50,000
FOR THINGS TO TAKE UP OUR FLOOR


1196
00:53:50,001 --> 00:53:51,000
WE ARE CLEARLY IN A LIGHT


1197
00:53:51,001 --> 00:53:54,000
PERIOD.

1198
00:53:54,001 --> 00:53:56,000
SO WHAT BETTER "SOME OTHER TIME"

1199
00:53:56,001 --> 00:53:58,000
THAN RIGHT HERE, RIGHT NOW?


1200
00:53:58,001 --> 00:53:59,000
IN THAT SPIRIT, MADAM PRESIDENT,


1201
00:53:59,001 --> 00:54:01,000
AND THE SPIRIT OF COOPERATION TO


1202
00:54:01,001 --> 00:54:03,000
MOVE

1203
00:54:03,001 --> 00:54:06,000
MAJORITY LEADER A LETTER LAST


1204
00:54:06,001 --> 00:54:07,000
THURSDAY, AND I EXPRESSED JUST


1205
00:54:07,001 --> 00:54:10,000
THESE THOUGHTS, AND I ASKED HIM


1206
00:54:10,001 --> 00:54:13,000
TO BRING UP HIS FREE-STANDING


1207
00:54:13,001 --> 00:54:15,000
BILL OR MINE OR ANY


1208
00:54:15,001 --> 00:54:16,000
FREE-STANDING BILL

1209
00:54:16,001 --> 00:54:20,000
RAISES FOR MEMBERS OF CONGRESS


1210
00:54:20,001 --> 00:54:21,000
BEING ON AUTOPILOT ON THE SENATE


1211
00:54:21,001 --> 00:54:25,000
FLOOR AS SOON AS POSSIBLE.


1212
00:54:25,001 --> 00:54:27,000
AS I POINTED OUT, THIS CLEARLY


1213
00:54:27,001 --> 00:54:28,000
HAS SUPPORT TO MOV

1214
00:54:28,001 --> 00:54:29,000
THE PROCESS THROUGH THE SENATE


1215
00:54:29,001 --> 00:54:32,000
IN THE

1216
00:54:32,001 --> 00:54:35,000
IT DOESN'T HAVE UNANIMOUS

SUPPORT.


1217
00:54:35,001 --> 00:54:36,000
ANY ISSUE LIKE

1218
00:54:36,001 --> 00:54:38,000
HAVE UNANIMOUS SUPPORT.


1219
00:54:38,001 --> 00:54:40,000
BUT IT HAS THE SUPPORT OF OVER


1220
00:54:40,001 --> 00:54:43,000
60 MEMBERS OF TS BODY.


1221
00:54:43,001 --> 00:54:44,000
NOW WHY DO I SAY THAT?


1222
00:54:44,001 --> 00:54:48,000
SIMPLE MATH, MADAM PRESIDENT.


1223
00:54:48,001 --> 00:54:50,000
ON THE VOTE ON MY AMENDMENT,

1224
00:54:50,001 --> 00:54:56,000
OBTAINED 45 "YES" VOTES.


1225
00:54:56,001 --> 00:54:59,000
IN ADDITION TO THOSE 45 VOTES,

THE DISTINGUISHED MAJORITY


1226
00:54:59,001 --> 00:55:01,000
LEADER, WHO VOTED AGAINST MY

1227
00:55:01,001 --> 00:55:04,000
AMENDMENT, SAYING THAT THE ONLY


1228
00:55:04,001 --> 00:55:06,000
REASON THEY WERE DOING THAT W

1229
00:55:06,001 --> 00:55:07,000
TO NOT BURDEN THE OMNIBUS


1230
00:55:07,001 --> 00:55:09,000
SPENDING BILL WITH THE

AMENDMENT.


1231
00:55:09,001 --> 00:55:11,000
AND THEY SAID ON THE RECORD


1232
00:55:11,001 --> 00:55:14,000
THEY'RE FOR THE CONCEPT.


1233
00:55:14,001 --> 00:55:16,000
AND SENATOR REID INTRODUCED A


1234
00:55:16,001 --> 00:55:20,000
FREE-STANDING BILL IN THIS BODY,


1235
00:55:20,001 --> 00:55:22,000
AND HE HAS COAUTHORS TO THIS


1236
00:55:22,001 --> 00:55:25,000
FREE-STANDING BILL IN THAT

NUMBER.

20.


1237
00:55:25,001 --> 00:55:28,000
SO IT'S SIMPLE MATH, IF YOU ADD


1238
00:55:28,001 --> 00:55:30,000
45 AND

1239
00:55:30,001 --> 00:55:33,000
65 -- WELL OVER A

FILIBUSTER-PROOF NUMBER.


1240
00:55:33,001 --> 00:55:35,000
WELL OVER THE 60 VOTES REQUIRED


1241
00:55:35,001 --> 00:55:38,000
TO NOT ONLY MOVE THIS BILL


1242
00:55:38,001 --> 00:55:41,000
THROUGH THE SENATE, BUT MOVE IT


1243
00:55:41,001 --> 00:55:43,000
THROUGH IN A FAIRLY EXPEDITED,


1244
00:55:43,001 --> 00:55:46,000
EFFICIENT, QUICK PROCESS.

1245
00:55:46,001 --> 00:55:47,000
SO, MADAM PRESIDENT, THE PERFECT


1246
00:55:47,001 --> 00:55:52,000
TIME IS NOW.


1247
00:55:52,001 --> 00:55:54,000
WE ARE CLEARLY IN TWO WEEKS OF


1248
00:55:54,001 --> 00:55:56,000
RELATIVE LULL BEFORE THE

1249
00:55:56,001 --> 00:55:58,000
ON THE BUDGET.


1250
00:55:58,001 --> 00:55:59,000
THE MAJORITY LEADER CLEARLY IS


1251
00:55:59,001 --> 00:56:04,000
LOOKING FOR IMPORTANT BUSINESS


1252
00:56:04,001 --> 00:56:06,000
TO

1253
00:56:06,001 --> 00:56:10,000
PARTICULARLY SINCE OTHER ISSUES


1254
00:56:10,001 --> 00:56:11,000
ARE

1255
00:56:11,001 --> 00:56:13,000
FLOOR THIS WEEK AS PLANNED.


1256
00:56:13,001 --> 00:56:15,000
SO WHAT BETTER TIME TO COME


1257
00:56:15,001 --> 00:56:17,000
TOGETHER IN A BIPARTISAN WAY TO


1258
00:56:17,001 --> 00:56:20,000
REBUILD THE CONFIDENCE OF

1259
00:56:20,001 --> 00:56:24,000
AMERICAN PEOPLE AND TO GET THIS


1260
00:56:24,001 --> 00:56:25,000
DONE, PASSING IT THROUGH THE


1261
00:56:25,001 --> 00:56:26,000
SENA?


1262
00:56:26,001 --> 00:56:28,000
AIN -- QUOTE -- "I WILL BRING


1263
00:56:28,001 --> 00:56:32,000
IT UP SOME OTHER TIME.


1264
00:56:32,001 --> 00:56:36,000
I AM COMMITTED TO DOING THIS."

THE DISTINGUISHED MAJORITY

LEADER.


1265
00:56:36,001 --> 00:56:39,000
WELL, AGAIN, I ASK THE MAJORITY


1266
00:56:39,001 --> 00:56:40,000
LEADER IN A SPIRIT OF


1267
00:56:40,001 --> 00:56:42,000
BIPARTISANSHIP, OF COOPERATION,


1268
00:56:42,001 --> 00:56:44,000
OF REESTABLISHING THE CONFIDENCE


1269
00:56:44,001 --> 00:56:50,000
OF THE AMERICAN PEOPLE IN


1270
00:56:50,001 --> 00:56:51,000
CONGRESS BY DOING AWAY WITH THIS


1271
00:56:51,001 --> 00:56:53,000
OFFENSIVE PRACTICE.


1272
00:56:53,001 --> 00:56:54,000
PAY RAISES ON AUTOPILOT WITHOUT


1273
00:56:54,001 --> 00:56:57,000
DEBATE, WITHOUT LEGISLATION,


1274
00:56:57,001 --> 00:56:58,000
WITHOUT A VOTE, WITHOUT EVEN A


1275
00:56:58,001 --> 00:57:01,000
LINE-ITEM IN AN APPROPRIATIONS


1276
00:57:01,001 --> 00:57:02,000
BILL WHICH WE CAN TRY TO CHANGE


1277
00:57:02,001 --> 00:57:06,000
THROUGH AMENDMENT.


1278
00:57:06,001 --> 00:57:07,000
LET'S CHANGE THAT WRONG AND


1279
00:57:07,001 --> 00:57:09,000
OFFENSIVE PRACTICE.


1280
00:57:09,001 --> 00:57:11,000
I URGE THE DISTINGUISHED


1281
00:57:11,001 --> 00:57:12,000
MAJORITY LEADER TO LOOK AT MY


1282
00:57:12,001 --> 00:57:16,000
LETTER OF LAST THURSDAY, TO


1283
00:57:16,001 --> 00:57:17,000
CONSIDER IT CAREFULLY, TO


1284
00:57:17,001 --> 00:57:18,000
UNDERSTAND THAT WE HAVE


1285
00:57:18,001 --> 00:57:21,000
ESTABLISHED THROUGH HIS BILL,


1286
00:57:21,001 --> 00:57:23,000
THROUGH MY VOTE, 65 VOTES IN


1287
00:57:23,001 --> 00:57:26,000
SUPPORT OF DOING AWAY WITH THIS


1288
00:57:26,001 --> 00:57:30,000
ON THE SENATE FLOOR.


1289
00:57:30,001 --> 00:57:32,000
WITH 65 VOTES, WE

1290
00:57:32,001 --> 00:57:35,000
CAN BE SUCCESSFUL, AND WE CAN DO


1291
00:57:35,001 --> 00:57:37,000
IT IN A VERY EFFICIENT MANNER.


1292
00:57:37,001 --> 00:57:38,000
WHAT BETTER TIME TO DO

1293
00:57:38,001 --> 00:57:39,000
RIGHT NOW.


1294
00:57:39,001 --> 00:57:41,000
WITH THAT, MADAM PRESIDENT, I


1295
00:57:41,001 --> 00:57:44,000
YIELD THE FLOOR.


1296
00:57:44,001 --> 00:57:45,000
AND
QUORUM.


1297
00:57:45,001 --> 00:57:50,000
THE PRESIDING OFFICER: THE


1298
00:57:50,001 --> 01:01:35,000
CLERK WILL CALL THE ROLL.


1299
01:01:35,001 --> 01:17:33,000
QUORUM CALL:


1300
01:17:33,001 --> 01:20:43,000
QUORUM CALL:


1301
01:20:43,001 --> 01:20:44,000
QUORUM CALL:


1302
01:20:44,001 --> 01:20:45,000
A SENATOR: MR. PRESIDENT?


1303
01:20:45,001 --> 01:20:46,000
THE PRESIDING OFFICER: THE


1304
01:20:46,001 --> 01:20:47,000
SENATOR FROM

1305
01:20:47,001 --> 01:20:48,000
MRS. BOXER: MR. PRESIDENT,


1306
01:20:48,001 --> 01:20:49,000
WHAT I THE ORDER NOW

1307
01:20:49,001 --> 01:20:50,000
THE PRESIDING OFFICER: WE'RE


1308
01:20:50,001 --> 01:20:51,000
IN A QUORUM CALL.


1309
01:20:51,001 --> 01:20:52,000
MRS. BOXER: I ASK THAT

1310
01:20:52,001 --> 01:20:53,000
QUORUM CALL BE DISPENSED WITH.


1311
01:20:53,001 --> 01:20:54,000
THE PRESIDING OFFICER: WITHOUT


1312
01:20:54,001 --> 01:20:56,000
OBJECTION, SO ORDERED.


1313
01:20:56,001 --> 01:20:57,000
MRS. BOXER: WHAT IS THE ORD

1314
01:20:57,001 --> 01:21:00,000
THE PRESIDING OFFICER: SEVEN


1315
01:21:00,001 --> 01:21:01,000
MINUTES REMAINING IN MORNING

BUSINESS.


1316
01:21:01,001 --> 01:21:04,000
MRS. BOXER: MR. PRESIDENT, I


1317
01:21:04,001 --> 01:21:07,000
COMEO THE FLOOR TODAY TO TALK


1318
01:21:07,001 --> 01:21:09,000
ABOUT A COUPLE OF ISSUES.


1319
01:21:09,001 --> 01:21:13,000
THE FIRST IS TO ADD

1320
01:21:13,001 --> 01:21:19,000
THE OUTRAGE OVER THESE BONUSES


1321
01:21:19,001 --> 01:21:21,000
TO PEOPLE WHO -- TO SAY THEY


1322
01:21:21,001 --> 01:21:23,000
DON'T DESERVE IT IS AN

UNDERSTATEMENT.


1323
01:21:23,001 --> 01:21:26,000
I USED TO WORKN WALL STREET A


1324
01:21:26,001 --> 01:21:28,000
VERY LONG TIME AGO, AND YOU GOT


1325
01:21:28,001 --> 01:21:29,000
A BONUS WHEN YOU DID SOMETHING


1326
01:21:29,001 --> 01:21:31,000
GOOD, WHEN YOU BROUGHT BUSINESS


1327
01:21:31,001 --> 01:21:34,000
IN, WHEN YOU DID WELL FOR THE

COMPANY.


1328
01:21:34,001 --> 01:21:35,000
NOT WHEN YOU BROUGHT THE COMPANY


1329
01:21:35,001 --> 01:21:37,000
DOWN.

1330
01:21:37,001 --> 01:21:39,000
IT'S DISGUSTING.


1331
01:21:39,001 --> 01:21:41,000
IT'S

1332
01:21:41,001 --> 01:21:45,000
AND I THINK YOU'RE HEARING


1333
01:21:45,001 --> 01:21:46,000
OUTRAGE FROM ALL QUARTERS OF OUR


1334
01:21:46,001 --> 01:21:48,000
SOCIETY, WHICH MEANS WE'RE GOING


1335
01:21:48,001 --> 01:21:50,000
TO DO SOMETHING

1336
01:21:50,001 --> 01:21:53,000
I JUST WANT TO MAKE SURE THAT


1337
01:21:53,001 --> 01:21:54,000
I'M ON RECORD AS SAYING THOSE


1338
01:21:54,001 --> 01:21:55,000
BONUSES OUGHT TO BE RETURNED


1339
01:21:55,001 --> 01:21:56,000
VOLUNTARILY.


1340
01:21:56,001 --> 01:21:58,000
AND IF THEY'RE NOT RETURNED,


1341
01:21:58,001 --> 01:22:01,000
THEY OUGHT TO BE TAXED AS CLOSE


1342
01:22:01,001 --> 01:22:03,000
TO

1343
01:22:03,001 --> 01:22:07,000
AND I WILL BE SUPPORTING THAT.


1344
01:22:07,001 --> 01:22:09,000
IT'S TIME TO CHANGE THE CULTURE


1345
01:22:09,001 --> 01:22:11,000
IN CORPORATE AMERICA.


1346
01:22:11,001 --> 01:22:13,000
IF YOU'RE GOING TO TURN TO


1347
01:22:13,001 --> 01:22:15,000
TAXPAYERS FOR HELP, THEN YOU

1348
01:22:15,001 --> 01:22:18,000
DON'T SQUANDER THEIR MONEY.


1349
01:22:18,001 --> 01:22:20,000
YOU WORK TO PAY IT BACK AS FAST


1350
01:22:20,001 --> 01:22:23,000
AS YOU CAN AND GET BACK OUT ON

YOUR OWN.


1351
01:22:23,001 --> 01:22:25,000
I THINK IT'S SUCH AN OBVIOUS

POINT.


1352
01:22:25,001 --> 01:22:27,000
AND I WANT TO PRAISE THE


1353
01:22:27,001 --> 01:22:28,000
PRESIDENT FOR BEING VERY, VERY


1354
01:22:28,001 --> 01:22:30,000
CLEAR ON THIS P

1355
01:22:30,001 --> 01:22:34,000
I ALSO CAME TO THE FLOOR TO TALK


1356
01:22:34,001 --> 01:22:36,000
ABOUT THE U

1357
01:22:36,001 --> 01:22:37,000
GOING TO BE HAVING ON THE

BUDGET.


1358
01:22:37,001 --> 01:22:39,000
I WAS A LONGTIME MEMBER OF THE


1359
01:22:39,001 --> 01:22:41,000
BUDGET COMMITTEE AND THEN MOVED


1360
01:22:41,001 --> 01:22:44,000
OFF TO TAKE SOME OTHER

ASSIGNMENTS.


1361
01:22:44,001 --> 01:22:46,000
BUT I'VE ALWAYS RESPECTED THE


1362
01:22:46,001 --> 01:22:50,000
WORK OF THAT COMMITTEE BECAUSE


1363
01:22:50,001 --> 01:22:54,000
THE BUDGET IS TRULY A ROAD MAP


1364
01:22:54,001 --> 01:22:56,000
TO THE PRIORITIES OF A NATION.


1365
01:22:56,001 --> 01:22:58,000
AND WHEN WE LOOK AT A BUDGET,


1366
01:22:58,001 --> 01:23:00,000
SURE, THERE ARE GOING TO BE


1367
01:23:00,001 --> 01:23:02,000
CERTAIN TPHEUPBGZ IT WE DON'T --


1368
01:23:02,001 --> 01:23:05,000
THINGS IN IT WE DON'T AGREE

WITH.


1369
01:23:05,001 --> 01:23:06,000
WE MAY WANT TO TRIM IT HERE AND


1370
01:23:06,001 --> 01:23:07,000
THERE.


1371
01:23:07,001 --> 01:23:08,000
I DON'T ALWAYS AGREE WITH


1372
01:23:08,001 --> 01:23:10,000
EVERYTHING IN THE OBAMA

1373
01:23:10,001 --> 01:23:11,000
THERE ARE FEW THINGS I'M GOING


1374
01:23:11,001 --> 01:23:14,000
 WORK TO CHANGE.


1375
01:23:14,001 --> 01:23:15,000
BUT IN GENERAL, IN GENERAL AT


1376
01:23:15,001 --> 01:23:16,000
SO ECONOMICALLY, I THINK THAT


1377
01:23:16,001 --> 01:23:19,000
THE PRIORITIES THAT ARE LAID OUT


1378
01:23:19,001 --> 01:23:21,000
IN THERE ARE GOOD FOR AMERICA,


1379
01:23:21,001 --> 01:23:22,000
GOOD FOR MY STATE OF CALIFORNIA.


1380
01:23:22,001 --> 01:23:25,000
AND I WANT TO TALK ABOUT A


1381
01:23:25,001 --> 01:23:28,000
COUPLE OF THESE PRIORITIES.


1382
01:23:28,001 --> 01:23:30,000
WE KNOW THAT

1383
01:23:30,001 --> 01:23:32,000
ADMINISTRATION INHERITED A


1384
01:23:32,001 --> 01:23:34,000
NIGHTMARE, AN ECONOMIC NIGHTMARE


1385
01:23:34,001 --> 01:23:35,000
FROM GEORGE BUSH'S


1386
01:23:35,001 --> 01:23:37,000
ADMINISTRATION.


1387
01:23:37,001 --> 01:23:41,000
4.4 MILLION JOBS LOST IN THE


1388
01:23:41,001 --> 01:23:42,000
LAST 14 MONTHS, AN UNEMPLOYMENT


1389
01:23:42,001 --> 01:23:43,000
RATE THAT IS S

1390
01:23:43,001 --> 01:23:46,000
STATE.


1391
01:23:46,001 --> 01:23:47,000
IT'S IN DOUBLE DIGITS.


1392
01:23:47,001 --> 01:23:48,000
12.5 MILLION AMERICANS


1393
01:23:48,001 --> 01:23:51,000
UNEMPLOYED AND A FEDERAL DEBT


1394
01:23:51,001 --> 01:23:52,000
THAT'S JUST G

1395
01:23:52,001 --> 01:23:53,000
VERY QUICKLY.


1396
01:23:53,001 --> 01:23:54,000
I'LL TELL YOU WHAT IS SO


1397
01:23:54,001 --> 01:23:56,000
INTERESTING TO ME IS

1398
01:23:56,001 --> 01:23:58,000
BILL CLINTON HANDED OVER THE


1399
01:23:58,001 --> 01:24:00,000
KEYS TO THE WHITE HOUSE TO


1400
01:24:00,001 --> 01:24:02,000
GEORGE W. BUSH, OUR BUDGET WAS


1401
01:24:02,001 --> 01:24:06,000
ACTUALLY IN A SURPLUS.


1402
01:24:06,001 --> 01:24:08,000
IT WAS IN A SURPLUS,

1403
01:24:08,001 --> 01:24:09,000
ACTUALLY HAD DISCUSSIONS IN MY


1404
01:24:09,001 --> 01:24:12,000
HOUSEHOLD ABOUT THE FACT THAT


1405
01:24:12,001 --> 01:24:13,000
THE DEBT WAS GOING DOWN SO FAST


1406
01:24:13,001 --> 01:24:16,000
THAT WE MAY NOT HAVE THE


1407
01:24:16,001 --> 01:24:17,000
OPPORTUNITY TO BUY ANY MORE


1408
01:24:17,001 --> 01:24:19,000
TREASURY BONDS.


1409
01:24:19,001 --> 01:24:21,000
SO, LET'S NOT FORGET WHAT


1410
01:24:21,001 --> 01:24:26,000
HAPPENED IN EIGHT YEARS.


1411
01:24:26,001 --> 01:24:28,000
A BUDGET SURPLUS TURNED INTO

OUTRAGEOUS DEFICITS.


1412
01:24:28,001 --> 01:24:29,000
THE ECONOMY TOOK A TERRIBLE TURN


1413
01:24:29,001 --> 01:24:34,000
FOR THE WORSE.


1414
01:24:34,001 --> 01:24:35,000
THE DEBT

1415
01:24:35,001 --> 01:24:40,000
SO NOW WE HAVE A NEW PRESIDENT


1416
01:24:40,001 --> 01:24:41,000
WHO RAN ON A PLATFORM OF CHANGE.


