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Senate Proceeding on Mar 3rd, 2010 :: 7:55:20 to 8:04:25
Total video length: 10 hours 27 minutes Stream Tools: Stream Overview | Edit Time

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Richard Burr

7:55:20 to 8:04:25( Edit History Discussion )
Speech By: Richard Burr

Richard Burr

7:55:22 to 7:55:42( Edit History Discussion )

Richard Burr: without objection, so ordered. the clerk will report it. the clerk: the senator from north carolina, mr. burr, proposes an amendment numbered 3389 to amendment n mr. burr: i ask unanimous consent the amendment be considered as read. the presiding officer: without objection. mr. burr: mr. president, i'm going to set this amendment

Richard Burr

7:55:43 to 7:56:04( Edit History Discussion )

Richard Burr: aside and talk on it later. so at this time i would ask unanimous consent to set the pending amendment aside. the presiding officer: is there objection? without objection, so ordered. mr. burr: mr. president, i would ask unanimous consent to call up amendment 3390. clerk will report. the clerk: the senator from north carolina, mr. burr, proposes an amendment numbered

Richard Burr

7:56:05 to 7:56:27( Edit History Discussion )

Richard Burr: 3390 to amendment number 336 -- mr. burr: i ask unanimous co considered as read. the presiding officer: without objection. mr. burr: mr. president, an amendment that's pending is an amendment by senator sanders to offer a $250 stipend to seniors,

Richard Burr

7:56:28 to 7:56:48( Edit History Discussion )

Richard Burr: veterans and those disabled to replace -- to replace the lack of a cost-of-living increase, a cola increase. as we're all aware, the formulas that drive the cost-of-living increase are predominantly affected by inflation. and with the lack ofnflation,

Richard Burr

7:56:49 to 7:57:10( Edit History Discussion )

Richard Burr: seniors, veterans, the disabled didn't receive a cost-of-living increase for this year. senator sanders' amendment is very clear. he wants to provide a $250 stipend. i think that has broad-based support within the senate body. but i think it's responsible to

Richard Burr

7:57:11 to 7:57:32( Edit History Discussion )

Richard Burr: say that to do this, we should pay for it. to do this, we shouldn't go and print more money, borrow that money just to provide a $250 check. i think most our nation's seniors, veterans and disabled would agree with that statement. because to ignore the fact that we're not paying for it would be

Richard Burr

7:57:55 to 7:58:17( Edit History Discussion )

Richard Burr: i don't think their children deserve for me to shove this down. and i think most members of the united states senate probably agree that it's time that we start paying for it. how does this get back? senator sanders makes this an emergency, an emergency declaration to spend. well, there are a lot of

Richard Burr

7:58:18 to 7:58:38( Edit History Discussion )

Richard Burr: prioties that we've got, and there's probably not a priority that doesn't deserve us to pay for it, to find somewhere where we've prioritized and decided here's how we're going to pay fo out and borrow. let me remind my colleagues, we've got the largest debt we've

Richard Burr

7:58:39 to 7:59:01( Edit History Discussion )

Richard Burr: ever had t. continues to climb every day. for every dollar we spend, we borrow 43 cents. over the next ten years right now our country is obligated at $5 trillion in payments. that's interest with a "t." the most popular bumper sticker in washington today is "don't

Richard Burr

7:59:02 to 7:59:23( Edit History Discussion )

Richard Burr: tell congress what comes after a trillion." not sure we know yet. at the rate we're going, we're going to find out. you know who's going to be saddled with that debt? our children and our grandchildren. nobody wants to leave our seniors, our veterans, disabled without the means that they need to live, but i think even the

Richard Burr

7:59:24 to 7:59:44( Edit History Discussion )

Richard Burr: people that are the recipients of these checks would look at us and say "pay for it. don't put it on my grandchildren or my great-grandchildren." my amendment, 3390, is very seufrp. it says this -- is very simple. it says this, pay for the $250 stipend and use the unobligated

Richard Burr

7:59:45 to 8:00:05( Edit History Discussion )

Richard Burr: stimus money, the money we've already appropriated. you can't borrow it twice. you can only borrow it once. use the unobligated stimulus money. a little over 14 -- i think it's about $14.4 billion -- to pay for the stipend. let's do the cola, but let's, in ct, make sure that the cola is

Richard Burr

8:00:06 to 8:00:27( Edit History Discussion )

Richard Burr: paid for. the amendment is almost identical to senator sanders' amendment which provis the emergenc benefit, it just pays for it. and i don't think there's anything unreasonable on that. the congressional budget office estimates the cost of the sanders' amendment to be a at $12.07.

