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Senate Proceeding 02-24-09 on Feb 24th, 2009 :: 1:07:10 to 1:28:40
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Jeff Sessions

1:07:10 to 1:28:40( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

1:14:21 to 1:14:44( Edit History Discussion )

Jeff Sessions: i rember jake garn donating big, big tkaoefplt 20 106789 they in 2010 they expect the deficit, based on current law, they expect it to be $1.1 trillion, more than twice as big as the biggest deficit we ever had in 2008.

Jeff Sessions

1:14:45 to 1:15:05( Edit History Discussion )

Jeff Sessions: and they project by 2011 we will still have $134 billion unspent from the stimulus package and that plus the regular deficit will show us a def billion. so a couple of things i'd like to say

Jeff Sessions

1:15:06 to 1:15:28( Edit History Discussion )

Jeff Sessions: promised to cut the deficit in half by i don't think he used the figure $530 blion -- someone has use that perhaps -- but by 2013 he promised he would cut it in half. well, if you cut

Jeff Sessions

1:15:29 to 1:15:52( Edit History Discussion )

Jeff Sessions: in half, that's $700 bilon, just from the normal operating expectations as calculated by congressional budget will have cut the deficit in half in two years, in 2011, three years. so that's going to happen. that's not a great promise to

Jeff Sessions

1:15:53 to 1:16:13( Edit History Discussion )

Jeff Sessions: make, frankly. and i would note the billion in the two previous years represents the biggest deficit in the history of the republic so we are still a long, long way from having financial

Jeff Sessions

1:16:14 to 1:16:36( Edit History Discussion )

Jeff Sessions: responsibility. and at one chairman, senator conrad, from the budget committee, produced a "the new york times" artic that talked about the dramatic reduction in the trade surplus a that china that's because they're not

Jeff Sessions

1:16:37 to 1:16:57( Edit History Discussion )

Jeff Sessions: selling as much as they were, either. he was out of t was buying so many of our debt obligations. where does the money come from to fund this dt? well, just like you, you have to give someone a mortgage. you give a mortgage and promise

Jeff Sessions

1:16:58 to 1:17:19( Edit History Discussion )

Jeff Sessions: to pay them back. japan has been a big buyer and is already reducing treasuries. and because they don't have enough money. even if they desire, they don't have the money. also we have had some of the oil-producing countries that have bought our treasuries --

Jeff Sessions

1:17:20 to 1:17:40( Edit History Discussion )

Jeff Sessions: and oil is $40 a barrel this year instead of $140 a barrel. they don't have as much money to buy, either. so the consensus was, and i asked the witness, and the consensus was that we're in a

Jeff Sessions

1:17:41 to 1:18:03( Edit History Discussion )

Jeff Sessions: "unusual this moment to borrow because the world is unsure financially and they're willing to buy american treasuries at 1% or less. but that's not going to continue. and so as the -- during this year we're going to out on the market and find three

Jeff Sessions

1:18:04 to 1:18:25( Edit History Discussion )

Jeff Sessions: times as many people to buy our treasuries as we did last year. next year we're going to have over twice as much money to buy. and the next one, a record year also, and we're getting people to buy this and they're going to demand higher interest, particularly if they're worried -- which they probably will be -- that way one

Jeff Sessions

1:18:26 to 1:18:46( Edit History Discussion )

Jeff Sessions: we're going to pay back debt is by deflating our currency, debasing our countricy and back the dollars in cheaper dollars than what we borrowed than the people who loan us money will get nervous and demand higher rates.

Jeff Sessions

1:18:47 to 1:19:10( Edit History Discussion )

Jeff Sessions: so the c.b.o. projects significant increase in interest rates in the outyears. i want to say that. then this is just a chart that i think is relevant.

Jeff Sessions

1:19:11 to 1:19:33( Edit History Discussion )

Jeff Sessions: let's see, idea of the omnibus bill that we're going to be seeing rather soon. what we understand is that the leadership here in the congress, the going to submit to us an bill to complete this fiscal

Jeff Sessions

1:19:34 to 1:19:55( Edit History Discussion )

Jeff Sessions: year and on top of the $800 billion we passed of weeks ago, they're going to propose one of the largest increases in discretionary spending in the history of the republic. for example, it's an 8% increase.

Jeff Sessions

1:19:56 to 1:20:16( Edit History Discussion )

Jeff Sessions: this year's discretionary spending, in addition to the omnibus -- the stimulus package we just passed, is going to an 8% now those of you who know a little bit about interest rates know if you get a 7% return on

Jeff Sessions

1:20:17 to 1:20:38( Edit History Discussion )

Jeff Sessions: double in 10 yrs. that is an intere i would suggest an 8% interest rate increase, if we have that kind of increase every we're than doubling the

Jeff Sessions

1:20:39 to 1:20:59( Edit History Discussion )

Jeff Sessions: spending in our this is not goo i mean, president bush was criticized, and sometimes rightly so for excessive spending but he did not an 8% increase for discretiory spending any year he was in

Jeff Sessions

1:21:00 to 1:21:22( Edit History Discussion )

Jeff Sessions: office. but this -- so, we could expect to see, if every year we had an 8 percent increase in discretionary spending, it goes into the it's an optical it doesn't quite look like it but that is more than double what the current

Jeff Sessions

1:21:23 to 1:21:45( Edit History Discussion )

Jeff Sessions: so, within 10 years our basic spending for all the things we do -- highways, agriculture bills, department of justice, prisons, everything we do in america -- will double. the only thing i'm asking my colleagues is, and i'll president, i like what you're