1417
01:24:41,001 --> 01:24:43,000
AND, YOU KNOW, AS

1418
01:24:43,001 --> 01:24:46,000
COLLEAGUES ON THE OTHER SIDE OF


1419
01:24:46,001 --> 01:24:48,000
THE AISLE, SAVE A FEW OF THEM,


1420
01:24:48,001 --> 01:24:49,000
THEY'RE FIGHTING FOR THE STATUS


1421
01:24:49,001 --> 01:24:51,000
QUO.


1422
01:24:51,001 --> 01:24:54,000
WELL, MY BELIEF IS IF YOU FIGHT


1423
01:24:54,001 --> 01:24:55,000
FOR THE STATUS QUO, THAT IS NOT


1424
01:24:55,001 --> 01:24:59,000
A PASSIVE ACT.


1425
01:24:59,001 --> 01:25:01,000
IT'S A HOSTILE ACT, BECAUSE THE


1426
01:25:01,001 --> 01:25:03,000
STATUS QUO HAS GOT TO CHANGE SO


1427
01:25:03,001 --> 01:25:05,000
WE CAN RELIEVE SOME OF THE PAIN


1428
01:25:05,001 --> 01:25:06,000
IN

1429
01:25:06,001 --> 01:25:09,000
AND WHAT PRESIDENT OBAMA DOES


1430
01:25:09,001 --> 01:25:11,000
WITH THIS BUDGET, I THINK VERY


1431
01:25:11,001 --> 01:25:13,000
WISELY, IS TO CONTINUE THE


1432
01:25:13,001 --> 01:25:16,000
ECONOMIC STIMULUS THAT HE


1433
01:25:16,001 --> 01:25:17,000
STARTED WITH

1434
01:25:17,001 --> 01:25:20,000
STIMULUS BILL.


1435
01:25:20,001 --> 01:25:22,000
HE FOCUSES ON THREE PRIORITIES:


1436
01:25:22,001 --> 01:25:24,000
EDUCATION, HEALTH CARE, AND


1437
01:25:24,001 --> 01:25:27,000
CLEAN

1438
01:25:27,001 --> 01:25:28,000
AND, MR. PRESIDENT, EVERYONE


1439
01:25:28,001 --> 01:25:31,000
KNOWS -- AND I KNOW MY FRIEND IN


1440
01:25:31,001 --> 01:25:34,000
THE CHAIR HAS A YOUNG SON.


1441
01:25:34,001 --> 01:25:37,000
WE

1442
01:25:37,001 --> 01:25:39,000
SAID IS TRUE: THE COUNTRIES THAT


1443
01:25:39,001 --> 01:25:41,000
OUTTCH US TODAY WILL


1444
01:25:41,001 --> 01:25:43,000
OUTCOMPETE US TOMORROW.


1445
01:25:43,001 --> 01:25:44,000
AND HIS YOUNG SON AND MY


1446
01:25:44,001 --> 01:25:48,000
GRANDCHILDREN, IF THEY DON'T GET


1447
01:25:48,001 --> 01:25:49,000
THE EDUCATION THEY DESERVE ARE


1448
01:25:49,001 --> 01:25:51,000
JUST NOT GOING TO HAVE THE


1449
01:25:51,001 --> 01:25:53,000
CHANCE TO GET

1450
01:25:53,001 --> 01:25:56,000
HAD THE OPPORTUNITY TO GET IN


1451
01:25:56,001 --> 01:25:57,000
OUR GENERATION.


1452
01:25:57,001 --> 01:26:00,000
FOR EVERY DOLLAR INVESTED IN


1453
01:26:00,001 --> 01:26:03,000
EDUCATION, THERE'S A $4 TO $9


1454
01:26:03,001 --> 01:26:05,000
RETURN IN HIGHER EARNINGS, IN


1455
01:26:05,001 --> 01:26:07,000
HIGHER EMPLOYMENT RATES, IN LESS


1456
01:26:07,001 --> 01:26:08,000
CRIME, IN LESS WELFARE, AND IN


1457
01:26:08,001 --> 01:26:09,000
BETTER HEALTH.


1458
01:26:09,001 --> 01:26:11,000
AND THE OBAMA PLAN WILL DOUBLE


1459
01:26:11,001 --> 01:26:14,000
THE NUMBER OF CHILDREN SERVED BY


1460
01:26:14,001 --> 01:26:15,000
EARLY HEAD START, AND HE'LL


1461
01:26:15,001 --> 01:26:17,000
EXPAND HEAD START.


1462
01:26:17,001 --> 01:26:20,000
HE'LL PROVIDE RESOURCES

1463
01:26:20,001 --> 01:26:23,000
REWARD EFFECTIVE TEACHERS --


1464
01:26:23,001 --> 01:26:24,000
EFFECTIVE TEACHERS AND EFFECTIVE


1465
01:26:24,001 --> 01:26:25,000
PRINCIPALS.


1466
01:26:25,001 --> 01:26:27,000
HE'LL INCREASE THE CAPACITY OF


1467
01:26:27,001 --> 01:26:30,000
OUR YOUNG PEOPLE TO GO TO


1468
01:26:30,001 --> 01:26:33,000
COLLEGE ON PELL

1469
01:26:33,001 --> 01:26:35,000
SO, WHEN WE HAVE A PRESIDENT WHO


1470
01:26:35,001 --> 01:26:37,000
INVESTS IN EDUCATION, WE KNOW WE


1471
01:26:37,001 --> 01:26:41,000
SHOULD SUPPORT HIM BECAUSE EVERY


1472
01:26:41,001 --> 01:26:44,000
DOLLAR WE INVEST COMES BACK

NINEFOLD.


1473
01:26:44,001 --> 01:26:45,000
THEN THE PRESIDENT INVESTS IN


1474
01:26:45,001 --> 01:26:46,000
HEALTH CARE.


1475
01:26:46,001 --> 01:26:49,000
AND WE KNOW THAT THE BIGGEST


1476
01:26:49,001 --> 01:26:53,000
CAUSE OF BANKRUPTCY IN AMERICA


1477
01:26:53,001 --> 01:26:54,000
IS WHEN A FAMILY IS HIT WITH A


1478
01:26:54,001 --> 01:26:56,000
CATAROPHIC HEALTH PROBLEM, AND


1479
01:26:56,001 --> 01:26:59,000
THEY ARE UNINSURED OR THEIR


1480
01:26:59,001 --> 01:27:01,000
INSURANCE IS CAPPED.


1481
01:27:01,001 --> 01:27:03,000
AND WE KNOW THAT PREMIUMS HAVE


1482
01:27:03,001 --> 01:27:05,000
GROWN FOUR TIMES FASTER THAN


1483
01:27:05,001 --> 01:27:07,000
WAGES IN THE LAST EIGHT YEARS.


1484
01:27:07,001 --> 01:27:08,000
PREMIUMS HAVE GROWN FOUR TIMES


1485
01:27:08,001 --> 01:27:10,000
FASTER THAN WAGES IN THE LAST


1486
01:27:10,001 --> 01:27:12,000
EIGHT YEARS.


1487
01:27:12,001 --> 01:27:14,000
SO, OUR PRESIDENT IS GOING TO


1488
01:27:14,001 --> 01:27:15,000
FINALLY TAKE ON THE ISS OF


1489
01:27:15,001 --> 01:27:16,000
HEALTH CARE, AND WE SHOULD STAND


1490
01:27:16,001 --> 01:27:18,000
WITH HIM.


1491
01:27:18,001 --> 01:27:19,000
DOES THAT MEAN WE'RE GOING TO


1492
01:27:19,001 --> 01:27:20,000
SUPPORT EVERY LITTLE THING HE


1493
01:27:20,001 --> 01:27:24,000
RECOMMENDS?

IT MAY NOT.


1494
01:27:24,001 --> 01:27:27,000
WE MAY AGREE ON 90% OF IT, BUT


1495
01:27:27,001 --> 01:27:29,000
WE'RE GOING TO MOVE ON HEALTH


1496
01:27:29,001 --> 01:27:31,000
CARE, BECAUSE NOT TO DO SO,


1497
01:27:31,001 --> 01:27:34,000
AGAIN, IS A HOSTILE ACT,


1498
01:27:34,001 --> 01:27:38,000
THE CURRENT SITUATION IS

UNSUSTAINABLE.


1499
01:27:38,001 --> 01:27:43,000
THE COST OF FAMILIES TODAY IS

UNSUSTAINABLE.


1500
01:27:43,001 --> 01:27:44,000
THE FEAR THAT

1501
01:27:44,001 --> 01:27:45,000
CATASTROPHIC ILLNESS, WHAT WILL


1502
01:27:45,001 --> 01:27:47,000
HAPPEN?


1503
01:27:47,001 --> 01:27:49,000
THAT'S UNSUSTAINABLE.


1504
01:27:49,001 --> 01:27:51,000
AND, LASTLY, WE SEE OUR


1505
01:27:51,001 --> 01:27:54,000
PRESIDENT INVESTING IN CLEAN

ENERGY.


1506
01:27:54,001 --> 01:27:57,000
WHAT HE IS DOING IS LOOKING AT


1507
01:27:57,001 --> 01:28:00,000
THE FUTURE AND RECOGNIZING THAT


1508
01:28:00,001 --> 01:28:02,000
THE OLD ENERGY ISN'T GOING TO

SUSTAIN US.


1509
01:28:02,001 --> 01:28:05,000
AND IF WE WANT TO LEAD THE


1510
01:28:05,001 --> 01:28:07,000
WORLD, WE HAVE TO DO WHAT THOMA


1511
01:28:07,001 --> 01:28:10,000
FREEMAN SUGGESTS IN HIS BOOK,


1512
01:28:10,001 --> 01:28:12,000
"HOT, FLAT, AND CROWDED."


1513
01:28:12,001 --> 01:28:14,000
STEP OUT AND INVENT THE NEW


1514
01:28:14,001 --> 01:28:16,000
TECHNOLOGIES FOR THE FUTURE, THE


1515
01:28:16,001 --> 01:28:17,000
NEW CLEAN-ENERGY TECHNOLOGIES.


1516
01:28:17,001 --> 01:28:19,000
AND IN DOING THAT, WE WILL LEAD


1517
01:28:19,001 --> 01:28:21,000
THE WLD IN GREEN JOBS.


1518
01:28:21,001 --> 01:28:25,000
WE WILL LEAD THE WORLD IN

EXPORTS.


1519
01:28:25,001 --> 01:28:27,000
IF WE ADOPT THE CAP-AND-TRADE


1520
01:28:27,001 --> 01:28:29,000
PLAN THAT IS RECOMMENDED BY

1521
01:28:29,001 --> 01:28:32,000
PRESIDENT, WE WILL SEE A


1522
01:28:32,001 --> 01:28:34,000
ROBUST -- A ROBUST -- ECONOMY,


1523
01:28:34,001 --> 01:28:36,000
BECAUSE ONCE YOU PUT A PRICE ON


1524
01:28:36,001 --> 01:28:40,000
CARBON, ALL THE OTHER


1525
01:28:40,001 --> 01:28:42,000
ALTERNATIVES COME UP BEHIND IT


1526
01:28:42,001 --> 01:28:43,000
AND LEAD US OUT OF THIS ECONOMIC

MORASS.


1527
01:28:43,001 --> 01:28:45,000
MR. PRESIDENT, I'D ASK FOR 30


1528
01:28:45,001 --> 01:28:46,000
MORE SECONDS JUST TO CONCLUDE.


1529
01:28:46,001 --> 01:28:47,000
THE PRESIDING OFFICER: WITHOUT


1530
01:28:47,001 --> 01:28:48,000
OBJECTION, SO

1531
01:28:48,001 --> 01:28:50,000
MRS. BOXER: AND I KNOW MY TIME


1532
01:28:50,001 --> 01:28:51,000
IS RUNNING LOW.


1533
01:28:51,001 --> 01:28:53,000
BUT I FELT IT IMPORTANT TO COME


1534
01:28:53,001 --> 01:28:56,000
HERE TODAY TO SAY THOSE TWO

THINGS.


1535
01:28:56,001 --> 01:28:59,000
ONE, WE CAN'T ABIDE BY THESE


1536
01:28:59,001 --> 01:29:01,000
OUTRAGEOUS BONUSES BY A COMPANY


1537
01:29:01,001 --> 01:29:02,000
THAT WAS LED BY PEOPLE WHO TOOK


1538
01:29:02,001 --> 01:29:05,000
THE COMPANY DOWN.


1539
01:29:05,001 --> 01:29:06,000
WE

1540
01:29:06,001 --> 01:29:07,000
AND, TWO, WE NEED TO WORK WITH


1541
01:29:07,001 --> 01:29:09,000
OUR NEW PRESIDENT AND BRING


1542
01:29:09,001 --> 01:29:10,000
ABOUT THE CHANGE THAT HE


1543
01:29:10,001 --> 01:29:13,000
PROMISED IN HIS CAMPAIGN.


1544
01:29:13,001 --> 01:29:15,000
AND THAT CHANGE IS REFLECTED IN

HIS BUDGET.


1545
01:29:15,001 --> 01:29:16,000
AND I THANK YOU VERY MUCH.


1546
01:29:16,001 --> 01:29:20,000
I YIELD THE FLOOR.


1547
01:29:20,001 --> 01:29:21,000
AND

1548
01:29:21,001 --> 01:29:22,000
QUORUM.


1549
01:29:22,001 --> 01:29:24,000
THE PRESIDING OFFICER:


1550
01:29:24,001 --> 01:29:25,000
SENATOR, WILL YOU WHHOLD YOUR


1551
01:29:25,001 --> 01:29:30,000
QUORUM CALL?


1552
01:29:30,001 --> 01:29:31,000
THANK YOU.

1553
01:29:31,001 --> 01:29:32,000
MORNING BUSINESS IS CLOSED.


1554
01:29:32,001 --> 01:29:34,000
UNDER THE PREVIOUS ORDER, THE


1555
01:29:34,001 --> 01:29:37,000
SENATE WILL RESUME THE

CONSIDERATION OF THE MOTION TO


1556
01:29:37,001 --> 01:29:38,000
PROCEED TO H.R. 146, WHICH THE


1557
01:29:38,001 --> 01:29:39,000
CLERK WILL REPORT.

1558
01:29:39,001 --> 01:29:41,000
THE CLERK: MOTION TO PROCEED


1559
01:29:41,001 --> 01:29:43,000
TO THE CONSIDERATION OF H.R.


1560
01:29:43,001 --> 01:29:44,000
146, AN ACT TO ESTABLISH A


1561
01:29:44,001 --> 01:29:46,000
BATTLEFIELD 

1562
01:29:46,001 --> 01:29:48,000
PROGRAM FOR THE ACQUISITION AND


1563
01:29:48,001 --> 01:29:49,000
PROTECTION OF NATIONALLY


1564
01:29:49,001 --> 01:29:50,000
SIGNIFICANT BATTLEFIELDS AND


1565
01:29:50,001 --> 01:29:53,000
ASSOCIATED SITES OF THE


1566
01:29:53,001 --> 01:31:03,000
REVOLUTIONARY WAR AND THE WAR OF

1567
01:31:03,001 --> 01:31:04,000
1812, AND FOR OTHER PURPOSES.

MR. GREGG: MR. PRESIDENT?


1568
01:31:04,001 --> 01:31:06,000
THE PRESIDING OFFICER: THE


1569
01:31:06,001 --> 01:31:08,000
SENATOR FROM NEW HAMPSHIRE.

1570
01:31:08,001 --> 01:31:09,000
MR. GREGG: IT'D SKA THAT


1571
01:31:09,001 --> 01:31:11,000
FURTHER PROCEEDINGS -- I'D ASK


1572
01:31:11,001 --> 01:31:13,000
THAT FURTHER PROCEEDINGS UNDER


1573
01:31:13,001 --> 01:31:15,000
THE QUORUM CALL BE SET ASIDE.

THE PRESIDING OFFICER: THE


1574
01:31:15,001 --> 01:31:17,000
SENATOR IS RECOGNIZED.

MR. GREGG: THANK YOU.


1575
01:31:17,001 --> 01:31:19,000
I LISTENED THIS MORNING TO


1576
01:31:19,001 --> 01:31:21,000
PRESIDENT OBAMA AS HE SPOKE ON


1577
01:31:21,001 --> 01:31:23,000
BUDGET, ALONG WITH BEING IN


1578
01:31:23,001 --> 01:31:24,000
ATTENDANCE WITH THE CHAIRMAN OF


1579
01:31:24,001 --> 01:31:26,000
THE BUDGET COMMITTEES HERE IN


1580
01:31:26,001 --> 01:31:29,000
THE SENATE AND IN THE HOUSE,


1581
01:31:29,001 --> 01:31:30,000
CHAIRMAN SPRATT AND CHAIRMAN


1582
01:31:30,001 --> 01:31:32,000
CONRAD.


1583
01:31:32,001 --> 01:31:33,000
ESSENTIALLY THE PRESIDENT WAS


1584
01:31:33,001 --> 01:31:34,000
DEFENDING HIS PREDENT, AS


1585
01:31:34,001 --> 01:31:37,000
PROPOSED, AND SENT UP HERE ON


1586
01:31:37,001 --> 01:31:40,000
THE FLOOR HILL.


1587
01:31:40,001 --> 01:31:43,000
HIS THEME WAS THAT WE SHOULDN'T


1588
01:31:43,001 --> 01:31:45,000
PASS ON PROBLEMS TO THE NEXT


1589
01:31:45,001 --> 01:31:46,000
GENERATION AND, THUS, HE SAID


1590
01:31:46,001 --> 01:31:48,000
HIS BUDGET TOOK ON THE ISSUE OF


1591
01:31:48,001 --> 01:31:53,000
ENERGY AND TOOK ON THE ISSUE OF


1592
01:31:53,001 --> 01:31:54,000
HEALTH

1593
01:31:54,001 --> 01:31:56,000
QUESTIONS THAT NEED TO BE


1594
01:31:56,001 --> 01:31:58,000
RESOLVED NOW AND NOT BE PASSED


1595
01:31:58,001 --> 01:32:00,000
ON TO THE NEXT GENERATION.


1596
01:32:00,001 --> 01:32:01,000
I COULDN'T AGREE WITH HIM MORE.


1597
01:32:01,001 --> 01:32:04,000
FIRST THAT WE SHOULDN'T PASS ON


1598
01:32:04,001 --> 01:32:06,000
PROBLEMS TO THE NEXT GENERATION


1599
01:32:06,001 --> 01:32:09,000
AND SECONDLY WE SHOULD TAKE ON


1600
01:32:09,001 --> 01:32:10,000
THE PROBLEMS THAT WE HAVE NOW,


1601
01:32:10,001 --> 01:32:12,000
AND THEY'RE FAIRLY BIG.


1602
01:32:12,001 --> 01:32:13,000
WHERE I DISAGREE WITH HIM IS THE


1603
01:32:13,001 --> 01:32:14,000
CONCLUSION

1604
01:32:14,001 --> 01:32:17,000
HE SENT UP HERE DOESN'T PASS


1605
01:32:17,001 --> 01:32:19,000
PROBLEMS ON TO THE NEXT

GENERATION.


1606
01:32:19,001 --> 01:32:21,000
IN FACT, IT PASSES THE MOST


1607
01:32:21,001 --> 01:32:24,000
SIGNIFICANT PROBLEM ON TO THE


1608
01:32:24,001 --> 01:32:26,000
NEXT GENERATION, WHICH IS THAT


1609
01:32:26,001 --> 01:32:27,000
IT SO GREATLY EXPANDS THE SIZE


1610
01:32:27,001 --> 01:32:31,000
OF GOVERNMENT IN SUCH A SHORT


1611
01:32:31,001 --> 01:32:33,000
PERIOD OF TIME, WITH SO MUCH


1612
01:32:33,001 --> 01:32:35,000
BORROWING, THAT IT BASICALLY


1613
01:32:35,001 --> 01:32:37,000
WILL BANKRUPT OUR CHILDREN AND


1614
01:32:37,001 --> 01:32:39,000
OUR CHILDREN'S CHILDREN AS A


1615
01:32:39,001 --> 01:32:42,000
RESULT OF E COST OF GOVERNMENT


1616
01:32:42,001 --> 01:32:44,000
GOING FORWARD.


1617
01:32:44,001 --> 01:32:45,000
HE DOESN'T HAVE TO BELIEVE ME.


1618
01:32:45,001 --> 01:32:47,000
PEOPLE DON'T HAVE TO BELIEVE HEY

TO RECOGNIZE THIS.


1619
01:32:47,001 --> 01:32:49,000
ALL THEY HAVE TO DO IS LOOK AT


1620
01:32:49,001 --> 01:32:51,000
THE PRESIDENT'S

1621
01:32:51,001 --> 01:32:54,000
IN FIVE YEARS THE PRESIDENT'S


1622
01:32:54,001 --> 01:32:57,000
DGET WILL DOUBLE THE NATIONAL


1623
01:32:57,001 --> 01:32:59,000
DEBT.


1624
01:32:59,001 --> 01:33:05,000
IN 10 YEARS THE PRESIDENT'S


1625
01:33:05,001 --> 01:33:07,000
BUDGET WILL TRIPLE THE FL
DEBT.


1626
01:33:07,001 --> 01:33:09,000
IF YOU TAKE ALL THE DEBT THAT


1627
01:33:09,001 --> 01:33:11,000
THE UNITED STATES GOVERNMENT HAS


1628
01:33:11,001 --> 01:33:14,000
RUN UP SINCE THE BEGINNING OF


1629
01:33:14,001 --> 01:33:18,000
OUR COUNTRY, GEORGE WASHINGTON


1630
01:33:18,001 --> 01:33:22,000
ALL THE WAY THROUGH

1631
01:33:22,001 --> 01:33:24,000
BUSH, THA DEBT -- THAT TOTAL


1632
01:33:24,001 --> 01:33:27,000
AMOUNT OF DEBT IN FIVE YEARS


1633
01:33:27,001 --> 01:33:28,000
WILL BE DOUBLED UNDER THIS


1634
01:33:28,001 --> 01:33:31,000
BUDGET AS SENT UP BY PRESIDENT


1635
01:33:31,001 --> 01:33:32,000
OBAMA.

