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House Proceeding 03-24-10 on Mar 24th, 2010 :: 1:48:35 to 2:19:45
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John Sarbanes

1:48:21 to 1:48:41( Edit History Discussion )

John Sarbanes: mr. franks. mr. mccotter of michigan. ms. ros-lehtinen of florida. mr. carter of texas. mr. lf of virginia. under the speaker's announced policy of january 6, 2009, the gentleman from california, mr. garamendi, is recognized for 60

John Sarbanes

1:48:35 to 2:19:45( Edit History Discussion )
Speech By: John Sarbanes

John Sarbanes

1:48:42 to 1:49:02( Edit History Discussion )

John Sarbanes: minutes as the designee of the majority leader. fwaregare -- mr. garamendi: mr. speaker, thank you very much. i doubt we'll be here for the full 60 minutes but there are things we need to discuss, pecially following the previous speaker as he talked about the american recovery act and the things that have actually been done to really

John Sarbanes

1:49:03 to 1:49:24( Edit History Discussion )

John Sarbanes: move the american economy forward. one of those things was the stimulus bill, the american revery act, that is now just about 13 months old. in that american recovery act there was a major element dealing with green technology, green jobs which i think most americans and most economists

John Sarbanes

1:49:25 to 1:49:45( Edit History Discussion )

John Sarbanes: feel is where the future lies. we know we have an energy security issue. we know we import far more in an we possibly could afford in foreign oil. we have to become energy independent, and in the american recovery act there was an enormous advancement in

John Sarbanes

1:49:46 to 1:50:07( Edit History Discussion )

John Sarbanes: research and in subsidies to encourage green technologies. i'd like now with the permission of the speaker to enter into a colloquy with my colleagues, and i'd like to yield to our colleague from maryland, mr. saanes. mr. sarbanes: i thank my colleague for yielding. i appreciate him convening this

John Sarbanes

1:50:08 to 1:50:28( Edit History Discussion )

John Sarbanes: discussion this evening on jobs in general. i'd like to focus, as he mentioned, on green jobs in particular. you mentioned the american recovery and reinvestment act which when you look at it was really the first major down payment, an investment that we've had in this country

John Sarbanes

1:50:29 to 1:50:50( Edit History Discussion )

John Sarbanes: really ever in this kind of green technology which is going to jump, i believe, over time will jump the economy forward in a significant way. one of the things all the economists agree on is that we're in a transitional phase. there are industries and jobs that once existed in plenty that are now going to be

John Sarbanes

1:50:51 to 1:51:11( Edit History Discussion )

John Sarbanes: transitioned to a new place and we have to create new economic frontiers and new space to create these new jobs. there's no better place to do that than with a green economy. one of the thing that excites me the most, i must tell you, i believe if we can get a new energy framework in place, and we certainly made our efforts

John Sarbanes

1:51:12 to 1:51:33( Edit History Discussion )

John Sarbanes: here in the house to do that with the american clean energy and security act and other efforts that have been undertaken, if we create a new energy framework, new rules of the road for what investments in clean technology can mean, then what you're going to see is businesses all across this country, investors are going to

John Sarbanes

1:51:34 to 1:51:54( Edit History Discussion )

John Sarbanes: start putting their investments into clean technology. right now they're kind of hanging back a little bit because they don't know what the rules of the road are yet. they don't know how to measure that investment in a new technology, in a renewable energy source, for example, against traditional investments. if we can get a framework in place for them i think they will come and they will fill

John Sarbanes

1:51:55 to 1:52:17( Edit History Discussion )

John Sarbanes: that space. so you will see entrepreneurs and business people jumping into that space and creating these new clean technologies. the other thing you will see and all of this will result in job creation, the oer thing you will see is ordinary citizens stepping into that space. one of the things that i

John Sarbanes

1:52:18 to 1:52:38( Edit History Discussion )

