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Video archive of the US Congress

House Proceeding 12-11-07 on Dec 12th, 2007 :: 0:43:54 to 0:47:48
Total video length: 51 minutes Stream Tools: Stream Overview | Edit Time

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Mike Ross

0:43:43 to 0:43:54( Edit History Discussion )

Mike Ross: to ensure that the a.m.t. patch that we're going to be consider ing this week complies k with the pay go rules. the house has already passed a responsible a.m.t. bill which will prevent 23

Kirsten Gillibrand

0:43:54 to 0:44:06( Edit History Discussion )

Kirsten Gillibrand: million taxpayers from beingit by the a.m.t. while also finding appropriate offsets so the national debt will not be increased. i have introduced a resolution, house resolution 45, which is a

Kirsten Gillibrand

0:43:54 to 0:47:48( Edit History Discussion )
Speech By: Kirsten Gillibrand

Kirsten Gillibrand

0:44:06 to 0:44:18( Edit History Discussion )

Kirsten Gillibrand: balanced budget amendment to the united states constitution. if my constituents in upstate new york have to balance their check book every month, so should the federal government. the a.m.t.

Kirsten Gillibrand

0:44:18 to 0:44:32( Edit History Discussion )

Kirsten Gillibrand: affected 4.2 million americans last year. an if congress does not act, it will affect 23 million americans this year. most of them, middle class families . in my district, 66,000 families will

Kirsten Gillibrand

0:44:32 to 0:44:44( Edit History Discussion )

Kirsten Gillibrand: be affected if this bill is not passed. almost half of the 23 million taxpayers that will be affected are married with children. an average a.m.t. taxpayer will owe over6,000 in additional taxes. small

Kirsten Gillibrand

0:44:44 to 0:45:01( Edit History Discussion )

Kirsten Gillibrand: business owners are going to be one of the hardest hit by the a.m.t. the reason why we have to pay for this and ensure we follow pay as you go standards is because america's debt is over $9

Kirsten Gillibrand

0:45:01 to 0:45:15( Edit History Discussion )

Kirsten Gillibrand: trillion. our federal debt increases by $1.4 billion a day. at an aston iring rate of r $1 million a minute. our national debt is equal to over $30,000 for every man, woman and child and infant

Kirsten Gillibrand

0:45:15 to 0:45:27( Edit History Discussion )

Kirsten Gillibrand: in this country. the federal government spent over $400 billion last year on interest payments on the national debt. after social security, medicare and defense spending, interest payments on

Kirsten Gillibrand

0:45:27 to 0:45:37( Edit History Discussion )

Kirsten Gillibrand: the debt are the third largest expenditure by the federal government. the amount of money that we spend on interest payments will decrease the amount of money america will have in the future for spending

Kirsten Gillibrand

0:45:37 to 0:45:52( Edit History Discussion )

Kirsten Gillibrand: on our national priorities such as health care, education, energy independence, our troops. lowering the debt is essential not only for our economic security but it is essential for our national

Kirsten Gillibrand

0:45:52 to 0:46:04( Edit History Discussion )

Kirsten Gillibrand: security. foreign governments and investors now hold $2.2 trillion, which is 44% of all publicly held u.s. debt. that's up nearly 10% from last year. china owns the second most amount of our debt

Kirsten Gillibrand

0:46:04 to 0:46:16( Edit History Discussion )

Kirsten Gillibrand: and oil exporting companies such as saudi arabia account for the urth most u.s. held debt. paying for the a.m.t. is possible. the house has already paed in bipartisan way a pay-go compliant

Kirsten Gillibrand

0:46:16 to 0:46:29( Edit History Discussion )

Kirsten Gillibrand: bill. for future generations, we must be responsible and not add to the national debt. just to give folks at home an understanding of what this money means, let me give you a couple of translations.

Kirsten Gillibrand

0:46:29 to 0:46:39( Edit History Discussion )

Kirsten Gillibrand: this year, we paid $239 billion in interest on the national debt. that same. a money, if we used it for other purposes, would literally pa for every u.s. family's refrigerate tosh stocked for seven

Kirsten Gillibrand

0:46:39 to 0:46:55( Edit History Discussion )

Kirsten Gillibrand: months. it would pay for filling every u.s. family's gas tank for 10 months at today's gas prices. it would pay for providing four years of in-state public tuition for 10 million students and

Kirsten Gillibrand

0:46:55 to 0:47:07( Edit History Discussion )

Kirsten Gillibrand: it would pay one year's salary for eight million new teachers. the federal government has sent over $709 billion abroad in the form of interest payments since president bush took office. $155

Kirsten Gillibrand

0:47:07 to 0:47:22( Edit History Discussion )

Kirsten Gillibrand: billion in 2007 alone. the same amount would fund any of the following -- 12,000 new elementary schools, 7,000 new veterans clinics, and all road and bridges constructions improvements

Kirsten Gillibrand

0:47:22 to 0:47:34( Edit History Discussion )

Kirsten Gillibrand: for the next 10 years. i besiege the senate to follow fiscal responsible and prudent course of action and pay for the a.m.t. thank you. i yield back. mr. ross: i thank the gentlewoman from

Kirsten Gillibrand

0:47:34 to 0:47:48( Edit History Discussion )

Kirsten Gillibrand: new york. for those just joining us, to set the stage, madamt speaker, the senate, we sent the senate an a.m.t. fix, an alternative minimum tax fix, to make sure people don't get hit with this

Mike Ross

0:47:48 to 0:47:59( Edit History Discussion )

Mike Ross: unfair tax and we paid for it. they they want to borrow $50,000 from china and that's what's got 47 members of the fiscally conservative democrat blue dog coalition worked up. and for a good reason.

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