1636
01:33:32,001 --> 01:33:35,000
NO A LOT OF THAT DEBT THAT'S


1637
01:33:35,001 --> 01:33:39,000
BEING RUN UP IN THE SHORT RUN


1638
01:33:39,001 --> 01:33:40,000
I'M NOT GOING TO CLAIM IS


1639
01:33:40,001 --> 01:33:41,000
INAPPROPRIATE IN THE SENSE THAT


1640
01:33:41,001 --> 01:33:43,000
IT'S SOMETHING THAT'S UNDER HIS


1641
01:33:43,001 --> 01:33:44,000
CONTROL OR THAT HE'S RESPONSIBLE


1642
01:33:44,001 --> 01:33:48,000
FOR AS PRESIDENT.


1643
01:33:48,001 --> 01:33:50,000
IN FACT, I AGREE THAT WE AS A


1644
01:33:50,001 --> 01:33:52,000
NATION NEED TO

1645
01:33:52,001 --> 01:33:56,000
AS A GOVERNMENT IN THE SHORT RUN


1646
01:33:56,001 --> 01:33:59,000
MURED TO TRY TO ADDRESS THIS --


1647
01:33:59,001 --> 01:34:01,000
IN ORDER TO TRY TO ADDRESS THIS


1648
01:34:01,001 --> 01:34:03,000
AND TO TRY TO STABLIZE OUR


1649
01:34:03,001 --> 01:34:06,000
FINANCIAL SYSTEM.


1650
01:34:06,001 --> 01:34:09,000
I DON'T HAPPEN TO AGREE WITH THE


1651
01:34:09,001 --> 01:34:11,000
STIMULUS PACKAGE PASSED OR THE


1652
01:34:11,001 --> 01:34:14,000
OMNIBUS PACKAGE PASSED.


1653
01:34:14,001 --> 01:34:15,000
MONE

1654
01:34:15,001 --> 01:34:17,000
INAPPROPRIATELY.

I'M WILLING TO ACCEPT THE FACT


1655
01:34:17,001 --> 01:34:18,000
THAT IN THE SHORT RUN THERE HAS


1656
01:34:18,001 --> 01:34:19,000
TO BE A SPIKE IN OUR NATIONAL


1657
01:34:19,001 --> 01:34:21,000
DEBT IN ORDER TO ADDRESS THIS


1658
01:34:21,001 --> 01:34:23,000
RECESSION.


1659
01:34:23,001 --> 01:34:26,000
WHAT'S NOT TOLERABLE, HOWEVER,


1660
01:34:26,001 --> 01:34:28,000
IS THAT UNDER THIS BUDGET AFTER


1661
01:34:28,001 --> 01:34:35,000
THE SHOR

1662
01:34:35,001 --> 01:34:36,000
FROM 2008-2009 THROUGH 2011 WHEN


1663
01:34:36,001 --> 01:34:38,000
THE RECESSION BY ALL ESTIMATES


1664
01:34:38,001 --> 01:34:40,000
BE HOPEFULLY BEVER, THIS WE'RE


1665
01:34:40,001 --> 01:34:42,000
STILL RUNNING THE DEBT UP


1666
01:34:42,001 --> 01:34:43,000
RADICALLY UNDER THIS BUDGET SENT


1667
01:34:43,001 --> 01:34:44,000
UP BY THE PRESIDENT.


1668
01:34:44,001 --> 01:34:50,000
IN FACT, IT DOUBLES IN TWO YEARS


1669
01:34:50,001 --> 01:34:51,000
BUT IT TRIPLES TRI TRIPLES IN 10 YEARS.


1670
01:34:51,001 --> 01:34:52,000
I AM NOT AWARE OF A RECESSION IN


1671
01:34:52,001 --> 01:34:53,000
THE LAST FIVE YEARS OF THIS


1672
01:34:53,001 --> 01:34:55,000
BUDGET BEING PROPOSED.


1673
01:34:55,001 --> 01:34:58,000
I CERTAINLY HOPE IT'S NOT BEING

PROPOSED.


1674
01:34:58,001 --> 01:35:00,000
BUT CERTAINLY THERE'S NOTHING


1675
01:35:00,001 --> 01:35:02,000
THAT REQUIRES THAT TYPE OF A


1676
01:35:02,001 --> 01:35:05,000
RADICAL EXPANSION IN OUR DEBT


1677
01:35:05,001 --> 01:35:06,000
OVER THAT PERIOD.


1678
01:35:06,001 --> 01:35:09,000
THE PRACTICAL IMPLICATIONS OF


1679
01:35:09,001 --> 01:35:11,000
IS SORT OF TRIPLING OF THE


1680
01:35:11,001 --> 01:35:15,000
DEBT IS THAT

1681
01:35:15,001 --> 01:35:17,000
BUDGET GETS INTO

1682
01:35:17,001 --> 01:35:21,000
THE PUBLIC DEBT OF THIS COUNTRY


1683
01:35:21,001 --> 01:35:22,000
WILL BE AS A RATIO OF G.D.P.,


1684
01:35:22,001 --> 01:35:25,000
67% OF G.D.P.


1685
01:35:25,001 --> 01:35:26,000
AND I SUSPECT WHEN C.B.O. SCORES


1686
01:35:26,001 --> 01:35:27,000
THE PRESIDENT'S NUMBERS AT THE


1687
01:35:27,001 --> 01:35:29,000
END OF THIS WEEK, IT IS PROBABLY


1688
01:35:29,001 --> 01:35:30,000
GOING TO BE CLOSE TO 70% OF

G.D.P.


1689
01:35:30,001 --> 01:35:33,000
WHAT DOES THAT MEAN?


1690
01:35:33,001 --> 01:35:34,000
WE'LL TR PUT
PERSPECTIVE.


1691
01:35:34,001 --> 01:35:35,000
PRIOR TO THE RECESSION, PUBLIC


1692
01:35:35,001 --> 01:35:38,000
DEBT -- DEBT HELD BY PEOPLE LIKE


1693
01:35:38,001 --> 01:35:40,000
THE CHINESE, R EXAMPLE -- AND


1694
01:35:40,001 --> 01:35:41,000
THE EUROPEANS -- OUR PUBLIC


1695
01:35:41,001 --> 01:35:42,000
DERKTS THE DEBT WHICH WE SELL TO


1696
01:35:42,001 --> 01:35:46,000
THE WORLD IN ORDER TO FINANCE


1697
01:35:46,001 --> 01:35:50,000
OUR GOVERNMENT, WAS ABOUT 40% OF


1698
01:35:50,001 --> 01:35:52,000
OUR GROSS NATIONAL PRODUCT.


1699
01:35:52,001 --> 01:35:56,000
MOST ECONOMISTS WILL SAY WE CAN


1700
01:35:56,001 --> 01:36:00,000
TOLERATE A DEBT TO GROSS


1701
01:36:00,001 --> 01:36:03,000
NATIONAL PRODUCT PRODUCT OF 40%.


1702
01:36:03,001 --> 01:36:05,000
WHEN IT GETS UP TO 60%, 70%, IT


1703
01:36:05,001 --> 01:36:07,000
IS NOT

1704
01:36:07,001 --> 01:36:09,000
YOU MIGHT BE AIL TO TOLERATE IT


1705
01:36:09,001 --> 01:36:11,000
FOR A FEW YEARS BUT YOU CAN'T


1706
01:36:11,001 --> 01:36:13,000
TOLL TRAIT FOR AN EXTENDED


1707
01:36:13,001 --> 01:36:14,000
PERIOD OF TIME.


1708
01:36:14,001 --> 01:36:15,000
AND WHAT THE PRESIDENT IS


1709
01:36:15,001 --> 01:36:20,000
PROPOSING IS THAT THAT DEBT,


1710
01:36:20,001 --> 01:36:22,000
THAT 67%

1711
01:36:22,001 --> 01:36:23,000
RATIO, WHICH WILL BE OVER 70%, I

1712
01:36:23,001 --> 01:36:25,000
SUSPECT ONCE RESCORED, THAT GOES


1713
01:36:25,001 --> 01:36:28,000
ON FOREVER.


1714
01:36:28,001 --> 01:36:31,000
IN ADDITION, THE DEFICIT


1715
01:36:31,001 --> 01:36:34,000
BEGINNING IN THE YEAR 2012 OR SO


1716
01:36:34,001 --> 01:36:36,000
UNDER THE PRESIDENT'S BUDGET, IS


1717
01:36:36,001 --> 01:36:37,000
AT 3% TO 4% OF GROSS NATIONAL


1718
01:36:37,001 --> 01:36:39,000
PRODUCT.


1719
01:36:39,001 --> 01:36:41,000
NOW, HISTORICALLY, OVER THE LAST


1720
01:36:41,001 --> 01:36:44,000
20 YEARS PRIOR TO THE

1721
01:36:44,001 --> 01:36:46,000
IT'S BEEN AROUND 2% OF GROSS


1722
01:36:46,001 --> 01:36:48,000
NATIONAL PRODUCT, THE DEFICIT.


1723
01:36:48,001 --> 01:36:50,000
WHY IS IT FOREIGN DHEEP DOWN IN


1724
01:36:50,001 --> 01:36:51,000
BECAUSE EVERY TIME YOU ADD TO


1725
01:36:51,001 --> 01:36:52,000
THE DEFICIT, YOU ADD TO THE


1726
01:36:52,001 --> 01:36:54,000
PUBLIC DEBT.


1727
01:36:54,001 --> 01:36:55,000
WHEN YOU GET IN THE 3% TO 4%


1728
01:36:55,001 --> 01:36:58,000
RANGE, YOU ARE ESSENTIALLY


1729
01:36:58,001 --> 01:37:02,000
ADDING SO MH DEBT, SO QUICKLY,


1730
01:37:02,001 --> 01:37:04,000
EVERY YEAR THAT BASICALLY YOUR


1731
01:37:04,001 --> 01:37:05,000
GOVERNMENT BEC

1732
01:37:05,001 --> 01:37:07,000
THAT'S THE BOTTOM LINE HERE.


1733
01:37:07,001 --> 01:37:09,000
WHAT HAPPENS AS YOU GO INTO THE


1734
01:37:09,001 --> 01:37:11,000
OUT YEARS WHEN YOU TRIPLE THE


1735
01:37:11,001 --> 01:37:13,000
DEFICIT, WHEN YOU'VE GOT THE --

1736
01:37:13,001 --> 01:37:16,000
TRIPLE THE DEBT AND GOT THE


1737
01:37:16,001 --> 01:37:18,000
DEFICIT AROUND 3%, 4% OF G.D.P.?


1738
01:37:18,001 --> 01:37:20,000
WHAT HAPPENS IS THAT THE


1739
01:37:20,001 --> 01:37:22,000
CURRENCY STARTS TO BE UNDER

PRESSURE.


1740
01:37:22,001 --> 01:37:24,000
THE DOLLAR BECOMES QUESTIONED AS


1741
01:37:24,001 --> 01:37:26,000
TO ITS VALUE.


1742
01:37:26,001 --> 01:37:28,000
PEOPLE START ASKING, ESPECIALLY


1743
01:37:28,001 --> 01:37:30,000
IN THENTERNATIONAL COMMUNITY,


1744
01:37:30,001 --> 01:37:31,000
DO WE REALLY DARE BUY AMERICAN


1745
01:37:31,001 --> 01:37:33,000
DEBT?


1746
01:37:33,001 --> 01:37:34,000
IN FACT YOU HEARD REGRETTABLY


1747
01:37:34,001 --> 01:37:36,000
THE CHINESE PREMIER RAISE THAT


1748
01:37:36,001 --> 01:37:38,000
ISSUE ALREADY.


1749
01:37:38,001 --> 01:37:41,000
AND IF YOU CAN'T SELL THE DEBT


1750
01:37:41,001 --> 01:37:42,000
AND YOU CAN'T FINANCE THE


1751
01:37:42,001 --> 01:37:43,000
GOVERNMENT, YOU DON'T HAVE TOO


1752
01:37:43,001 --> 01:37:45,000
MANY CHOICES.


1753
01:37:45,001 --> 01:37:46,000
YOU MUST MOVE TO INFLATION.


1754
01:37:46,001 --> 01:37:48,000
THAT'S NOT A GOOD CHOICE FOR

AMERICANS.


1755
01:37:48,001 --> 01:37:50,000
SO BASICALLY WHAT YOU'RE PUTTING


1756
01:37:50,001 --> 01:37:52,000
IN PLACE IS A STRUCTURAL DEBT


1757
01:37:52,001 --> 01:37:54,000
AND A STRUCTURAL DEFICIT UNDER


1758
01:37:54,001 --> 01:37:56,000
THE PRESIDENT'S PROPOSAL WHICH


1759
01:37:56,001 --> 01:37:58,000
SIMPLY ISN'T AFFORDABLE.


1760
01:37:58,001 --> 01:37:59,000
WHICH MEANS THAT OUR CHILDREN


1761
01:37:59,001 --> 01:38:01,000
ARE EITHER GOING TO BE


1762
01:38:01,001 --> 01:38:03,000
OVERWHELMED BY A TAX BURDEN OR


1763
01:38:03,001 --> 01:38:05,000
THEY'RE GOING TO F

1764
01:38:05,001 --> 01:38:07,000
WHERE INFLATION IS RAMPANT OR


1765
01:38:07,001 --> 01:38:08,000
BASICALLY THE STANDARD OF LIVING


1766
01:38:08,001 --> 01:38:11,000
HAS DROPPED SIGNIFICANTLY.


1767
01:38:11,001 --> 01:38:14,000
AND WHY DOESHIS ALL HAPPEN?

1768
01:38:14,001 --> 01:38:17,000
WELL IT HAPPENS PRIMARILY


1769
01:38:17,001 --> 01:38:20,000
BECAUSE UNDER THE PRESIDENT'S


1770
01:38:20,001 --> 01:38:22,000
BUDGET HE IS TAKING SPENDING UP

RADICALLY.


1771
01:38:22,001 --> 01:38:23,000
SURE, IN THE SHORT RUN THAT MAY


1772
01:38:23,001 --> 01:38:24,000
BE ACCEPTABLE BECAUSE WE'RE


1773
01:38:24,001 --> 01:38:26,000
TRYING TO ADDRESS THIS

RECESSION.


1774
01:38:26,001 --> 01:38:28,000
BUT HE DOESN'T BRING SPENDING


1775
01:38:28,001 --> 01:38:31,000
BACK DOWN TO ITS HISTORICAL

LEVELS.


1776
01:38:31,001 --> 01:38:33,000
THIS CHART SHOWS YOU THE


1777
01:38:33,001 --> 01:38:35,000
HISTORICAL LEVEL OF SPENDING HAS


1778
01:38:35,001 --> 01:38:38,000
BEEN ABOUT 27% OF GROSS NATIONAL

PRODUCT.


1779
01:38:38,001 --> 01:38:40,000
WE'VEN UP AND DOWN FOR YEARS L


1780
01:38:40,001 --> 01:38:41,000
BUR UNDER PRESIDENT OBAMA'S

1781
01:38:41,001 --> 01:38:44,000
PROPOSAL, HE RADICALLY MOVES THE


1782
01:38:44,001 --> 01:38:45,000
GOVERNMENT TO THE LEFT, GREATLY


1783
01:38:45,001 --> 01:38:48,000
EXPANDING THE GOVERNMENT ROLE IN


1784
01:38:48,001 --> 01:38:51,000
ALL SORTS OF AREAS -- IN ENERGY,


1785
01:38:51,001 --> 01:38:52,000
IN HEALTH CARE, IN EDUCATION.


1786
01:38:52,001 --> 01:38:55,000
AND AS A RESULT, HE TAKES


1787
01:38:55,001 --> 01:38:57,000
FEDERAL SPENDING UP TO 23% OF


1788
01:38:57,001 --> 01:38:58,000
GROSS NATIONAL PRODUCT AND KEEPS


1789
01:38:58,001 --> 01:39:00,000
IT THERE FOR AS FAR AS THE EYE


1790
01:39:00,001 --> 01:39:01,000
CAN SEE.


1791
01:39:01,001 --> 01:39:05,000
ACTUALLY, IT KEEPS GOING UP A


1792
01:39:05,001 --> 01:39:07,000
LITTLE BIT.


1793
01:39:07,001 --> 01:39:08,000
AND REVENUES STAY DOWN HERE AT


1794
01:39:08,001 --> 01:39:10,000
ABOUT 18%.


1795
01:39:10,001 --> 01:39:11,000
SOY YOU'VE GOT THIS BIG -- SO


1796
01:39:11,001 --> 01:39:12,000
YOU'VE GOT THIS BIG STRUCTURAL


1797
01:39:12,001 --> 01:39:13,000
DEFICIT IN HERE.


1798
01:39:13,001 --> 01:39:14,000
EVEN IF YOU WERE TO TAKE


1799
01:39:14,001 --> 01:39:16,000
REVENUES UP TO 23% OF GROS


1800
01:39:16,001 --> 01:39:18,000
NATIONAL PRODUCT, THE PRACTICAL


1801
01:39:18,001 --> 01:39:20,000
EFFECT WOULD BE TO BASICALLY BE


1802
01:39:20,001 --> 01:39:21,000
WIPE OUT MOST PEOPLE'S INCOME


1803
01:39:21,001 --> 01:39:23,000
WITH TAXES.


1804
01:39:23,001 --> 01:39:24,000
THE PRESIDENT SAYS HE'S ONLY


1805
01:39:24,001 --> 01:39:27,000
GOING TO RAISE TAXES ON THE


1806
01:39:27,001 --> 01:39:31,000
WEALTHIEST IN AMERICA.

1807
01:39:31,001 --> 01:39:33,000
PUT IN THIS PROPOSAL A MASSIVE


1808
01:39:33,001 --> 01:39:34,000
CARBON TAX WHICH IS BASICALLY


1809
01:39:34,001 --> 01:39:35,000
NATIONAL SALES TAX ON


1810
01:39:35,001 --> 01:39:36,000
ELECTRICITY AND EVERY TIME YOU


1811
01:39:36,001 --> 01:39:39,000
TURN ON YOUR LIGHT, YOU'RE GOING


1812
01:39:39,001 --> 01:39:41,000
TO END UP WITH A NEW NATIONAL

FEDERAL TAX.


1813
01:39:41,001 --> 01:39:43,000
BUT INDEPENDENT OF THAT, HE


1814
01:39:43,001 --> 01:39:45,000
CANNOT GET THIS DEFICIT UNDER


1815
01:39:45,001 --> 01:39:46,000
CONTROL -- OR THIS DEBT UNDER


1816
01:39:46,001 --> 01:39:47,000
CONTROL WITH THIS TYPE OF


1817
01:39:47,001 --> 01:39:51,000
SPENDING LEVEL UNLESS HE


1818
01:39:51,001 --> 01:39:53,000
CRADICALLY INCREASE INCREASE -- UNLESS HE


1819
01:39:53,001 --> 01:39:54,000
RADICALLY INCREASES THE TAX


1820
01:39:54,001 --> 01:39:56,000
BURDEN ON ALL AMERICANS TO A


1821
01:39:56,001 --> 01:39:59,000
POINT WHERE PRODUCTIVITY WOULD

DROP SIGNIFICANTLY IN THIS


1822
01:39:59,001 --> 01:40:00,000
COUNTRY AND THAT WOULD BE A


1823
01:40:00,001 --> 01:40:02,000
SELF-FULFILLING EVENT.


1824
01:40:02,001 --> 01:40:03,000
ONCE PRODUCTIVITY DROPS, YOUR


1825
01:40:03,001 --> 01:40:05,000
REVENUES DROP AND YOU NEVER GET


1826
01:40:05,001 --> 01:40:06,000
BACK TO AN OFFICIATE MARKETPLACE


1827
01:40:06,001 --> 01:40:07,000
AND THEREFORE YOU AGGRAVATE THE


1828
01:40:07,001 --> 01:40:09,000
DEFICIT.


1829
01:40:09,001 --> 01:40:10,000
BUT THE PROBLEM IS, THIS HUGE


1830
01:40:10,001 --> 01:40:12,000
DEBT THAT HE'S RUNNING UP AND


1831
01:40:12,001 --> 01:40:14,000
PASSING ON TO THE NEXT


1832
01:40:14,001 --> 01:40:17,000
GENERATION, THIS TRIPLING OF THE


1833
01:40:17,001 --> 01:40:19,000
FEDERAL DEBT WHICH HE SAYS WE


1834
01:40:19,001 --> 01:40:20,000
DON'T PASS PROBLEMS ON TO THE


1835
01:40:20,001 --> 01:40:21,000
NEXT GENERATION, THIS IS A


1836
01:40:21,001 --> 01:40:24,000
PRETTY DARN BIG PROBLEM THAT'S


1837
01:40:24,001 --> 01:40:27,000
BEING PASSED ON TO THE NEXT


1838
01:40:27,001 --> 01:40:28,000
GENERATION, IS DRIVEN ALMOST


1839
01:40:28,001 --> 01:40:29,000
ENTIRELY BY SPENDING, SPENDING


1840
01:40:29,001 --> 01:40:32,000
AT THE FEDERAL LEVEL, WHICH HE


1841
01:40:32,001 --> 01:40:33,000
GREATLY EXPANDS BECAUSE, UNDER


1842
01:40:33,001 --> 01:40:36,000
THE PROPOSAL WHICH HS PUT


1843
01:40:36,001 --> 01:40:38,000
FORWARD OS A BLUEPRINT, THIS


1844
01:40:38,001 --> 01:40:39,000
BUDGET PROPOSAL, HIS WAY OF


1845
01:40:39,001 --> 01:40:41,000
SOLVING THE HEALTH CARE PROBLEM


1846
01:40:41,001 --> 01:40:42,000
IS TO ESSENTIALLY NATIONALIZE


1847
01:40:42,001 --> 01:40:44,000
HEALTH CARE.


