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Senate Proceeding on Jan 25th, 2010 :: 2:24:10 to 2:34:05
Total video length: 6 hours 28 minutes Stream Tools: Stream Overview | Edit Time

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Susan Collins

2:24:07 to 2:24:30( Edit History Discussion )

Susan Collins: shifted back upon the senate of pa congresses. as responsibility that cannot be shifted back upon the senate of past congresses." and i unanimous consent to include my resolution in the would yield the floor. the presiding officer: without

Susan Collins

2:24:10 to 2:34:05( Edit History Discussion )
Speech By: Susan Collins

Susan Collins

2:24:31 to 2:24:52( Edit History Discussion )

Susan Collins: objection. ms. the presiding officer: the senator from maine. ms. collins: mr. president, i rise today in support of the amendment offered by senators conrad bipartisan budget commission to address our n

Susan Collins

2:24:53 to 2:25:15( Edit History Discussion )

Susan Collins: fiscal crisis. mr. president, the conrad-gregg amendment would create an 18-member bipartisan commission, which would be charged with developing a specific plan to correct our government's long-term fiscal

Susan Collins

2:25:16 to 2:25:36( Edit History Discussion )

Susan Collins: all options would be on the table. the commission's legislative recommendations would require expedited consideration by the congress, a supermajority vote in both presidential approval. mr. president, while i would

Susan Collins

2:25:37 to 2:25:57( Edit History Discussion )

Susan Collins: prefer that members of congress have the ability to offer revenue-neutral amendments to the commission's legislative recommendations, it is imperative that we on this proposal. for this reason, i am pleased to

Susan Collins

2:25:58 to 2:26:20( Edit History Discussion )

Susan Collins: be a cosponsor of the legislation. mr. president, i would note that i have not always thought that the creation of an commission was the right approach. i was hopeful that congress could tackle the issues of the looming fiscal catastrophe that we face.

Susan Collins

2:26:21 to 2:26:42( Edit History Discussion )

Susan Collins: but, mr. president, i have concluded that the only way we are going tochieve urgent action on the very serious fiscal problems that we face is through the creation of this independent commission.

Susan Collins

2:26:43 to 2:27:03( Edit History Discussion )

Susan Collins: the fact is, america's out-of-control debt is a grave threat to our futur 0 -- to our future prosperity. just lastonth the senate voted to increase the debt limit to an astonishing $12.4 trillion. and yet here we are again today

Susan Collins

2:27:04 to 2:27:24( Edit History Discussion )

Susan Collins: considering another increase in the debt limit, this time by $1.9 tllion to $14.3 trillion. mr. president, earlier this year this body approved the president's budget, which will

Susan Collins

2:27:25 to 2:27:46( Edit History Discussion )

Susan Collins: double our debt i in five years and trip it will in 10 years -- and triple it in 10 years. in other words, we are facing an explosion in the federal debt. as bad as that sounds, our nation's debt problem is actually far america also has nearly $60

Susan Collins

2:27:47 to 2:28:11( Edit History Discussion )

Susan Collins: trillion in unfunded liabilities for programs like social security and medicare. these unfunded liabilities amount to $184,000 per person

Susan Collins

2:28:12 to 2:28:33( Edit History Discussion )

Susan Collins: living in our country or $48,300 per household. by contrast, the median household income is just over $50,000. as david walker, the former comptroller general and now president of the peterson foundation put it in recent testimony before our senate homeland security and

Susan Collins

2:28:34 to 2:28:54( Edit History Discussion )

Susan Collins: governmental affairs committee -- quote -- "it doesn't take an economist or a mathematician to realize that this is unsustainable." we are talking about debt levels that are unsustainable and threaten the very

Susan Collins

2:28:55 to 2:29:16( Edit History Discussion )

Susan Collins: of our country. 0 our problem in a nutshell is that government has promised more than our citizens can afford to pay. one columnist described this as "the collision between the high and rising demd for government services and the capacity ofhe

Susan Collins

2:29:17 to 2:29:38( Edit History Discussion )

Susan Collins: economy to produ the tax revenues to meet those demands." historically, americans have paid about 18% of gross domestic product in federal taxes. but with the explosion in entitlement spending tied to the

Susan Collins

2:29:39 to 2:29:59( Edit History Discussion )

Susan Collins: retirement of the generation, plus interest on the national debt, americans would need to pay taxes equal to 34% of g.d.p. to keep pace with spending 25 years from now. that's right, mr. president.

Susan Collins

2:30:00 to 2:30:24( Edit History Discussion )

Susan Collins: the tax burden would have soar to 34% domestic product. mr. president, i'm look at the young pages who are on the floor right now. it is their future that we're talking about. they are the ones who are going

Susan Collins

2:30:25 to 2:30:49( Edit History Discussion )

Susan Collins: to be faced with this enormous debt. even if it were possible to raise taxes in order to finance this rate of spending, that remedy would do tremendous dama to it would crush job creation, devastate our

Susan Collins

2:30:50 to 2:31:10( Edit History Discussion )

Susan Collins: small aspirations and can-do spirit of our thus, our begin by reconsidering spending that although popular, simply cannot be justified during this fiscal

Susan Collins

2:31:11 to 2:31:34( Edit History Discussion )

Susan Collins: it is wishful thinking to hope that we can simply grow our way out of this problem. economic growth helps. but in itself, it isndangered by the enormous debt. becoming more efficient and

Susan Collins

2:31:35 to 2:31:57( Edit History Discussion )

Susan Collins: productive helps reduce our long-term financial but economic growth not rescue us from the predicament that we face. if we fail to stop this approaching tsunami then the futures of our children

Susan Collins

2:31:58 to 2:32:20( Edit History Discussion )

Susan Collins: and our grandchildren will be swampedy our negligence. the american dream as we know generation can achieve a higher standard of life than the previous generation will be over.

Susan Collins

2:32:21 to 2:32:41( Edit History Discussion )

Susan Collins: it won't be even with this commission, but we must confront this conflict between what we want and what we can afford. it is time to reassess our priorities to make the hard

Susan Collins

2:32:42 to 2:33:02( Edit History Discussion )

Susan Collins: decisions and to set a new fiscally responsible course for our country. the budget reform commission proposed by senator gregg and senator conrad would begin to move us forward as a nation in

Susan Collins

2:33:03 to 2:33:24( Edit History Discussion )

Susan Collins: facing these serious financial challenges. i know that it is not easy for many of away some authority to this commission. i commission's recommendations would still come back to us and

Susan Collins

2:33:25 to 2:33:49( Edit History Discussion )

Susan Collins: could voting for them and president deciding to sign recommendations into but i have concluded, mr. president, that the only way to jump-start the process, to do

Susan Collins

2:33:50 to 2:34:05( Edit History Discussion )

Susan Collins: what needs to be done, to right the fiscal boat, to help us face these challen move forward as a nation is to enact the gregg-conrad amendment. so

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