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Senate Proceeding on Jan 12th, 2009 :: 3:02:20 to 3:49:30
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Jeff Sessions

3:02:10 to 3:02:31( Edit History Discussion )

Jeff Sessions: forward, presumably even this week with the second tranche -- that is a good way to say second 50 billion -- of the wall street bailout, the tarp money. we'll have that coming up. there will be an attempt to, i

Jeff Sessions

3:02:20 to 3:49:30( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

3:02:32 to 3:02:52( Edit History Discussion )

Jeff Sessions: i have believed from the going that it was unwise for this congress to allow one individual, the secretary of the treasury, to expend 00 billion. the way this is set up, and even with the way the votes might

Jeff Sessions

3:02:53 to 3:03:14( Edit History Discussion )

Jeff Sessions: occur, unless done is very, very engaged -- means that the whole 50 billion will be spent by the two secretaries of treasury without any real accountability, without any real responsibility. i think congress is going to see the lack of

Jeff Sessions

3:03:15 to 3:03:35( Edit History Discussion )

Jeff Sessions: displa to the responsibility of the united states senate when we passed that bill with so little control. we don't even know where the money is going, ether or not secretary paulson who is a wall street guru, is moving monies

Jeff Sessions

3:03:36 to 3:03:56( Edit History Discussion )

Jeff Sessions: around among friends, for friendship reasons or meritorious reasons or even if he can tell in this rush-rush effort to put out money, who is deserving and who is not deserving. it is not being done in an open and transparent way and it is just an indication and further

Jeff Sessions

3:03:57 to 3:04:18( Edit History Discussion )

Jeff Sessions: proof that we in the senate and the congress were not rigorous enough when we passed it. i would just add one more thing about ought not to forget. he did announce to us that he was going to buy toxic mortgages, bad mortgages, from banks and get those off their books and allow those mortgages,

Jeff Sessions

3:04:19 to 3:04:39( Edit History Discussion )

Jeff Sessions: most of them would be good and that eventually they could be managed and the taxpayers wouldn't lose any money and that would be the way we would do this. well, within a week -- and he was specifically asked by, at one hearing, if he thought we should buy "stock" in private banks and he said "no."

Jeff Sessions

3:04:40 to 3:05:02( Edit History Discussion )

Jeff Sessions: we had a week or so and he had already changed his mind on that. and did in t mortgages but bought stock in private american companies. in fact, he has now spent over 00 billion this one company,

Jeff Sessions

3:05:03 to 3:05:23( Edit History Discussion )

Jeff Sessions: a.i.g., the insurance company. a.i.g. competes with other american companies. how should the to you, that the u.s. government is now providing 00 billion-plus, to their competitor? and what about the banks who did things right? and were cautious and managed

Jeff Sessions

3:05:24 to 3:05:47( Edit History Discussion )

Jeff Sessions: their money well? how they she feel about the government, in effect, capital into their competitors, by buying stock? and what about those of us who are not of the socialist bent, how should we think about the idea of the u.s. government

Jeff Sessions

3:05:48 to 3:06:08( Edit History Discussion )

Jeff Sessions: buying stock in a multitude of banks in the tens and billions of dollars and now buying ... investing in automobile companies. the newspapers are next, someone said. well, i guess they're in trouble. they're in the doing well financially. and they can write a lot of editorials and maybe we ought to make them happy and give them money.

Jeff Sessions

3:06:09 to 3:06:30( Edit History Discussion )

Jeff Sessions: where does it end, i gue is what i am saying. out of that background, i want to begin a little discussion of the possibility of a stimulus bill that would add some 00 billion to the current level of

Jeff Sessions

3:06:31 to 3:06:52( Edit History Discussion )

Jeff Sessions: deficit spending we already have -- 00 billion. there is no doubt that our economy is not performing well. we know that the economies historically are cyclical going through good times and bad times. they normally respond. we're clearly going through a

Jeff Sessions

3:06:53 to 3:07:13( Edit History Discussion )

Jeff Sessions: very difficult recessionary pe the unemployment rate is increasing. and business is not healthy. we had a hearing before the budget committee last thursday.

Jeff Sessions

3:07:14 to 3:07:34( Edit History Discussion )

Jeff Sessions: the office of -- the director of the congressional budget office testified. he predicted this would be a two-year somebody later asked him, well, did that include the stimulus package, and he said no. we help spending another 00 billion? would that help?

