Video archive of the US Congress

Senate Proceeding 02-03-09 on Feb 3rd, 2009 :: 5:44:30 to 5:50:55
Total video length: 7 hours 30 minutes Stream Tools: Stream Overview | Edit Time

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Barbara Boxer

5:44:27 to 5:44:48( Edit History Discussion )

Barbara Boxer: this is not the piece of legislation, and this is not the plan to put people to work. i yield back whatever time i have back to the chair. mrs. boxermr. president, could remains on each side? the presiding officer: the senatorrom california minutes an six seconds. the senator from montana has five m mrs. boxer: mr. president, if

Barbara Boxer

5:44:36 to 5:50:55( Edit History Discussion )
Speech By: Barbara Boxer

Barbara Boxer

5:44:49 to 5:45:11( Edit History Discussion )

Barbara Boxer: you could tell me up five minutes, please. the presiding officer: the senator will be notified. mrs. boxer: thank well, mr. president, people stand up here an argue against this and say things that are just not factual. they have every right to say that. i protect and defend their right to say it.

Barbara Boxer

5:45:12 to 5:45:36( Edit History Discussion )

Barbara Boxer: but they're just not factual. now, senator kerry said there's no proof that any jobs were created. well, allen sinai, robert shapiro and laura tyson have all said that jobs were created and jobs will be created. he said, senator kerry said in his forceful argument against

Barbara Boxer

5:45:37 to 5:45:57( Edit History Discussion )

Barbara Boxer: this amendment, he said: that companies simply didn't do anything and now if -- if they do, r and did, it will -- it will replace what r&d they're going to do. we won't allowhis to happen. it has to be new spending, maintenance of effort must continue. and i want to call to my

Barbara Boxer

5:45:58 to 5:46:19( Edit History Discussion )

Barbara Boxer: colleague's attention the report that w shapiro under secreta of commerce under bill clinton if which he -- in which he points out in fact, created or retained just in manufacring. 102,000 jobs in wholesale and retail.

Barbara Boxer

5:46:20 to 5:46:41( Edit History Discussion )

Barbara Boxer: in transportation he goes on, he shows all the different jobs that were created for a 2.1 million jobs. now, does that mean every company added jobs? no, some didn't. but it has nothing to do with so the fac is my colleagues stand up and say, why are we doing this when it was such an utter failure.

Barbara Boxer

5:46:42 to 5:47:03( Edit History Discussion )

Barbara Boxer: take your argument to laura tyson, take your argument to allen sinai, take your argument to where they're wrong. and then we're told joint tax has to be paid attention to. they were dead wrong. -- they were dead wrong the last time. i mean, again, they said, you

Barbara Boxer

5:47:04 to 5:47:24( Edit History Discussion )

Barbara Boxer: know, maybe we would have 00 billion come in. maybe up to 00 billion. 64 billion came in. they were way off on the revenues. the come i the 8 billion of the 16 billion that came in, they said billion so they were wrong. so how can we stand up here and

Barbara Boxer

5:47:25 to 5:47:45( Edit History Discussion )

Barbara Boxer: try to deft this now my friend massachusetts this isn't the time or place in this is a moment that we can respond to this recession. we're going to do it in many other ways and i will support things and but let me just robert shapiro's report,

Barbara Boxer

5:47:46 to 5:48:07( Edit History Discussion )

Barbara Boxer: remember bill clinton's come customers undersecretary. as president obama and congress expand the catalog of measures to help stablize the financial system andddressed the economic decline a major untapped resource sits on the balance sheets of the foreign subsidiaries of u.s. multinational corporations.

Barbara Boxer

5:48:08 to 5:48:29( Edit History Discussion )

Barbara Boxer: these subsidiaries hold up to trillion in past earnings because current u.s. law diverse u.s. tax on those profits until they are repatriated. if those earnings were transferred to the parent companies in the united states, they could find substantial new capital investment an employment

Barbara Boxer

5:48:30 to 5:48:50( Edit History Discussion )

Barbara Boxer: and provide additional liquidity, and this is an important point, additional liquidity to the strappe financial system as companies reduce their domestic debt. in principle the earnings currently held abroad would provide significant economic imulus. let me repeat that.

Barbara Boxer

5:48:51 to 5:49:12( Edit History Discussion )

Barbara Boxer: the earnings currently held abroad would provide significant economic stimulus and financial market liquidity if a change in government policy could induce u.s. multinationals to promptly repatriate them and use them for designated purposes. so my friends stand up here and they make an argument about how

Barbara Boxer

5:49:13 to 5:49:34( Edit History Discussion )

Barbara Boxer: horrible it is that these countries have money abroad, and i agree. i am upset about it. i was upset in 1997 about i was upset in 1998 about it. i was upset in 1999, 2000, 2001, 2002, and 2003, and finally in

Barbara Boxer

5:49:35 to 5:49:55( Edit History Discussion )

Barbara Boxer: 2004 senator ensign and i got together and said, let's see if we can get that money home. for my colleagues who are lamenting the fact that this money is abroad, we say join with us, bring it home. and if you're saying the effective rate is 17%, if we can bring in

Barbara Boxer

5:49:56 to 5:50:17( Edit History Discussion )

Barbara Boxer: of a loss to i will ask for the presiding officer: the senate has used five minutes. mrs. boxer: i will use one more minute and i will retain. i love a debate. but i want to sta with the facts. this is new hue and cry, you did it in 2004, never do it again.

Barbara Boxer

5:50:18 to 5:50:39( Edit History Discussion )

Barbara Boxer: well, i think it's good that oracle bought up three -- two or three companies that were going to go belly-up and that were going to be bought out bay foreign competitor. i think that was gd. i think it was good that systems added so many jobs. more than 1,000 new jobs.

Barbara Boxer

5:50:40 to 5:50:55( Edit History Discussion )

Barbara Boxer: so when my friends stand up here and say they lament the loss of jobs. i lament every job loss in this country and i say to cisco systems, good for you. you brought the money in and you did the right thing. did every company do that? no. and that's why we have tightened

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