1848
01:40:44,001 --> 01:40:45,000
HIS WAY OF SOLVING THE EDUCATION


1849
01:40:45,001 --> 01:40:46,000
PROBLEM IS TO ESSENTIALLY


1850
01:40:46,001 --> 01:40:47,000
NATIONALIZE THE STUDENT LOAN


1851
01:40:47,001 --> 01:40:50,000
PROGRAM.


1852
01:40:50,001 --> 01:40:51,000
HIS WAY OF SOLVING THE ENERGY


1853
01:40:51,001 --> 01:40:53,000
PROBLEM ISN'T TO PRODUCE MORE


1854
01:40:53,001 --> 01:40:56,000
ENERGY IN AMECA; IT'S


1855
01:40:56,001 --> 01:40:58,000
BASICALLY TO

1856
01:40:58,001 --> 01:41:00,000
INCREASE THE COST OF ENERGY IN

1857
01:41:00,001 --> 01:41:03,000
AMERICA, TO ALL AMERICANS BY


1858
01:41:03,001 --> 01:41:06,000
PUTTING IN PLACE A CARBON TAX.


1859
01:41:06,001 --> 01:41:09,000
WHICH IS A NATIONAL SALES TAX.


1860
01:41:09,001 --> 01:41:12,000
HIS WAY OF ADDRESSING THE ISSUES


1861
01:41:12,001 --> 01:41:13,000
WHICH WE CONFRONT, WHICH ARE


1862
01:41:13,001 --> 01:41:15,000
REASONABLE FILL SOV QUAL


1863
01:41:15,001 --> 01:41:17,000
APPROACHES IS TO SIGNIFICANTLY


1864
01:41:17,001 --> 01:41:19,000
INCREASE THE SIZE OF

1865
01:41:19,001 --> 01:41:21,000
AND, THUS, THE COST OF

GOVERNMENT.


1866
01:41:21,001 --> 01:41:25,000
AND, THUS, TO CREATE THIS HUGE


1867
01:41:25,001 --> 01:41:26,000
DEBT, THIS MASSIVE DEBT WHICH WE


1868
01:41:26,001 --> 01:41:27,000
AREN'T GOING TO BE ABLE TO

1869
01:41:27,001 --> 01:41:30,000
FINANCE AND WHICH IS THEREFORE


1870
01:41:30,001 --> 01:41:32,000
GOING TO

1871
01:41:32,001 --> 01:41:35,000
STRENGTH OF OUR NATION AND


1872
01:41:35,001 --> 01:41:36,000
CLEARLY GIVE OUR CHILDREN

RECEIVED.


1873
01:41:36,001 --> 01:41:39,000
AND, THEREFORE, WHEN HE SAYSES A


1874
01:41:39,001 --> 01:41:41,000
ON TO THE NEXT GENERATION, THE


1875
01:41:41,001 --> 01:41:43,000
EXACT OPPOSITE IS TRUE.


1876
01:41:43,001 --> 01:41:45,000
HE'S CREATING A HUGE PROBLEM FOR


1877
01:41:45,001 --> 01:41:46,000
THE NEXT GENERATION, IN THE WAY


1878
01:41:46,001 --> 01:41:49,000
THAT HE WANTS TO SPEND THIS


1879
01:41:49,001 --> 01:41:52,000
MONEY.


1880
01:41:52,001 --> 01:41:53,000
NOW, THERE'S THE SECOND ISSUE I


1881
01:41:53,001 --> 01:41:54,000
WANT TO ADDRESS T

1882
01:41:54,001 --> 01:41:56,000
THAT GOES TO THE ISSUE OF THE


1883
01:41:56,001 --> 01:41:58,000
SUBSTANCE OF THE POINTS MADE


1884
01:41:58,001 --> 01:42:00,000
TODAY AT THE PRESS CONFERENCE

1885
01:42:00,001 --> 01:42:01,000
REGARDING THIS.


1886
01:42:01,001 --> 01:42:03,000
NOW, THIS COULD BE ADDRESSED, OF

COURSE.


1887
01:42:03,001 --> 01:42:06,000
THIS ISSUE OF SPENDING AND

1888
01:42:06,001 --> 01:42:07,000
QUESTIONS REGARDING THE -- THESE


1889
01:42:07,001 --> 01:42:10,000
MAJOR PUBLIC POLICY ISSUES.


1890
01:42:10,001 --> 01:42:12,000
IF HE WANTED TO REACH ACROSS THE


1891
01:42:12,001 --> 01:42:13,000
AISLE AND APPROACH THINGS IN A


1892
01:42:13,001 --> 01:42:15,000
BIPARTISAN WAY.


1893
01:42:15,001 --> 01:42:17,000
MYSELF, SENATOR CONRAD, CHAIRMAN


1894
01:42:17,001 --> 01:42:21,000
OF THE BUDGET COMMITTEE, HAVE


1895
01:42:21,001 --> 01:42:23,000
PROPOSED AN IDEA.


1896
01:42:23,001 --> 01:42:25,000
A
AUTHORITY WHICH ESSENTIALLY


1897
01:42:25,001 --> 01:42:27,000
WOULD TAKE ON THE BIG ISSUES


1898
01:42:27,001 --> 01:42:29,000
WHICH DRIVE THIS SPENDING EVENT


1899
01:42:29,001 --> 01:42:32,000
-- HEALTH CARE, SPECIFICALLY;


1900
01:42:32,001 --> 01:42:34,000
SOCIAL SECURITY ALSO; AND TAX


1901
01:42:34,001 --> 01:42:35,000
POLICY -- AND WOULD ALLOW NEWS A


1902
01:42:35,001 --> 01:42:37,000
BIPARTISAN WAY TO COME FORWARD


1903
01:42:37,001 --> 01:42:39,000
AND GRAPPLE WITH THESE ISSUES


1904
01:42:39,001 --> 01:42:40,000
AND PUT FORWARD IDEAS AS TO HOW


1905
01:42:40,001 --> 01:42:46,000
TO SOLVE THEM.

1906
01:42:46,001 --> 01:42:48,000
AND HOW TO BRING UNDE UNDER CONTROL


1907
01:42:48,001 --> 01:42:52,000
THESE NUMBERS SO WE DON'T RUN UP


1908
01:42:52,001 --> 01:42:53,000
THIS DEFICIT DEBT ON OUR

CHILDREN.


1909
01:42:53,001 --> 01:42:56,000
I AM TOTALLY COMMITTED TO THAT.


1910
01:42:56,001 --> 01:42:57,000
IN THE AREA OF ENERGY THERE I

1911
01:42:57,001 --> 01:42:58,000
NUMBER OF INITIATIVES WHICH MAKE


1912
01:42:58,001 --> 01:42:59,000
SENSE.


1913
01:42:59,001 --> 01:43:00,000
BUT WE'RE NOW HEARING THAT


1914
01:43:00,001 --> 01:43:01,000
RATHER THAN PROCEEDING ON A


1915
01:43:01,001 --> 01:43:03,000
BIPARTISAN PATH TO TRY TO


1916
01:43:03,001 --> 01:43:05,000
ADDRESS THESE

1917
01:43:05,001 --> 01:43:08,000
GOING TO THINK ABOUT USING


1918
01:43:08,001 --> 01:43:10,000
SOMETHING CALLED RECONCILIATION.


1919
01:43:10,001 --> 01:43:12,000
THAT'S A TERM
HERE.


1920
01:43:12,001 --> 01:43:14,000
MOST PEOPLE DON'T KNOW WHAT IT

MEANS.


1921
01:43:14,001 --> 01:43:15,000
BUT WHAT IT ESSENTIALLY MEANS IS


1922
01:43:15,001 --> 01:43:19,000
THAT YOU SAY HERE IN THE SENATE


1923
01:43:19,001 --> 01:43:21,000
THIS THE SENATE WILL

1924
01:43:21,001 --> 01:43:23,000
AN AUTOCRACY.


1925
01:43:23,001 --> 01:43:24,000
IT WILL FUNCTION LIKE THE HOUSE


1926
01:43:24,001 --> 01:43:26,000
OF REPRESENTATIVES, THAT YOU


1927
01:43:26,001 --> 01:43:30,000
WILL HAVE THE ABILITY TO BRING

1928
01:43:30,001 --> 01:43:33,000
NOT ESSENTIALLY BE AMENDABLE AND


1929
01:43:33,001 --> 01:43:34,000
WHICH WILL ONLY TAKE 51 VOTES TO


1930
01:43:34,001 --> 01:43:36,000
PASS.


1931
01:43:36,001 --> 01:43:40,000
RECONCILIATION WAS A CONCEPT PUT


1932
01:43:40,001 --> 01:43:44,000
IN PLACE AS THE BUDGET PRO

1933
01:43:44,001 --> 01:43:45,000
EVOLVED, AND ITS PURPOSE WAS TO


1934
01:43:45,001 --> 01:43:48,000
RECONCILE THE BUDGET.


1935
01:43:48,001 --> 01:43:50,000
IN OTHER WORDS, IF THE NUMBERS


1936
01:43:50,001 --> 01:43:52,000
ON SPEND AROUND HERE DIDN'T MEET


1937
01:43:52,001 --> 01:43:54,000
THE BUDGET, THEN THERE'D BE A


1938
01:43:54,001 --> 01:43:56,000
BILL TO CORRECT THAT SO THAT IF


1939
01:43:56,001 --> 01:43:58,000
THE APPROPRIATION NUMBERS


1940
01:43:58,001 --> 01:43:59,000
WEREN'T CORRECT OR THE


1941
01:43:59,001 --> 01:44:01,000
ENTITLEMENT NUMBERS WEREN'T


1942
01:44:01,001 --> 01:44:02,000
CORRECT OR THE TAX NUMBERS


1943
01:44:02,001 --> 01:44:05,000
WEREN'T CORRECT, THERE COULD BE


1944
01:44:05,001 --> 01:44:06,000
A BILL THAT COMES THROUGH CALLED

1945
01:44:06,001 --> 01:44:08,000
RECONCILIATION WHICH WOULD


1946
01:44:08,001 --> 01:44:09,000
FOLLOW THE BUDGET PROCESS AND


1947
01:44:09,001 --> 01:44:10,000
WHICH WAS ORIGINALLY SUPPOSED TO


1948
01:44:10,001 --> 01:44:13,000
BE MINISTERIAL.


1949
01:44:13,001 --> 01:44:15,000
WELL, OVER THE YEARS IT WAS USED


1950
01:44:15,001 --> 01:44:16,000
IN A MUCH MORE AGGRESSIVE WAY

1951
01:44:16,001 --> 01:44:19,000
THAN MINISTERIAL.


1952
01:44:19,001 --> 01:44:21,000
IT WAS USED TO ADJUST ALREADY


1953
01:44:21,001 --> 01:44:23,000
EXISTING PROGRAMS, AUTHORIZED


1954
01:44:23,001 --> 01:44:26,000
PROGRAMS, ENTITLEMENT PROGRAMS,


1955
01:44:26,001 --> 01:44:28,000
AND TAX PROPOSALS.


1956
01:44:28,001 --> 01:44:29,000
PRESIDENT BUSH USED IT


1957
01:44:29,001 --> 01:44:31,000
AGGRESSIVELY ON TAXES, I


1958
01:44:31,001 --> 01:44:32,000
BELIEVE.


1959
01:44:32,001 --> 01:44:34,000
PRESIDENT CLINTON USED IT


1960
01:44:34,001 --> 01:44:35,000
AGGRESSIVELY

1961
01:44:35,001 --> 01:44:36,000
REPUBLICAN CONGRESS ON


1962
01:44:36,001 --> 01:44:37,000
EVERYTHING -- ENTITLEMENT AND


1963
01:44:37,001 --> 01:44:40,000
TAXES.


1964
01:44:40,001 --> 01:44:41,000
BUT IT WAS ALWAYS DIRECTED AT


1965
01:44:41,001 --> 01:44:42,000
EXISTING POLICY AND ADJUSTING


1966
01:44:42,001 --> 01:44:45,000
THAT POLICY.


1967
01:44:45,001 --> 01:44:48,000
IN OTHER WORDS, RAISING THE TAX


1968
01:44:48,001 --> 01:44:49,000
RATE OR DROPPING THE TAX RATE,


1969
01:44:49,001 --> 01:44:51,000
CHANGING AN ENTITLEMENT PROGRAM


1970
01:44:51,001 --> 01:44:52,000
IN SOME WAY THAT ALREADY EXISTED


1971
01:44:52,001 --> 01:44:55,000
OR NOT CHANGING AN ENTITLEMENT


1972
01:44:55,001 --> 01:44:57,000
PROGRAM.


1973
01:44:57,001 --> 01:44:59,000
RECONCILIATION HAS NEVER BEEN


1974
01:44:59,001 --> 01:45:03,000
USED FOR THE PURPOSES OF PUTTING


1975
01:45:03,001 --> 01:45:05,000
IN PLACE A DRAMATIC NEW FEDERAL


1976
01:45:05,001 --> 01:45:07,000
PROGRAM WHICH WILL FUNDAMENTALLY


1977
01:45:07,001 --> 01:45:08,000
SHIFT THE WAY

1978
01:45:08,001 --> 01:45:15,000
FUNCTIONS IN THIS COUNTRY.


1979
01:45:15,001 --> 01:45:19,000
NEVER BEEN USED IN THE SENSE AS


1980
01:45:19,001 --> 01:45:21,000
AN AD INITI EVENT.


1981
01:45:21,001 --> 01:45:25,000
THE CARBON TAX OR THE NATIONAL


1982
01:45:25,001 --> 01:45:28,000
SALES TAX ON ELECTRIC BILLS IS A


1983
01:45:28,001 --> 01:45:31,000
MASSIVE EXERCISE IN INDUSTRIAL


1984
01:45:31,001 --> 01:45:35,000
POLICY.


1985
01:45:35,001 --> 01:45:38,000
TOTALLY REDIRECTING HOW ENERGY


1986
01:45:38,001 --> 01:45:39,000
IS PRODUCED IN THIS NATION AND


1987
01:45:39,001 --> 01:45:41,000
A. EFFECTING EVERYBODY IN THIS


1988
01:45:41,001 --> 01:45:43,000
NATION.


1989
01:45:43,001 --> 01:45:44,000
BECAUSE EVERYBODY'S ENERGY BILL


1990
01:45:44,001 --> 01:45:46,000
WILL BE INCREASED AS A RESULT OF


1991
01:45:46,001 --> 01:45:47,000
THIS TAX.


1992
01:45:47,001 --> 01:45:49,000
ESPECIALLY IN THE MIDWEST.


1993
01:45:49,001 --> 01:45:50,000
AND IN THE NORTHEAST.


1994
01:45:50,001 --> 01:45:52,000
IT IS A BRAND-NEW PROGRAM,


1995
01:45:52,001 --> 01:45:55,000
SOMETHING THAT WE'VE NEVER SEEN


1996
01:45:55,001 --> 01:45:57,000
BEFORE.

1997
01:45:57,001 --> 01:45:58,000
HUGE PROGRAM.


1998
01:45:58,001 --> 01:46:01,000
OBVIOUSLY REWRITING THE HEALTH


1999
01:46:01,001 --> 01:46:02,000
CARE SYSTEM OF THIS COUNTRY IS A


2000
01:46:02,001 --> 01:46:03,000
DRAMATIC EXERCISE AFFECTING


2001
01:46:03,001 --> 01:46:06,000
ABSOLUTELY EVERYONE IN THIS


2002
01:46:06,001 --> 01:46:07,000
NATION.


2003
01:46:07,001 --> 01:46:09,000
AT ALL SORTS OF DIFFERENT


2004
01:46:09,001 --> 01:46:11,000
LEVELS, A BRAND-NEW MAJOR

PROGRAM.


2005
01:46:11,001 --> 01:46:14,000
THESE ARE INITIATIVES OF


2006
01:46:14,001 --> 01:46:16,000
SIIFICANT SIZE AND IMPORT.


2007
01:46:16,001 --> 01:46:17,000
RECONCILIATION WAS NEVER


2008
01:46:17,001 --> 01:46:19,000
CONCEIVED TO UNDERTAKE THOSE


2009
01:46:19,001 --> 01:46:21,000
TYPES OF EVENTS.


2010
01:46:21,001 --> 01:46:25,000
THOSE TYPES OF INITIATIVES.


2011
01:46:25,001 --> 01:46:28,000
THE SENATE A BILL WHICH TOTALLY


2012
01:46:28,001 --> 01:46:31,000
REWRITES THE WAY PEOPLE PRODUCE


2013
01:46:31,001 --> 01:46:34,000
AND PAY FOR ENERGY IN THIS


2014
01:46:34,001 --> 01:46:36,000
NATION WITH A BRAND-NEW NATIONAL


2015
01:46:36,001 --> 01:46:38,000
SALES TAX UNDER A RULE THAT SAYS


2016
01:46:38,001 --> 01:46:41,000
YOU'LL GET 20 HOURS OF DEBATE


2017
01:46:41,001 --> 01:46:43,000
AND NO AMENDMENTS AND HAVE THE


2018
01:46:43,001 --> 01:46:44,000
SENATEUNCTION AS IS ITS

2019
01:46:44,001 --> 01:46:46,000
PU

2020
01:46:46,001 --> 01:46:48,000
OF DISCUSSION AND AMENDMENT.


2021
01:46:48,001 --> 01:46:50,000
IT WOULD FUNCTION LIKE THE HOUSE


2022
01:46:50,001 --> 01:46:53,000
THAT'S TRUE.


2023
01:46:53,001 --> 01:46:56,000
BUT IT WOULD BASICALLY ELIMINATE


2024
01:46:56,001 --> 01:46:58,000
THE SENATE AS A CONCEPT AND

2025
01:46:58,001 --> 01:46:59,000
RIGHT DIRECTLY ATHE DESTROYING


2026
01:46:59,001 --> 01:47:00,000
THE PURPOSES OF THE SENATE.


2027
01:47:00,001 --> 01:47:03,000
THE SAME OF COURSE IS TRUE TO


2028
01:47:03,001 --> 01:47:05,000
BRING A MAJOR INITIATIVE TO


2029
01:47:05,001 --> 01:47:06,000
BASICALLY REWRITE HEALTH CARE


2030
01:47:06,001 --> 01:47:08,000
COMPLETELY, BASICALLY


2031
01:47:08,001 --> 01:47:09,000
QUASI-NATIONALIZE IT, AS FAR AS


2032
01:47:09,001 --> 01:47:11,000
I CAN SEE IS THE PROPOSAL, BUT


2033
01:47:11,001 --> 01:47:13,000
TO HAVE A MASSIVE HEALTH CARE


2034
01:47:13,001 --> 01:47:14,000
INITIATIVE WHICH WOULD AFFECT


2035
01:47:14,001 --> 01:47:15,000
EVERYTHING THAT HAS TO DO WITH


2036
01:47:15,001 --> 01:47:17,000
HEALTH CARE BROUGHT TO THE FLOOR


2037
01:47:17,001 --> 01:47:19,000
OF THE SENATE UNDER


2038
01:47:19,001 --> 01:47:20,000
RECONCILIATION WOULD BE TO


2039
01:47:20,001 --> 01:47:22,000
FUNDAMENTALLY UNDERMINE THE


2040
01:47:22,001 --> 01:47:25,000
PURPOSES OF THE SENATE, WHICH IS


2041
01:47:25,001 --> 01:47:28,000
TO DISCUSS, DEBATE, AND HAVE THE


2042
01:47:28,001 --> 01:47:29,000
RIGHT TO AMEND MAJOR PUBLIC


2043
01:47:29,001 --> 01:47:31,000
POLICY AND I CAN'T THINK OF TWO


2044
01:47:31,001 --> 01:47:32,000
THINGS WHICH WOULD

2045
01:47:32,001 --> 01:47:35,000
SIGNIFICANT PUBLIC POLICY THAN


2046
01:47:35,001 --> 01:47:36,000
THOSE INITIATIVES.


2047
01:47:36,001 --> 01:47:38,000
YES, IF THEY BROUGHT -- USED


2048
01:47:38,001 --> 01:47:39,000
THIS SYSTEM OF RECONCILIATION


2049
01:47:39,001 --> 01:47:41,000
THEY WOULD TAKE GYRES RISK


2050
01:47:41,001 --> 01:47:42,000
BECAUSE IT WOULD BE SUBJECT TO


2051
01:47:42,001 --> 01:47:43,000
SOMETHING KNOWN AS THE BYRD RULE


2052
01:47:43,001 --> 01:47:44,000
ON PUBLIC PICY BUT JUST THE


2053
01:47:44,001 --> 01:47:46,000
CONCEPT THAT THEY WOULD BE


2054
01:47:46,001 --> 01:47:48,000
THINKING ABOUT THIS IS A


2055
01:47:48,001 --> 01:47:49,000
REFLECTION OF THE -- OF THEIR


2056
01:47:49,001 --> 01:47:51,000
WILLINGNESS TO IGNORE THIS


2057
01:47:51,001 --> 01:47:52,000
CONCEPT OF BIPARTISANSHIP WHICH


2058
01:47:52,001 --> 01:47:55,000
WE HEAR SO MUCH ABOUT.


2059
01:47:55,001 --> 01:47:56,000
YOU'RE GOING TO TALK ABOUT

RECONCILIATION.


2060
01:47:56,001 --> 01:47:58,000
YOU'RE TALKING

2061
01:47:58,001 --> 01:48:00,000
THAT HAS NOTHING TO DO WITH

BIPARTISANSHIP.


2062
01:48:00,001 --> 01:48:01,000
YOU'RE TALKING ABOUT THE EXACT


2063
01:48:01,001 --> 01:48:02,000
OPPOSITE OF BIPARTISAN.


