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Senate Proceeding on Feb 26th, 2009 :: 1:45:50 to 1:59:25
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Chuck Grassley

1:45:32 to 1:45:52( Edit History Discussion )

Chuck Grassley: maybe the forgot that they were running the show here the last congress. maybe they looked at some polling data and inferred from that polling data that voters didn't realize that democrats run the congress in the last couple of years and were of budgets during that period of time. last year's stimulus as well and the tarp deal as well.

Chuck Grassley

1:45:50 to 1:59:25( Edit History Discussion )
Speech By: Chuck Grassley

Chuck Grassley

1:45:53 to 1:46:13( Edit History Discussion )

Chuck Grassley: maybe they figured that the president was taking a sharp and effective political but you must be careful because history says otherwise. the tarp legislation was cut by democratic congressional leaders

Chuck Grassley

1:46:14 to 1:46:36( Edit History Discussion )

Chuck Grassley: ably led by frank in the house and our able chairman from connecticut, chris dodd, in the in the key negotiations fateful fall saturday night, there was only one republi senator in the room. there were at democratic senators in theoom.

Chuck Grassley

1:46:37 to 1:46:58( Edit History Discussion )

Chuck Grassley: so i find it curious that democrats cheered when president obama tuesday night rightly pointed out that he inherited a $1.2 trillion deficit. there is no doubt he did inherit such a we on our side don't dispute that. but for the democratic leadership to pretend

Chuck Grassley

1:46:59 to 1:47:24( Edit History Discussion )

Chuck Grassley: that they did not play a key role in creating the least from the standpoint of two years of their budgets as well as -- as well as the tarp legislation and other things is beyond to be giddy about the record

Chuck Grassley

1:47:30 to 1:47:50( Edit History Discussion )

Chuck Grassley: deficits is almost kafkesque. yethat $787 billion figure i'm referred to, somehow accepted opinion makers and columnists. if we go to the

Chuck Grassley

1:47:51 to 1:48:13( Edit History Discussion )

Chuck Grassley: talking about, the one with red lin we see the real damage of the stimulus bill. in the first few weeks this have congress, the ierited deficit which was bad enough at g.d.p. was made much worse. it's now 13.5% of g.d.p. we haven't had deficits that high since the world war ii era.

Chuck Grassley

1:48:14 to 1:48:38( Edit History Discussion )

Chuck Grassley: if you go back over the debate in committee on the floor, on the conference agree opposed the bill because in general we felt the bill national economic council director's summers, dr. summers

Chuck Grassley

1:48:40 to 1:49:03( Edit History Discussion )

Chuck Grassley: of test. it needed to be timely, it need to be targeted, and it need to be temporary. those a december 28 "post" article that dr. summers wrote. it was failure inhat third "t," the temporary test, which was most troubling to those that voted against it.

Chuck Grassley

1:49:04 to 1:49:24( Edit History Discussion )

Chuck Grassley: i've laid out the degree of that failure in the comments today. the response from many on the other side is that republicans are in no position to criticize, because the deficits of the years 2001

Chuck Grassley

1:49:25 to 1:49:47( Edit History Discussion )

Chuck Grassley: as i've shown in this chart -- so i put it back up here again -- while briefly rising in 20 came down for budgets produced and implemented in the period

Chuck Grassley

1:49:48 to 1:50:08( Edit History Discussion )

Chuck Grassley: 2004, 2005, and 2006. most often the critics from the other side make bipartisan tax relief of this era the culprit f so let's take a minute to put that characterizatio context. i have a chart

Chuck Grassley

1:50:09 to 1:50:30( Edit History Discussion )

Chuck Grassley: revenue loss of the bipartisan tax relief with the full effect of spending in the stimulus bill. on the left side of this chart, over here, you will see all the tax relief enacted in various

Chuck Grassley

1:50:31 to 1:50:52( Edit History Discussion )

Chuck Grassley: bills the 2006. there were quite a few major tax relief bills in this period of time. they yielded tax relief for virtually every american taxpayer. we cut marginal tax rates. we doubled the we greatly expanded education tax incentives. we created the retirement savings incentives in

Chuck Grassley

1:50:53 to 1:51:15( Edit History Discussion )

Chuck Grassley: a generation and provided significant significant relief -- from the confiscatory reach of tax. and we protected tens of millions of families from the alternative minimum tax. in this major tax relief

Chuck Grassley

1:51:16 to 1:51:37( Edit History Discussion )

Chuck Grassley: program, we made the now everybody's saying this is counterintuitive. but we progressive in those pieces of legislation. but as would be expected, the joint committee on taxation assigned significant revenue

Chuck Grassley

1:51:38 to 1:52:02( Edit History Discussion )

Chuck Grassley: loss to these that's up here the chart where you see what the joint tax scores at $2.2 trillion. now, as i under folks, that figure blood pressure.

Chuck Grassley

1:52:03 to 1:52:24( Edit History Discussion )

Chuck Grassley: it would raise mine if i liked to hike taxes and keep taxes high. perspective of those those taxes represent $2. trillion that folks in this body and the other body would rather spend. bu

Chuck Grassley

1:52:25 to 1:52:47( Edit History Discussion )

Chuck Grassley: did a lot of good. so, i have another chart about tax relief doing a lot of good. for a family of four at $50,000 a year income, we more for that family budget operate under. for a single mom with two kids,

Chuck Grassley

1:52:48 to 1:53:09( Edit History Discussion )

Chuck Grassley: it means that she for her to spend instead of members of congress spending it. from what we heard on the campaign trail just a few months and we heard a couple days ago here in the capitol president obama agrees with most of this tax relief program.