Richard Burr

8:00:28 to 8:00:48( Edit History Discussion )

Richard Burr: i understand that the sanders amendment may be modified, so that may be slightly higher. and millions of seniors, veterans are struggling on fixed incomes in this troubled economy. this amendment also provides them the ability to get through those tough times, but it also gives them the comfort of

Richard Burr

8:00:49 to 8:01:09( Edit History Discussion )

Richard Burr: looking at their grandchildren and their great grandchildren and saying, i'm not a burden on you because this was paid for. we accounted for it. senator bunning came to the floor yesterday and he said, i think we were tking about $10 billion yesterday. he said how can a country this

Richard Burr

8:01:10 to 8:01:30( Edit History Discussion )

Richard Burr: great not find a way to pay for $10 billion? well, we didn't and as that makes its way through we're going to borrow the $10 billion. that $10 billion is going to equate to $10 billion of interest payments over the next 10 years. let me say that ain. what we did yesterday is going

Richard Burr

8:01:31 to 8:01:51( Edit History Discussion )

Richard Burr: to compute to $10 billion worth of interest payments over the next 10 years. no payment down of principle. just an obligation of interest on the debt. now, maybe some are smart enough here to tell me exactly what the interest rates are going to be in the open market places we

Richard Burr

8:01:52 to 8:02:12( Edit History Discussion )

Richard Burr: finance our debt three years, five years, 10 years down the road. i don't think it's going to be where it is today. there's every indication it's going higher. so when i state number $5 trillion over the next 10 years, you have to understand that's a static interest rate that we applied to it. it 3.45.

Richard Burr

8:02:13 to 8:02:33( Edit History Discussion )

Richard Burr: it's the projections of the congressional budget office. an they've said if it averages at this point, then we're going, as a nation, owe $5 trillion if we didn't borrow another dime. well, not only do we continue to borrow money, but the likelihood is that with the economic conditions with the fragile nature of the international

Richard Burr

8:02:34 to 8:02:55( Edit History Discussion )

Richard Burr: economy, anybody that buys our debt, anybody that loans us their money is probably going to want to require more than 3.45% to take the risk. when countries like greece are on the precipice of default, that drives the international market up. it drives the cost of risk up. it will drive the cost of our

Richard Burr

8:02:56 to 8:03:16( Edit History Discussion )

Richard Burr: risk up. what's $5 trillion today, we might not borrow another dime, it may end up being next week, next month, n year, $10 trillion over five years. just with a change in interest rates. just what it costs us to go out and attract somebody to loan us money. so i think i'm giving us the

Richard Burr

8:03:17 to 8:03:41( Edit History Discussion )

Richard Burr: best case scenario at saying that we owe $5 trillion in the next 10 years -- excuse me. $5 trillion plus $10-more billion that we spent last night. are we going another $14 billion to it? that's the question in front of congress.

Richard Burr

8:03:42 to 8:04:02( Edit History Discussion )

Richard Burr: my amendment, 3390, provides a $250 stipend. what it does that the sanders amendment doesn't do, it pays for it. it assures every recipient, senior, veteran, disabled, that they're not putting the obligation of their check on their grandchildren and great grandchildren. that we're taking the

Richard Burr

8:04:03 to 8:04:23( Edit History Discussion )

Richard Burr: i thank the chair. i yield the floor. a senator: mr. president? the presiding officer: the senator from florida. mr. lemieux: the baucus substitute amendment gives preferential treatment to

Richard Burr

8:04:24 to 8:04:25( Edit History Discussion )

Richard Burr: unemployment insurance, cobra

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