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Senate Proceeding on Feb 17th, 2011 :: 5:31:10 to 5:40:19
Total video length: 11 hours 49 minutes Stream Tools: Stream Overview | Edit Time

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Orrin Hatch

5:31:00 to 5:31:21( Edit History Discussion )

Orrin Hatch: quorum call: a senator: mr. president? the presiding officer: the senator from utah. mr. hatch: mr. president, this week -- the presiding officer: quorum call. mr. hatch: oh, i ask unanimous consent that the quorum call be dispensed with. the presiding officer: w objection. mr. hatch: mr. president, this week the senate began a debate about nothing less than the future of this country.

Orrin Hatch

5:31:10 to 5:40:19( Edit History Discussion )
Speech By: Orrin Hatch

Orrin Hatch

5:31:22 to 5:31:42( Edit History Discussion )

Orrin Hatch: next year, we face a $1.65 trillion deficit, the third year in a row where the united states will run a deficit of over a trillion dollars. even more daunting, we are over $14 trillion in total debt as we stand here on the floor today. according to the nonpartisan congressional budget office, or c.b.o., the debt held by the

Orrin Hatch

5:31:43 to 5:32:03( Edit History Discussion )

Orrin Hatch: public is projected to reach $18.3 trillion, or 77% of g.d.p., by the end of 2021. now, this is a problem that truly threatens the well-being of our nation. c.b.o. projects that the costs of simply paying the interest on all of this debt will rise to $792 billion, or 3.3% of g.d.p.

Orrin Hatch

5:32:04 to 5:32:24( Edit History Discussion )

Orrin Hatch: in 2021. now, when you are pushing a $1 trillion-a-year in interest payments alone, you are reaching a day when the national government will not -- will not have the resources to accomplish even the limited mission delegated to it by the constitution. this is what admiral mike mull learn, the chairman of the joint chiefs of staff meant, when he

Orrin Hatch

5:32:25 to 5:32:46( Edit History Discussion )

Orrin Hatch: testified today that -- quote -- "our debt is the greatest threat to national security." the president could have led on this issue when he released his budget earlier this week, but he took a pass instead. apparently he and his democratic congressional allies have done some polling that tells them two things. first, the american people are demanding that washington tackle our annual deficits and

Orrin Hatch

5:32:47 to 5:33:07( Edit History Discussion )

Orrin Hatch: skyrocketing debt. and secondly, the democrats can benefit politically by standing aside, letting republicans propose solutions to this problem, or these problems, and then demagoguing the daylight out of any effort to restrain spending. the coming debate is going to be a bruising one. but as we go forward, it is

Orrin Hatch

5:33:08 to 5:33:29( Edit History Discussion )

Orrin Hatch: critical that we keep at least one thing in mind -- we cannot get out of this hole by taking more of taxpayers' hard-earned money. our debt and deficit problems exist because washington spends too much, not because taxes are too low. it is a terrible idea to propose raising taxes by over

Orrin Hatch

5:33:30 to 5:33:50( Edit History Discussion )

Orrin Hatch: $1.6 trillion on net over the next ten years alone, yet that is exactly what the obama administration's budget, released earlier this week, proposes. i said it earlier this week and i will say it again -- this budget proves once and for all that our deficits and debt are not caused by our taxes being too low.

Orrin Hatch

5:33:51 to 5:34:12( Edit History Discussion )

Orrin Hatch: the president has proposed a net tax increase of over $1.6 trillion yet for next year and every year of his ten-year budget, he runs a deficit. at their best, the annual deficits dip to roughly $600 billion and that's if 9 -- if the c.b.o. is right, and they're generally not right. they're generally always low.

Orrin Hatch

5:34:13 to 5:34:33( Edit History Discussion )

Orrin Hatch: even after these astronomical tax increases, the president is still unable to balance the budget. and there are not many more easy targets for democrats to tax. in 2012, in a foolish attempt at class warfare, democrats are prepared to let the tax rates expire with far-reaching consequences for the small business owners who account for

Orrin Hatch

5:34:34 to 5:34:54( Edit History Discussion )

Orrin Hatch: half of all small business flowthrough income. those small business owners would see their marginal rates hiked by 17% to 24% under this budget when that happens. in obamacare, they tax medical devices, insurance plans, prescription drugs, small businesses, and individual americans.