2064
01:48:02,001 --> 01:48:04,000
YOU'RE TALKING ABOUT RUNNING

2065
01:48:04,001 --> 01:48:06,000
OVER THE MINORITY, PUTTING THEM


2066
01:48:06,001 --> 01:48:09,000
IN CEMENT, AND THROWING THEM IN


2067
01:48:09,001 --> 01:48:10,000
THE CHICAGO RIVER.


2068
01:48:10,001 --> 01:48:14,000
BASICALLY, IT TAKES THE MINORITY


2069
01:48:14,001 --> 01:48:16,000
COMPLETELY OUT OF OF THE PROCESS


2070
01:48:16,001 --> 01:48:18,000
OF HAVING A RIGHT TO HAVE ANY


2071
01:48:18,001 --> 01:48:20,000
DISCUSSION, SAY, OR EVEN THE


2072
01:48:20,001 --> 01:48:22,000
RIGHT TO AMEND SOMETHING SO

FUNDAMENTAL AS A PIECE OF


2073
01:48:22,001 --> 01:48:23,000
LEGISLATION OF THIS


2074
01:48:23,001 --> 01:48:25,000
SIGNIFICANCE.


2075
01:48:25,001 --> 01:48:28,000
ALSO I WOULD NOTE, IT TAKES


2076
01:48:28,001 --> 01:48:30,000
ANYBODY WHO DISAGREES, ON THE


2077
01:48:30,001 --> 01:48:32,000
MAJORITY SIDE EVEN, OUT OF THE


2078
01:48:32,001 --> 01:48:34,000
ANYBODY WHO DISAGREES WITH THE


2079
01:48:34,001 --> 01:48:35,000
ACTUAL DOCUMENT FLOOR TO THE


2080
01:48:35,001 --> 01:48:38,000
FLOOR UNDER THE I

2081
01:48:38,001 --> 01:48:41,000
SO USING RECONCILIATION IN THIS


2082
01:48:41,001 --> 01:48:42,000
WOULD DO FUNDAMENTAL HARM,


2083
01:48:42,001 --> 01:48:43,000
FUNDAMENTAL HARM, TO T

2084
01:48:43,001 --> 01:48:46,000
INSTITUTION OF THE SENATE.


2085
01:48:46,001 --> 01:48:47,000
I MEAN,


2086
01:48:47,001 --> 01:48:49,000
WHY HAVE A SENATE IF YOU'RE

2087
01:48:49,001 --> 01:48:50,000
GOING TO DO RECONCILIATION ON


2088
01:48:50,001 --> 01:48:52,000
SOMETHING THIS SIGNIFICANT.


2089
01:48:52,001 --> 01:48:54,000
YOU MHT AS WELL GO TO A


2090
01:48:54,001 --> 01:48:55,000
UNICAMERAL BODY.


2091
01:48:55,001 --> 01:48:57,000
BE LIKE CANADA.


2092
01:48:57,001 --> 01:48:59,000
HAVE ONE BODY AND HAVE IT BE THE


2093
01:48:59,001 --> 01:49:00,000
HOUSE OF REPRESENTATIVES BECAUSE


2094
01:49:00,001 --> 01:49:02,000
THAT WILL BEING THE PRACTICAL

2095
01:49:02,001 --> 01:49:04,000
EFFECT OF USING RECONCILIATION

HERE.


2096
01:49:04,001 --> 01:49:06,000
IT IS SUCH A DANGEROUS PRECEDENT


2097
01:49:06,001 --> 01:49:09,000
TO SET OR TO EVEN DISCUSS

2098
01:49:09,001 --> 01:49:10,000
BECAUSE BY DISCUSSING IT, YOU


2099
01:49:10,001 --> 01:49:14,000
BASICALLY DEVALUE THE PURPOSES


2100
01:49:14,001 --> 01:49:17,000
OF THE SENATE, WHICH IS TO AMEND


2101
01:49:17,001 --> 01:49:18,000
AND DEBATE AND HAVE AN OPEN


2102
01:49:18,001 --> 01:49:19,000
FORUM.


2103
01:49:19,001 --> 01:49:22,000
WHEREAS WASHINGTON SAID THE HOT


2104
01:49:22,001 --> 01:49:25,000
COFFEE CAN BE POURED FROM THE


2105
01:49:25,001 --> 01:49:27,000
SAUCER INTO THE -- FROM THE TEA


2106
01:49:27,001 --> 01:49:29,000
CUP IO THE SAUCER.


2107
01:49:29,001 --> 01:49:31,000
THE SENATE IS SUPPOSED TO BE THE

SAUCER.


2108
01:49:31,001 --> 01:49:33,000
IT IS SUPPOSED TO BE WHERE WE


2109
01:49:33,001 --> 01:49:35,000
GET AN AIRING, AND CERTAINLY ON


2110
01:49:35,001 --> 01:49:36,000
ISSUES OF THIS SIZE WE SHOULD


2111
01:49:36,001 --> 01:49:38,000
HAVE ONE.


2112
01:49:38,001 --> 01:49:41,000
I CERTAINLY HOPE WE'LL HAVE NO

FURTHER DISCUSSION OF THE IDEA


2113
01:49:41,001 --> 01:49:42,000
OF USING RECONCILIATION FOR THE


2114
01:49:42,001 --> 01:49:45,000
PURPOSES OF PURSUING EITHER A

2115
01:49:45,001 --> 01:49:48,000
NATIONAL SALES TAX ON ENERGY


2116
01:49:48,001 --> 01:49:50,000
CALLED THE KPWAPB TAX

2117
01:49:50,001 --> 01:49:53,000
CALLED THE CARBON TAX AND

2118
01:49:53,001 --> 01:49:54,000
POLICIES WHICH WOULD APPLY OR


2119
01:49:54,001 --> 01:49:55,000
FOR THE MASSIVE REWRITE OF


2120
01:49:55,001 --> 01:49:57,000
HEALTH CARE.


2121
01:49:57,001 --> 01:50:03,000
MR. PRESIDENT, I YIELD THE


2122
01:50:03,001 --> 01:50:04,000
FLOO

2123
01:50:04,001 --> 01:50:08,000
MR. BOND:
THE PRESIDING OFFICER: THE


2124
01:50:08,001 --> 01:50:09,000
SENATOR FROM

2125
01:50:09,001 --> 01:50:10,000
MR. BOND: I ASK UNANIMOUS

CONSENT TO PROCEED AS IF IN


2126
01:50:10,001 --> 01:50:11,000
MORNING BUSINESS.


2127
01:50:11,001 --> 01:50:12,000
THE PRESIDING OFFICER: WITHOUT

OBJECTION, SO ORDERED.


2128
01:50:12,001 --> 01:50:14,000
MR. BOND: THANK YOU,

MR. PRESIDENT.


2129
01:50:14,001 --> 01:50:16,000
AND I AGREE WHOLEHEARTEDLY WITH


2130
01:50:16,001 --> 01:50:19,000
THE WARNINGS WARNINGS ISSUED BY


2131
01:50:19,001 --> 01:50:21,000
MY FRIEND, THE SENATOR FROM NEW


2132
01:50:21,001 --> 01:50:23,000
HAMPSHIRE, WHOSE SERVICE ON THE


2133
01:50:23,001 --> 01:50:25,000
BUDGET COMMITTEE HAS BEEN VERY

VALUABLE.


2134
01:50:25,001 --> 01:50:28,000
AND I HOPE THAT EVERYONE HAS


2135
01:50:28,001 --> 01:50:31,000
TAKEN CAREFUL HEED OF HIS WORDS.


2136
01:50:31,001 --> 01:50:34,000
FOR WHAT WE NEED TO DO IN THE

FUTURE.


2137
01:50:34,001 --> 01:50:36,000
RIGHT NOW I WANT TO TALK ABOUT


2138
01:50:36,001 --> 01:50:38,000
SOMETHING THAT IS HAPPENING AT


2139
01:50:38,001 --> 01:50:41,000
THIS MOMENT, AND A PROBLEM WE'VE


2140
01:50:41,001 --> 01:50:44,000
GOT TO SOLVE BEFORE WE EVEN LOOK


2141
01:50:44,001 --> 01:50:48,000
AT WHAT WE DO IN

2142
01:50:48,001 --> 01:50:49,000
LIKE SO MANY OTHERS, AND I


2143
01:50:49,001 --> 01:50:51,000
ASSUME THE OCCUPANT OF THE CHAIR


2144
01:50:51,001 --> 01:50:56,000
AND ALL MY COLLEAGUES HAVE HEARD

2145
01:50:56,001 --> 01:50:57,000
THE SAME THING, MY PHONES IN MY


2146
01:50:57,001 --> 01:50:58,000
OFFICE IN THE DISTRICT OF


2147
01:50:58,001 --> 01:51:00,000
COLUMBIA AND ACROSS THE STATE


2148
01:51:00,001 --> 01:51:02,000
ARE RINGING OFF THE HOOK.


2149
01:51:02,001 --> 01:51:03,000
AMERICANS ARE OUTRAGED THAT


2150
01:51:03,001 --> 01:51:06,000
THEIR HARD-EARNED TAXPAYER


2151
01:51:06,001 --> 01:51:08,000
DOLLARS ARE BEING USED TO PAY


2152
01:51:08,001 --> 01:51:10,000
BONUSES AT A.I.G.


2153
01:51:10,001 --> 01:51:11,000
YESTERDAY AFTERNOON AND TODAY


2154
01:51:11,001 --> 01:51:13,000
THERE HAVE BEEN COUNTLESS PRESS


2155
01:51:13,001 --> 01:51:15,000
REPORTS ABOUT THESE BONUSES PAID


2156
01:51:15,001 --> 01:51:17,000
TO SOME OF THE SAME PEOPLE THAT


2157
01:51:17,001 --> 01:51:21,000
MAY HAVE BEEN RESPONSIBLE FOR


2158
01:51:21,001 --> 01:51:22,000
PUTTING A.I.G. INTO THIS MESS.


2159
01:51:22,001 --> 01:51:25,000
MR. PRESIDENT, I AGREE.


2160
01:51:25,001 --> 01:51:28,000
I TOO AM OUTRAGED.


2161
01:51:28,001 --> 01:51:30,000
IT'S UNACCEPTABLE TO PAY BONUSES


2162
01:51:30,001 --> 01:51:33,000
AFTER THE AMERICAN TAXPAYER WAS


2163
01:51:33,001 --> 01:51:36,000
FORCED TO BAIL OUT AN


2164
01:51:36,001 --> 01:51:38,000
INSTITUTION WITHOUT REFORMING

IT.


2165
01:51:38,001 --> 01:51:40,000
WITHOUT REFORMING IT.


2166
01:51:40,001 --> 01:51:43,000
WITHOUT DEMANDING ANY CHANGES.


2167
01:51:43,001 --> 01:51:48,000
WHILE I SHARE THE AMERICANS'


2168
01:51:48,001 --> 01:51:49,000
FURY OVER THIS LATEST IDIOCY,


2169
01:51:49,001 --> 01:51:51,000
I'M, QUITE FRANKLY, A LITTLE


2170
01:51:51,001 --> 01:51:53,000
SURPRISED TO SEE THE PRESIDENT


2171
01:51:53,001 --> 01:51:54,000
AND

2172
01:51:54,001 --> 01:51:56,000
OUTRAGED BY THESE BONUSES WHEN


2173
01:51:56,001 --> 01:51:58,000
THEY HAD THE OPPORTUNITY TO


2174
01:51:58,001 --> 01:52:01,000
PREVENT THEM BEFORE THEY GAVE


2175
01:52:01,001 --> 01:52:02,000
A.I.G.

2176
01:52:02,001 --> 01:52:04,000
TAXPAYER DOLLARS.


2177
01:52:04,001 --> 01:52:05,000
THAT'S RIGHT, MR. PRESIDENT.


2178
01:52:05,001 --> 01:52:07,000
THE OBAMA ADMINISTRATION COULD


2179
01:52:07,001 --> 01:52:11,000
HAVE REFUSED TO PAY THE


2180
01:52:11,001 --> 01:52:13,000
REMAINDER OF THE $170 MILLION


2181
01:52:13,001 --> 01:52:15,000
BONUSES TO FAILED A.I.G.


2182
01:52:15,001 --> 01:52:17,000
EXECUTIVES AS A CONDITION TO


2183
01:52:17,001 --> 01:52:20,000
PROVIDING THAT COMPANY THE


2184
01:52:20,001 --> 01:52:21,000
ADDITIONAL MONEY IT SOUGHT FROM


2185
01:52:21,001 --> 01:52:23,000
THE TREASURY.


2186
01:52:23,001 --> 01:52:25,000
EARLIER THIS MONTH THE OBAMA


2187
01:52:25,001 --> 01:52:27,000
ADMINISTRATION GAVE A.I.G.


2188
01:52:27,001 --> 01:52:30,000
ANOTHER INJECTION OF $30 BILLION


2189
01:52:30,001 --> 01:52:32,000
OF TAXPAYER FUNDS TO KEEP THIS


2190
01:52:32,001 --> 01:52:33,000
FAILED INSTITUTION FROM FAILING


2191
01:52:33,001 --> 01:52:41,000
EVEN FURTHER.


2192
01:52:41,001 --> 01:52:44,000
THERE IS A RAT HOLE, AND WE HAVE

2193
01:52:44,001 --> 01:52:45,000
AT THE SAME TIME

2194
01:52:45,001 --> 01:52:47,000
SECRETARY GEITHNER COULD HAVE


2195
01:52:47,001 --> 01:52:48,000
AND SHOULD HAVE INSURED THAT


2196
01:52:48,001 --> 01:52:50,000
TAXPAYER DOLLARS WOULDN'T BE


2197
01:52:50,001 --> 01:52:51,000
USED TO PAY THESE BONUSES, BUT


2198
01:52:51,001 --> 01:52:52,000
HE DIDN'T.


2199
01:52:52,001 --> 01:52:54,000
THIS IS ANOTHER EXAMPLE, I


2200
01:52:54,001 --> 01:52:55,000
REGRETO SAY, OF THE


2201
01:52:55,001 --> 01:52:57,000
SECRETARY'S FAILED LEA

2202
01:52:57,001 --> 01:52:59,000
WHEN HE WAS PRESIDENT OF THE


2203
01:52:59,001 --> 01:53:01,000
FEDERAL RESERVE OF NEW YORK, HE


2204
01:53:01,001 --> 01:53:05,000
HAD OVERSIGHT RESPONSIBILITY

2205
01:53:05,001 --> 01:53:07,000
OVER A.I.G., CITI AND OTHERS OF


2206
01:53:07,001 --> 01:53:09,000
THE MAJOR FAILED INSTITUTIONS.


2207
01:53:09,001 --> 01:53:14,000
WHAT WAS DONE, OBVIOUSLY THE


2208
01:53:14,001 --> 01:53:15,000
ANSWER IS NOT MUCH.


2209
01:53:15,001 --> 01:53:17,000
MR. PRESIDENT, THE

2210
01:53:17,001 --> 01:53:19,000
THE BONUSES REALLY IN SOME WAYS


2211
01:53:19,001 --> 01:53:21,000
KIND OF MISSES THE POINT.


2212
01:53:21,001 --> 01:53:24,000
I BELIEVE THAT CAPPING CORPORATE


2213
01:53:24,001 --> 01:53:26,000
PAY, TAKING AWAY BUSINESS

2214
01:53:26,001 --> 01:53:27,000
PRIVATE JETS IS NOT ENOUGH FOR


2215
01:53:27,001 --> 01:53:28,000
THE FAILED EXECUTIVES WHO GOT US


2216
01:53:28,001 --> 01:53:30,000
INTO THIS PROBLEM.


2217
01:53:30,001 --> 01:53:32,000
WE NEED TO GO FURTHER.


2218
01:53:32,001 --> 01:53:33,000
THE FAILED SENIOR EXECUTIVES AND


2219
01:53:33,001 --> 01:53:34,000
THE BOARD OF DIRECTORS SHOULD


2220
01:53:34,001 --> 01:53:36,000
HAVE BEEN FIRED, SHOULD HAVE


2221
01:53:36,001 --> 01:53:37,000
BEEN REPLACED WHEN THE


2222
01:53:37,001 --> 01:53:40,000
GOVERNMENT FIRST HAD TO STEP IN


2223
01:53:40,001 --> 01:53:42,000
AND RESCUE THE COMPANY.


2224
01:53:42,001 --> 01:53:44,000
DON'T THROW GOOD MONEY AFTER


2225
01:53:44,001 --> 01:53:46,000
PEOPLE WHO ARE NOT RUNNING THEIR


2226
01:53:46,001 --> 01:53:48,000
INSTITUTIONS WELL.


2227
01:53:48,001 --> 01:53:50,000
NOW, I CAN ASSUR YOU, IF ANY


2228
01:53:50,001 --> 01:53:51,000
WORKER IN MISSOURI OR ANY OTHER


2229
01:53:51,001 --> 01:53:54,000
STATE ACROSS THE NATN DROVE


2230
01:53:54,001 --> 01:53:55,000
THEIR COMPANY INTO

2231
01:53:55,001 --> 01:53:56,000
THEY WOULD HAVE BEEN AND SHOULD


2232
01:53:56,001 --> 01:53:58,000
HAVE BEEN FIRED.


2233
01:53:58,001 --> 01:54:00,000
THEY WOULDN'T BE RECEIVING A

BONUS.


2234
01:54:00,001 --> 01:54:03,000
THIS DOUBLE STANDARD FOR WALL


2235
01:54:03,001 --> 01:54:04,000
STREET VERSUS MAIN STREET IS, I

2236
01:54:04,001 --> 01:54:06,000
BELIEVE, ANOTHER REASON WHY


2237
01:54:06,001 --> 01:54:08,000
AMERICANS ARE SO MAD ABOUT HOW


2238
01:54:08,001 --> 01:54:09,000
THEIR TAXPAYER DOLLARS ARE BEING


2239
01:54:09,001 --> 01:54:10,000
USED.


2240
01:54:10,001 --> 01:54:12,000
WHAT'S PARTICULARLY TROUBLING IS


2241
01:54:12,001 --> 01:54:15,000
THAT A.I.G.'S INTENTION TO PAY


2242
01:54:15,001 --> 01:54:16,000
THESE BONUSES HAVE BEEN NO


2243
01:54:16,001 --> 01:54:18,000
SECRET, AND

2244
01:54:18,001 --> 01:54:19,000
WAS COMPLETELY AWARE OF THESE


2245
01:54:19,001 --> 01:54:21,000
PAYMENTS.


2246
01:54:21,001 --> 01:54:22,000
NOW THAT THE AMERICANS ARE


2247
01:54:22,001 --> 01:54:24,000
OUTRAGED ABOUT HOW THEIR


2248
01:54:24,001 --> 01:54:27,000
TAXPAYER DOLLARS ARE BEING


2249
01:54:27,001 --> 01:54:29,000
SPENT, SKRAOEUR GEITHNER AND --


2250
01:54:29,001 --> 01:54:31,000
SECRETARY GEITHNER

2251
01:54:31,001 --> 01:54:32,000
OBAMA ARE SHOCKED, SHOCKED AND


2252
01:54:32,001 --> 01:54:34,000
OUTRAGED AS WELL.


2253
01:54:34,001 --> 01:54:37,000
THE REAL OUTRAGE, MR. PRESIDENT,


2254
01:54:37,001 --> 01:54:38,000
IS THEIR AD HOC AND KNEE-JERK


2255
01:54:38,001 --> 01:54:46,000
REACTI

2256
01:54:46,001 --> 01:54:48,000
THE ADMINISTRATION'S AD HOC


2257
01:54:48,001 --> 01:54:49,000
REAUCY IS THE

2258
01:54:49,001 --> 01:54:51,000
BILLIONS AWAY.


2259
01:54:51,001 --> 01:54:54,000
WHAT WE NEED TO DO IS FOLLOW THE


2260
01:54:54,001 --> 01:54:55,000
WORDS OF THAT OLD

2261
01:54:55,001 --> 01:54:57,000
SONG: WE NEED A LITTLE LESS TALK


2262
01:54:57,001 --> 01:54:59,000
AND A LOT MORE

2263
01:54:59,001 --> 01:55:00,000
WE NEED TO FOCUS ON THE FAILING


2264
01:55:00,001 --> 01:55:02,000
BANKS AND OTHERS.


2265
01:55:02,001 --> 01:55:04,000
AND I'VE LAID IT OUT, CALLED THE


2266
01:55:04,001 --> 01:55:05,000
AMERICAN CREDIT CLEANUP PLAN.


2267
01:55:05,001 --> 01:55:08,000
IT'S REALLY

2268
01:55:08,001 --> 01:55:11,000
IT USES EXISTING AUTHORITIES FOR


2269
01:55:11,001 --> 01:55:12,000
THE BANKS, EXISTING AUTHORITIES


2270
01:55:12,001 --> 01:55:13,000
WITHIN THE FEDERAL DEPOSIT


2271
01:55:13,001 --> 01:55:14,000
INSURANCE CORRATION.


2272
01:55:14,001 --> 01:55:15,000
THERE ARE THREE MAIN STEPS THAT


2273
01:55:15,001 --> 01:55:17,000
NEED TO BE TAKEN.


2274
01:55:17,001 --> 01:55:18,000
WE NEED TO IDENTIFY FAILING


2275
01:55:18,001 --> 01:55:22,000
INSTITUTIONS.


2276
01:55:22,001 --> 01:55:24,000
YOU NEED TO REMOVE THE TOXIC

2277
01:55:24,001 --> 01:55:26,000
ASSETS, PROTECT DEPOSITORS AND


2278
01:55:26,001 --> 01:55:29,000
REMOVE THE FAILED LEADERSHIP,


2279
01:55:29,001 --> 01:55:31,000
AND THEN RETURN HEALTHY,

2280
01:55:31,001 --> 01:55:32,000
BANKS, OR PORTIONS OF THOSE


2281
01:55:32,001 --> 01:55:34,000
BANKS INTO THE PRIVATE SECTOR


2282
01:55:34,001 --> 01:55:39,000
AND GET THE GOVERNMENT OUT OF


2283
01:55:39,001 --> 01:55:41,000
RUNNING THE BUSINESSES.

