Metavid

Video archive of the US Congress

Senate Proceeding on Mar 10th, 2011 :: 1:18:00 to 1:34:00
Total video length: 7 hours 35 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Download OptionsEmbed Video

Views:320 Duration: 0:16:00 Discussion

Previous speech: Next speech:

Jeff Sessions

1:17:59 to 1:18:21( Edit History Discussion )

Jeff Sessions: had two important votes yesterday on what we're going to about the surging set that this nation is incurring and the dangers that debt poses to the future health of our economy, prosperity of our people, the employment of our people. we had a debt crisis, financial

Jeff Sessions

1:18:00 to 1:34:00( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

1:18:22 to 1:18:43( Edit History Discussion )

Jeff Sessions: crisis in 2007, and we still haven't recovered from it damaged us. it damaged american individuals. there are people employed -- unemployed today in large numbers because of that and we haven't yet recovered from it. we have some growth, but we have not come out of it. and we've got to deal with that

Jeff Sessions

1:18:44 to 1:19:04( Edit History Discussion )

Jeff Sessions: in a serious way. so the proposal was, as passed by the house, to reduce the spending for the rest of this seven months in this fiscal year ending september 30th by $61 billion and our colleagues in the senate proposed to do nothing, basically, $4.6 billion

Jeff Sessions

1:19:05 to 1:19:28( Edit History Discussion )

Jeff Sessions: reduction in spending over the rest of this fiscal year. that's an unacceptable number. perhaps we can disagree over where cuts ought to occur, but it's critically important at this time in history as i will discuss that we take real action that sends a message.

Jeff Sessions

1:19:29 to 1:19:49( Edit History Discussion )

Jeff Sessions: and that actually saves money. not washington speak about saving money, but real savings in money and we can do that. every city, county and state is doing that all over the country and far -- and far bigger deductions in spending than we're discussing here.

Jeff Sessions

1:19:50 to 1:20:10( Edit History Discussion )

Jeff Sessions: so the house proposal was to reduce discr spending, $61 billion, which is about 6% reduction in the plan and spending level. that's not going to -- planned spending level. that's not going to destroy our country. it's still well above the levels we were spending in 2008.

Jeff Sessions

1:20:11 to 1:20:32( Edit History Discussion )

Jeff Sessions: but that $61 billion, when calculated over 10 years, because it reduces the baseline of our government spending -- when we calculate our net savings of $862 billion counting interest. because it's at $61 billion every year plus the interest. and we pay interest on the debt we're running up.

Jeff Sessions

1:20:33 to 1:20:56( Edit History Discussion )

Jeff Sessions: this year we started out projecting a $1.3 trillion deficit this year, the largest in the history of the republic, but now the scores have gone up and we're looking l over $1.6 trillion. $1 we take in $3.8 trillion -- just

Jeff Sessions

1:20:57 to 1:21:18( Edit History Discussion )

Jeff Sessions: get this -- we take in -- no, we spend $3.8 trillion, but we're bringing in only $2.2 trillion. this is why 40% of what we are spending this year is borrowed. we have an opportunity now, this c.r. is it. we need to reduce spending now.

Jeff Sessions

1:21:19 to 1:21:39( Edit History Discussion )

Jeff Sessions: you say, well, we can wait. we don't want for some of our favorite programs. this is damaging. we hear the old speeches that sound like they were given 20 years ago about any proposal to cut any spending level as seen as some total disaster

Jeff Sessions

1:21:40 to 1:22:00( Edit History Discussion )

Jeff Sessions: suggesting the republic will cease to exist. and, of course, americans know that's not so. they're not buying that. what world are we in? the president submits a budget that basically does nothing but continue the increase in spending. we just had the state department

Jeff Sessions

1:22:01 to 1:22:24( Edit History Discussion )

Jeff Sessions: in the budget committee, i'm ranking republican on the budget, they're asking for a $10.00 -- 10.5% increase in state department spending. the department of education was in last week, they want 11%. the department of interior was in, the president proposed a

Jeff Sessions

1:22:25 to 1:22:47( Edit History Discussion )

Jeff Sessions: 9.5% increase in their spending. increases, 2012, that's their proposal. what world are they in? what about transportation? you know what they increase transportation by? $62 billion excuse me -- 62%. this -- this -- what world are

Jeff Sessions

1:22:48 to 1:23:09( Edit History Discussion )

Jeff Sessions: we operating in? all right. you say you just exaggerating, it's business as usual, we don't have to make any changes. we need to make investments, sessions. this country needs to have more investments.

