Metavid

Video archive of the US Congress

Senate Proceeding on Jan 30th, 2009 :: 1:45:45 to 2:05:10
Total video length: 5 hours 7 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Download OptionsEmbed Video

Views:160 Duration: 0:19:25 Discussion

Previous speech: Next speech:

Jeff Sessions

1:45:45 to 2:05:10( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

1:45:51 to 1:46:12( Edit History Discussion )

Jeff Sessions: quorum call: the presiding offer: the senato quorum call be dispensed with. the presiding officer: without objection. mr. sessions: mr. president, there's a growing recognition here in the congress that the so-called spending stimulus bill

Jeff Sessions

1:46:13 to 1:46:33( Edit History Discussion )

Jeff Sessions: is colossal in nature and it's going to be moved through the congress with little or no significant changes. those of us who've been around a while can see what's happening. the bill moved in committee. a lot of good amendments and suggestions for change were made in the appropriations committee,

Jeff Sessions

1:46:34 to 1:46:54( Edit History Discussion )

Jeff Sessions: but none passed. a lot of ideas and suggestions were made in the fance committee and none were agreed to. at least none of any significance. there are things in the bill that i would strongly suppo and believe should be part of a

Jeff Sessions

1:46:55 to 1:47:16( Edit History Discussion )

Jeff Sessions: support a stimulus package because i think a targeted, smart bill can help improve our economy. but it's not going to c difficulties we're in. i'm convinced of that. christina roemer, president obama's top economist, she's predicted that if we pass a

Jeff Sessions

1:47:17 to 1:47:38( Edit History Discussion )

Jeff Sessions: stimulus, the unemployment rate won't reach quite so high. she -- her numbers were referred to in the budget committee, which the president -- presiding officer was a member and participated in, senator warner -- governor warner. and so it was -- those numbers were brought out, but even

Jeff Sessions

1:47:39 to 1:48:00( Edit History Discussion )

Jeff Sessions: without any stimulus, she projected that the unemployment rate would not reach 10%. during the tough recession when president reagan broke the inflationary spiral we were in, we hit almost 11% unemployment. and the congressional budget

Jeff Sessions

1:48:01 to 1:48:22( Edit History Discussion )

Jeff Sessions: no stimulus, the unemployment rate wld not reach 10%. when asked would a stimulus package make it any better, mr. sunshine, the director of the -- acting-director of the budget office at that time, said it might. so i think a stimulus package

Jeff Sessions

1:48:23 to 1:48:43( Edit History Discussion )

Jeff Sessions: can help, but i stimulus package is going to change the fundamentals of t tremendous economy of which we are a part. it's going through a period of rebalancing and adjustment that's painful and it's not going to be bought away by throwing a few billion or maybe even a trillion dollars at it. i just want to make that point

Jeff Sessions

1:48:44 to 1:49:05( Edit History Discussion )

Jeff Sessions: in general. we're in a tough time. we're going to have to go through a tough time. it's not going to be easy. but this country has gone through tough times before, we can hope and pray it won't be as tough as the last real tough recession we had in the early to mid-1980's.

Jeff Sessions

1:49:06 to 1:49:26( Edit History Discussion )

Jeff Sessions: and we surstliefd, and we developed some principles of the economy that ended inflation, and we had 25 years of really steady progress based on a sound dollar and sound economy. so i guess i would say that

Jeff Sessions

1:49:27 to 1:49:47( Edit History Discussion )

Jeff Sessions: let's be a bit humble in what we think we can accomplish. now, i would add one more thing: politically, presidents, congresses like to do when diffilty is out there and the tv every night is coming

Jeff Sessions

1:49:48 to 1:50:11( Edit History Discussion )

Jeff Sessions: with some bad news story and our constituents are worried, people feel like we must do something. if we don't do something, they'll vote us out of office. but what if do is not to overreact? what if the real right thing for america is to ask our self what

Jeff Sessions

1:50:12 to 1:50:34( Edit History Discussion )