Jeff Sessions

3:07:35 to 3:07:59( Edit History Discussion )

Jeff Sessions: he said, well, it might. a little less than a rousing statement that if we didn't pass this bill the economy would never recover and we would continue on a downward spiral forever. so i just would say that. but i do think that the government can play a positive

Jeff Sessions

3:08:00 to 3:08:20( Edit History Discussion )

Jeff Sessions: role in helping to shorten as we can the lengths of the recession that we're in and the debt. there are things i am to discuss, see if we can agree on and i know that president-elect obama feels this deeply. he has been campaigning and he

Jeff Sessions

3:08:21 to 3:08:43( Edit History Discussion )

Jeff Sessions: made promises to do all he could to recover this economy. and he intends to do something. and he promised to do something. he's going to do something. president bush has already done some things i don't appro also, but doingomething can be go; doing something may not be

Jeff Sessions

3:08:44 to 3:09:07( Edit History Discussion )

Jeff Sessions: good if you do i think -- i would just say i'm aware that the new administration and certainly i want our country to prosper, and there are reasonable, common steps we can take to do that, i say, let's do so without delay. but i want to share some thoughts with you about the

Jeff Sessions

3:09:08 to 3:09:28( Edit History Discussion )

Jeff Sessions: fundamental truths that i think all of us know back home america in the province where i come from, and one of them is, there's no free lunch. nobody can get a lunch and say somebody didn't have to work to put it on the table. there's nothing free.

Jeff Sessions

3:09:29 to 3:09:49( Edit History Discussion )

Jeff Sessions: when something is given, somebody pays for it. and there's another thing that is a truism, one way or the oh, debts have to be repaid; costs are incurred when debts are incurred. well, you say, sometimes people bankrupt and you don't back but the whole system, then,

Jeff Sessions

3:09:50 to 3:10:11( Edit History Discussion )

Jeff Sessions: is damaged when debts are not paid back. the next guy may have to pay higher interest rates because the other gay, his neighbor -- other guy, his n pay his debts and the bank lost money so the bang has to pay higher interest rates based o what the default rate might be. so there are costs out there and

Jeff Sessions

3:10:12 to 3:10:33( Edit History Discussion )

Jeff Sessions: nothing is free in this country. i'd like to focus on this question first: what is the best thing we can the long run? what should we, the responsibility senate, where the saucer is supposed to cool, what should we do and how should we

Jeff Sessions

3:10:34 to 3:10:55( Edit History Discussion )

Jeff Sessions: approach this issue? let's be frank. the stimulus bill, the recovery bill i believe they're calling it stimulus to the country and help us do some recovery. i'm not sure.

Jeff Sessions

3:10:56 to 3:11:21( Edit History Discussion )

Jeff Sessions: but i would say this: at its bottom, it is a spending bill. it spends money in order to crea that might create jobs and that this is a theory behind the effo we spend money to create

Jeff Sessions

3:11:22 to 3:11:43( Edit History Discussion )

Jeff Sessions: but i would just ... so it relies on the theory that ramping up government spending will flood out money, 00 billion worth, acting like a booster shot. this is not a new it has been tried before all over the world. many economists say this type of spending stimulus thought work and they have cited

Jeff Sessions

3:11:44 to 3:12:06( Edit History Discussion )

Jeff Sessions: examples of it throughout history president bush tried it in february last year, less than a year ago when he began the process to send out the 00 checks and i think there is a general consensus, now, that the plan which was sold to the

Jeff Sessions

3:12:07 to 3:12:28( Edit History Discussion )

Jeff Sessions: congress as a stimulus to the economy did nothing to improve the economy. i wish it had. i didn't think it would have then. i didn't vote for it. not many of us didn't vote for it but i was one of the few. but it did not work in my opinion.

Jeff Sessions

3:12:29 to 3:12:49( Edit History Discussion )

Jeff Sessions: it was 68 billion. ive repenny of that 68 billion, since we were already in deficit -- and it was new spending on top of what we planned to spd were already in a deficit, added to the deficit. and as a result it basically in

Jeff Sessions

3:12:50 to 3:13:11( Edit History Discussion )

Jeff Sessions: one piece of legislation doubled the annual deficit last year. then we had some more that went on through it later on in the year. i'll show this chart in a minute that sort of dramatizes where we are.

Jeff Sessions

3:13:12 to 3:13:32( Edit History Discussion )

Jeff Sessions: so i would just say both parties have -- had some, got some fingerprints on some policies that are not very helpful and we didn't ask enough tough questions when president bush proposed his agenda and we didn't do enough they passed the first tranche,

Jeff Sessions

3:13:33 to 3:13:53( Edit History Discussion )

Jeff Sessions: passed the 00 billion bailout in october, either, in my opinion. and i hope we don't make the mistake again of going through the second phase of that along with this stimulus package that's approximately 00 billion. we need to ask the right questions. we shouldn't be it.