John Sarbanes: perceived, there's a growing trend among our citizenry to become stakeholders in this green revolution, to take personal ownership of cleaning up the environment and thinking of things that they can do right at the household level, right there in their own homes, right there in their own neighborhoods. one particular effort that i'm

John Sarbanes

1:52:39 to 1:53:00( Edit History Discussion )

John Sarbanes: very interested in, and i introduced legislation to this effect, has to do with these programs called pace programs. pace is an acronym for property assess clean energprogram. what these are is a local municipality will decide to

John Sarbanes

1:53:01 to 1:53:22( Edit History Discussion )

John Sarbanes: borrow funds and make those available to local homeowners. so that those homeowners can borrow the money and invest it in retrofitting their homes to make it more energy efficient. there's legislation moving through the congress ithe now that would create two new category, silver star and gold

John Sarbanes

1:53:23 to 1:53:43( Edit History Discussion )

John Sarbanes: star, under a home star brem of energy efficiency to try to encourage people of achieving these high standards of green technology and energy efficiency in their own homes. what the pace programs do is make these loans available to a homeowner who can then take that, invest it in upgrading

John Sarbanes

1:53:44 to 1:54:04( Edit History Discussion )

John Sarbanes: and retrofitting, you know, their hvac system or whatever it may be, and then the repayment on that becomes part of the property tax payment over time. so it runs with thho then the next me one whore comes in takes that obligation and continues to pay on the property tax.

John Sarbanes

1:54:05 to 1:54:25( Edit History Discussion )

John Sarbanes: the bill thive introduced attempts, as many other initiatives do, try to facilitate this more by making the bonds that can be issued by municipalities tax free that makes them more attract toiv investor who will then begin to provide the capital -- more

John Sarbanes

1:54:26 to 1:54:46( Edit History Discussion )

John Sarbanes: attractive to investors who will then begin to provide the capital. >> if i might interrupt you far moment, mr. sarbanes, this is actually happening, and your piece of legislation will expand what is taking place. i know that in california, the city of berkley put this program into effect two years

John Sarbanes

1:54:47 to 1:55:07( Edit History Discussion )

John Sarbanes: ago but it was a real struggle for them to find a way in which they could sell the bonds. now your proposal would, as i understand it, provide a tax exempt municipal bond opportunity so investors wod be throling do this. this is a very, very powerful thing in berkley and a couple of other cities in california

John Sarbanes

1:55:08 to 1:55:30( Edit History Discussion )

John Sarbanes: that have initiated this, they're putting solar panels on the roof, good for 20, 30 years. you sell the home, the payment mechanism, the repayment mechanism goes to the next buyer. this is really an excellent concept. you're moving this thing one step forward and where is your bill right now? what's happening with it?

John Sarbanes

1:55:31 to 1:55:52( Edit History Discussion )

John Sarbanes: >> we're gatt -- mr. sarbanes: we're gathering up co-sponsorship for the bill, and i appreciate your comments. this is designed to jump this movement forward. there are municipalities across the program that have begun to put the pace programs in place. indianapolis, maryland is another one.

John Sarbanes

1:55:53 to 1:56:15( Edit History Discussion )

John Sarbanes: what we're trying to do is create a more iviting environment for these types of program. this is just one example of how we can partner with good legislation and good initiatives and good leverage coming from the here we can partner with the citizenry out there in our communities to do the right thing.

John Sarbanes

1:56:16 to 1:56:37( Edit History Discussion )

John Sarbanes: and to get back to the jobs priority. if we begin to get homeowners making these kinds of changes, that is going to have a tremendous positive impact on all of those businesses, a lot of them small businesses who are in a position to do this retrofit. mr. garamendi: let me give you

John Sarbanes

1:56:38 to 1:56:58( Edit History Discussion )

John Sarbanes: an example in my own district, the community colleges are putting together educational programs for the men and women that will start their own businesses to do that retrofitting to do the insulation, the caulking of the doors andindows. we need a million caulkers out there in order for our homes to

