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Senate Proceeding 03-09-11 on Mar 9th, 2011 :: 0:32:40 to 0:44:50
Total video length: 6 hours 38 minutes Stream Tools: Stream Overview | Edit Time

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Jeff Sessions

0:32:37 to 0:32:59( Edit History Discussion )

Jeff Sessions: i would yield with the -- and with the consent that i then be recognized at the end of the senator from alabama's speech. the presiding officer: without objection. mr. sessions: mr. president, i -- i thank the distinguished chairman of the judiciary committee and congratulate him on a very successful patent bill that passed with an overwhelming vote. i was pleased to work with him

Jeff Sessions

0:32:40 to 0:44:50( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

0:33:00 to 0:33:21( Edit History Discussion )

Jeff Sessions: on that as a partner for two years when i was ranking member of that committee, and i think it's a good day. mr. president, we'll soon be moving toward a vote on the continuing resolution. there are apparently going to be two options given to us, and the

Jeff Sessions

0:33:22 to 0:33:43( Edit History Discussion )

Jeff Sessions: question i would pose to our colleagues and to the american people is do we have to do something or can we do nothing? is nothing an option? because that's what the democratic proposal is, nothing, zero, nada. so we had in the budget committee, of which i am the

Jeff Sessions

0:33:44 to 0:34:04( Edit History Discussion )

Jeff Sessions: ranking member now, the testimony yesterday of allen simpson ander skin -- and erskine bowles, president clinton's chief of staff and a well-known business and democratic leader. this is what they told us

Jeff Sessions

0:34:05 to 0:34:26( Edit History Discussion )

Jeff Sessions: yesterday in their written statement, both of them p in to us. "we believe that if we do not take decisive action, our nation faces the most predictable economic crisis in history." close quote.

Jeff Sessions

0:34:27 to 0:34:47( Edit History Discussion )

Jeff Sessions: they have spent months wrestling with these numbers. they reached a majority of the members voted for the reforms they proposed, and they gave a lot of time and effort to it. i didn't think they went far enough in some of the areas, but i would say they made a real significant attempt to deal with the crisis we face.

Jeff Sessions

0:34:48 to 0:35:10( Edit History Discussion )

Jeff Sessions: and in their testimony yesterday, they went even further. why do we mean a crisis? we had a crisis in 2007 that put us in the deepest recession we've had in decades. greece has had a crisis. that's the kind of thing they're talking about. 40% of every dollar we spend is

Jeff Sessions

0:35:11 to 0:35:31( Edit History Discussion )

Jeff Sessions: borrowed, and senator conrad, our chairman, our distinguished democratic leader asked them what happens in your judgment to the united states if we fail to get an agreement in the range of what the commission concluded is necessary? the commission proposes a a $4 trillion reduction in our

Jeff Sessions

0:35:32 to 0:35:53( Edit History Discussion )

Jeff Sessions: deficit spending over the next ten years. it should be more. that's what they propose. president obama's budget says it reduce it is by $1 trillion, but when the cob scores it, they're going to find it's filled with gimmicks and there will not be any reduction, i predict, in the deficit in the obama budget,

Jeff Sessions

0:35:54 to 0:36:14( Edit History Discussion )

Jeff Sessions: which is really, really disappointing. it's a do nothing about the debt problem budget. mr. bowles, so what's going to happen? mr. bowles -- quote -- "this problem is going to happen. it is a problem.

Jeff Sessions

0:36:15 to 0:36:35( Edit History Discussion )

Jeff Sessions: we're going to have to face up in maybe two years, maybe a little less, maybe a little more ." close quote. and mr. simpson, he -- he commented." i think it will come before two years." we're talking about a crisis. "i'm just saying at some point

Jeff Sessions

0:36:36 to 0:36:56( Edit History Discussion )

Jeff Sessions: within a year, i think at the end of a year. if the people who hold our debt just thought you're playing with fluff, 5%, 6% of this hole, they're going to say i want some money for my paper. if there's anything money guys love, it's money, and money guys when they start losing money panic, and let me tell you they

Jeff Sessions

0:36:57 to 0:37:19( Edit History Discussion )

Jeff Sessions: will. it won't matter what the government does. they'll say i want my money. i've got a better place for it. just say from me it won't be a year before we have a crisis." well, this is a serious matter.

Jeff Sessions

0:37:20 to 0:37:40( Edit History Discussion )

Jeff Sessions: it's not a do-nothing circumstance. so we have a simple choice to make today. do we take a step, even a small step that sends a signal to the world that we intend to take action to prevent the crisis, not act after a disaster hits? or we can do nothing, as the

Jeff Sessions

0:37:41 to 0:38:02( Edit History Discussion )

Jeff Sessions: democratic proposal is. the republican proposal will immediately lower spending by by $61 billion for the rest of the year. that's a reduction of about 6% of the discretionary spending budget. most states, cities and counties in america have had bigger reductions than that. and they're still here. they haven't ceased to exist,

Jeff Sessions

0:38:03 to 0:38:23( Edit History Discussion )

Jeff Sessions: and we're not going to cease to exist if we reduce spending 6%, but it will make a difference. that amounts to 4% of the total debt, and as i will show in a moment, mr. president, it means a lot more than that. the democratic proposal

Jeff Sessions

0:38:24 to 0:38:47( Edit History Discussion )

Jeff Sessions: proposes $6 billion, but it's really clearly only a $4 billion reduction. that's less than .5% reducks in the discretionary spending budget. less than .5%. now, this $61 billion is not

Jeff Sessions

0:38:48 to 0:39:09( Edit History Discussion )

Jeff Sessions: going to break us. g.a.o. recently found that the government spends $18 billion on 47 different job traing programs, 47 different job training programs. we don't have any ability to save money and do more with less in this country? no business would run the way we run the united states government, and this is just one

Jeff Sessions

0:39:10 to 0:39:34( Edit History Discussion )

Jeff Sessions: of the typical kind of duplication and waste that goes on in our government. we are living in a fantasy world if we think we find $61 billion to reduce out of more than $1 trillion in a discretionary budget. under president discretionary spending increased 24% in the last two years.