Jeff Sessions

3:13:54 to 3:14:17( Edit History Discussion )

Jeff Sessions: we shouldn't be panicked. the one day or the country is going to be permanently damaged. the best thing we can do is do this ... to do what we can to improve the economy without wasting money or creating long-term problems for the nation.

Jeff Sessions

3:14:18 to 3:14:39( Edit History Discussion )

Jeff Sessions: so there's this effort to continue what secretary promoted, an agenda. we've get to do something, we've got to do it in a got to do it now and we are still hearing that. i think we should hesitate and

Jeff Sessions

3:14:40 to 3:15:00( Edit History Discussion )

Jeff Sessions: say, let's slow this down a little bit. when something of such historic proportions is on the table, a bill of this magnitude, the se carefully scrutinize it and insit on accountability, and responsibility of every single dime.

Jeff Sessions

3:15:01 to 3:15:21( Edit History Discussion )

Jeff Sessions: that's why we exist. that here. so someone has to ask the tough estions. i don't want to. we've got a wonderful new president. he has a positive attitude. he's proposing a lot of things, and nobody wants to ask a lot of grim questions but i'm going to ask a few

Jeff Sessions

3:15:22 to 3:15:46( Edit History Discussion )

Jeff Sessions: because i think it's my duty to do so. first, how big is this plan? how much will it cost? we've heard some general numbers some stated -- although we've details yet -- between 00 million and .3 trillion.

Jeff Sessions

3:15:47 to 3:16:07( Edit History Discussion )

Jeff Sessions: .3 trillion is,1,300 billion. that's a lot of money. it would be the single-largest government expenditure of all time. consider the enormity of trillion. it is the equiv war and the persian gulf war at once.

Jeff Sessions

3:16:08 to 3:16:29( Edit History Discussion )

Jeff Sessions: ere, my second question would be, will .3 trillion come from? where will we get it? well, as i indicated, we are in deficit now. so we're talking about spending

Jeff Sessions

3:16:30 to 3:16:51( Edit History Discussion )

Jeff Sessions: another 00-plus billion. where does it come from? well, single penny of it from whoever will lend us the money -- private investors or foreign countries. we've been depending frankly too much on foreign countries. we didn't budget for this 00 billion.

Jeff Sessions

3:16:52 to 3:17:14( Edit History Discussion )

Jeff Sessions: it's not in our budget. we don't have y money in the bank that we can just get and pay it with. we don't have any savings that we can utilize. all borrowed, and since loans have

Jeff Sessions

3:17:15 to 3:17:36( Edit History Discussion )

Jeff Sessions: to be repaid and you have to pay people, let them borrow their money, that's what a borrowing of money is; to borrow it from somebody or some country and they're notoing to give you the money for nothing, so you have to pay them interest. and every bit of it is due to be paid back.

Jeff Sessions

3:17:37 to 3:17:59( Edit History Discussion )

Jeff Sessions: every american over the years for generations to come probably will have to sacrifice to pay off the debt we incur today. the united states i indeed deeply in debt already about 0

Jeff Sessions

3:18:00 to 3:18:21( Edit History Discussion )

Jeff Sessions: trillion, 0 trillion. my generation probably won't be the one to pay most of that back. nor my children. it'll probable be our grandchildren that will begin to feel more heavily the burden of this debt of so i should consider that. then i'll ask this question:

Jeff Sessions

3:18:22 to 3:18:43( Edit History Discussion )

Jeff Sessions: what impact will the balm plan have on-- --what impact will the obama plan have on the federal deficit on the one hand the national debt? this spending program, virtually all of it, will increase the deficit, which is the difference between what the government has money -- the money the

Jeff Sessions

3:18:44 to 3:19:05( Edit History Discussion )

Jeff Sessions: government tes in each year and what we spend. so we spend more than we take in, so we create a deficit. to fund that deficit, we borrow that money. each year we've been running a deficit, and each year that deficit gets added t national debt. so you might say, how do these

Jeff Sessions

3:19:06 to 3:19:26( Edit History Discussion )

Jeff Sessions: deficits and debts affect me? well, when politicians are responsible and kept small as a percentage of the gross domestic product, we probably don't notice the impact of it. interest rates can remain lower and debt payments are easier to make.

