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Senate Proceeding on Feb 28th, 2008 :: 3:49:24 to 3:59:58
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Charles Schumer

3:35:34 to 3:49:24( Edit History Discussion )
Speech By: Charles Schumer

Charles Schumer

3:49:07 to 3:49:24( Edit History Discussion )

Charles Schumer: and must continue. today more than ever policy-makers are face ed with the daunting task of how to meet america's growing energy needs efficiently, affordably and responsibly. congress's recent achievements

Lindsey Graham

3:49:24 to 3:49:38( Edit History Discussion )

Lindsey Graham: has been years in the making. they are steps in the right direction, but in many ways they're overshadowed by the enormity of the challenge that remains. americans now spend hundreds of billions of dollars

Lindsey Graham

3:49:24 to 3:59:58( Edit History Discussion )
Speech By: Lindsey Graham

Lindsey Graham

3:49:38 to 3:49:54( Edit History Discussion )

Lindsey Graham: to import oil each year. over the course of a decade, these billions will become trillions. a tremendous amount of american wealth accumulate ed over generations is being transferred to nations that are rich

Lindsey Graham

3:49:54 to 3:50:12( Edit History Discussion )

Lindsey Graham: with oil. we are trade ing our american capital, a resource that can grow and multiply, for middle east oil, a volatile and finite commodity. just as oil and gas wells bore into the surface of the

Lindsey Graham

3:50:12 to 3:50:25( Edit History Discussion )

Lindsey Graham: earth, so has the stable foundation of the american economy been penetrated by those sell us the energy that we cannot or will not produce for ourselves. car our current consider our current situation.

Lindsey Graham

3:50:25 to 3:50:43( Edit History Discussion )

Lindsey Graham: in 2005 the united states consumed 7.6 billion barrels of oil -- 7.6 billion barrels of oil. more than 60% of this supply came from abroad, and it comes at a cost of $230 billion. 2005, $230 billion.

Lindsey Graham

3:50:43 to 3:51:01( Edit History Discussion )

Lindsey Graham: it is too early to calculate how much money we will spend over overseas this year, but at our current pace, the number could surpass $400 billion. to put those numbers in perspective, it would cost less

Lindsey Graham

3:51:01 to 3:51:13( Edit History Discussion )

Lindsey Graham: -- $188 billion -- to repair every structurally deficient bridge in america. $230 billion per year is more than enough to provide health care, not only for every american child but for every american.

Lindsey Graham

3:51:13 to 3:51:25( Edit History Discussion )

Lindsey Graham: it is 12 times more than the united states distribute ed in federal foreign aid in 2005, and it's enough to reduce that year year's federal deficit by nearly three hft quarters. quarter -- by nearlythree-quarters.

Lindsey Graham

3:51:25 to 3:51:41( Edit History Discussion )

Lindsey Graham: in the wake of the devastation wrought by katrina and rita, $2 $230 billion would have been enough to complete rebuild the gulf coast and all of its problems, and $230 billion is well beyond the cost

Lindsey Graham

3:51:41 to 3:51:58( Edit History Discussion )

Lindsey Graham: of the economic growth package that congress just passed for our nation's economy to try to get it back moving again. with high prices, growing consumption, and increased production here at home, the

Lindsey Graham

3:51:58 to 3:52:14( Edit History Discussion )

Lindsey Graham: amount of american -- the amount americans spend to import ail is set to increase dramatically. in oil prices remain high over the next years and there is little reason to believe it will not, the

Lindsey Graham

3:52:14 to 3:52:30( Edit History Discussion )

Lindsey Graham: information administration says that our reliance on foreign oil will cost as much as $8.5 trillion, even without taking inflation into account. the calculation assumes $89 a barrel to be the average

Lindsey Graham

3:52:30 to 3:52:47( Edit History Discussion )

Lindsey Graham: price through 2030, a price that was surpassed for more of the 2007 and nearly all of the year so far. here is one thing we can all agree on, $8.5 trillion is a staggering sum. especially when compared

Lindsey Graham

3:52:47 to 3:53:03( Edit History Discussion )

Lindsey Graham: to spending on oil imports for the previous 25-year period. according to the e e.i.a. energy information agency, we spent a total of $1.6 trillion to import oil from 1980 to 2004 4. this bears repeating.

Lindsey Graham

3:53:03 to 3:53:19( Edit History Discussion )

Lindsey Graham: $1.6 trillion over the past 25 years. $8.5 trillion over theext 25 years, more than $10 trillion in a half a century.~ these figures show america's dependence on imported oil for what it is, a great

Lindsey Graham

3:53:19 to 3:53:39( Edit History Discussion )

Lindsey Graham: and growing burden that will be required -- that will require action to resolve. dire consequence of this arrangement are already become evident. in the future they will be felt even more accurately, rippling

Lindsey Graham

3:53:39 to 3:53:51( Edit History Discussion )

Lindsey Graham: through our economy, decreasing household income, and siphoning away jobs. let unchecked, this dependence will threaten our prosperity and way of life. it has the potential to make us poor. unfortunately

Lindsey Graham

3:53:51 to 3:54:07( Edit History Discussion )

Lindsey Graham: these costs are merely the tip of the iceberg. no discussion of oil imports is complete without examining of the broader implication of the economy, our national security andy relationship with the

Lindsey Graham

3:54:07 to 3:54:26( Edit History Discussion )

Lindsey Graham: rest of the world. fig news i have quoted only account for the transaction price that our refiners and marketeers will pay to acquire oil from foreign countries. this reflects one, but not all of the many consequences

Lindsey Graham

3:54:26 to 3:54:45( Edit History Discussion )

Lindsey Graham: associated with our reliance. a good place to start looking at our economy, a main focus of the president's primary race is because oil imports will have a significant impact on its continued vitality.

