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Senate Proceeding on Jan 30th, 2009 :: 2:09:20 to 2:14:20
Total video length: 5 hours 7 minutes Stream Tools: Stream Overview | Edit Time

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Jeff Sessions

2:09:13 to 2:09:33( Edit History Discussion )

Jeff Sessions: members of the senate here. just tell y'all how we gimmick the system. the alternative-minimum tax is 0 billion a everybody knows that we're not going to allow it to kick in and hit the american economy at the full amount. and so, why don't we just fix it

Jeff Sessions

2:09:20 to 2:14:20( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

2:09:34 to 2:09:54( Edit History Discussion )

Jeff Sessions: and go on and fix it permanently? because c.b.o. will score it. and if we score it for 0 billion a year for a ten-year budget that's 00 billion. so we pretend -- we pass a law that fixes i

Jeff Sessions

2:09:55 to 2:10:15( Edit History Discussion )

Jeff Sessions: the next year, when they calculate the debt, you see, they assume that we're going to have 0 billion more in revenue from the alternative-minimum tax, but we're not going to have that money because we're going to fix it again. an in this. so those numbers will be up a good bit higher, i have to tell

Jeff Sessions

2:10:16 to 2:10:36( Edit History Discussion )

Jeff Sessions: you. i've been here. i and finally, i'll add one more thing to the discussion, and that is the question of interest on the we're now a little over 00 billion a year in paying interest on the

Jeff Sessions

2:10:37 to 2:10:57( Edit History Discussion )

Jeff Sessions: the debt's been growing. it's about 0 trillion. in the next ten years, the estimates are it could be 1 trillion i debt. total debt of america. this bill, by the way, raises the debt limit. it has to because we're adding

Jeff Sessions

2:10:58 to 2:11:19( Edit History Discussion )

Jeff Sessions: another trillion in debt. the congressional budget office scores that in 2014, five years from now, the interest on the debt will not be $ but counting the stimulus package, it will be around 30 billion. how much money is that? 30 billion.

Jeff Sessions

2:11:20 to 2:11:41( Edit History Discussion )

Jeff Sessions: today, you know, it's 00 billion, five years from now it 30 billion. big deal. that's ery year, number one. it's every i'll give you some perspective on how large that is. it's about a third -- more than a third really of the income tax

Jeff Sessions

2:11:42 to 2:12:02( Edit History Discussion )

Jeff Sessions: revenue of the entire united states government from individuals, and it is a number that is almost equal to the five-year cost of the iraq war. we spent about 00 billion on the iraq war in the five years that that's occurred, and it's been a major expense of the

Jeff Sessions

2:12:03 to 2:12:23( Edit History Discussion )

Jeff Sessions: united states government and it's been very painful to us, and people have been not happy about it. but by surging this debt, we will in the future be incurring an interest payment almost equal every year to the five-year cost

Jeff Sessions

2:12:24 to 2:12:44( Edit History Discussion )

Jeff Sessions: of the iraq war. so, i just would urge my colleagues, i know the momentum has been going forward. i know the house moved forward with the bill and peopl expected that we're going to past it. but i'm not sure. i think the american people are getting concerned about this, and they're saying let's

Jeff Sessions

2:12:45 to 2:13:07( Edit History Discussion )

Jeff Sessions: this down. why can't we do 00 billion, 00 billion stimulus package. it will actually create jobs. it won't add so much money to our deficit. and that will be -- we will create things that are of permanent value to the public, not, you know, providing relief

Jeff Sessions

2:13:08 to 2:13:31( Edit History Discussion )

Jeff Sessions: to soldiers who fought with us in world wars and other programs that are in the legislation. so, this is the beginning of a discussion. it ought to be the beginning of a national discussion abouthat this country is about, and we need to ask ourselves: isn't it?? important that we have a sound currency?

Jeff Sessions

2:13:32 to 2:13:53( Edit History Discussion )

Jeff Sessions: isn't it important that a sound dollar be one of the highest possible goals of the united states congress? and to have that, aren't we as a congress going to have to be responsible enough to, in times of uncertainty and fear, to be able to rationally think through

Jeff Sessions

2:13:54 to 2:14:14( Edit History Discussion )

Jeff Sessions: this and do this right? my 90-year-old aunt, i was with her in alabama not long last week actually -- and she said to me, "y'all don't know what you're doing up there, do you?" and i don't think we do. i think that was as good a synopsis of what the american people arehinking about us as

Jeff Sessions

2:14:15 to 2:14:21( Edit History Discussion )

Jeff Sessions: anything i've heard we don't really know. and we've got to get serious here. it's our responsibility.

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