Jeff Sessions

3:19:27 to 3:19:49( Edit History Discussion )

Jeff Sessions: but when we have a sustained and systemic habit of growing deficits, the u.s. becomes itself a riskier investment for people who might like to loan us money. interest

Jeff Sessions

3:19:50 to 3:20:10( Edit History Discussion )

Jeff Sessions: more debt at higher interest rates means we, the taxpayers, have to pay a larger percentage of the income the government takes in interest on this debt. the most likely payments would be met is by a tax hike. i'm not sure that's the most

Jeff Sessions

3:20:11 to 3:20:31( Edit History Discussion )

Jeff Sessions: likely, but i might rephrase that. one way that those higher interest payments and higher debt payments will have to be paid back would be by a tax hike. in 2004 president bush was criticized because under his tenure after 9/11, after the

Jeff Sessions

3:20:32 to 3:20:55( Edit History Discussion )

Jeff Sessions: economic slowdown, he had stimulus package, and it led to a deficit of 12 billion, and he was savaged for a 12 billion deficit. and i thought he did deserve criticism for known to most americans, some

Jeff Sessions

3:20:56 to 3:21:17( Edit History Discussion )

Jeff Sessions: work was done in the next years to bring that deficit down, and by 2007, it was down to 60 billion, just 60 billion, but a lot better than 12 billion, and that a of the gross domestic product, a total of all the economy in our

Jeff Sessions

3:21:18 to 3:21:40( Edit History Discussion )

Jeff Sessions: country. i'll just put this chart up, and it reflects so we had here 12 billion, 13 billion deficit in this was the largest deficit our ward ii.

Jeff Sessions

3:21:41 to 3:22:01( Edit History Discussion )

Jeff Sessions: president bush was roundly criticized for it and a lot of people felt strongly about it. well, the next deficit dropped down to 18 billion, the next year 48 billion. and just the year before last, 2007, it dropped to 61 billion. we were heading in the right direct

Jeff Sessions

3:22:02 to 3:22:22( Edit History Discussion )

Jeff Sessions: and then we had the economic slowdown. and those things number of different ramifications, one of which is, when the economy slows down, people don't make as much they don't pay as much taxes, so we lost about billion. we expect to lose this year about billion, according to

Jeff Sessions

3:22:23 to 3:22:44( Edit History Discussion )

Jeff Sessions: the congressional budget office -- about 00 billion, according to the congressional budget office, as a result of the slowdown. bulast year including the 60 billion send-out-the-check stimulus passage, the deficit jumped to 55 billion as a

Jeff Sessions

3:22:45 to 3:23:05( Edit History Discussion )

Jeff Sessions: percentage of the fdic even, that's a huge number. and we just had a hearing last thursday, a few days ago, from the congressional budget office, the acting director, a prof flame of mr. sunshine, i thought

Jeff Sessions

3:23:06 to 3:23:26( Edit History Discussion )

Jeff Sessions: did a fabulous job but his remarks encouraging. the congressional budget office projects that the numbers here

Jeff Sessions

3:23:27 to 3:23:47( Edit History Discussion )

Jeff Sessions: in red, without any stimulus package under current law, that the deficit this fiscal year, the one we are already in -- we passed t first quarter of it, it ends september 30 of this year. he projected a deficit of trillion.

Jeff Sessions

3:23:48 to 3:24:08( Edit History Discussion )

Jeff Sessions: remember, last year it was 55 billion, the highest ever. this year we're looking at trillion. as senator conrad, the chairman of the budget committee and a democratic leader here in the senate and a good american called that number "jo-dropping."

Jeff Sessions

3:24:09 to 3:24:29( Edit History Discussion )

Jeff Sessions: what else can you say? jaw-dropping. now what they didn't -- and that does not include the stimulus package. if you been proposed in the stimulus package according to mr. sunstein, that will reach

Jeff Sessions

3:24:30 to 3:24:50( Edit History Discussion )

Jeff Sessions: almost .8 trillion. so we're talking about a deficit more than three times the largest amount ever. i just want to say to my colleagues, it may sound fine as a businessman i heard on today

Jeff Sessions

3:24:51 to 3:25:11( Edit History Discussion )

Jeff Sessions: -- a very prominent businessman on joe asked him about the spending and the deficit. he said, we just have to do t what about the deficit? isn't this going to create financial problems in the future? you know what his answer the only answer he could give, well, we'll worry about that

Jeff Sessions

3:25:12 to 3:25:32( Edit History Discussion )

Jeff Sessions: later. i think it's a little late to worry about spending an extra 00 billion, a little late to wo we need to worry about it when we, the respons responsible institution for appropriating money, are deciding how much to appropriate

Jeff Sessions

3:25:33 to 3:25:53( Edit History Discussion )

Jeff Sessions: and for what purpose. we ought to be thinking about it now. befo and expenditures for the tarp that they project -- that is the

Jeff Sessions

3:25:54 to 3:26:16( Edit History Discussion )