Lindsey Graham

3:54:45 to 3:54:56( Edit History Discussion )

Lindsey Graham: it is a testament to the strength of our economy that high oil prices alone have not only thrust our country into a recession. as many experts have noted, the economy's energy intensity has improved

Lindsey Graham

3:54:56 to 3:55:14( Edit History Discussion )

Lindsey Graham: greatly over the past few decades. fuel consumption has leveled off on a per capita basis, and energy spending on an average of g.d.p. dropped significantly. many now consider our economy less

Lindsey Graham

3:55:14 to 3:55:36( Edit History Discussion )

Lindsey Graham: vulnerable to the price of oil no matter the cost of each barrel. to be sure, some progress has been made. but the economy is certainly not immune to the expensive crude oil, and we cannot ignore the

Lindsey Graham

3:55:36 to 3:55:55( Edit History Discussion )

Lindsey Graham: historic precedent which has established a trend of economic downturn in the wake of high prices. 2001 the e.i.a. reported that there has been an observable and dramatic change in our gross domestic

Lindsey Graham

3:55:55 to 3:56:08( Edit History Discussion )

Lindsey Graham: growth as the world oil prices have undergone dramatic change. the price shocks of 1973 and 1974, and the late 1970's, early 1980's, and early 1990's were all followed by recessions. there has been

Lindsey Graham

3:56:08 to 3:56:19( Edit History Discussion )

Lindsey Graham: a gradual increase in prices, not a price shock. t, the lesson here is the same, an economy so dependent and so volatile a commodity can only be so strong. as we continue to export capital in order

Lindsey Graham

3:56:19 to 3:56:32( Edit History Discussion )

Lindsey Graham: to import oil and as oil-exporting nations grow more competitive as a result, it will become increasingly more difficult for our country's resilience to endure. i will mark this and -- as per my,

Lindsey Graham

3:56:32 to 3:56:44( Edit History Discussion )

Lindsey Graham: with i will continue it tomorrow at the second part and i will stop at this point and yield the floor and thank the chair. i suggest the absence of a quorum. the presiding officer: the clerk will call

Lindsey Graham

3:56:44 to 3:56:57( Edit History Discussion )

Lindsey Graham: the roll. quorum call: mr. schumer: mr. president? the presiding officer: the senator from new york. mr. schumer: i ask unanimous consent that the quorum call be dispensed with. the presiding officer:

Lindsey Graham

3:56:57 to 3:57:08( Edit History Discussion )

Lindsey Graham: without objection. mr. schumer: mr. president, i have 12 unanimous consent requests for committees to meet today with the senate they have the approval of the minority and majority leaders, i ask unanimous

Lindsey Graham

3:57:08 to 3:57:20( Edit History Discussion )

Lindsey Graham: consent that these requests be agreed to and these requests be printed in the record. the presiding officer: without itobjection, so ordered. mr. schumer: thank you, mr. president. mr. president, i have two

Lindsey Graham

3:57:20 to 3:57:39( Edit History Discussion )

Lindsey Graham: topics to address. the first is on the bill that senator grassley and i have on h.g.h. to keep it out of the hands of people who don't need it. but i'm going to wait a few minutes on that. we're hoping

Lindsey Graham

3:57:39 to 3:57:51( Edit History Discussion )

Lindsey Graham: maybe we can get clearance on the other side of the aisle. i've talked to both of the senators who have objections, so i will talk about housing first. and, mr. president, we are now on our housing

Lindsey Graham

3:57:51 to 3:58:02( Edit History Discussion )

Lindsey Graham: stimulus bill. it is called the foreclosure prevention act by 2008. it was offered by senator reid, but senator reid had consulted with all of the relevantt committee chairman, senator dodd, i'm chairman

Lindsey Graham

3:58:02 to 3:58:15( Edit History Discussion )

Lindsey Graham: of the subcommittee on housing in the banking committee, senator baucus, on the finance committee, senator leahy, on the judiciary committee. and this is a carefully thoughtout, modest, balanced

Lindsey Graham

3:58:15 to 3:58:30( Edit History Discussion )

Lindsey Graham: package that aims at the bull's eye of our economic crisis, which is housing. and, mr. president, make no mistake about it. unless we address the housing crisis, we are not going to be able to clear

Lindsey Graham

3:58:30 to 3:58:43( Edit History Discussion )

Lindsey Graham: up this economy in fact, unfortunately, the inverse is true. if we don't addre the housing crisis, the likelihood of this economy plummeting into a rather deep recession is large. so there's an

Lindsey Graham

3:58:43 to 3:58:51( Edit History Discussion )

Lindsey Graham: urgency to address this housing crisis. the voluntary measures that president bush has supported, that secretary paulson, a man i have great respect for, has tried to put together, have not worked. that

Lindsey Graham

3:58:51 to 3:59:04( Edit History Discussion )

Lindsey Graham: is a general and broad consensus that it just has not worked at all. and the need to do something is greater than ever. over two million people are likely to have their homes foreclosed upon in

Lindsey Graham

3:59:04 to 3:59:18( Edit History Discussion )

Lindsey Graham: the next few years. that, of course, damages them greatly. it also damages the financial institutions that hold the mortgage. it is estimated that each foreclosure costs the mortgagee e financial

Lindsey Graham

3:59:18 to 3:59:58( Edit History Discussion )

Lindsey Graham: institution over over $60,000. -- $60,000. it hurts the people who live around them. what is shown is if there is a foreclosure within .1-mile of your home, your housing value goes down about .8%. it

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