John Sarbanes

1:56:59 to 1:57:19( Edit History Discussion )

John Sarbanes: be energy efficient, but they have to be train the installation of the solar panels, that's a kind of emplment opportunity for small businesses to gt up and get going, often in conjunction with themanufacturers. 10 what you're doing with your legislation is to provide a foundaon, the financial foundation, at these small

John Sarbanes

1:57:20 to 1:57:40( Edit History Discussion )

John Sarbanes: businesses, or that the homeowner would then take advantage of the loan and the small businesses would then have the opportunity to engage with the home oner to do the work. this is the kind of thinking that we're finding on the democratic side of the aisle. how do leverage. and your piece of legislation, together with the educational

John Sarbanes

1:57:41 to 1:58:01( Edit History Discussion )

John Sarbanes: programs that have also passed this house in the last several months, all come together to key ate jobs. mr. sarbanes: let me give you anotr example, and i appreciate your comments because i think they're right on the mark, but let me give you another example of where the ordinary citizen can take ownership of the problem, can

John Sarbanes

1:58:02 to 1:58:22( Edit History Discussion )

John Sarbanes: really become part of the solution to these issues and these challenges that we have. i represent a lot of the area that, you know, thinks every day, when we get up, about the chesapeake bay which is a national treasure. in fact, i think there's 41 or

John Sarbanes

1:58:23 to 1:58:44( Edit History Discussion )

John Sarbanes: 42 members of congress who have districts that include tributaries that flow into the chesapeake bay watershed. there's a lot of folks with stake in the health of the chesapeake bay. one of the things we're wrestling with is storm water runoff. every time you see it rain, on the one hand you know it's making the flors grork but on

John Sarbanes

1:58:45 to 1:59:05( Edit History Discussion )

John Sarbanes: the hand you know it sweeping off a lot of oil and other toxins and putting those into the chesapeake bay. because we can do better in the ways we collect and disperse that rainwater so it doesn't have that impact on the bay. i want to mention before i yield back my time here, one of

John Sarbanes

1:59:06 to 1:59:27( Edit History Discussion )

John Sarbanes: my colleagues -- one of our colleagues, donna edwards of maryland, has introduced something called the green infrastructure for water act what this recognizes is that we need to really explore and develop technologies that can address this storm water runoff. and the term she's using for that is green infrastructure.

John Sarbanes

1:59:28 to 1:59:49( Edit History Discussion )

John Sarbanes: and this bill would create five centers of excellence across the country to begin to develop these technologies and help communities respond to this importt challenge. again if you can help communities do this, ordinary citizens take ownership at that level of what's happening to the environment, in my case and

John Sarbanes

1:59:50 to 2:00:10( Edit History Discussion )

John Sarbanes: donna's what's happening to the chesapeake bay. they become a critical part of the solution. and they generate an interest in new technologies, which in turn generates jobs. and it is all part of this kind of leading edge, using the environment as the leading edge

John Sarbanes

2:00:11 to 2:00:32( Edit History Discussion )

John Sarbanes: of a new economy that can produce new jobs for the -- for future generations. that's what's so exciting about this. >> your comment about chesapeake bay brought back memories, in the mid 1990's, i was deputy secretary in the department of interior and during that time, there was a major effort under way, what

John Sarbanes

2:00:33 to 2:00:54( Edit History Discussion )

John Sarbanes: are we going to do about chesapeake bay? how do we say the bay because of the enormous declin fishing and shellfish and other assets in chesapeake bay. now you and your colleagues are carrying this thing a step

John Sarbanes

2:00:55 to 2:01:18( Edit History Discussion )

John Sarbanes: forward using the programs to generate new ways of keeping water that flows in the bay, or cleaning watter that flows into the way. i want one of those centers of excellence in my district. i represent the delta of california, the sa joaquin delta. this is an enormous environmental problem.