Jeff Sessions

1:23:10 to 1:23:31( Edit History Discussion )

Jeff Sessions: the state department had a 33% increase in two years. education department's had a 30% increase. i mean, when does it stop? if you reduce some of the increases that's been obtained is that some real cut or is it just moving back to a more sane level? that's what it is. but when you don't have money,

Jeff Sessions

1:23:32 to 1:23:55( Edit History Discussion )

Jeff Sessions: you have to make tough decisions. so, again, the question is, are you just raising this politically? you're just trying to make a political point or is it really something here that's happening in america that's dangerous and requires us to take this step whether we want to take this

Jeff Sessions

1:23:56 to 1:24:18( Edit History Discussion )

Jeff Sessions: step or not? are we required to? is it real? do we have a crisis that's dangerous for us? this is what mr. erskine bowles, mr. bowles was president clinton's chief of staff.

Jeff Sessions

1:24:19 to 1:24:42( Edit History Discussion )

Jeff Sessions: he was appointed by president obama and co-chaired the debt -- debt commission that did their report. this is what he said the day before wed. both of them -- yesterday. both of them. this was a signed joint statement to the budget committee the day before yesterday. "we believe that if we do not

Jeff Sessions

1:24:43 to 1:25:03( Edit History Discussion )

Jeff Sessions: take decisive action, our nation faces the most predictable economic crisis in its history." close quote. are these extremists? they spent months studying the cris the nation is in, what it takes to get us out of it. they proposed some substantial

Jeff Sessions

1:25:04 to 1:25:26( Edit History Discussion )

Jeff Sessions: changes in what we are doing. and just yesterday they said, we're facing a crisis, the most predictable this nation has ever faced in its history. in other words, you can see it coming. people say, oh, i -- it won't happen us to. well, they should probably pick up the book, "this time it's

Jeff Sessions

1:25:27 to 1:25:47( Edit History Discussion )

Jeff Sessions: different" by professor at rinehart, i believe, one of the great universities. their book proposes and shows how governments, sovereigns get into financial trouble and how quickly bad things can happen and the title it should tell you something. the title is "this time it's

Jeff Sessions

1:25:48 to 1:26:09( Edit History Discussion )

Jeff Sessions: different." and the title suggests that all of these countries that ran up too much debt never thought it was going to happen to them. and when people raised questions they said, don't worry, this time it's different. well, is this an extreme book? is this a dangerous book?

Jeff Sessions

1:26:10 to 1:26:30( Edit History Discussion )

Jeff Sessions: because they say that when your debt, based on history and worldwide studies, reaches 90% of your total economy, your total debt reaches 90% of your g.d.p., your economy on average loses 1% growth and is at risk

Jeff Sessions

1:26:31 to 1:26:51( Edit History Discussion )

Jeff Sessions: of a -- a catastrophic adjustment. some sort of crisis. well, what percent of g.d.p. are we now? we've gone over 95% and the experts tell us that by september 30th, when this fiscal year ends, we'll be at 100% of g.d.p. so is this some sort of fearmongerring talk or are we

Jeff Sessions

1:26:52 to 1:27:16( Edit History Discussion )

Jeff Sessions: dealing with reality? are we really seeing a -- facing a crisis that we can see in front of us? mr. geithner, the secretary of the treasury, unlike the budget director, also testified before the budget committee, mr. geithner was more frank. when asked, did you agree with

Jeff Sessions

1:27:17 to 1:27:37( Edit History Discussion )

Jeff Sessions: the rogoff study, is it a sound study? wre, i believe it is. and then he said this, frankly, i think it understates the risk. understates the risk. when asked about that, he said, basically, there can be systemic immediate shocks that occur that are unpl unpredictable like in 2007

Jeff Sessions

1:27:38 to 1:27:59( Edit History Discussion )

Jeff Sessions: when we went from a boon to a bust. these things happened in greece, ireland, iceland. these things can happen in this modern world of electronic financial transfer very, very quickly. now, i -- i believe we can prevent this. i believe we can prevent it. but we've got to take action or we're heading in the wrong

Jeff Sessions

1:28:00 to 1:28:21( Edit History Discussion )

Jeff Sessions: direction. well, did you notice the news yesterday? bill gross, who runs the world's biggest bond fund at pacific investment management, a tota total -- the big bond fund -- announced that they had totally

Jeff Sessions

1:28:22 to 1:28:43( Edit History Discussion )

Jeff Sessions: eliminated u.s.-government related debt from their flagship -- ship fund. "as the united states government projected record deficits." so that's a big development, frankly. i mean, he manages more money

Jeff Sessions

1:28:44 to 1:29:05( Edit History Discussion )

Jeff Sessions: than anybody in the world, i guess, in the history of the world. he's eliminated government debt from the total return fund. and that was just announced. so is that something we should be concerned about? i think it is. because who's going to buy our debt?