Chuck Grassley

1:53:10 to 1:53:30( Edit History Discussion )

Chuck Grassley: he said his first budget will retain most of that tax relief that is in those various bills. now, for purposes of this discussion, let' merits -- sphaouplt merits of the arguments of the

Chuck Grassley

1:53:31 to 1:53:53( Edit History Discussion )

Chuck Grassley: the tax relief prafplt that is let's assume trillion was policy that, despite what president will propose, is policy these critics disagree with. for a fiscal damage assessment, let's compare the revenue loss of this widespread tax relief leaving money of

Chuck Grassley

1:53:54 to 1:54:15( Edit History Discussion )

Chuck Grassley: pockets of a single mom $2,200 in the pocket of a family of four. let's assume the real so, for fiscal damage assessments, let's compare the revenue loss of this widesprd tax relief with the real cost of the stimulus bill signed last

Chuck Grassley

1:54:16 to 1:54:39( Edit History Discussion )

Chuck Grassley: week by the president. i'm going to go back to the chart that makes the comparison. and so here it is. on the right side, you'll see the c.b.o. estimates the ten-year cost of the temporary proposals are made permanent. guess what? it's higher.

Chuck Grassley

1:54:40 to 1:55:01( Edit History Discussion )

Chuck Grassley: it's higher here than it is over here. the total is this about 10% more than the full effect of the tax relief bills passed between 2001 and 2006, and a lot of those bipartisan

Chuck Grassley

1:55:02 to 1:55:22( Edit History Discussion )

Chuck Grassley: tax relief bills. agai taxpayer benefits from these tax relief on taxpayer tax bills would be 10% higher today if this bipartisan tax relief plan wer effect. we heard aot from the critics of tax discipline.

Chuck Grassley

1:55:23 to 1:55:43( Edit History Discussion )

Chuck Grassley: now, where are those same people today? why aren't they applying the same standard -- standard -- to the one partisan spending bill that they applied to the widespread bipartisan tax relief bills? it was good t president -- president obama -- raise the important goal

Chuck Grassley

1:55:44 to 1:56:04( Edit History Discussion )

Chuck Grassley: deficit reduction tuesday night. he got the he was right that he inherited a serious budget deficit. the democratic leadership applauded that line because they falsely republicans bequeath the

Chuck Grassley

1:56:05 to 1:56:27( Edit History Discussion )

Chuck Grassley: to president obama. the congress as well as a republican president bequeathed the deficit from bipartisan policies they jointly developed. and to those who claim republicans have no discuss deficits,hey need to look actions.

Chuck Grassley

1:56:28 to 1:56:49( Edit History Discussion )

Chuck Grassley: they need to take a look at the fiscal effects of that was crafted early in this new congress. compare the cost of with all of the bipartisan tax relief that they criticize. in other wor here, happened in two weeks,

Chuck Grassley

1:56:50 to 1:57:11( Edit History Discussion )

Chuck Grassley: with what happened over a period of five or six years reduction. the partisan stimulus exceed that of bipartisan tax relief. as we await the arrival of president obama's first budget, let's take

Chuck Grassley

1:57:12 to 1:57:33( Edit History Discussion )

Chuck Grassley: tuesday night. let's mak intellectually honest fashion, a lot of fiscal damage was the days ago. not so much what was assigned to the years

Chuck Grassley

1:57:34 to 1:57:55( Edit History Discussion )

Chuck Grassley: what was assigned way out into the future years, as if s the stimulus bill was a platform for things done in two ought to have the very

Chuck Grassley

1:57:56 to 1:58:17( Edit History Discussion )

Chuck Grassley: look-see that goes on in a very sophisticated appropriations process between april and september i weighing one priority against another priority. as we proceed then to write a budget in a couple weeks, let's do it in an intellectually honest manner. let's take off the political pwraoeurpbdz and deal --

Chuck Grassley

1:58:18 to 1:58:38( Edit History Discussion )

Chuck Grassley: political blinders and deal with theol let's be real about dealing with tax relief, its merits, its growth effec chart where the deficit down an extreme amount, even know to most people sounds like

Chuck Grassley

1:58:39 to 1:59:00( Edit History Discussion )

Chuck Grassley: it really can't happen. if you reduce tax rates, you've got to reduce revenue. if you raise tax rates, you're going to bring more in. but i think our history over the last six years shows you can reduce taxes and still reduce so take off the political pwraoeurpbds and deal -- blinders and

Chuck Grassley

1:59:01 to 1:59:21( Edit History Discussion )

Chuck Grassley: hard, fiscal facts. be realistic abo relief, its growth and political popularity. let's out our yellow note pads and rev up our calculators as we consider new, nominally temporary spending or tax cuts. we owe it to the american people

Chuck Grassley

1:59:22 to 1:59:26( Edit History Discussion )

Chuck Grassley: that sent us here. i

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