Jeff Sessions

0:39:35 to 0:39:57( Edit History Discussion )

Jeff Sessions: it's already gone up 24%. what do you mean we can't take a 6% reduction? we're facing a crisis, a debt crisis. families across the country are trimming their budgets. they're doing so every day. washington just keeps on growing, and spending and growing.

Jeff Sessions

0:39:58 to 0:40:18( Edit History Discussion )

Jeff Sessions: we had the education secretary in to the budget committee last week. they proposed an 11% increase in education spending this year, 11%. energy was in, 9.5% increase this next year for energy, they say. and hold your hat, the secretary of transportation was in and

Jeff Sessions

0:40:19 to 0:40:42( Edit History Discussion )

Jeff Sessions: proposes a 62% transportation budget increase. now, this is where we were over over $3 trillion, and we jump now to $3.7 trillion. well, how much money do we -- so that's a 24% increase.

Jeff Sessions

0:40:43 to 0:41:04( Edit History Discussion )

Jeff Sessions: i'm not making these numbers up. well, what about the deficit numbers? this year, we spend spend $3.7 trillion, maybe maybe $3.8 trillion. want to know how much our

Jeff Sessions

0:41:05 to 0:41:26( Edit History Discussion )

Jeff Sessions: revenue is this year? $2.2 trillion. i know it's unbelievable. the american people probably just cannot imagine that we are spending $3.8 trillion and taking in $2.2 trillion, but it is true. 40 cents of every dollar that we spend is borrowed. this is why mr. bowles and

Jeff Sessions

0:41:27 to 0:41:47( Edit History Discussion )

Jeff Sessions: mr. simpson and every economist that's ever testified has said we're on an unsustainable path, a path that cannot be continued. we need to take action now. this isn't enough, but it's a step. i think it sends a message to

Jeff Sessions

0:41:48 to 0:42:09( Edit History Discussion )

Jeff Sessions: the world financial markets, the bond vigilantes that the united states is on the something about the spending that we're in. our debt will soon be larger than the economy. it will exceed 100% of g.d.p. by the end of this fiscal year. amazingly surging debt load for

Jeff Sessions

0:42:10 to 0:42:30( Edit History Discussion )

Jeff Sessions: the whole country. we -- we cannot keep spending what we don't have, borrowing what we cannot pay back. we cannot do this. our crushing -- crushes debt burden is like an anchor dragging on our economy. it slows growth.

Jeff Sessions

0:42:31 to 0:42:51( Edit History Discussion )

Jeff Sessions: as rogoff and reinhardt's study showed, as secretary of treasury geithn committee, it's already slowing our growth, and also he added it's worse than that because it puts us at risk as mr. bowles and simpson say for some sort of debt crisis. it's unpredictable when and how it might occur. that's president obama's secretary of the treasury.

Jeff Sessions

0:42:52 to 0:43:12( Edit History Discussion )

Jeff Sessions: the presiding officer: the member's time has expired. mr. sessions: mr. president, i would ask unanimous consent to have two additional minutes. the presiding officer: without objection. mr. sessions: so we can't keep delaying. we can't keep promising to do something tomorrow. we have to have a vote. we'll have a vote today. we need to act today. a vote for the democratic proposal is a vote to do

Jeff Sessions

0:43:13 to 0:43:33( Edit History Discussion )

Jeff Sessions: nothing. it's a vote to stay in denial. it's a vote that says deficits don't matter. we can just keep on, but deficits do matter. they have always mattered. they always will matter, and some say you can't reduce, say, making any savings from reducing

Jeff Sessions

0:43:34 to 0:43:56( Edit History Discussion )

Jeff Sessions: deficit spending. let me show you i think the first one, because because $61 billion reduction is a reduction of the base line. and when you reduce the base line, you save that amount every year, even if you have growth in the future years, and it adds up.

Jeff Sessions

0:43:57 to 0:44:17( Edit History Discussion )

Jeff Sessions: it's kind of geometrical reduction in spending and debt that we have to have, and it's been working the other way. we have been increasing dramatically, and you know from your business accounting that 7% return on your money doubles your money in ten years. we got 24% the last two years.

Jeff Sessions

0:44:18 to 0:44:39( Edit History Discussion )

Jeff Sessions: that's why the government is doubling and quadrupling in size. this would show, accordi our budget staff and the calculator, if you reduce the base line $61 billion of discretionary spending alone, he would save $862 billion in deficit reduction over ten years, and if you that base line in for just five

Jeff Sessions

0:44:40 to 0:44:52( Edit History Discussion )

Jeff Sessions: years, not only would you save save $860 billion, but but $1.65 trillion. enough money to make a real difference.

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