Jeff Sessions: is that will actually be of benefit and let's do that but really let's don't go hog wild, let's don are going to do long-term damage to the country? so that's where we are. good people can disagree on where that line is drawn. a lot of people are talking

Jeff Sessions

1:50:35 to 1:50:57( Edit History Discussion )

Jeff Sessions: about, you know, politics, the republicans didn't get this amendment or that. i'm beyond discussing those things at this point. my view is, is the stimulus bill that's going to be moved in this senate, which is even bigger than the one in the house -- it was 18 billion, i believe, in the house

Jeff Sessions

1:50:58 to 1:51:18( Edit History Discussion )

Jeff Sessions: this one is already now at 88 billion. they added 0 billion for the a.m.t. tax fix. so it's now almos00 billion. and i'm not sure how much thou we certainly have not had extensive hearings on this.

Jeff Sessions

1:51:19 to 1:51:40( Edit History Discussion )

Jeff Sessions: and so that's -- i where we are strategically. let me just say this to my colleagues on both sides of the aisle: the more people look at this show of called stimulus bill -- really, a spending bill -- the more disastrous and the more

Jeff Sessions

1:51:41 to 1:52:01( Edit History Discussion )

Jeff Sessions: flawed their finding it to be. -- they are finding it to be. most members of congress, most members of the senate, i think, wanted to support a stimulus bill. they probably made public statements they'd like to support a stimulus bill. but all of a sudden people are saying whoa! really? there's that much in it? this is in it?

Jeff Sessions

1:52:02 to 1:52:22( Edit History Discussion )

Jeff Sessions: only 3% of the money goes for roads? really? i thought it was a roads bill. we're hearing that kind of t people are really beginning to ask questions about what it is in the legislation that can

Jeff Sessions

1:52:23 to 1:52:44( Edit History Discussion )

Jeff Sessions: spend 00 billion. but it doesn't just cost 00 billion. the congressional budget office has looked at it, as they're supposed to do nonpartisan office, and they give us good information on how much this cost, among other

Jeff Sessions

1:52:45 to 1:53:05( Edit History Discussion )

Jeff Sessions: things. remember, every dime of spending -- all of this 00 billion increases the debt. we are already in debt. any other dollar that's spent increases the debt. so the 00 billion spending

Jeff Sessions

1:53:06 to 1:53:26( Edit History Discussion )

Jeff Sessions: bill will increase the debt in two years by 00 billion, and you have to ask do you get that money? well, you have to borrow the money. and to borrow the money, you have to pay interest on it. the congressional budget office has calculated that. they didn't at first. now they have.

Jeff Sessions

1:53:27 to 1:53:47( Edit History Discussion )

Jeff Sessions: they calculate 47 billion over the next ten years -- the budget period we're looking at -- will be expended by the american taxpayer to pay interest on this debt. and, by the way, the deficit is the largest one in the history

Jeff Sessions

1:53:48 to 1:54:10( Edit History Discussion )

Jeff Sessions: of the republic that we'll be having this year. and i'll talk about the debt maybe in a little -- and a little bit more because it is important. there's no free julie andrews in that "sound of music," you know, she said

Jeff Sessions

1:54:11 to 1:54:32( Edit History Discussion )

Jeff Sessions: "nothing comes from nothing. nothing ever could." debt will be repaid. you think, well, we just may not repay these debts? well, you'll pay interest on or we could succumb to the very pernicious temptation to inflate the currency and pay back our debts with dollars less valuable

Jeff Sessions

1:54:33 to 1:54:53( Edit History Discussion )

Jeff Sessions: than the ones we borrowed today. that's what you call debasing the cren currency. that's inflation. that's a corrosive situation that the country must not get into and have not been into for the last 25 years. and so those e the temptations we get when the debt gets too

Jeff Sessions

1:54:54 to 1:55:14( Edit History Discussion )

Jeff Sessions: great now, the argument is that we want to have shovel-ready projects, and those shovel-ready projects will increase employment and will help us work our way through this recession that's going to be longer than most recessions.