Jeff Sessions: nancial bailout, the 50 billion and some other things, all of which are one-time expenditures. so they're projecting next year that the deficit would be 71 billion. it might look like we made progress, but 71 billion is

Jeff Sessions

3:26:17 to 3:26:40( Edit History Discussion )

Jeff Sessions: twice what this number is almost. and next year 72 billion. this year 72 billion in 2011. those numbers are still not the full number because it does not include, for example, about 0

Jeff Sessions

3:26:43 to 3:27:03( Edit History Discussion )

Jeff Sessions: billion a year in the alternative minimum tax fix and several other things that go into that. so these are numbers based on current existing law, and each year we've not allowed alternative minimum tax to go up and there's some things that we extend each year. it does not include extensions of the current bush tax cuts,

Jeff Sessions

3:27:04 to 3:27:26( Edit History Discussion )

Jeff Sessions: which would expire in 2010. so he's not projecting they would be e but some of them are going to have to be extended. i'm sure they will be. i just want to say, those numbers are current -- are correct technically but in reality they're going to be larger than that in all probability.

Jeff Sessions

3:27:27 to 3:27:47( Edit History Discussion )

Jeff Sessions: i would -- so this deficit, almost .8 trillion, amounts to 8.3% of the entire value of the american economy, 8.3% of g.d.p. the gross domestic product. and as i said, that would be the

Jeff Sessions

3:27:48 to 3:28:11( Edit History Discussion )

Jeff Sessions: highest in real dollar numbers maybe every, and as a percentage of the economy, the highest since we were in a life-and-death struggle in world war ii with millions of soldiers deployed all over the world, putting their lives on the line nor this country, and we were building airplanes and ships and tanks with every capacity this

Jeff Sessions

3:28:15 to 3:28:38( Edit History Discussion )

Jeff Sessions: nation had. today mr. sunstein told us debt payment that we are paying each year out of our tax receipts that we

Jeff Sessions

3:28:39 to 3:28:59( Edit History Discussion )

Jeff Sessions: spending 00 billion to pay -- in interest on the money we already owe. now let me just say a little bit about interest rates are oddly at a very, very low rate today. and it's inevitable when the

Jeff Sessions

3:29:00 to 3:29:20( Edit History Discussion )

Jeff Sessions: debt increases, the debt increases, and as the economy moves along, people are not going to loan money to anybody. the united states government or anybody else for 1% or 2%. they're going to demand higher and higher interest rates. and that's what's going to happen.

Jeff Sessions

3:29:21 to 3:29:42( Edit History Discussion )

Jeff Sessions: c.b.o. predicts interest rate amount will balloon in a few dwreers 50 billion a year annually. -- in a few ye annually. so the congressional budget office says as a result of our profligate spending and our huge

Jeff Sessions

3:29:43 to 3:30:04( Edit History Discussion )

Jeff Sessions: deficits, we now are headingn a few years to a point where we will be spending 50 billion a year just on interest. now, i ask you, how big that? 00 billion, trillion? how bi

Jeff Sessions

3:30:05 to 3:30:29( Edit History Discussion )

Jeff Sessions: i give you a couple give perspective to it. i think they are fair things to consider. the five years of the iraq war, 00 billion. so we're creating a permanent interest rate payment every

Jeff Sessions

3:30:30 to 3:30:50( Edit History Discussion )

Jeff Sessions: to do nothing on on our constituents. in a few years our constituents today they'll be paying every year 50 billion just on interest because we had to spend so much today and last year for responses to crisis that i'm not sure justify this kind of spending.

Jeff Sessions

3:30:51 to 3:31:15( Edit History Discussion )

Jeff Sessions: i certainly think many of our programs are -- deserve to be reformed, eliminated, and increased in efficncy and a lot of savings could occur. we haven't been doing that. all we've been doing is spending more and more toward 50 billion is the equivalent, as i said, of the iraq war.

Jeff Sessions

3:31:18 to 3:31:38( Edit History Discussion )

Jeff Sessions: it is a -- about one-third of the discretionary spending for our -- our country every year. my recollection is that our general fund discretionary spending, including the

Jeff Sessions

3:31:39 to 3:31:59( Edit History Discussion )

Jeff Sessions: department of defense, is about ,500,000,000,000. and i think that includes 200 or -- 00 billion so that number goes up to 50. it would amount. we spend more on social security and medical care and entitlement programs, that's on a second

Jeff Sessions

3:32:00 to 3:32:21( Edit History Discussion )

Jeff Sessions: accountability factor. theustice department, homeland security, our salaries, everything that we spend money on, the interest of debt would be that high. it's not a little matter. it's a big deal. the congressional budget office predicts that the current share of federal expenditures

Jeff Sessions

3:32:22 to 3:32:42( Edit History Discussion )

Jeff Sessions: allocated will increase to 13% of the total expenditures in our country. and that does stimulus plan that the president will be sending to us.