John Sarbanes

2:01:19 to 2:01:40( Edit History Discussion )

John Sarbanes: fish are declining, invase iver species, we know that contamination from various sources is a problem. maybe we can get one of those centers of excellence in california also. what's at stake here is the our environmental problems and simultaneously from that knowledge will come the new technologies and jobs which will be useful not only for

John Sarbanes

2:02:03 to 2:02:24( Edit History Discussion )

John Sarbanes: that we need to take advantage of with smar i will yield back to you at this time. mr. garamendi: i was just thinking about the legislation that passed before i arrived here, the effort, it was called climate change legislation, but it was for marne that it really dealt with national security. that legislation is now over in the senate and perhaps will

John Sarbanes

2:02:25 to 2:02:45( Edit History Discussion )

John Sarbanes: become -- will pass the senate or we'll have a dnches committee and mu it together, but from that climate change legislation it's really national security and the discussion we were hag here on the national security side and about climate and about jobs, all of those things come together. if we're able to reduce our reliance on foreign oil if

John Sarbanes

2:02:46 to 2:03:06( Edit History Discussion )

John Sarbanes: we're able to transition to low carbon fuel source, whether solar or wind or wave or whatever, we will also enhance our national security. i'd like to take just a few seconds, actually a few minutes talking about some of the other things that were in the american recovery act of last year.

John Sarbanes

2:03:07 to 2:03:28( Edit History Discussion )

John Sarbanes: there was a $400 per person tax credit for men and women that were working. so that they would have more purchasing power. that's $800 for a family of two. there was a tax credit for colleges and in the legislation that we just passed two two days ago along withhe care reform, there was an

John Sarbanes

2:03:29 to 2:03:50( Edit History Discussion )

John Sarbanes: enormous expansion of the pell grants so that kids can go to college so they can get the thation needed. for community colleges and expansion for community college, pell grants, again, changing the way in which we look at employment. employment is more than just a job. it's preparing for the next job.

John Sarbanes

2:03:51 to 2:04:11( Edit History Discussion )

John Sarbanes: and in that corrections bill, sometimes called a reconciliation bill, that was accompied with the health rereform, we have the program to expand the support for men and women who wanted to go back to school and men and women in school. we also expanded the -- over time, the ability for those men

John Sarbanes

2:04:12 to 2:04:32( Edit History Discussion )

John Sarbanes: and women to pay those loans back. presently it's 15%, maximum, for each year of employment, when they're employed. we're going to reduce that to 10% so they can spend time acquiring a home, wife, kids, a husband, and be able to continue to pay back the loans

John Sarbanes

2:04:33 to 2:04:53( Edit History Discussion )

John Sarbanes: over a longer period of time. very, very important. but unnoticed in the health care reform but much noticed in the health care reform was the employment for the employers, the small business tax credit for those employers that continue to provide insurance for their employees.

John Sarbanes

2:04:54 to 2:05:14( Edit History Discussion )

John Sarbanes: i remember a phone call i got from a radio station, fellow phoned up and said, how does this piece of legislation, health care reform, help me? my wife and i are small business, we have two employees, my wife, myself. what does it do for me? i have i was able to respond

John Sarbanes

2:05:15 to 2:05:35( Edit History Discussion )

John Sarbanes: when the bill becomes law and it is now the law lau of the land, the president signed it yesterday, when it becomes law, it will do this for you. 35% of the money you spend purchasing that insurance for you and your wife will be a tax credit. you will be able to deduct that from your taxes.