Jeff Sessions

1:55:15 to 1:55:36( Edit History Discussion )

Jeff Sessions: it's going to end, but it will be longer than most recessions. and so the message that has gone out is that infrastructure is behind. our roads and bridges are not up to date. we need to spend money on them.

Jeff Sessions

1:55:37 to 1:55:59( Edit History Discussion )

Jeff Sessions: now would be a good time to go into debt and borrow money and fix up roads and bridges and that we would, therefore, be able to create jobs and have something concrete after it's all over. i like roads and bridges because it is a concrete thing.

Jeff Sessions

1:56:00 to 1:56:20( Edit History Discussion )

Jeff Sessions: when it's over, people can benefit from it for generations to come, unlike a lot of the government programs that are in this thing. we spend billions and billions of dollars and when it's over, we ask yourselves, did it do any good at all? so, as i indicated, we now know

Jeff Sessions

1:56:21 to 1:56:44( Edit History Discussion )

Jeff Sessions: that the requests for road and bridges in the 00 billion stimulus bill amounts to 0 billion -- 5 billion the first year, 5 billion the second. there's some other infrastructu school money and that kind of thing -- but the idea that this

Jeff Sessions

1:56:45 to 1:57:05( Edit History Discussion )

Jeff Sessions: is a road and bridge bill is false, just false. it's not so. and so then in addition to that point, i would note that the

Jeff Sessions

1:57:06 to 1:57:26( Edit History Discussion )

Jeff Sessions: congressional budget office examinedhe legislation to ask whether or not this spending that we would be participating in would actually come forward quickly, as everybody says it must, to create jobs now and,

Jeff Sessions

1:57:27 to 1:57:48( Edit History Discussion )

Jeff Sessions: therefore, help us ease the unemployment increase that we're seeing. c.b.o. has found that only 40% of the spending that's in the legislation in total will occur in the first two years. so, what about this year, the first year?

Jeff Sessions

1:57:49 to 1:58:10( Edit History Discussion )

Jeff Sessions: but even over two years, only 40% of it is spent. so 60% is going to be spent after two years -- years three, four, five. and according to ms. roemer, the president's top vieser on the economy, we'll be coming out of the recession by then anyway,

Jeff Sessions

1:58:11 to 1:58:35( Edit History Discussion )

Jeff Sessions: without a stimulus package. the programs in addition to the construction projects and spending plans that are put together have been poorly cobbled together in haste. they've not been well-thought-out. there's no way they could have

Jeff Sessions

1:58:36 to 1:58:57( Edit History Discussion )

Jeff Sessions: been well-thought-out. 300 economists, including three nobel laureates, have signed a petion condemning the stimulus plan as it's now written. ma of them would favor a stimulus plan, but when they look at this one, they're aghast. and they're warning us that infrastructure spending has

Jeff Sessions

1:58:58 to 1:59:19( Edit History Discussion )

Jeff Sessions: never successfully lifted a country out of an economic slowdown, and there are many examples of that around the world. so these economists are saying that. marti feldstein, an economist that president reagan admired and conservatives have admired and most americans have admired,

Jeff Sessions

1:59:20 to 1:59:41( Edit History Discussion )

Jeff Sessions: said at one point he favored a stimulus bill. i think about 50 and he's now written an op-ed in "the wall street journal" saying, this is bad. do not pass this stimulus bill. he opposes it. the chamber of commerce -- and i

Jeff Sessions

1:59:42 to 2:00:03( Edit History Discussion )

Jeff Sessions: like they're great, great if anybody thinks they're not chef interested, doesn't know what they do. they got a lot of members that are going to benefit from this program. they're going to get bucks out of it. and they favored a stimulus package some time ago, and they said we need a stimulus package.

Jeff Sessions

2:00:04 to 2:00:24( Edit History Discussion )

Jeff Sessions: now they are saying they're not for this bill. they are though their members, a lost them are going to tkp-rbs a lot of them are going to get bucks out of it and they're going to get some of it. even they, in the interest of the country and the long-term vision of the country, have

Jeff Sessions

2:00:25 to 2:00:45( Edit History Discussion )

Jeff Sessions: concluded it tphofts good for this -- it's not good for this country to pass the bill that we're dealing with now. the bottom line is i am convinced now that the extreme long-term cost of legislation outweighs any short-term benefits.