Jeff Sessions

1:21:46 to 1:22:08( Edit History Discussion )

Jeff Sessions: saying about confronting reckless spending. i do. but, i would suggest that with regard to this chart that maybe gives us a little bit of an indication

Jeff Sessions

1:22:09 to 1:22:32( Edit History Discussion )

Jeff Sessions: about the point i want to make it looked better than way. let me s to be a fact. i believe it is a fact that the $789 billion we sent out two

Jeff Sessions

1:22:33 to 1:22:53( Edit History Discussion )

Jeff Sessions: we will never be saved by any actions by this congress or this president over the next eight years if he stays the president for eight years. he will not come close to doing that. i rember just a few years ago senator judd gregg, then

Jeff Sessions

1:22:54 to 1:23:14( Edit History Discussion )

Jeff Sessions: chairman ofhe budget coittee, proposes an idea to reduce medicare spending -- one of programs -- by $40 billion five years. and he had complicated -- they worked on it for months. they thought they could save money here, there and

Jeff Sessions

1:23:15 to 1:23:35( Edit History Discussion )

Jeff Sessions: they could save $40 billion. we lost it on the floor. a number of republicans voted "no" and virtually every democrat voted "no" and we could not cut $40 billi medicare. really, it wasn't a cut. dicare was increasing at 7% a ye and the reduction would

Jeff Sessions

1:23:36 to 1:23:57( Edit History Discussion )

Jeff Sessions: have reduced the increase to about 4.5% a year and would have saved $40 billion and only reduced the growth from 7% or so to 6.5% or so. that's the way i rember the numbers. and we just added last week $800 billion to the debt. this idea that somehow in the future we will all have a

Jeff Sessions

1:23:58 to 1:24:18( Edit History Discussion )

Jeff Sessions: conference and we will figure out a way to get our house back in financial order and by reducing social security or medicare is matter that's really in reality with what i'm seeing. we could do more than senator

Jeff Sessions

1:24:19 to 1:24:40( Edit History Discussion )

Jeff Sessions: gregg proposed. he tried to thought everyone could agree on but how much to be able to reduce medicare? not that much if we are honest. over 20 years or 30 years, any

Jeff Sessions

1:24:41 to 1:25:01( Edit History Discussion )

Jeff Sessions: savings, any integrity we bring to that process, can really mount out to hundreds of millions of dollars. there is in doubt. but to think we're just going to wipe ort what we wipe out what we have done already and then to see the bill come forward with the fundamental operating legislation for our government

Jeff Sessions

1:25:02 to 1:25:22( Edit History Discussion )

Jeff Sessions: that will be on the floor within a matter of days. to see that be when the inflation rate is, what, 2% or less -- four times the rate of this is fiscal responsibility? give me a

Jeff Sessions

1:25:23 to 1:25:45( Edit History Discussion )

Jeff Sessions: i would just say, mr. president, as we go forward, we're listen to some of the president's ideas he's such a fabulous spokesman he is so articulate. and he is going to have a lot of support here. and he is saying some very good things.

Jeff Sessions

1:25:46 to 1:26:08( Edit History Discussion )

Jeff Sessions: but i would urge my if you about financial responsibility ending this reckless spending, ending the subject of debt and bringing som accountability, we're going to have to stand up and vote and we can't keep sending up discretionary spending bills. this isn't a war.

Jeff Sessions

1:26:09 to 1:26:29( Edit History Discussion )

Jeff Sessions: the only thing this doesn't include is homeland security the department of defense. this is the bake operating of our government. are we gpg to have an 8% increase each year? maybe we won't next year or year two or three when we are in better shape. well, when do you start?

Jeff Sessions

1:26:30 to 1:26:51( Edit History Discussion )

Jeff Sessions: are you sure we're going to be serious in two or three years from new if we're not serious today? why would then than we are it is words, i have learned in this body, are less important that dollars. and action.

Jeff Sessions

1:26:52 to 1:27:12( Edit History Discussion )

Jeff Sessions: action guess out the door. so let's be thinking about that. i don't want to be recalcitrant but the truth is i'm worried about where we're going. i don't see -- i hear words about concern over rising debt

Jeff Sessions

1:27:13 to 1:27:35( Edit History Discussion )

Jeff Sessions: that's the largest surge in debt this country has ever seen but i'm not sure i'm seeing any actions about it. combined -- let me share this figure with you -- with the two bills, the omnibus spending that we'll be voting on soon and

Jeff Sessions

1:27:36 to 1:27:57( Edit History Discussion )

Jeff Sessions: the stimulus that we saw, means that we will spend 80% more money in 2009 than in 2008. my colleagues need -- we would be spending 80% more money as a result of these huge spending

Jeff Sessions

1:27:58 to 1:28:18( Edit History Discussion )

Jeff Sessions: programs that we've seen this year which which includefreddie mac and fannie mae bailout and includes the stimulus package. mr. president, those are my concerns. i hope my colleagues will at least consider the challenges that we face.

Jeff Sessions

1:28:19 to 1:28:39( Edit History Discussion )

Jeff Sessions: they're not small. they're quite large. we have never seen anything quite like this kind of spending. it seems they're determined to help us work through this debt spasm that we're in by borrowing record amounts of money. i'm thinking we need t from borrowing, sooner ran their

Jeff Sessions

1:28:40 to 1:28:40( Edit History Discussion )

Jeff Sessions: later, and get ourselves on a

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