Video archive of the US Congress

Senate Proceeding 03-01-11 on Mar 1st, 2011 :: 2:37:15 to 2:40:15
Total video length: 4 hours 15 minutes Stream Tools: Stream Overview | Edit Time

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David Vitter

2:37:04 to 2:37:25( Edit History Discussion )

David Vitter: senator from louisiana. mr. vitter: thank you, madam president. madam president, i rise in strong support of the toomey-vitter amendment, which we will vote on in the series of two votes starting at 5:00 p.m. the idea behind the toomey-vitter is very simple. it says that if we ever reach the debt ceiling, that the

David Vitter

2:37:15 to 2:40:15( Edit History Discussion )
Speech By: David Vitter

David Vitter

2:37:26 to 2:37:48( Edit History Discussion )

David Vitter: government, as a top priority, first priority, will use revenue to pay two things, first of all, proper interest payments on our u.s. government debt, and, secondly, social security checks to seniors. and, madam president, the -- the motivation behind this amendment is simple.

David Vitter

2:37:49 to 2:38:09( Edit History Discussion )

David Vitter: first of all, those two things should be legitimately top priority. no one should want the u.s. government to default on its debt and no one should want the stoppage immediately or any time of social security checks to seniors. so, first of all, it's legitimate to rank those two

David Vitter

2:38:10 to 2:38:30( Edit History Discussion )

David Vitter: functions as an absolute top priority. and the second motivation behind this amendment, madam president, is to take some of these scare tactics and hysteria out of this debate. too many people, in my opinion, madam president, have been saying, if we ever reach the debt ceiling, the next day --

David Vitter

2:38:31 to 2:38:52( Edit History Discussion )

David Vitter: ceiling, the next day all social security checks will stop, all u.s. payments will stop on u.s. treasury bills on government debt. that is not true. there's no reason it has to be true. and this amendment, when passed into law, will ensure that it's not true. and will ensure that we look at the situation with focus and

David Vitter

2:38:53 to 2:39:13( Edit History Discussion )

David Vitter: calmness not hysteria and scare tactics. and, madam president, the goal i'm certainly for, i know senator toomey, my distinguished colleague from pennsylvania is certainly for, not that we default on our debt or reach the debt ceiling, but it is that we take strong, responsible action

David Vitter

2:39:14 to 2:39:39( Edit History Discussion )

David Vitter: well ahead of any threatened event like that to put us on a fiscally sustainable path. just this morning, madam president, both senator toomey and i were in a hearing of the senate banking committee. and the witness, the only witness, was ben bernanke, chairman of the board of governors of the federal reserve.

David Vitter

2:39:44 to 2:40:04( Edit History Discussion )

David Vitter: chairman bankruptcy said bernanke said never things, and heed said we are on a unsustainable fiscal path. our budget is unsustainable. second, he said that is the biggest long-term threat to our economy, the biggest threat. and, third, he said that although it's a long-term

David Vitter

2:40:05 to 2:40:16( Edit History Discussion )

David Vitter: problem, it could create a short-term crisis. it could create a cries trace -- crisis that could hit immediately at any time. need to act and we need to act strongly.

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