Jeff Sessions

2:00:46 to 2:01:08( Edit History Discussion )

Jeff Sessions: and rember, the .2 the 00 billion plus the interest on it that c.b.o. has calculated -- and it's only right that they do so -- comes on top wall street bailout that proved in effect wall.

Jeff Sessions

2:01:09 to 2:01:29( Edit History Discussion )

Jeff Sessions: has not -- ineffectual, has not been successful. and we're being told now, and the obama, you know, m with the republicans in a very nice discussion, he acknowledged that they're going to have to be coming back and asking for more wall strt money

Jeff Sessions

2:01:30 to 2:01:53( Edit History Discussion )

Jeff Sessions: many weeks from now. so we're not through yet in throwing taxpayers' money into this vortex. the surge in debt and wresless spending -- and reckless spending that we've seen in a bipartisan fashion in the last

Jeff Sessions

2:01:54 to 2:02:14( Edit History Discussion )

Jeff Sessions: year is unlike anything this nation has ever seen in its history. and there's been such little serious discussion about where the money is going, how are we going to account for it, and will we receive a legitimate benefit from it.

Jeff Sessions

2:02:15 to 2:02:36( Edit History Discussion )

Jeff Sessions: it's just amazing to so i -- i think we've got to reconsider the size and the nature of this legislation. we cannot do this. it's bad for america. it's not a question of republicans and democrats and that kind of thing. i know that the conventional

Jeff Sessions

2:02:37 to 2:02:57( Edit History Discussion )

Jeff Sessions: wisdom is we've just got to do something. if we don't do will be mad at us. if we don't do something and the economy gets worse, they'll say you didn't do anything, you stupid goof. you sat on the sidelin and didn't do anything. but i've got say at some point you can do too much, and you can

Jeff Sessions

2:02:58 to 2:03:19( Edit History Discussion )

Jeff Sessions: do things that are unwise. and that's what we're paid to decide here. so, i am committ and will do what i can to defeat the bill as written, and i will support a more targeted, cost-effective

Jeff Sessions

2:03:20 to 2:03:41( Edit History Discussion )

Jeff Sessions: temporary plan that can help our economy, but it must be done at a price that we can afford. and i've got to tell you -- i'm going to talk in a minute about the size of the deficit we're facing. as a member of the budget committee, it's a grim prospect.

Jeff Sessions

2:03:42 to 2:04:04( Edit History Discussion )

Jeff Sessions: i've concluded that this is a fight for the very financial soul of our country. i mean, what is it we're doing here? are w really fulfilling our responsibilities to watch over the taxpayers' money? not a dime can be spent. presidents can't spend money that we don't appropriate. every time that president bush spent on the wall street

Jeff Sessions

2:04:05 to 2:04:26( Edit History Discussion )

Jeff Sessions: bailou we gave it to him. every dime that president bush spent on sending out those checks last spring that was supposed to stop the recession, every dime of that went to the debt, increased our debt, causing our financial house last yearo have the biggest deficit in the history of the republic. it didn't work.

Jeff Sessions

2:04:27 to 2:04:50( Edit History Discussion )

Jeff Sessions: but we gave the money. it's not president bush that did it. we funded it. and no stimulus spending bill is going to get passed, and no money is going to be available to be spent unless congress spends it. it's our responsibily. we can't pass it off on president obama.

Jeff Sessions

2:04:51 to 2:05:11( Edit History Discussion )

Jeff Sessions: let me just show this chart as a member of the budget committee and whose dealt with these issues for a number of year this cha is where my mind is, if you want to know the truth. 2004, after that recession when

Personal tools

MetaVid is a non-profit project of UC Santa Cruz and the Sunlight Foundation. Learn more About MetaVid

The C-SPAN logo and other servicemarks that may be found in video content are the property of their respective trademark holders. None of these trademark holders are affiliated with Metavid