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Senate Proceeding on Feb 26th, 2009 :: 1:35:45 to 1:42:15
Total video length: 7 hours 40 minutes Stream Tools: Stream Overview | Edit Time

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Chuck Grassley

1:35:26 to 1:35:46( Edit History Discussion )

Chuck Grassley: effort to grow the economy by government pump. we also would have shut off that spending spree once the recov occurred as opposed to half of the money -- spending money in that bill being spent in years

Chuck Grassley

1:35:45 to 1:42:15( Edit History Discussion )
Speech By: Chuck Grassley

Chuck Grassley

1:35:47 to 1:36:09( Edit History Discussion )

Chuck Grassley: beyond 2010. supposedly the end of the stimulus effort to the economy. but what disturbed most of us on this side was the hidden fiscal burden built into the bill. in other words, that period of

Chuck Grassley

1:36:10 to 1:36:32( Edit History Discussion )

Chuck Grassley: time o spending beyond 2010. billion, the real - -- $787 billion bill, the real cost is much higher. unfortunately many in the media accepted the $787 billion score on its face. by contrast most in the media looked much deeper

Chuck Grassley

1:36:33 to 1:36:54( Edit History Discussion )

Chuck Grassley: bipartisan tax relief bill of 2001 to 2006 was scored. and, of course, i rember that because during that period of time, or most of it, i was chairman of the finance committee and involved in that tax relief. so they looked very d what we did in tax relief and in

Chuck Grassley

1:36:55 to 1:37:15( Edit History Discussion )

Chuck Grassley: a bipartisan way, but they seemed to not be as concerned about the impact on the deficit of that that's in the stimulus bill. so i would encourage the punditry and other opinion

Chuck Grassley

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

Chuck Grassley: makerso apply the same tough fiscal standards to the hidden spending in the they packages in an earlier part of this and soon i'm going to have some this difference because t

Chuck Grassley

1:37:38 to 1:37:58( Edit History Discussion )

Chuck Grassley: issues versus the spending issues of the stimulus bill. according to the nonpartisan congressional budget office, if popular new programs in the stimulus bill are made permanent, the cost will be be $3.3 trilli.

Chuck Grassley

1:37:59 to 1:38:21( Edit History Discussion )

Chuck Grassley: so i out what the congressional cost of the bill. this chart -- this column right here. let's move from the left to the right of t you

Chuck Grassley

1:38:30 to 1:38:54( Edit History Discussion )

Chuck Grassley: bill, $820 billion. if the making work pay refundable tax credit, there i is $571 billion, the second column here. if the new entitlement sending is made permanent, then the cost of the bill more

Chuck Grassley

1:38:55 to 1:39:17( Edit History Discussion )

Chuck Grassley: that is, there is almostst $1 trillion in new entitlement spending right -- right if the appropriation increases are baked -- that are the cake, then there is

Chuck Grassley

1:39:18 to 1:39:39( Edit History Discussion )

Chuck Grassley: a $276 billion in discretiony appropriations in the fourth column. and, finally, c.b.o. tells us that the interest cost on the overt new spending and the hidden new spending totals $744 billion.

Chuck Grassley

1:39:40 to 1:40:01( Edit History Discussion )

Chuck Grassley: total it all up and right here at $3.3 billion. you don't come out at $787 billion. it's $3.3 billion. now, these are, for emphasis, congressional budget office figures.

Chuck Grassley

1:40:02 to 1:40:24( Edit History Discussion )

Chuck Grassley: they're not conservative think tank. they are not from senate republican sources. c.b.o. estimated this spending. now, there's one way, and one way, for stimulus bill

Chuck Grassley

1:40:25 to 1:40:47( Edit History Discussion )

Chuck Grassley: supporters to -- the house senate could pledge to keep temporary spending temporary. basically the money spent in 2009 and 2010, that's the end of it. if the democrat to support leaving the bill as written and would not extend the new entitlements a new appropriation spending, then

Chuck Grassley

1:40:48 to 1:41:10( Edit History Discussion )

Chuck Grassley: we could go back to the figure many in the press are reporting on the cost of the bill if the democratic leadership makes a pledge to keep temporary spending really temporary, in other words, for the two years of jump-starting the economy, we on this side

Chuck Grassley

1:41:11 to 1:41:31( Edit History Discussion )

Chuck Grassley: the bill does not cost thi this3.3 trillion. otherwise, loyal opposition with emphasis upon loyal, it to the -- taxpayers to let them know the truth on the stimulus bill.

Chuck Grassley

1:41:32 to 1:41:53( Edit History Discussion )

Chuck Grassley: unfortunately stuffing all of that new spending into the stimulus bill, we mak it harder for democrats, as well as republicans, to reach the bipartisan goal of fiscal discipline. i have anoer chart which shows how hard it will be. this chart

Chuck Grassley

1:41:54 to 1:42:16( Edit History Discussion )

Chuck Grassley: from president clinton's era through george w. bush's era and for the current deficit as a percentage of gross national product. as this chart shows preside clinton's era saw a path that

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