John Sarbanes

2:05:36 to 2:05:56( Edit History Discussion )

John Sarbanes: literally reducing the cost of the health insurance by 35%. and as you grow, up to 100 employees in your business, you will continue to receive that tax credit for every insurance pomcy you buy for your employees. and in 2014, that tax credit

John Sarbanes

2:05:57 to 2:06:19( Edit History Discussion )

John Sarbanes: goes to 50%. an incredible reduction in the cost ofealth insurance for small businesses al across america and it goes intoeffect now. january 1, 2010, now that that bill has been signed. a very, very significant reduction in the cost of health insurance allowing member men,

John Sarbanes

2:06:20 to 2:06:42( Edit History Discussion )

John Sarbanes: women, who are in business -- allowing men, women, who are in business, maybe it's a gardening business or home health care business, to be able to continue, to provide that insurance. on another scale, i received a press release today from a group in the san francisco bay area that points out that they

John Sarbanes

2:06:43 to 2:07:04( Edit History Discussion )

John Sarbanes: are in strong support of what the president -- this is 1,500. biotecology businesses in the bay area that banded together in an organization called bay bio. they said this is tremendous assistance to us. small businesses which i just talked about, the tax credit available to them but also

John Sarbanes

2:07:05 to 2:07:25( Edit History Discussion )

John Sarbanes: there are billions of dollars in this bill for research on pharmaceuticals, biological pharmaceuticals, enormous impetus for those businesses to produce the biological pharmaceuticals, the next generation of pharmaceuticals,

John Sarbanes

2:07:26 to 2:07:46( Edit History Discussion )

John Sarbanes: drugs, to help us in our health care, when we become sick. all kinds of things from diabetes to cancer treatment and everything in between. the pharmaceutical industry in the biological area has an enormous push, they have 12 years to recoup their investment. it's given to them in the health care reform.

John Sarbanes

2:07:47 to 2:08:07( Edit History Discussion )

John Sarbanes: so when our colleagues over here on the republican side say there's nothing in this, wait a minute, i've got 1,200 businesses in the biological community in the bay area alone saying, this is a great inducement for us to produce new biologicals that will help

John Sarbanes

2:08:08 to 2:08:29( Edit History Discussion )

John Sarbanes: people with their health care. also, in the fuel business, the same thing applies in the enormous effort that's under way to do biofuels. the incentives are built into not just the health care bill but also into the previous american recovery act to push along a whole new industry that will create enormous number of

John Sarbanes

2:08:30 to 2:08:53( Edit History Discussion )

John Sarbanes: jobs throughout the nation. the health care bill is far more than just health insurance. it's also an inducement for businesses to invest and to create new businesses and new pharmaceuticals to keep us healthy and to repair our bodies when we become ill. moments about another aspect o

John Sarbanes

2:08:54 to 2:09:15( Edit History Discussion )

John Sarbanes: the health care reform. we heard before i took the microphone here about the health care bill not being paid for. that's simply not true. the health reform is fully funded. it's funded in a variety of ways buone of the most important ways is the considerable reduction in the cost of health care.

John Sarbanes

2:09:16 to 2:09:36( Edit History Discussion )

John Sarbanes: i had a gentleman come into my office earlier yesterday talking about, all right, in the health care reform bill there's an opportunity for us t engage in keeping people healthy, a major part of that health care reform is about keepingeople healthy. it's wellness,it's prevention

John Sarbanes

2:09:37 to 2:09:57( Edit History Discussion )

John Sarbanes: of medical illnesses. and he was looking at this and he said, here's an oortunity for me and my colleagues to pand our business. and he talked about a company that's coming to california that will take an idea about wellness, and this is specifically for the senior citizens and it is specifically in the legislation, wellness for

John Sarbanes

2:09:58 to 2:10:18( Edit History Discussion )

John Sarbanes: medicare. he said, the bill allows us to change the way in which the medicare services are provided. instead of just fee for service we can do captation and there's an incentive in there for us to keep people healthy. the company operates out of florida, they're now going to come to california, they're

John Sarbanes

2:10:19 to 2:10:41( Edit History Discussion )

John Sarbanes: doing 50,000 people, seniors in florida, proven that they can reduce the cost by 20% by keeping people healthy. keeping seniors from having to go to the hospital, having to go to the emergency room. they want to import it to california, they're going to move it and ramp it up to 500,000 seniors. in a wellness program.