Jeff Sessions

3:32:43 to 3:33:06( Edit History Discussion )

Jeff Sessions: so next question: trillion is a staggering sum of money to borrow and pay back with interest. how do we know that it will be spent in the most efficient way to jump-start our economy and get the most productivy for the taxpayers? well, the truth is we don't. we know that this proposal will have two components.

Jeff Sessions

3:33:07 to 3:33:28( Edit History Discussion )

Jeff Sessions: the so-called tax credits and direct spending. now, i've got to tell you a good bit of this tax cut is and a good bit of it is

Jeff Sessions

3:33:29 to 3:33:49( Edit History Discussion )

Jeff Sessions: sales job. tax cuts, tax credits, what does that mean? well, it -- some say 40% of that will go to people who don't pay taxes. so how do you get a tax cut if you don't pay taxes? the government sends you

Jeff Sessions

3:33:50 to 3:34:11( Edit History Discussion )

Jeff Sessions: from the treasury just like they did last spring. they got 00. so you get a check from uncle sam that's supposed to stimulate something. the congressional budget office and the congress is under the control of the democratic colleagues.

Jeff Sessions

3:34:12 to 3:34:33( Edit History Discussion )

Jeff Sessions: they have the majority now. the c.b.o. rightfully scores these provisions as not -- not as a tax cut, but as direct spending. what else can it be? it's a direct spending of taxpayers' money to send individuals a check to make them happier for a short term.

Jeff Sessions

3:34:34 to 3:34:55( Edit History Discussion )

Jeff Sessions: what kind of long-term impact on them, their children, on the economy in the years to come will this unwise prospect create? "the wall street journal" has pointed out that many of these

Jeff Sessions

3:34:56 to 3:35:16( Edit History Discussion )

Jeff Sessions: temporary tax cuts don't really result in positive economic behavior. but a more permanent change, and people know this is permanent, does have more of an impact in helping our economy.

Jeff Sessions

3:35:17 to 3:35:39( Edit History Discussion )

Jeff Sessions: permanent tax i have to say, please, don't think this is a way to pander to big business. but the corporate tax rate in america is one of the highest in the world. 35%.

Jeff Sessions

3:35:40 to 3:36:00( Edit History Discussion )

Jeff Sessions: and ireland is 11%, i most european nations are only -- one or two nations have as high a tax rate on corporate -- the corporate community, which really gets passed on as a cost of doing business, and makes those corporations less competitive in the world marketplace.

Jeff Sessions

3:36:01 to 3:36:21( Edit History Discussion )

Jeff Sessions: we would be in a lot better shape if we could reduce that in a more permanent way, then they could see, well, i'm saving on my corporate tax rate. i'll be able to not have to lay off as many people. i can maybe reinvest, be more competitive when we export because i don't have as much of

Jeff Sessions

3:36:22 to 3:36:46( Edit History Discussion )

Jeff Sessions: a burden on me and it would really help this economy. so i want to say that many economists truly believe that that is a tax that if we duesed would actually engender economic growth and create more jobs.

Jeff Sessions

3:36:48 to 3:37:08( Edit History Discussion )

Jeff Sessions: so we know that just rapid expenditures of huge amounts of money have never been a effective way to gain good things for the american people and it's not a good way to grow the economy. are these spending programs --

Jeff Sessions

3:37:09 to 3:37:29( Edit History Discussion )

Jeff Sessions: this 00 billion-plus is that going to end cold turkey in two years? and how do those -- i have doubts about it. i just want to tell you, i have doubts about the wisdom of our idea that we can just jump-start the economy and

Jeff Sessions

3:37:30 to 3:37:50( Edit History Discussion )

Jeff Sessions: pump 00 billion into it. so they're talking about -- you've heard these numbers. well, we're going to spend a good bit of money on infrastructure. everybody likes highways. everybody knows that they're there for generations to come, that highways and bridges have good things that can be said

Jeff Sessions

3:37:51 to 3:38:11( Edit History Discussion )

Jeff Sessions: about them and can make our lives better. and whenever there's highway money from people to build more highways it's a pretty big thing.

Jeff Sessions

3:38:12 to 3:38:33( Edit History Discussion )

Jeff Sessions: currently the federal government, which spends a lot of money on highways, spends, according to mr. sunshine mr. sunshine, 0 billion a yr on highways. ok? states match it on 20%.