GOVERNMENT DOESN'T DO A VERY


2284
01:55:41,001 --> 01:55:42,000
GOOD JOB OF RUNNING PRIVATE


2285
01:55:42,001 --> 01:55:44,000
BUSINE.


2286
01:55:44,001 --> 01:55:46,000
I HATE TO SAY IT, BUT OUR RECORD


2287
01:55:46,001 --> 01:55:47,000
IN CONGRESS ON RUNNING OUR OWN


2288
01:55:47,001 --> 01:55:49,000
BUSINESS IS NOT SOMETHING THAT


2289
01:55:49,001 --> 01:55:51,000
ONE WOULD HOLD UP AS AN EXAMPLE


2290
01:55:51,001 --> 01:55:53,000
OF GOOD EXECUTIVE MANAGEMENT.


2291
01:55:53,001 --> 01:55:56,000
WELL, UNFORTUNATELY, WE DON'T


2292
01:55:56,001 --> 01:55:58,000
SEEM TO HAVE ANY EXECUTIVE


2293
01:55:58,001 --> 01:55:59,000
MANAGEMENT IN THE


2294
01:55:59,001 --> 01:56:01,000
ADMINISTRATION, BUT WE CAN SEND


2295
01:56:01,001 --> 01:56:04,000
THE FDIC IN TO CLEAN UP THE


2296
01:56:04,001 --> 01:56:06,000
BANKS AND PUT THE BANKS BACK


2297
01:56:06,001 --> 01:56:09,000
INTO THE PRIVATE SECTOR, AT


2298
01:56:09,001 --> 01:56:11,000
LEAST IN VARIOUS PIECES,


2299
01:56:11,001 --> 01:56:14,000
WHATEVER

2300
01:56:14,001 --> 01:56:16,000
THE MARKET WILL BUY, AND LET THE

2301
01:56:16,001 --> 01:56:17,000
MARKET JUDGE WHETHER THESE NEW


2302
01:56:17,001 --> 01:56:19,000
INSTITUTIONS OR INSTITUTIONS


2303
01:56:19,001 --> 01:56:20,000
WITH THESE NEW PORTIONS IN THEM


2304
01:56:20,001 --> 01:56:22,000
ARE WORKING.


2305
01:56:22,001 --> 01:56:23,000
THERE OUGHT TO BE THE DISCIPLINE


2306
01:56:23,001 --> 01:56:25,000
OF THE MARKETPLACE.


2307
01:56:25,001 --> 01:56:26,000
THERE HAS BEEN NO DISCIPLINE.


2308
01:56:26,001 --> 01:56:28,000
I AGREE WITH AMERICANS WHO DON'T


2309
01:56:28,001 --> 01:56:29,000
WANT TO SEE THEIR TAX DOLLARS


2310
01:56:29,001 --> 01:56:32,000
GOING TO FAILED EXECUTIVES AT


2311
01:56:32,001 --> 01:56:35,000
A.I.G.
INSTITUTION.


2312
01:56:35,001 --> 01:56:38,000
OUR PLEA IS STOP THROWING GOOD


2313
01:56:38,001 --> 01:56:40,000
TAX DOLLARS AT BAD BANKS.


2314
01:56:40,001 --> 01:56:43,000
THE STKOPL BYES SHOULD NOT BE --


2315
01:56:43,001 --> 01:56:45,000
THE ZOMBIES SHOULD NOT BE


2316
01:56:45,001 --> 01:56:47,000
PROPPED UP WITHOUT BEING CLEANED

UP.


2317
01:56:47,001 --> 01:56:48,000
WE HAVE WELL ESTABLISHED


2318
01:56:48,001 --> 01:56:50,000
PRINCIPLES.


2319
01:56:50,001 --> 01:56:52,000
WEEED BOLD ACTION THAT FIXES


2320
01:56:52,001 --> 01:56:55,000
THE ROOT PROBLEMS.


2321
01:56:55,001 --> 01:56:57,000
AND WITH A CLEAR

2322
01:56:57,001 --> 01:56:59,000
IN MIND LIKE THE AMERICAN CREDIT

CLEANUP PLAN.


2323
01:56:59,001 --> 01:57:02,000
GET IN, TAKE OUT THE BAD ASSETS,

2324
01:57:02,001 --> 01:57:03,000
PROTECT THE DEPOSITORS IF IT'S A


2325
01:57:03,001 --> 01:57:06,000
FINANCIAL INSTITUTION.


2326
01:57:06,001 --> 01:57:07,000
CLEAN OUT THE BOARD OF DIRECTORS


2327
01:57:07,001 --> 01:57:09,000
IF NEED BE.


2328
01:57:09,001 --> 01:57:12,000
TAKE OUT THE TOXIC ASSETS.


2329
01:57:12,001 --> 01:57:14,000
AND PUT THE BANK OR PARTS OF IT


2330
01:57:14,001 --> 01:57:18,000
BACK IN THE MARKETPLACE.


2331
01:57:18,001 --> 01:57:21,000
IT'S TIME THE PRESIDENT AND THE


2332
01:57:21,001 --> 01:57:22,000
TREASURY REALIZED THROWING GOOD


2333
01:57:22,001 --> 01:57:25,000
MONEY AFTER BAD IS NOT THE WAY


2334
01:57:25,001 --> 01:57:28,000
TO SOLVE THIS CRISIS.


2335
01:57:28,001 --> 01:57:29,000
WE SAW IN

2336
01:57:29,001 --> 01:57:31,000
1990'S WHEN PROMPT ACTION


2337
01:57:31,001 --> 01:57:34,000
CLEANED UP THE SLOAN CRISIS.


2338
01:57:34,001 --> 01:57:35,000
IT WAS ACTUALLY SAVINGS AND


2339
01:57:35,001 --> 01:57:38,000
LOANS AND BANKS.


2340
01:57:38,001 --> 01:57:40,000
THEY WENT IN AND

2341
01:57:40,001 --> 01:57:42,000
UP, SENT THEM OUT AND THE


2342
01:57:42,001 --> 01:57:45,000
ECONOMY RECOVERED.


2343
01:57:45,001 --> 01:57:46,000
JAPAN TRIED WHAT WE APPARENTLY


2344
01:57:46,001 --> 01:57:47,000
ARE TRYING TO DO NOW.


2345
01:57:47,001 --> 01:57:49,000
THEY SPENT A DECADE THROWING


2346
01:57:49,001 --> 01:57:50,000
MORE GOVERNMENT MONEY AT FAILING

2347
01:57:50,001 --> 01:57:52,000
INSTITUTIONS.


2348
01:57:52,001 --> 01:57:54,000
AND WHAT HAVE THEY GOT?


2349
01:57:54,001 --> 01:57:58,000
THEY GOT A DECADE OF STAGNATION.


2350
01:57:58,001 --> 01:57:59,000
MR. PRESIDENT, THERE IS NO


2351
01:57:59,001 --> 01:58:01,000
IT'S DONE.


2352
01:58:01,001 --> 01:58:02,000
I TALKED WITH BILL SEEDMAN, WHO


2353
01:58:02,001 --> 01:58:04,000
RAN THAT OPERATION.


2354
01:58:04,001 --> 01:58:05,000
I TALKED WITH FORMER CHAIRMAN


2355
01:58:05,001 --> 01:58:07,000
GREENSPAN, THE PRESIDENTS OF THE


2356
01:58:07,001 --> 01:58:09,000
FEDERAL RESERVE IN KANSAS CITY


2357
01:58:09,001 --> 01:58:12,000
AND ST. LOUIS, AND THEY ALL SAY


2358
01:58:12,001 --> 01:58:14,000
GET IN, CLEAN THEM UP, GET THE


2359
01:58:14,001 --> 01:58:15,000
TOXIC ASSETS OUT, GET THE


2360
01:58:15,001 --> 01:58:17,000
GOVERNMENT OUT OF RUNNING THE


2361
01:58:17,001 --> 01:58:18,000
BANKS AND TELLING THEM WHERE


2362
01:58:18,001 --> 01:58:19,000
THEY SPEND THEIR MONEY, WHERE


2363
01:58:19,001 --> 01:58:22,000
THEY DON'T.


2364
01:58:22,001 --> 01:58:25,000
GET THEM OUT, AND THE ECONOMY


2365
01:58:25,001 --> 01:58:27,000
WILL

2366
01:58:27,001 --> 01:58:28,000
CRIS WILL CLEAR UP.


2367
01:58:28,001 --> 01:58:31,000
MR. PRESIDENT, UNTIL WE DO THAT,


2368
01:58:31,001 --> 01:58:32,000
WE'LL SEE MORE AND MORE WASTED


2369
01:58:32,001 --> 01:58:33,000
DOLLARS.


2370
01:58:33,001 --> 01:58:35,000
NOW, I HAVE TALKED WITH THE


2371
01:58:35,001 --> 01:58:38,000
LEADERSHIP, AND I HOPE THA

2372
01:58:38,001 --> 01:58:39,000
WILL BRING UP A MEASURE THAT


2373
01:58:39,001 --> 01:58:41,000
I'VE

2374
01:58:41,001 --> 01:58:43,000
THE CHAIRMAN OF THE BANKING


2375
01:58:43,001 --> 01:58:45,000
COMMITTEE, SENATOR DODD, SENATOR


2376
01:58:45,001 --> 01:58:48,000
CRAPO, TO GIVE MORE, A LINE OF


2377
01:58:48,001 --> 01:58:52,000
CREDIT TO THE FDIC TO DO ITS

2378
01:58:52,001 --> 01:58:54,000
THEY SHOULD EXPAND THEIR POWERS


2379
01:58:54,001 --> 01:58:55,000
TO GO AFTER BANK HOLDING


2380
01:58:55,001 --> 01:58:56,000
COMPANIES IF THEY'RE IN BAD

2381
01:58:56,001 --> 01:58:57,000
SHAPE.


2382
01:58:57,001 --> 01:58:59,000
AND IF WE CAN PASS THAT, THAT


2383
01:58:59,001 --> 01:59:01,000
WILL BE ADDITIONAL TOOLS.

2384
01:59:01,001 --> 01:59:02,000
BUT THE FDIC HAS THE BASIC


2385
01:59:02,001 --> 01:59:04,000
TOOLS.


2386
01:59:04,001 --> 01:59:06,000
THERE'S THE EXPERTISE THERE.


2387
01:59:06,001 --> 01:59:08,000
LET'S USE THE EXPERTISE AND


2388
01:59:08,001 --> 01:59:12,000
CLEAN UP RATHER THAN FLOODING


2389
01:59:12,001 --> 01:59:13,000
THE ZOMBIES WITH MORE DOLLARS.


2390
01:59:13,001 --> 01:59:15,000
MR. PRESIDENT, I THANK THE


2391
01:59:15,001 --> 01:59:16,000
CHAIR.


2392
01:59:16,001 --> 01:59:19,000
I YIELD THE FLOOR.


2393
01:59:19,001 --> 01:59:22,000
AND

2394
01:59:22,001 --> 01:59:32,000
THE PRESIDING OFFICER: THE


2395
01:59:32,001 --> 01:59:40,000
CLERK WILL READ THE ROLL.
OUT.


2396
01:59:40,001 --> 02:04:11,000
QUORUM CALL: 

2397
02:04:11,001 --> 02:04:12,000
QUORUM CALL: 

A SENATOR: MR. PRESIDENT?


2398
02:04:12,001 --> 02:04:13,000
THE PRESIDING OFFICER: THE


2399
02:04:13,001 --> 02:04:15,000
SENATOR FROM NEW YORK.


2400
02:04:15,001 --> 02:04:17,000
A SENATOR: ARE WE IN A QUORUM?


2401
02:04:17,001 --> 02:04:18,000
THE PRESIDING OFFICER: YES, WE


2402
02:04:18,001 --> 02:04:20,000
MR. SCHUMER: I ASK UNANIMOUS


2403
02:04:20,001 --> 02:04:21,000
CONSENT THAT THE

2404
02:04:21,001 --> 02:04:22,000
THE PRESIDING OFFICER: WITHOUT


2405
02:04:22,001 --> 02:04:23,000
OBJECTION, SO ORDED.


2406
02:04:23,001 --> 02:04:24,000
MR. SCHUMER: NOW, MR. PRESIDENT,


2407
02:04:24,001 --> 02:04:26,000
BEFORE I SPEAK, I WOULD LIKE TO


2408
02:04:26,001 --> 02:04:27,000
ASK FOR PERMISSIONS FOR


2409
02:04:27,001 --> 02:04:29,000
COMMITTEES TO MEET.


2410
02:04:29,001 --> 02:04:30,000
I HAVE SIX UNANIMOUS CONSENT


2411
02:04:30,001 --> 02:04:32,000
REQUESTS FOR COMMITTEES TO MEET


2412
02:04:32,001 --> 02:04:34,000
DURING TODAY'S SESSION OF THE


2413
02:04:34,001 --> 02:04:36,000
NATE, THEY HAVE THE

2414
02:04:36,001 --> 02:04:37,000
OF THE MAJORITY AND MINORITY


2415
02:04:37,001 --> 02:04:39,000
LEADERS, I ASK UNANIMOUS CONSENT


2416
02:04:39,001 --> 02:04:40,000
THAT THESE REQUESTS BE AGREED TO


2417
02:04:40,001 --> 02:04:41,000
AND THESE REQUESTS BE PRINTED IN


2418
02:04:41,001 --> 02:04:43,000
THE RECORD.

THE PRESIDING OFFICER: WITHOUT


2419
02:04:43,001 --> 02:04:44,000
OBJECTION.


2420
02:04:44,001 --> 02:04:48,000
MR. SCHUMER: THANK YOU, MR.

PRESIDENT.


2421
02:04:48,001 --> 02:04:50,000
AND, NOW, MR. PRESIDENT, I'D


2422
02:04:50,001 --> 02:04:51,000
LIKE TO SPEAK ON A

2423
02:04:51,001 --> 02:04:53,000
MYSELF AND A NUMBER OF


2424
02:04:53,001 --> 02:04:57,000
COLLEAGUES ARE SENDING TO THE


2425
02:04:57,001 --> 02:04:59,000
HEAD OF A.I.G.


2426
02:04:59,001 --> 02:05:00,000
I BELIEVE A FEW

2427
02:05:00,001 --> 02:05:02,000
COLLEAGUES WILL BE HERE IN THE


2428
02:05:02,001 --> 02:05:04,000
NEXT HALF-HOUR TO SPEAK ON THE


2429
02:05:04,001 --> 02:05:07,000
LETTER AS WELL.


2430
02:05:07,001 --> 02:05:10,000
MR. PRESIDENT, I RISE TODAY TO


2431
02:05:10,001 --> 02:05:12,000
EXPRESS MY OUTRAGE AND THE


2432
02:05:12,001 --> 02:05:14,000
OUTRAGE OF THE AMERICAN


2433
02:05:14,001 --> 02:05:15,000
TAXPAYERS AT THE

2434
02:05:15,001 --> 02:05:16,000
THAT'S THE AMERICAN


2435
02:05:16,001 --> 02:05:18,000
INTERNATIONAL GROUP INTENDS TO


2436
02:05:18,001 --> 02:05:21,000
MAKE TO THE EMPLOYEES OF ITS


2437
02:05:21,001 --> 02:05:23,000
FINANCIAL PRODUCTS DIVISION.


2438
02:05:23,001 --> 02:05:26,000
YESTERDAY WE LEARNED THAT A.I.G.


2439
02:05:26,001 --> 02:05:27,000
IS IN THE PROCESS OF PAYIN


2440
02:05:27,001 --> 02:05:30,000
PAYING $165 MILLION IN BONUSES


2441
02:05:30,001 --> 02:05:32,000
TO THE EMPLOYEES OF ITS


2442
02:05:32,001 --> 02:05:34,000
FINANCIAL PRODUCTS DIVISION AS


2443
02:05:34,001 --> 02:05:36,000
PART OF A PLAN THAT WILL PAY


2444
02:05:36,001 --> 02:05:38,000
THEM $450 MILLION IN BONUSES BY


2445
02:05:38,001 --> 02:05:40,000
THE END OF 2009.


2446
02:05:40,001 --> 02:05:42,000
THIS IS DISGRACEFUL.


2447
02:05:42,001 --> 02:05:44,000
THIS IS UNACCEPTABLE.


2448
02:05:44,001 --> 02:05:46,000
AND IT IS AN OFFENSE TO MILLIONS


2449
02:05:46,001 --> 02:05:49,000
OF HARD-WORKING AMERICANS WHOSE


2450
02:05:49,001 --> 02:05:52,000
TAX DOLLARS ARE THE ONLY REASON


2451
02:05:52,001 --> 02:05:53,000
A.I.G. CONTINUES TO EXIST AS A


2452
02:05:53,001 --> 02:05:57,000
GOING CONCERN.


2453
02:05:57,001 --> 02:05:59,000
AND TODAY I RISE TO ASSURE YOU,


2454
02:05:59,001 --> 02:06:02,000
TO ASSURE THE LEADERSHIP OF


2455
02:06:02,001 --> 02:06:04,000
A.I.G., AND TO

2456
02:06:04,001 --> 02:06:07,000
AMERICANS AND

2457
02:06:07,001 --> 02:06:08,000
WE INTEND TO DO EVERYTHING IN


2458
02:06:08,001 --> 02:06:12,000
OUR POWER TO PREVENT THOSE


2459
02:06:12,001 --> 02:06:13,000
PAYMENTS FROM BEING MADE AND TO


2460
02:06:13,001 --> 02:06:15,000
RECOUP THE MONEY THAT HAS


2461
02:06:15,001 --> 02:06:17,000
ALREADY BEEN PAID.


2462
02:06:17,001 --> 02:06:20,000
AS OF NOW EIGHT OF MY COLLEAGUES


2463
02:06:20,001 --> 02:06:23,000
AND I HAVE JOINED IN A LETTER TO


2464
02:06:23,001 --> 02:06:26,000
EDWARD LIDDY, CHAIRMAN OF


2465
02:06:26,001 --> 02:06:27,000
A.I.G., DEMANDING HE RENEGOTIATE


2466
02:06:27,001 --> 02:06:31,000
THESE CONTRACTS AND LETTING HIM


2467
02:06:31,001 --> 02:06:33,000
KNOW THAT WE WILLOT STAND BY


2468
02:06:33,001 --> 02:06:35,000
IF HE -- IF MR. LIDDY DOES


2469
02:06:35,001 --> 02:06:38,000
NOTHING, WE WILL ACT AND WE

2470
02:06:38,001 --> 02:06:41,000
TAKE THIS MONEY BACK AND RETURN


2471
02:06:41,001 --> 02:06:42,000
IT TO ITS RIGHTFUL OWNERS, THE


2472
02:06:42,001 --> 02:06:44,000
AMERICAN TAXPAYERS.


2473
02:06:44,001 --> 02:06:47,000
WE WILL TAKE THIS MONEY BACK BY


2474
02:06:47,001 --> 02:06:49,000
TAXING VIRTUALLY ALL OF IT.


2475
02:06:49,001 --> 02:06:52,000
SO LET THE RECIPIENTS OF THESE

2476
02:06:52,001 --> 02:06:53,000
LARGE AND UNSEAMLY BONUSES BE


2477
02:06:53,001 --> 02:06:56,000
WARNED: IF YOU DON'T RETURN IT


2478
02:06:56,001 --> 02:06:57,000
ON YOUR OWN, WE'LL DO IT FOR


2479
02:06:57,001 --> 02:06:59,000
YOU.


2480
02:06:59,001 --> 02:07:01,000
IN THE LETTER JOINING -- JOING


2481
02:07:01,001 --> 02:07:02,000
ME IN THE LETTER ARE THE


2482
02:07:02,001 --> 02:07:04,000
MAJORITY LEADER SENATOR REID,


2483
02:07:04,001 --> 02:07:07,000
SECRETARY OF THE CAUCUS, SENATOR


2484
02:07:07,001 --> 02:07:10,000
MURRAY,

2485
02:07:10,001 --> 02:07:13,000
CARPER, LINK ON, MENDEZ --


2486
02:07:13,001 --> 02:07:14,000
LINCOLN, MENDEZ, AND, YOU, MR.


2487
02:07:14,001 --> 02:07:16,000
PRESIDENT, SENATOR BEGICH, AND


2488
02:07:16,001 --> 02:07:18,000
THE NUMBER IS GROWING.


2489
02:07:18,001 --> 02:07:20,000
MANY OTHER PEOPLE, I BELIEVE,


2490
02:07:20,001 --> 02:07:21,000
WILL PUT THEIR NAME ON THE

LETTER.


2491
02:07:21,001 --> 02:07:23,000
NOW IN THE PAST YEAR WE HAVE


2492
02:07:23,001 --> 02:07:24,000
LEARNED MUCH ABOUT THE RECKLESS


2493
02:07:24,001 --> 02:07:27,000
BEHAVIOR WITHIN

2494
02:07:27,001 --> 02:07:28,000
SYSTEM AND NO FIRM WAS MORE


2495
02:07:28,001 --> 02:07:30,000
RECKLESS THAN A.I.G.


2496
02:07:30,001 --> 02:07:33,000
WHAT THEY DID WAS NOT ONLY


2497
02:07:33,001 --> 02:07:35,000
IRRESPONSIBLE, BUT FROM A


2498
02:07:35,001 --> 02:07:38,000
BUSINESS PERSPECTIVE, IT WAS

IMMORAL.


2499
02:07:38,001 --> 02:07:40,000
THEY TOOK WHAT WAS

2500
02:07:40,001 --> 02:07:41,000
WELL-MADE BUSINESS, THAT SOLD


2501
02:07:41,001 --> 02:07:43,000
INSURANCE TO INDIVIDUALS AND


2502
02:07:43,001 --> 02:07:46,000
FIRMS AROUND THE GLOBE AND


2503
02:07:46,001 --> 02:07:47,000
TURNED IT INTO A GAMBLING 10


2504
02:07:47,001 --> 02:07:48,000
THAT THEY USED TO ENRICH


2505
02:07:48,001 --> 02:07:51,000
THEMSELVES.