John Sarbanes

2:10:42 to 2:11:02( Edit History Discussion )

John Sarbanes: and, you know, everything, i suppose from the food that's being served and the meals that the seniors prepare to, i pose, exercise and yoga and other kinds of -- i suppose, exercise and yoga and other kinds of activities, again emphasizing wellness instead of sickness. nobody talks -- talks about that from our republican colleagues

John Sarbanes

2:11:03 to 2:11:23( Edit History Discussion )

John Sarbanes: but that's in the bill and if that 20% reduction is available wee talking about hundreds of billions of dollars over the so there are many, many parts to the progra i want to just conclude with discussing another part of the health care reform and this is good for businesses, it's good for parents, it's good for

John Sarbanes

2:11:24 to 2:11:46( Edit History Discussion )

John Sarbanes: childrennd this is the insurance reform. i was the insurance commissioner in california for eight years. 1991 to 1995 and 2003 to 2007. and during my tenure i know the terrible things that the insurance companies were doing

John Sarbanes

2:11:47 to 2:12:07( Edit History Discussion )

John Sarbanes: to their customers. first of all, a person would buy an insurance -- health insurance policy, they'd pay into it year after year after year, then they would get sick, probably a significant issue, maybe they'd get diabetes or cancer, some other -- maybe a heart illness, and it would get expensive and the insurance companies would go back, they would actually pay

John Sarbanes

2:12:08 to 2:12:31( Edit History Discussion )

John Sarbanes: bonus to their people toeview those claims, go back to the original application that may have been made years before and find an error. perhaps it was something as simple as having acne when they were teenagers or an asthma attack at the age of 3. they would then use th to cancel the policy, leaving the

John Sarbanes

2:12:32 to 2:12:52( Edit History Discussion )

John Sarbanes: person high and dry, in deep financial trouble. the health care reform law signed by the president yestery says, no more, no more rescissions, those days are over. the health insurance industry in this year will be prohibited from rescinding policies and

John Sarbanes

2:12:53 to 2:13:14( Edit History Discussion )

John Sarbanes: dumping people after they become sick. now, for those that are already sick and don't have a health insurance policy, the legislation provides for people that are 50 to 65 who have a pre-existing condition and this is the population that is literally unemployble because they're sick. they have some pre-existg

John Sarbanes

2:13:15 to 2:13:35( Edit History Discussion )

John Sarbanes: illness and nobody, no employer up there would want to pick them up because they know that if they were to hire that person the cost of health care for all of their employees would go up. so those people aren't left out. but under the new law there's a solution for them, it's a high risk pool that starts immediately, it goes into place

John Sarbanes

2:13:36 to 2:13:57( Edit History Discussion )

John Sarbanes: in the next 90 days and those people, there are millions that fall into this category, they'll be able to get insurance, they will not have to face bankruptcy, they will be able to be employble. this is an enormously important thing and i've seen this in my days as insurance commissioner, we didn't have the ability to deal with this except in a very narrow way in california with

John Sarbanes

2:13:58 to 2:14:18( Edit History Discussion )

John Sarbanes: what we call the high risk medical insurance program. but now with the federal government aistance people will be able to get insurance. the same thing for young children. infants, the day they're born, they come up with some serious illness, let's say it's a heart issue, that child is -- cannot

John Sarbanes

2:14:19 to 2:14:40( Edit History Discussion )

John Sarbanes: be insured under the old program. but now that the president has used his left hand to sign the legislation, we now know that those children, from the day they're born until they are 26, will be able to get insurance and their parents will be able to insure not only themselves but also their child. the day i was sworn in, two days

John Sarbanes

2:14:41 to 2:15:02( Edit History Discussion )

John Sarbanes: after i was sworn in i stood here on the floor and i spoke about the health care reform that i voted on on november 6. and i spoke about a dear friend of mine whose child was born with a kidney ailment. he and his wife struggled for years to find the money to pay for the insurance.