Jeff Sessions

3:38:34 to 3:38:54( Edit History Discussion )

Jeff Sessions: 80% federal, states 20, some is 19% federal, 10% state -- 9% federal and 10% state. this is what does our highway work. 0 billion a year. we're talking about 00 in two years? so you go from 0 billion, you take the 300 and cut it in two,

Jeff Sessions

3:38:55 to 3:39:15( Edit History Discussion )

Jeff Sessions: that's 50 billion each year, so now we go from 40 -- from 0 billion a year for highways to 90 billion. let's say they only spend 50 billion on it and 00 billion, that's 00 billion more on -- per year for highways, 2 1/2 times what

Jeff Sessions

3:39:16 to 3:39:36( Edit History Discussion )

Jeff Sessions: we're currently spending. i would suggest those kind of figures are unrealistic. and when the chips are down, i doubt we're going to see anything like that much money being allocated because you can't -- it can't be spent. there are not enough asphalt mixtures.

Jeff Sessions

3:39:37 to 3:39:57( Edit History Discussion )

Jeff Sessions: there a mixers. there are not enough dump trucks to actually pend that -- spend that much money. that's a fact. you can't triple the amount of work. and if you and the cost per mile is going to go way up. there's going to be a shortage with everything dealing with construction.

Jeff Sessions

3:39:58 to 3:40:19( Edit History Discussion )

Jeff Sessions: we simply can't throw money at road construction and infrastructure. it has to be understood that since some of this is dropping off as a result of an economic slowdown, that we can put that back on and maybe a little on top. and keep thing going at a more healthy rate and that may be possible.

Jeff Sessions

3:40:20 to 3:40:43( Edit History Discussion )

Jeff Sessions: and i'milling to discuss that. but we ought not to sell the stimulus package as being discussed as somehow the biggest chunk of it is going toet spent on highways. right? 00 billion. maybe 0 billion a year extra.

Jeff Sessions

3:40:44 to 3:41:04( Edit History Discussion )

Jeff Sessions: 0 billion out of 00 billion. that's 20 billion. where will the rest be spent? shovel ready, they say. i don't know what that means. i know that you couldn't start off in the next few months and triple the number of highways in america. there are not enough engineers. there are not enough heavy equipment. there are not enough material to

Jeff Sessions

3:41:05 to 3:41:27( Edit History Discussion )

Jeff Sessions: do that. even if you were to try it, it would drive up the cost. so we would spend a lot more money -- we would make it much more highways in america. you've got to be careful about that. well, they also talk about there's going to be more money in this for the automobile companies.

Jeff Sessions

3:41:28 to 3:41:48( Edit History Discussion )

Jeff Sessions: a bailout for state governments. they need more money too. so why doesn't the federal govern money, you know, why don't we bail out our good friends at state and unemployment insurance is going to need to be expanded and some are talking about expanding course, hiring an additional

Jeff Sessions

3:41:49 to 3:42:09( Edit History Discussion )

Jeff Sessions: 600,000 government employe. that's part of what's being discussed here. and as "the washington post" said, of course, many of these items were featured in president-elect obama plees.

Jeff Sessions

3:42:10 to 3:42:31( Edit History Discussion )

Jeff Sessions: i find columnist d.dionne, a pro obama writer throughout, he has said that it has been fortunate for the obama campaign that he can utilize -- and i'm para this is close to what he said it is fortunate that president-elect obama that all

Jeff Sessions

3:42:32 to 3:42:54( Edit History Discussion )

Jeff Sessions: of the spending can be justified and they can call it a bailout or stimulus package and not a -- just a big spending program. i think that we have to ask questions about that. can we justify this?

Jeff Sessions

3:42:55 to 3:43:16( Edit History Discussion )

Jeff Sessions: and -- and fundamentally every dollar that we spend as part of the regular government spending program or this stimulus program should result in return to the taxpayers. we have no money to waste. we're in a time of

Jeff Sessions

3:43:17 to 3:43:37( Edit History Discussion )

Jeff Sessions: unprecedted, incredible deficits. we ought not to waste a single dollar. can't we all agree on that? and, finally, how my question would be: how will we americans pay the trillion back? there are three ways. cutting spending in the future.

Jeff Sessions

3:43:38 to 3:43:58( Edit History Discussion )

Jeff Sessions: i don't hear anybody saying that we need to be cutting spending. noon the majority side here. we're talking health care, highways, expanding the number of military personnel. all of these things cost money. i don't see any realistic

Jeff Sessions

3:43:59 to 3:44:20( Edit History Discussion )

Jeff Sessions: prospect that we'll see a hung reduction in spendg. i -- a huge reduction in spending. i have to tell you. you can raise taxes. but i don't like raising taxes. i've tried to oppose that throughout my career. president-elect obama said that he wants to give everybody a tax break.