2506
02:07:51,001 --> 02:07:54,000
THEY SOLD CREDIT DEFAULT SWAPS


2507
02:07:54,001 --> 02:07:56,000
AND OTHER DERIVATIVES TO ALL


2508
02:07:56,001 --> 02:07:58,000
COMERS

2509
02:07:58,001 --> 02:08:00,000
PLAYING WITH MONOPOL

2510
02:08:00,001 --> 02:08:01,000
LY IT WASN'T MONOPOLY MONEY,


2511
02:08:01,001 --> 02:08:03,000
IT WAS REAL MONEY.


2512
02:08:03,001 --> 02:08:05,000
WHEN THEIR DEALS WENT SOUR, WHEN


2513
02:08:05,001 --> 02:08:08,000
THEY ACTUALLY HAD TO PAY, THEY


2514
02:08:08,001 --> 02:08:10,000
HAD NOTHING TO PAY ANYONE WITH.


2515
02:08:10,001 --> 02:08:12,000
AS WARREN BUFFETT SAID, WHEN THE


2516
02:08:12,001 --> 02:08:14,000
TIDE GOES OUT, YOU SEE WHO IS


2517
02:08:14,001 --> 02:08:17,000
SWIMMING WITHOUT A BATHING SUIT

ON.


2518
02:08:17,001 --> 02:08:19,000
AND THE LEADERSHIP OF A.I.G.,


2519
02:08:19,001 --> 02:08:22,000
THIS UNIT, WAS DOING JUST THAT.


2520
02:08:22,001 --> 02:08:24,000
JUST THIS MONTH, IN FACT, LESS


2521
02:08:24,001 --> 02:08:26,000
THAN THREE WEEKS AGO A.I.G.


2522
02:08:26,001 --> 02:08:30,000
REPORTED THAT IN THE FINAL


2523
02:08:30,001 --> 02:08:32,000
QUARTER OF 2008,S A FIRM, IT


2524
02:08:32,001 --> 02:08:34,000
LOST $61.7

2525
02:08:34,001 --> 02:08:38,000
LET ME REPEAT THAT

2526
02:08:38,001 --> 02:08:42,000
IN A SINGLE QUARTER IN JUS THE


2527
02:08:42,001 --> 02:08:46,000
LAST THREE MONTHS OF 2008 ALONE


2528
02:08:46,001 --> 02:08:48,000
THIS FIRM LOST OVER $60 BILLION.


2529
02:08:48,001 --> 02:08:50,000
THAT IS BYAR THE LARGEST


2530
02:08:50,001 --> 02:08:56,000
SINGLE QUARTERLY LOSS IN

CORPORATE HISTORY.


2531
02:08:56,001 --> 02:08:59,000
FOR ALL OF 2008 A.I.G.

2532
02:08:59,001 --> 02:09:00,000
-- $99.3 BILLION OR NEARL


2533
02:09:00,001 --> 02:09:01,000
NEARLY $100 BILLION.


2534
02:09:01,001 --> 02:09:03,000
AND NEARLY ALL OF THOSE LOSSES


2535
02:09:03,001 --> 02:09:06,000
WERE CAUSED BY THE ACTIONS OF


2536
02:09:06,001 --> 02:09:08,000
THE EMPLOYEES OF THE FINANCIAL


2537
02:09:08,001 --> 02:09:10,000
PRODUCTS DIVISION.


2538
02:09:10,001 --> 02:09:14,000
BUT YESTERDAY WE LEARNED THAT


2539
02:09:14,001 --> 02:09:15,000
THE FIRM INTENDED TO PAY NEARL


2540
02:09:15,001 --> 02:09:19,000
NEARLY $165 MILLION IN BONUSES


2541
02:09:19,001 --> 02:09:21,000
THIS YEAR AND AS A TOTAL

2542
02:09:21,001 --> 02:09:23,000
OF $450 MILLION BONUSES IN

2543
02:09:23,001 --> 02:09:26,000
OVER THE NEXT YEAR FOR THE


2544
02:09:26,001 --> 02:09:29,000
EMPLOYEES IN THE VERY SAME UNIT.

2545
02:09:29,001 --> 02:09:30,000
NOT ONLY BONUSES, BUT


2546
02:09:30,001 --> 02:09:33,000
PERFORMANCE BONUSES.


2547
02:09:33,001 --> 02:09:36,000
A PERFORMANCE BONUS FOR A FIRM


2548
02:09:36,001 --> 02:09:37,000
THAT LOST $100 BILLION.


2549
02:09:37,001 --> 02:09:40,000
AGAIN, LET ME REPEAT THAT.


2550
02:09:40,001 --> 02:09:44,000
THIS IS A PERFORMANCE BONUS FOR


2551
02:09:44,001 --> 02:09:47,000
A FIRM THAT

2552
02:09:47,001 --> 02:09:50,000
IF ANYTHING DEFINES -- IF


2553
02:09:50,001 --> 02:09:52,000
ANYTHING DEFINES ALICE IN

2554
02:09:52,001 --> 02:09:54,000
WONDERLAND BUSINESS PRACTICES,


2555
02:09:54,001 --> 02:09:55,000
THIS IS IT.


2556
02:09:55,001 --> 02:09:58,000
IT BOGGLES THE MIND.


2557
02:09:58,001 --> 02:10:00,000
IN THE PAST SIX MONTH ACE LOAN


2558
02:10:00,001 --> 02:10:01,000
THE -- SIX MONTHS ALONE, THE


2559
02:10:01,001 --> 02:10:03,000
AMERICAN TAXPAYERS HAVE BEEN


2560
02:10:03,001 --> 02:10:05,000
FORCED TO COMMIT $170 BILLION TO


2561
02:10:05,001 --> 02:10:07,000
A.I.G.


2562
02:10:07,001 --> 02:10:10,000
IF THE GOVERNMENT HAD NOT


2563
02:10:10,001 --> 02:10:12,000
STEPPED IN, IF IT HAD NOT


2564
02:10:12,001 --> 02:10:14,000
REPEATEDLY ACTED TO FILL THE


2565
02:10:14,001 --> 02:10:16,000
HOLE HOAL IN THE FINANCIAL


2566
02:10:16,001 --> 02:10:18,000
SYSTEM CREATED BY THIS FIRM AND


2567
02:10:18,001 --> 02:10:19,000
THESE EMPLOYEES' BEHAVIOR,


2568
02:10:19,001 --> 02:10:22,000
A.I.G. WOULD BE BANKRUPT.


2569
02:10:22,001 --> 02:10:23,000
ALL OF THESE EMPLOYEES WOULD


2570
02:10:23,001 --> 02:10:25,000
HAVE RECEIVED
ZERO.


2571
02:10:25,001 --> 02:10:28,000
WE KEEP HEARING THAT A.I.G. IS

2572
02:10:28,001 --> 02:10:30,000
CONTRACTUALLY BOUND TO PAY THESE


2573
02:10:30,001 --> 02:10:32,000
BONUSES, THAT IF THEY DON'T


2574
02:10:32,001 --> 02:10:33,000
THESE SUPPOSEDLY TALENTED PEOPLE


2575
02:10:33,001 --> 02:10:35,000
WILL LEAVE.


2576
02:10:35,001 --> 02:10:36,000
HERE'S WHAT I WOULD LIKE TO KNOW


2577
02:10:36,001 --> 02:10:39,000
FROM MR. LIDDY.


2578
02:10:39,001 --> 02:10:41,000
DO YOU EVEN ATTEMPT -- DID HE


2579
02:10:41,001 --> 02:10:43,000
EVEN ATTEMPT TO RENEGOTIATE THE

CONTRACTS?


2580
02:10:43,001 --> 02:10:44,000
DID HE POINT OUT THE HEALTH OF


2581
02:10:44,001 --> 02:10:46,000
A.I.G., THE CONDITION OF THE


2582
02:10:46,001 --> 02:10:50,000
U.S. AND GLOBAL ECONOMY?


2583
02:10:50,001 --> 02:11:03,000
THEIR OWN CULL

2584
02:11:03,001 --> 02:11:04,000
CULL PA BIBILITIY -- 

2585
02:11:04,001 --> 02:11:05,000
MR. LIDDY, I URGE YOU TO FIX


2586
02:11:05,001 --> 02:11:07,000
THIS MESS.


2587
02:11:07,001 --> 02:11:09,000
I'LL TELL YOU SOMETHING, IF YOU


2588
02:11:09,001 --> 02:11:11,000
DON'T FIX IT, WE WILL HERE'S


2589
02:11:11,001 --> 02:11:12,000
WHAT WE'RE DOING.


2590
02:11:12,001 --> 02:11:14,000
MY COLLEAGUES AND I ARE SENDING


2591
02:11:14,001 --> 02:11:16,000
A LETTER TO MR. LIDDY INFORMING


2592
02:11:16,001 --> 02:11:19,000
HIM THAT HE CAN GO RIGHT AHEAD


2593
02:11:19,001 --> 02:11:21,000
AND TELL THE EMPLOYEES THA ARE

2594
02:11:21,001 --> 02:11:22,000
SCHEDULED TO GET BONUSES THAT


2595
02:11:22,001 --> 02:11:23,000
THEY SHOULD VOLUNTARILY RETURN


2596
02:11:23,001 --> 02:11:24,000
THEM.


2597
02:11:24,001 --> 02:11:26,000
BECAUSE IF THEY DON'T, WE PLAN


2598
02:11:26,001 --> 02:11:28,000
TO TAX VIRTUALLY ALL OF IT.


2599
02:11:28,001 --> 02:11:30,000
HE SHOULD TELL THE EMPLOYEES IF


2600
02:11:30,001 --> 02:11:31,000
THEY DON'T GET THE MONEY BACK,


2601
02:11:31,001 --> 02:11:34,000
WE WILL PUT IN PLACE A NEW LAW


2602
02:11:34,001 --> 02:11:36,000
THAT WILL ALLOW US TO TAX THE


2603
02:11:36,001 --> 02:11:39,000
BONUSES AT

2604
02:11:39,001 --> 02:11:41,000
IT IS RETURNED TO ITS RIGHTFUL


2605
02:11:41,001 --> 02:11:43,000
OWNERS, THE TAXPAYERS.


2606
02:11:43,001 --> 02:11:44,000
FOR THOSE OF YOU GETTING THE


2607
02:11:44,001 --> 02:11:46,000
BONUSES,

2608
02:11:46,001 --> 02:11:52,000
NOT BE GETTING TO

2609
02:11:52,001 --> 02:11:54,000
I YIELD THE FLOOR.

2610
02:11:54,001 --> 02:11:55,000
MR. PRESIDENT, I NOTE THE


2611
02:11:55,001 --> 02:11:57,000
AB

2612
02:11:57,001 --> 02:12:09,000
THE PRESIDING OFFICER: THE


2613
02:12:09,001 --> 02:16:19,000
CLERK, PLEASE CALL THE ROLL.

2614
02:16:19,001 --> 02:19:10,000
QUORUM CALL: 

2615
02:19:10,001 --> 02:19:13,000
QUORUM CALL:

2616
02:19:13,001 --> 02:19:14,000
A SENATOR: MR. PRESIDENT?


2617
02:19:14,001 --> 02:19:16,000
THE PRESIDING OFFICER: THE


2618
02:19:16,001 --> 02:19:17,000
SENATOR FROM MINNESOTA IS


2619
02:19:17,001 --> 02:19:18,000
RECOGNIZED.


2620
02:19:18,001 --> 02:19:19,000
MS. KLOBUCHAR: MR. PRESIDENT, IN


2621
02:19:19,001 --> 02:19:22,000
THE PAST FEW DAYS, WE HAVE


2622
02:19:22,001 --> 02:19:23,000
LEARNED THAT THE

2623
02:19:23,001 --> 02:19:25,000
INTERNATIONAL GROUP --


2624
02:19:25,001 --> 02:19:26,000
AND FIRST, ARE WE IN A QUORUM,

MR. PRESIDENT?


2625
02:19:26,001 --> 02:19:27,000
THE PRESIDING OFFICER: THE


2626
02:19:27,001 --> 02:19:28,000
SENATOR IS ADVISED WE ARE IN A


2627
02:19:28,001 --> 02:19:29,000
QUORUM CALL.


2628
02:19:29,001 --> 02:19:30,000
MS. KLOBUCHAR: MR. PRESIDENT, I


2629
02:19:30,001 --> 02:19:31,000
ASK THAT THE QUORUM CALL BE


2630
02:19:31,001 --> 02:19:32,000
VI
THE PRESIDING OFFICER: WITHOUT


2631
02:19:32,001 --> 02:19:33,000
OBJECTION, SO ORDERED.


2632
02:19:33,001 --> 02:19:34,000
THE SENATOR FROM MINNESOTA IS


2633
02:19:34,001 --> 02:19:35,000
RECOGNIZED.


2634
02:19:35,001 --> 02:19:36,000
MS. KLOBUCHAR: IN THE PAST FEW


2635
02:19:36,001 --> 02:19:37,000
DAYS, MR. PRESIDENT, WE HAVE


2636
02:19:37,001 --> 02:19:40,000
LEARNED THAT THE A

2637
02:19:40,001 --> 02:19:43,000
INTERNATIONAL GROUP, KNOWN AS


2638
02:19:43,001 --> 02:19:47,000
A.I.G., HAS JUST AWARDED


2639
02:19:47,001 --> 02:19:50,000
$165 MILLION IN BONUSES TO ITS

HIGH-END EMPLOYEES, THE


2640
02:19:50,001 --> 02:19:51,000
EMPLOYEES OF ITS FINANCIAL


2641
02:19:51,001 --> 02:19:52,000
PRODUCTS GROUP.


2642
02:19:52,001 --> 02:19:54,000
THESE ARE PEOPLE RESPONSIBLE FOR


2643
02:19:54,001 --> 02:19:55,000
THE FANCY WHEELING

2644
02:19:55,001 --> 02:19:59,000
THAT NEARLY DESTROYED THE


2645
02:19:59,001 --> 02:20:00,000
COMPANY AND WREAKED HAVOC ON OUR


2646
02:20:00,001 --> 02:20:02,000
ENTIRE FINANCIAL SYSTEM.


2647
02:20:02,001 --> 02:20:04,000
THE AMERICAN PUBLIC IS OUTRAGED


2648
02:20:04,001 --> 02:20:07,000
BY THE ARROGANCE AND THE ABUSE


2649
02:20:07,001 --> 02:20:09,000
OF TAXPAYER

2650
02:20:09,001 --> 02:20:10,000
I WAS JUST IN MY STATE,


2651
02:20:10,001 --> 02:20:11,000
MR. PRESIDENT.


2652
02:20:11,001 --> 02:20:12,000
THERE ARE PEOPLE THAT ARE BARELY


2653
02:20:12,001 --> 02:20:13,000
HOLDING ON TO THEIR HOMES,


2654
02:20:13,001 --> 02:20:16,000
PEOPLE WHO'VE HAD THEIR HOURS


2655
02:20:16,001 --> 02:20:18,000
CUT, THEY'RE JUST ONE STEP AWAY


2656
02:20:18,001 --> 02:20:20,000
FROM THEIR HOME GOING INTO


2657
02:20:20,001 --> 02:20:21,000
FORECLOSURE OR FROM LOSING THEIR


2658
02:20:21,001 --> 02:20:22,000
CAR.


2659
02:20:22,001 --> 02:20:24,000
AND WE LEARN THIS TODAY.


2660
02:20:24,001 --> 02:20:25,000
LAST YEAR, UNDER DESPERATE BUT


2661
02:20:25,001 --> 02:20:27,000
NECESSARY CIRCUMSTANCES, THE


2662
02:20:27,001 --> 02:20:29,000
U.S. GOVERNMENT HAD TO RESCUE


2663
02:20:29,001 --> 02:20:32,000
A.I.G. FROM TOTAL COLLAPSE.


2664
02:20:32,001 --> 02:20:34,000
THIS WAS DONE NOT TO RESCUE THE


2665
02:20:34,001 --> 02:20:36,000
COMPANY ITSELF BUT TO RESCUE OUR


2666
02:20:36,001 --> 02:20:38,000
FINANCIAL SYSTEM.


2667
02:20:38,001 --> 02:20:40,000
A.I.G. WOULD NOT EVEN CONTINUE


2668
02:20:40,001 --> 02:20:43,000
TO EXIST TODAY EXCEPT FOR THE


2669
02:20:43,001 --> 02:20:44,000
INFUSION OF $170 BILLION IN


2670
02:20:44,001 --> 02:20:45,000
TAXPAYER FUNDS.


2671
02:20:45,001 --> 02:20:48,000
THE AMERICAN PEOPLE NOW OWN


2672
02:20:48,001 --> 02:20:50,000
ESSENTIALLY 80% OF THE COMPANY.


2673
02:20:50,001 --> 02:20:52,000
AND A.I.G. IS SUPPOSED TO BE


2674
02:20:52,001 --> 02:20:53,000
DOING EVERYTHING POSSIBLE TO


2675
02:20:53,001 --> 02:20:54,000
RIGHT ITSELF.


2676
02:20:54,001 --> 02:20:56,000
WELL, THEY HAVEN'T.


2677
02:20:56,001 --> 02:20:58,000
THERE IS NO RATIONAL WAY TO


2678
02:20:58,001 --> 02:21:01,000
JUSTIFY THESE BONUSES TO PEOPLE


2679
02:21:01,001 --> 02:21:03,000
WHO HAVE CAUSED UNTOLD DAMAGE TO


2680
02:21:03,001 --> 02:21:05,000
OUR ECONOMY.


2681
02:21:05,001 --> 02:21:07,000
THIS IS NOT PAY-FOR-PERFORMANCE.


2682
02:21:07,001 --> 02:21:09,000
IT'S PAY-FOR-FAILURE, WHICH


2683
02:21:09,001 --> 02:21:11,000
MAKES NO SENSE AT ALL.


2684
02:21:11,001 --> 02:21:12,000
WHY SHOULD THEY GET THE GOLDEN


2685
02:21:12,001 --> 02:21:14,000
PARACHUTES WHEN THEIR COMPANY


2686
02:21:14,001 --> 02:21:16,000
AND OUR FINANCIAL SYSTEM HAVE


2687
02:21:16,001 --> 02:21:18,000
BEEN CRASHING INTO THE GROUND.


2688
02:21:18,001 --> 02:21:20,000
THE BONUSES THESE INDIVIDUALS


2689
02:21:20,001 --> 02:21:21,000
ARE RECEIVING FOR THEIR F

2690
02:21:21,001 --> 02:21:25,000
IS MORE THAN MOST AMERICANS MAKE


2691
02:21:25,001 --> 02:21:26,000
IN A LIFETIME, MR. PRESIDENT.


2692
02:21:26,001 --> 02:21:28,000
THE AMERICAN PEOPLE SIMPLY


2693
02:21:28,001 --> 02:21:30,000
SHOULD NOT BE IN THE POSITION OF


2694
02:21:30,001 --> 02:21:31,000
REWARDING THE FAILURE OF


2695
02:21:31,001 --> 02:21:32,000
HIGH-FLYING WALL STREET BANKERS


2696
02:21:32,001 --> 02:21:34,000
WHO BROUGHT THEIR COMPANY AND


2697
02:21:34,001 --> 02:21:36,000
OUR ECONOMY CRASHING DOWN.


2698
02:21:36,001 --> 02:21:38,000
THAT'S WHY I'VE JOINED TODAY


2699
02:21:38,001 --> 02:21:40,000
WITH SENATOR SCHUMER AND OTHER


2700
02:21:40,001 --> 02:21:42,000
COLLEAGUES IN WRITING TO EDWARD


2701
02:21:42,001 --> 02:21:43,000
LIDY, THE CHAIRMAN AND C.E.O.,


2702
02:21:43,001 --> 02:21:45,000
OF A.I.G.


2703
02:21:45,001 --> 02:21:47,000
WE ARE TELLING HIM THAT IF THESE


2704
02:21:47,001 --> 02:21:49,000
BONUS CONTRACTS ARE NOT


2705
02:21:49,001 --> 02:21:51,000
RENEGOTIATED IMMEDIATELY, WE


2706
02:21:51,001 --> 02:21:53,000
WILL OFFER LEGISLATION THAT WILL


2707
02:21:53,001 --> 02:21:56,000
HAVE THE EFFECT OF MAKING


2708
02:21:56,001 --> 02:21:58,000
AMERICAN TAXPAYERS WHOLE.


2709
02:21:58,001 --> 02:21:59,000
A.I.G. NEEDS TO STEP UP AND DO


2710
02:21:59,001 --> 02:22:01,000
THE RIGHT THING.


2711
02:22:01,001 --> 02:22:03,000
BUT IF A.I.G. DOESN'T TAKE


2712
02:22:03,001 --> 02:22:05,000
ACTION ON ITS OWN TO CORRECT


2713
02:22:05,001 --> 02:22:08,000
THIS OUTRAGE, WE STAND READY TO


2714
02:22:08,001 --> 02:22:10,000
STEP OF ENACTING LEGISLATION


2715
02:22:10,001 --> 02:22:12,000
THAT WOULD ALLOW THE GOVERNMENT


2716
02:22:12,001 --> 02:22:14,000
TO RECOUP THESE BONUS PAYMENTS


2717
02:22:14,001 --> 02:22:16,000
THROUGH THE TAX CODE.


2718
02:22:16,001 --> 02:22:17,000
IF WE ARE FORCED TO DO THIS, WE


2719
02:22:17,001 --> 02:22:20,000
WILL IMPOSE A STEEP TAX,


2720
02:22:20,001 --> 02:22:21,000
POSSIBLY AS HIGH AS 91%, THAT


2721
02:22:21,001 --> 02:22:24,000
WOULD, IN EFFECT, RECOVER NEARLY


2722
02:22:24,001 --> 02:22:25,000
ALL THE BONUS MONEY.


2723
02:22:25,001 --> 02:22:27,000
NOW, I'M LIKE MOST AMERICANS.