John Sarbanes

2:15:03 to 2:15:24( Edit History Discussion )

John Sarbanes: their insurance was canceled, they had it when the child was born, but their insurance was canceled by the insurance company because the kid had a very serious kidney problem. with the new law in place the hardship that that family has gone through for now 20 years is over.

John Sarbanes

2:15:25 to 2:15:47( Edit History Discussion )

John Sarbanes: the insurance policy that they had the day the child was born cannot be canceled. and so for that family and millions of families like that the insurance reform provides an immediate benefit and for all of the n and women out there, the mothers and fathers, that have a

John Sarbanes

2:15:48 to 2:16:08( Edit History Discussion )

John Sarbanes: kid that is approaching the age of 23 and about to be thrown off the family's insurance policy, know this, that with the bill that was signed yesterday and in six months that child, young adult, will be able to stay on their family's health insurance

John Sarbanes

2:16:09 to 2:16:31( Edit History Discussion )

John Sarbanes: policy until the age of 26. i cannot even begin to count the number of cause that i've had -- calls that i've had and emails i've had that say, thank god, i know as a parent that my child will continue to have health insurance at least until they're 26 and then at that time, 2014, the rest of the program kicks in to place.

John Sarbanes

2:16:32 to 2:16:52( Edit History Discussion )

John Sarbanes: final point is this, and that is, pre-existing conditions for all of us. at the end of this year those pre-existing conditions will no longer be the case. final point and then i'll going to close, long bere my hour is over, and myinal point is this, this legislation is fully paid for.

John Sarbanes

2:16:53 to 2:17:13( Edit History Discussion )

John Sarbanes: part of the pay, part of the money to pay for this is an obscene bonus that the insurance companies were granted six years ago and that is known as the medicare advantage bonus. the average cost of providing medicare insurance was calculated and the insurance

John Sarbanes

2:17:14 to 2:17:35( Edit History Discussion )

John Sarbanes: companies were given a 15% bonus to do what they should have been able to do without any additional money. we're going to end thabo us in, we're going to take that money ant and plow it back in to the medicare program. and the medicare program by law, no benefit reduction. that's what the law says. i hear a lot of other talk out

John Sarbanes

2:17:36 to 2:17:57( Edit History Discussion )

John Sarbanes: there and a lot of scare tactics but the fact is that the medicare advantage program will continue but the bonus that was given to the insurance companies , an unnecessary multibillion-dollar bonus is going to end and the money will be put back into the basic medicare program so that the financial solvency of the medicare program will be

John Sarbanes

2:17:58 to 2:18:22( Edit History Discussion )

John Sarbanes: extended nine years. that's important to everybody that is approaching medicare and is in medicare today. so people are going to continue to want to live to ge into medicare. that's what's out ahead for the medicare recipients and i talked about the wellness pgram earlier. final point is this, on the financial side of the health

John Sarbanes

2:18:23 to 2:18:43( Edit History Discussion )

John Sarbanes: care reform the deficit of the united states government in the years 2010 to 2020 will be reduced by $132 billion. that's in the first year. so that is a reduction in the national deficit. it comes about by reducing the

John Sarbanes

2:18:44 to 2:19:04( Edit History Discussion )

John Sarbanes: amount of money that will have to be spent by the government on health care as a resultf all of these reforms that are in the bill, some of which i've talked about tonight. in the next 10 years, 2020 until 2030, the deficit will be reduced by $1.3 tllion, an

John Sarbanes

2:19:05 to 2:19:26( Edit History Discussion )

John Sarbanes: enormous amount of money. so whatever the discussion you've heard out there in public and all of the mischaracterizations of this bill that have been going on for months and indeed almost a year now, the facts are the deficit will be reduced, the program is fully funded and it provides

John Sarbanes

2:19:27 to 2:19:45( Edit History Discussion )

John Sarbanes: very, very necessary benefits immediately to small businesses with a tax credit to help pay for their insurance, for individuals, ending insurance discrimination and for seniors, a major new effort to keep you healthy so that you can enjoy life more and t cost of the

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