Jeff Sessions

3:44:21 to 3:44:41( Edit History Discussion )

Jeff Sessions: who's going to raise taxes? in a significant way? you can tax the rich and get a little out of them when the economy's doing pretty good. when the economy goes down and the rich's dramatically, revenue drops dramatically too. so i don't think that we're going to get a lot of money from that.

Jeff Sessions

3:44:42 to 3:45:03( Edit History Discussion )

Jeff Sessions: one way for it to happen would be than -- prenicious than many thought about and that is basically debase the kur we would weaken the value of a dollar. so you borrow borrow 00,000, 00 billion

Jeff Sessions

3:45:04 to 3:45:24( Edit History Discussion )

Jeff Sessions: from somebody and you pay them back 00 billion. but you've printed a lot dollars, so the dollars they get paid back are less valuable than the ones bo that's a pretty slick deal, isn't? that's what you call inflation. there are huge ramifications from that kind

Jeff Sessions

3:45:25 to 3:45:45( Edit History Discussion )

Jeff Sessions: you've got a very, very to the long-term health of america. we do not need to debase our currency. that's why the price of gold, people are getting scared the dollar's not going to be worth anything. so we're -- i think the debate we're about to begin is really

Jeff Sessions

3:45:46 to 3:46:06( Edit History Discussion )

Jeff Sessions: about individual responsibility and governmental responsibility. we do need to resist the cries of many who have self-interest in this stimulus package. i heard one prominent

Jeff Sessions

3:46:07 to 3:46:29( Edit History Discussion )

Jeff Sessions: businessman make a speech recent. he said, are we going after this money? why don't they put it out there. evy business is going to go after it. you'd be happy to get it. so we have to be responsible. we need to scrutinize it. we need act in the long-term interest of america.

Jeff Sessions

3:46:30 to 3:46:50( Edit History Discussion )

Jeff Sessions: congress, i believe, so far has not done well in responding to the economic crisis we're going through. i think everybody pretty well univsally has agreed that the first 60 billion send-out-the-checks program did

Jeff Sessions

3:46:51 to 3:47:12( Edit History Discussion )

Jeff Sessions: not benefit the economy. i heard a group of well-known economists recently agree that the first 50 billion -- remember, the entire iraq war has cost us 00 billion -- that 50 billion in the first tranche of money that's gone out has not helped the economy.

Jeff Sessions

3:47:13 to 3:47:33( Edit History Discussion )

Jeff Sessions: so i -- i do think that we've got to be careful. i hope congress will not fail our constituents again and -- and make sure that our fiscal illness that we're living with now does not damage our children. i know that people are hurting. i know that people are worried

Jeff Sessions

3:47:34 to 3:47:54( Edit History Discussion )

Jeff Sessions: if their job will exist in the months to come. but if you're working at the clothing stock, i'm not sure some of these jobs are going to be that helpful to you. but -- clothing store, i'm not sure some of these jobs are going to

Jeff Sessions

3:47:55 to 3:48:15( Edit History Discussion )

Jeff Sessions: be that helpful to you. but at any rate, that's what we're dealing w. people are worried. we're going through a serious downturn. as a c.b.o. expert told us, we're going to come out of this in two years, in his opinion -- he was firm about it -- whethero we did d anything or not. but a stomach husband package might help. another member of the panel said well, it should help.

Jeff Sessions

3:48:16 to 3:48:36( Edit History Discussion )

Jeff Sessions: but neither one said it was critical to recession we're in. so whatever we do, whatever moneys we spend -- and i'm not every idea for stimulating the economy economy -- let's be sure that it's productive. approving a trillion dollars in

Jeff Sessions

3:48:37 to 3:48:57( Edit History Discussion )

Jeff Sessions: deficit spending could do more harm than good if we decent it it's time that we as a nation stop living beyond our means. we need to order we need to know there's no free lunch, that debts will be repaid one way or the raising taxes, cutting spending in the future, debasing the currency.

Jeff Sessions

3:48:58 to 3:49:18( Edit History Discussion )

Jeff Sessions: that's basically the way we can reduce those and that's the only way we can. and we're putting a burden to the future. and i know that some money invested now might make a positive difference. let's talk about that and let's see what we can do. but the numbers being floated out and the the program is being proposed

Jeff Sessions

3:49:19 to 3:49:30( Edit History Discussion )

Jeff Sessions: creates in my mind a great danger that much of the money will not be stimulative, as it has failed to be in the past, and that much of it will not

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