2724
02:22:27,001 --> 02:22:29,000
I DON'T LIKE TO SEE TAXES

RAISED.


2725
02:22:29,001 --> 02:22:31,000
BUT IN THIS INSTANCE, I THINK


2726
02:22:31,001 --> 02:22:33,000
ALL OF US CAN MAKE AN EXCEPTION.


2727
02:22:33,001 --> 02:22:35,000
IF THEY REFUSE TO DO THE RIGHT


2728
02:22:35,001 --> 02:22:36,000
THING, THEN IT'S ONLY FAIR TO


2729
02:22:36,001 --> 02:22:37,000
IMPOSE THIS KIND OF TAX AGAINST


2730
02:22:37,001 --> 02:22:40,000
THE PEOPLE WHO'VE DONE SUCH


2731
02:22:40,001 --> 02:22:42,000
GREAT HARM TO OUR FINANCIAL

SYSTEM.


2732
02:22:42,001 --> 02:22:44,000
THEY JUST CAN'T WALK AWAY WITH


2733
02:22:44,001 --> 02:22:46,000
MILLIONS OF DOLLARS,

MR. PRESIDENT.


2734
02:22:46,001 --> 02:22:50,000
THEY MAY BE LAUGHING ALL THE WAY


2735
02:22:50,001 --> 02:22:53,000
TO THE BANK RIGHT NOW, BUT IF


2736
02:22:53,001 --> 02:22:55,000
A.I.G. CAN'T OR WON'T FIX THIS


2737
02:22:55,001 --> 02:22:57,000
PROBLEM, THESE PEOPLE WILL SOON


2738
02:22:57,001 --> 02:22:58,000
BE CRYING ALL THE WAY TO THE TAX


2739
02:22:58,001 --> 02:23:00,000
OFFICE.


2740
02:23:00,001 --> 02:23:02,000
THESE PEOPLE SEEM TO THINK THEY


2741
02:23:02,001 --> 02:23:04,000
CAN OPERATE WITH THE

2742
02:23:04,001 --> 02:23:06,000
ARROGANCE AND IRRESPONSIBILITY.


2743
02:23:06,001 --> 02:23:08,000
THIS IS NOT JUST A BUSINESS


2744
02:23:08,001 --> 02:23:09,000
OUTRAGE, IT'S A MORAL OUTRAGE.


2745
02:23:09,001 --> 02:23:11,000
I'M ALSO CONCERNED THAT IN


2746
02:23:11,001 --> 02:23:13,000
ADDITION TO THE BONUSES ALREADY

2747
02:23:13,001 --> 02:23:15,000
HANDED OUT, A.I.G. HAS PLANS TO


2748
02:23:15,001 --> 02:23:16,000
SPEND AN ADDITIONAL $450 MILLION


2749
02:23:16,001 --> 02:23:17,000
IN BONUSES OVER THE NEXT TWO


2750
02:23:17,001 --> 02:23:20,000
YEARS.


2751
02:23:20,001 --> 02:23:22,000
BASED ON WHAT WE KNOW NOW, CAN


2752
02:23:22,001 --> 02:23:24,000
WE REALLY TRUST THAT THESE BONUS


2753
02:23:24,001 --> 02:23:25,000
PAYMENTS REALLY GO TO THE PEOPLE


2754
02:23:25,001 --> 02:23:26,000
WHO DESERVE IT, THE PEOPLE WHO


2755
02:23:26,001 --> 02:23:29,000
FIX THE PROBLEMS WHEN THE PEOPLE


2756
02:23:29,001 --> 02:23:30,000
WHO JUST MAKE THE PROBLEMS?


2757
02:23:30,001 --> 02:23:32,000
A.I.G. IS SET TO GO INTO THE


2758
02:23:32,001 --> 02:23:35,000
HISTORY BOOKS AS A COMPANY THAT


2759
02:23:35,001 --> 02:23:36,000
SYMBOLIZES THE TYPE OF GREED AND


2760
02:23:36,001 --> 02:23:38,000
RECKLESSNE

2761
02:23:38,001 --> 02:23:41,000
OUR ECONOMY.


2762
02:23:41,001 --> 02:23:42,000
WHERE I COME FROM, WE REWARD


2763
02:23:42,001 --> 02:23:43,000
THOSE WHO WORK HARD AND PLAY BY


2764
02:23:43,001 --> 02:23:45,000
THE RULES.


2765
02:23:45,001 --> 02:23:46,000
AND WE TAKE RESPONSIBILITY WHEN


2766
02:23:46,001 --> 02:23:50,000
WE SCREW UP.


2767
02:23:50,001 --> 02:23:51,000
I BELIEVE THAT THE

ADMINISTRATION AND CONGRESS


2768
02:23:51,001 --> 02:23:52,000
SHOULD DO EVERYTHING IN OUR

2769
02:23:52,001 --> 02:23:55,000
POWER TO BLOCK THESE PAYMENTS


2770
02:23:55,001 --> 02:23:56,000
AND DEMAND ACCOUNTABILITY

2771
02:23:56,001 --> 02:23:59,000
NOW, WE KNOW THIS IS

2772
02:23:59,001 --> 02:24:00,000
INSULT TO THE MANY GOOD, STRONG,


2773
02:24:00,001 --> 02:24:01,000
HEALTHY FINANCIAL INSTITUTIONS


2774
02:24:01,001 --> 02:24:03,000
ACROSS THIS COUNTRY, THE SMALL


2775
02:24:03,001 --> 02:24:04,000
BANKS LIKE WE HAVE IN

2776
02:24:04,001 --> 02:24:05,000
THE HEALTHY FINANCIAL


2777
02:24:05,001 --> 02:24:07,000
INSTITUTIONS THAT DIDN'T ENGAGE


2778
02:24:07,001 --> 02:24:09,000
IN THESE

2779
02:24:09,001 --> 02:24:10,000
SHOULDN'T BE PUNISHED,

2780
02:24:10,001 --> 02:24:11,000
THEIR STOCK SHOULDN'T BE


2781
02:24:11,001 --> 02:24:13,000
PUNISHED BECAUSE OF WHAT


2782
02:24:13,001 --> 02:24:14,000
COMPANIES LIKE A.I.G. DID.


2783
02:24:14,001 --> 02:24:15,000
AS A PROSECUTOR FOR EIGHT YEARS,


2784
02:24:15,001 --> 02:24:17,000
MR. PRESIDENT, I DEALT WITH


2785
02:24:17,001 --> 02:24:19,000
CRIMINALS ALL THE TIME.


2786
02:24:19,001 --> 02:24:20,000
I HAVE TO SAY THAT THE


2787
02:24:20,001 --> 02:24:21,000
WHITE-COLLAR CROOKS WERE OFTEN


2788
02:24:21,001 --> 02:24:22,000
THE WORST TO DEAL WITH BECAUSE


2789
02:24:22,001 --> 02:24:25,000
THEY CLAIM THAT THEIR CRIMES


2790
02:24:25,001 --> 02:24:26,000
WERE JUST AN HONEST MISTAKE AND


2791
02:24:26,001 --> 02:24:27,000
THAT THERE REALLY WEREN'T ANY


2792
02:24:27,001 --> 02:24:28,000
VICTIMS.


2793
02:24:28,001 --> 02:24:30,000
AS FAR AS I'M CONCERNED, IT


2794
02:24:30,001 --> 02:24:34,000
DIDN'T MATTER IF SOMEONE

2795
02:24:34,001 --> 02:24:35,000
WITWITH A CROWBAR OR A COMPUTER OR


2796
02:24:35,001 --> 02:24:36,000
THEY COMMITTED THEIR CRIMES IN A


2797
02:24:36,001 --> 02:24:37,000
NICE OFFICE OR OUT ON THE


2798
02:24:37,001 --> 02:24:38,000
STREETS.


2799
02:24:38,001 --> 02:24:40,000
THEY NEEDED  BE HELD


2800
02:24:40,001 --> 02:24:41,000
ACCOUNTABLE UNDER THE LAW.


2801
02:24:41,001 --> 02:24:42,000
NOW, TIME WILL TELL AND THE


2802
02:24:42,001 --> 02:24:43,000
JUSTICE DEPARTMENT AND OTHER


2803
02:24:43,001 --> 02:24:45,000
PROSECUTORS AND POLICE WILL SORT


2804
02:24:45,001 --> 02:24:47,000
THIS OUT TO FIGURE OUT, AS WE


2805
02:24:47,001 --> 02:24:48,000
LOOK AT THIS FINANCIAL WRECK,


2806
02:24:48,001 --> 02:24:49,000
WHEN AND WHERE CRIMES WERE


2807
02:24:49,001 --> 02:24:51,000
COMMITTED.


2808
02:24:51,001 --> 02:24:54,000
BUT IT IS CLEAR THAT WHAT WE

2809
02:24:54,001 --> 02:24:57,000
NEED HERE IS ACCOUNTABILITY.


2810
02:24:57,001 --> 02:24:59,000
AND IF A.I.GS LEADERSHIP WON'T


2811
02:24:59,001 --> 02:25:00,000
DEMAND IT, WE WILL.


2812
02:25:00,001 --> 02:25:01,000
THANK YOU VERY MUCH,


2813
02:25:01,001 --> 02:25:23,000
MR. PRESIDENT.


2814
02:25:23,001 --> 02:25:24,000
AND I YIELD THE FLOOR.

2815
02:25:24,001 --> 02:25:25,000
A SENATOR: MR. PRESIDENT?


2816
02:25:25,001 --> 02:25:26,000
THE 

2817
02:25:26,001 --> 02:25:29,000
SE

2818
02:25:29,001 --> 02:25:30,000
RECOGNIZED.


2819
02:25:30,001 --> 02:25:31,000
MRS. LINCOLN: THANK YOU,


2820
02:25:31,001 --> 02:25:32,000
MR. PRESIDENT.


2821
02:25:32,001 --> 02:25:36,000
I RISE TODAY TO JOIN SOME O MY


2822
02:25:36,001 --> 02:25:39,000
COLLEAGUES TO EXPSS OUR DEEP


2823
02:25:39,001 --> 02:25:41,000
FRUSTRATION WITH THE FINANCIAL


2824
02:25:41,001 --> 02:25:44,000
SITUATIONS THAT HAVE MADE THE

2825
02:25:44,001 --> 02:25:46,000
VERY

2826
02:25:46,001 --> 02:25:49,000
OUT MULTIMILLION-DOLLAR BONUSES


2827
02:25:49,001 --> 02:25:51,000
AT TAXPAYERS' EXPENSE.


2828
02:25:51,001 --> 02:25:53,000
A.I.G. BEING THE LATEST IN THE


2829
02:25:53,001 --> 02:25:56,000
LINE OF CONTINUING IRRESPONSIBLE


2830
02:25:56,001 --> 02:25:59,000
BEHAVIOR COMING FROM
STREET.


2831
02:25:59,001 --> 02:26:01,000
I'VE

2832
02:26:01,001 --> 02:26:03,000
MR. PRESIDENT, AND THERE ARE


2833
02:26:03,001 --> 02:26:05,000
HARD-WORKING FAMILIES ALL ACROSS


2834
02:26:05,001 --> 02:26:09,000
THIS GREAT NATION WHO ARE SAYING


2835
02:26:09,001 --> 02:26:10,000
SAYING, HUF ENOUGH IS ENOUGH.


2836
02:26:10,001 --> 02:26:12,000
THIS IS NOT THE KIND OF BEHAVIOR


2837
02:26:12,001 --> 02:26:16,000
THAT AMERICANS SHOULD BE TAKING


2838
02:26:16,001 --> 02:26:19,000
AT THIS TIME.


2839
02:26:19,001 --> 02:26:20,000
IT IS

2840
02:26:20,001 --> 02:26:21,000
TIMES ARE TOUGH AND PEOPLE ARE


2841
02:26:21,001 --> 02:26:24,000
SACRIFICING, PEOPLE ALL ACROSS


2842
02:26:24,001 --> 02:26:26,000
THIS COUNTRY ARE SACRIFICING.


2843
02:26:26,001 --> 02:26:28,000
MANY EMPLOYEES IN MY STATE A


2844
02:26:28,001 --> 02:26:29,000
SEEING THEIR HOURS CUT OR


2845
02:26:29,001 --> 02:26:30,000
THEY'RE FINDING THEMSELVES OUT


2846
02:26:30,001 --> 02:26:33,000
OF WORK ALTOGETHER.


2847
02:26:33,001 --> 02:26:36,000
HOW ARE THEY CARING FOR THEIR


2848
02:26:36,001 --> 02:26:37,000
THEY'RE WORKING HARD TO LOOK FOR


2849
02:26:37,001 --> 02:26:39,000
THAT NEXT JOB OR TO BE ABLE TO


2850
02:26:39,001 --> 02:26:40,000
PUT DINNER ON THE TABLE OR GET


2851
02:26:40,001 --> 02:26:42,000
THEIR KIDS TO SCHOOL OR MAKING


2852
02:26:42,001 --> 02:26:44,000
SURE THAT THEY CAN JUST KEEP


2853
02:26:44,001 --> 02:26:47,000
THEIR FAMILIES TOGETHER.


2854
02:26:47,001 --> 02:26:48,000
I'VE

2855
02:26:48,001 --> 02:26:49,000
THAT HAVE JUST BEEN DEVASTATED


2856
02:26:49,001 --> 02:26:51,000
BECAUSE THE NEST EGG THAT


2857
02:26:51,001 --> 02:26:55,000
THEY'VE BEEN SAYING UP ALL THESE


2858
02:26:55,001 --> 02:26:57,000
YEARS HAS BEEN SLASHED BY 40% OR


2859
02:26:57,001 --> 02:26:59,000
50% IN JUST A MATTER OF MONTHS,


2860
02:26:59,001 --> 02:27:00,000
MR. PRESIDENT.


2861
02:27:00,001 --> 02:27:02,000
NOW THEY'RE HAVING TO

2862
02:27:02,001 --> 02:27:05,000
DRAMATICALLY DOWNSIZE THEIR


2863
02:27:05,001 --> 02:27:07,000
QUALITY OF LIFE OR GO BACK TO


2864
02:27:07,001 --> 02:27:11,000
WORK, IF THEY CAN EVEN FIND

WORK.


2865
02:27:11,001 --> 02:27:13,000
I MET A GENTLEMAN THIS WEEKEND,


2866
02:27:13,001 --> 02:27:15,000
VISITING WITH HIM WITH BEGINNING


2867
02:27:15,001 --> 02:27:18,000
TO HAVE

2868
02:27:18,001 --> 02:27:21,000
SPENDING HIS ENTIRE

2869
02:27:21,001 --> 02:27:22,000
TO SAVE FOR THOSE COLLEGE FUNDS


2870
02:27:22,001 --> 02:27:24,000
ONLY TO FIND THAT IN THESE LAST

2871
02:27:24,001 --> 02:27:27,000
SEVERAL MONTHS, THEY, TOO, HAVE


2872
02:27:27,001 --> 02:27:30,000
BEEN SLASHED IN HAL

2873
02:27:30,001 --> 02:27:31,000
THESE PEOPLE ARE -- ARE


2874
02:27:31,001 --> 02:27:33,000
REALIZING THE IMPACT OF WHAT IS


2875
02:27:33,001 --> 02:27:36,000
HAPPENING NOT ONLY IN OUR


2876
02:27:36,001 --> 02:27:38,000
COUNTRY BUT GLOBALLY.


2877
02:27:38,001 --> 02:27:40,000
BUT, MR. PRESIDENT, THEY ARE


2878
02:27:40,001 --> 02:27:43,000
STANDING UP AS AMERICANS, THEY


2879
02:27:43,001 --> 02:27:45,000
ARE WILLING TO MAKE SACRIFICES,


2880
02:27:45,001 --> 02:27:49,000
EY ARE WORKING HARD TO KEEP


2881
02:27:49,001 --> 02:27:54,000
BODY AND SOUL

2882
02:27:54,001 --> 02:27:56,000
IT IS ABSOLUTELY UNEQUIVOCALLY,

2883
02:27:56,001 --> 02:28:00,000
TOTALLY UNA
FINANCIAL INSTITUTIONS THAT HAVE


2884
02:28:00,001 --> 02:28:03,000
BE REWARDING THEIR EMPLOYEES


2885
02:28:03,001 --> 02:28:06,000
WITH BONUS PAYMENTS AT THIS

TIME.


2886
02:28:06,001 --> 02:28:08,000
IT IS OUTRAGEOUS AND IT WILL NOT


2887
02:28:08,001 --> 02:28:11,000
BE ALLOWED.


2888
02:28:11,001 --> 02:28:12,000
WE ARE THE STEWARDS OF -- OF THE


2889
02:28:12,001 --> 02:28:14,000
TAXPAYERS IN OUR STATES, THE


2890
02:28:14,001 --> 02:28:15,000
DOLLAR

2891
02:28:15,001 --> 02:28:16,000
IN GOOD FAITH AN INVESTMENT IN


2892
02:28:16,001 --> 02:28:19,000
THESE COMPANIES TO TRY TO MAKE

2893
02:28:19,001 --> 02:28:20,000
SURE THAT WE -- THAT THEY, TOO,


2894
02:28:20,001 --> 02:28:23,000
CA MAKE ENDS MEET.


2895
02:28:23,001 --> 02:28:28,000
BUT THIS ISN'T MAKING ENDS MEET.

2896
02:28:28,001 --> 02:28:31,000
NDING OUT BONUSES THAT ARE


2897
02:28:31,001 --> 02:28:33,000
FEW, IT IS ABSOLUTELY

IRRESPONSIBLE.


2898
02:28:33,001 --> 02:28:34,000
DURING THE DEBATE OF THE


2899
02:28:34,001 --> 02:28:37,000
RECOVERY PACKAGE, SENATOR WYDEN


2900
02:28:37,001 --> 02:28:39,000
AND SENATOR SNOWE AND MYSELF


2901
02:28:39,001 --> 02:28:41,000
OFFERED AN AMENDMENT THAT PUT AN


2902
02:28:41,001 --> 02:28:44,000
EXCISE TAX ON BONUSES AND


2903
02:28:44,001 --> 02:28:46,000
FINA
RECEIVED TARP DOLLARS.


2904
02:28:46,001 --> 02:28:47,000
WE DID SO BECAU WE FEARED THIS


2905
02:28:47,001 --> 02:28:49,000
VERY THING WOULD CONTINUE TO


2906
02:28:49,001 --> 02:28:51,000
HAPPEN.


2907
02:28:51,001 --> 02:28:52,000
UNFORTUNATELY, OUR PROPOSAL WAS


2908
02:28:52,001 --> 02:28:54,000
TAKEN OUT OF THE PACKAGE IN THE


2909
02:28:54,001 --> 02:28:58,000
CONFERENCE

2910
02:28:58,001 --> 02:29:00,000
MY COLLEAGUES NOW IN AGREEMENT


2911
02:29:00,001 --> 02:29:02,000
THAT SOMETHING MUST BE DONE TO


2912
02:29:02,001 --> 02:29:03,000
CORRECT THIS TRAVESTY.


2913
02:29:03,001 --> 02:29:06,000
MAKE NO MISTAKE, MR. PRESIDENT,


2914
02:29:06,001 --> 02:29:08,000
IF THESE COMPANIES HANDING OUT


2915
02:29:08,001 --> 02:29:11,000
MULTIMILLION-DOLLAR BONUSES DO


2916
02:29:11,001 --> 02:29:13,000
NOT RECTIFY THIS SIT

2917
02:29:13,001 --> 02:29:15,000
NOT CHANGE THEIR WAYS, WE STAND


2918
02:29:15,001 --> 02:29:18,000
READY TO WORK TO ENACT


2919
02:29:18,001 --> 02:29:21,000
LEGISLATION THAT RECOUPS THESE

2920
02:29:21,001 --> 02:29:22,000
TAX DOLLARS AND THESE TAXPAYERS'


2921
02:29:22,001 --> 02:29:24,000
FUNDS.


2922
02:29:24,001 --> 02:29:25,000
TAXPAYERS THAT HAVE WORKED HARD


2923
02:29:25,001 --> 02:29:27,000
AND WHO THEMSELVES ARE SUFFERING


2924
02:29:27,001 --> 02:29:28,000
JUST AS MUCH AS ANYBODY ELSE.


2925
02:29:28,001 --> 02:29:30,000
BUT WE DON'T NEED TO SEE THESE

2926
02:29:30,001 --> 02:29:32,000
MAJOR CORPORATIONS AND FINANCIAL


2927
02:29:32,001 --> 02:29:36,000
INSTITUTIONS THAT ARE HANDING


2928
02:29:36,001 --> 02:29:38,000
OUT THESE UNBELIEVABLE ENHANCED


2929
02:29:38,001 --> 02:29:40,000
BONUSES AT A TIME WHEN WE SHOULD


2930
02:29:40,001 --> 02:29:42,000
ALL BE PULLING TOGETHER, PULLING


2931
02:29:42,001 --> 02:29:44,000
TOGETHER TO MAKE OUR ECONOMY


2932
02:29:44,001 --> 02:29:47,000
STRONG, TO SET IT BACK ON TRACK


2933
02:29:47,001 --> 02:29:48,000
AND TO MAKE SURE THAT WE CAN


2934
02:29:48,001 --> 02:29:50,000
COME- WE CAN EMBRACE AND


2935
02:29:50,001 --> 02:29:52,000
CONTINUE THE KIND OF QUALITY OF


2936
02:29:52,001 --> 02:29:54,000
LIFE THAT ALL AMERICANS NEED TO


2937
02:29:54,001 --> 02:29:56,000
BE ABLE TO REALIZE.


2938
02:29:56,001 --> 02:30:03,000
SO I THANK YOU, MR. PRESIDENT,


2939
02:30:03,001 --> 02:30:05,000
AND I YIELD THE

2940
02:30:05,001 --> 02:30:06,000
THE PRESIDING OFFICER: UNDER THE


2941
02:30:06,001 --> 02:30:11,000
PREVIOUS ORDER, THE SENATE