Orrin Hatch

5:34:55 to 5:35:16( Edit History Discussion )

Orrin Hatch: the result? a surprise only to the most hardened ideologues, is the loss of 800,000 jobs, according to the congressional budget office, and yet they still can't balance the budget. so who else do they propose to tax? the bottom line is that there isn't anyone left to tax unless the president and his democratic allies are willing to crush the

Orrin Hatch

5:35:17 to 5:35:37( Edit History Discussion )

Orrin Hatch: middle class with additional tax burdens. there's only one way out -- we need to restrain spending. as the chairman of the house budget committee, congressman paul ryan, explained, we need to get spending in line with revenue, not the other way around. the analysis of the congressional budget office, or

Orrin Hatch

5:35:38 to 5:35:58( Edit History Discussion )

Orrin Hatch: c.b.o., confirmed this. c.b.o. is the nonpartisan official score keeper for congress. according to its january 2011 budget and economic outlook from 1971-2010, tax have averaged 18% of gross domestic product or g.d.p. so in recent history, we've had

Orrin Hatch

5:35:59 to 5:36:21( Edit History Discussion )

Orrin Hatch: an average level of taxation of around 18% of now, take a look at this particular chart that was made using c.b.o.'s january 2011 document. c.b.o. explains that if no changes in law are made, taxes

Orrin Hatch

5:36:22 to 5:36:43( Edit History Discussion )

Orrin Hatch: will go up 20.8% of g.d.p. by 2021 and will average 19.9% from 2012-2021. taxes at 28.8% of g.d.p. would represent a tax increase of 16% from their recent historical average. c.b.o. also states that if most

Orrin Hatch

5:36:44 to 5:37:06( Edit History Discussion )

Orrin Hatch: of the provisions of the december 2010 tax act were made permanent, then -- quote -- "annual revenues would average about 18% of g.d.p. through 2021, which is equal to their 40-year average." well, as you can see, this chart

Orrin Hatch

5:37:07 to 5:37:28( Edit History Discussion )

Orrin Hatch: is very erevelatory. as you can see, it goes from 1971-2021. and that's revenues as a percentage of g.d.p., and we're going to be way up above the 18% average. so according to c.b.o., even if all the bush-era tax rates were permanently extend, taxes would still be high enough when

Orrin Hatch

5:37:29 to 5:37:50( Edit History Discussion )

Orrin Hatch: measured against the level of taxation in recent history. so if taxes are high enough already, should we raise them any way? i'll go ahead and answer my own rhetorical question -- of course we should not raise taxes any higher. on august 14, 2008, jason fuhrman and austin goldsteen wrote a wal "wall street journal"

Orrin Hatch

5:37:51 to 5:38:11( Edit History Discussion )

Orrin Hatch: editorial n. that editorial, they stated that candidate obama's tax plan would reduce -- quote -- "revenues to less than 18.2% of g.d.p., the level of taxes that repraild unde prevailed under president reagan." today, austin goalsby is the chairman of the -- president

Orrin Hatch

5:38:12 to 5:38:32( Edit History Discussion )

Orrin Hatch: obama, his administration's counsel of economic advise -- council of economic advisors, and fuhrman is the director of obama's national economic council. the president must have missed their editorial because his recently released budget ignores the campaign promises of those -- of these two top officials and raises taxes well above their historical levels.

Orrin Hatch

5:38:33 to 5:38:53( Edit History Discussion )

Orrin Hatch: as one writer has put it, all of the president's campaign promises seem to come up with an expiration date. as this debate over the debt and deficits rages on, pay close attention to the words that republicans and democrats use. you will hear republicans say that we need spending restraint. by contrast, you will hear democrats say that we need to

Orrin Hatch

5:38:54 to 5:39:15( Edit History Discussion )

Orrin Hatch: deal with the deficit. let's be clear. dealing with the deficit is code for raising taxes. liberal pundit after liberal pundit will pronounce confidently that you can't deal with the deficit solely with spending restraint. yet they won't say why. and they won't explain how you

Orrin Hatch

5:39:16 to 5:39:36( Edit History Discussion )

Orrin Hatch: can deal with the deficit and debt through tax increases. that's because they can't. if they come clean with the american people, they would have to admit that their intention is to raise taxes on everyone and everything. as i've already shown, taxes are high enough already and we should not be raising them even higher, yet the bottom line is that rather than dealing

Orrin Hatch

5:39:37 to 5:39:58( Edit History Discussion )

Orrin Hatch: seriously with out-of-control spending, tax-and-spend democrats want to raise taxes to pay for more out-of-control spending. and guess what? if we raise taxes to eliminate the deficit, the current levels of spending would just cause a new deficit to arise. i have a chart here that

Orrin Hatch

5:39:59 to 5:40:21( Edit History Discussion )

Orrin Hatch: demonstrates just how futile it is to rait -- it is to raise the top tax rate if the goal is to raise more money. now, you'll notice the red line on the top is the top marginal tax ray. the revenue line on the bottom is a percentage -- as a percentage of g.d.p. is the blue one. we're talking about the top tax rate -- as the top tax rate changes, revenue as a percentage

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