Jeff Sessions

1:29:06 to 1:29:27( Edit History Discussion )

Jeff Sessions: who will buy our treasury bonds at now 10-year bonds at 3.5% or so interest? people get worried about your debt. they sell their bonds, who's going to buy them? where are we going to get people to -- to buy our bonds without paying higher and higher interest rates?

Jeff Sessions

1:29:28 to 1:29:48( Edit History Discussion )

Jeff Sessions: and -- well, we're -- is our cris coming upon us? let me share with you the testimony that mr. simpson and mr. bowles gave to the budget committee just two days ago. this is what mr. bowles said, co-chairman appointed by president obama. he's very wore wrid.

Jeff Sessions

1:29:49 to 1:30:09( Edit History Discussion )

Jeff Sessions: " -- worried. "this problem is going to happen. it is a problem. we're going to have to face up to in maybe two years, maybe less. maybe a little more." close quote. he's talking about a crisis. he said it's the most

Jeff Sessions

1:30:10 to 1:30:31( Edit History Discussion )

Jeff Sessions: predictable crisis the nation's ever faced. he's pleading with us to get off the course, the unsustainable path we are on. and then what about alan simpson, a great, distinguished senator from wyoming who's so frank and articulate in his expressions.

Jeff Sessions

1:30:32 to 1:30:57( Edit History Discussion )

Jeff Sessions: he's always a delight to hear. this is what he said -- quote -- "i think it will come before two years. i'm just saying at some point i think within a year, at the end of the year if they -- the people who hold our debt -- just thought you're playing with fluff, 5%, 6%, 7%, they're going

Jeff Sessions

1:30:59 to 1:31:23( Edit History Discussion )

Jeff Sessions: to say 'i want some money for my favor.' if there's anything guys love, it's money. and money guys when they start hraougs money -- start losing money panic. and let me tell you they will, it won't matter what the government does then, they'll say i want my money. i've got a better place for it. just saying for me, it won't be

Jeff Sessions

1:31:24 to 1:31:44( Edit History Discussion )

Jeff Sessions: a year. do we have a time agreement? the presiding officer: the time expired some moments ago. a limit of ten minutes. mr. sessions: i thank the chair and wrap up and ask for two additional minutes. the presiding officer: without objection, so ordered. mr. sessions: let me add a few

Jeff Sessions

1:31:45 to 1:32:05( Edit History Discussion )

Jeff Sessions: more things that have happened. in an analysis -- this is "the washington post," late january -- quote -- "in an analysis of the u.s. debt last week, s&p, standard & poor's, said the unthinkable could occur unless

Jeff Sessions

1:32:06 to 1:32:27( Edit History Discussion )

Jeff Sessions: the u.s. officials take action. it goes on to say -- quote -- "the u.s. officials must act quickly to control government deficits or face slower growth or even more difficult choices in the future. the international monetary fund said thursday in a report criticizing the tepid u.s. response to the rising debt.

Jeff Sessions

1:32:28 to 1:32:49( Edit History Discussion )

Jeff Sessions: admiral mullen, chairman of the joint chiefs of staff, i believe that our debt is the greatest threat to our national security. close quote. secretary hillary clinton, secretary of state in the obama administration, quote, skater hillary clinton weighted into

Jeff Sessions

1:32:50 to 1:33:10( Edit History Discussion )

Jeff Sessions: the debate calling the deficit a measure of weakness internationally. quote, clinton says the deficit is a national security threat. it was 1.3 when she said that. the deficit now is 1.3-plus. secretary geithner, as i

Jeff Sessions

1:33:11 to 1:33:32( Edit History Discussion )

Jeff Sessions: indicated, said the same. mr. president, we've had a debate. we've had ten democrats. the effect from the democratic bill that did nothing saying we needed to go further. two republicans defected, one independent defected probably thought it was cutting too much. but the majority of people seem to be saying we need to reduce more.

Jeff Sessions

1:33:33 to 1:33:53( Edit History Discussion )

Jeff Sessions: i suggest our leaders get together, if there's a disagreement about where the reductions ought to occur, so be it, let's work that out. but we need to reduce spending significantly. the house number, in my view, is a minimal amount. i believe it will send a message

Jeff Sessions

1:33:54 to 1:34:01( Edit History Discussion )

Jeff Sessions: to the world that this country is willing to take action, even tough action to get off the unsustainable path we are on.

Personal tools

MetaVid is a non-profit project of UC Santa Cruz and the Sunlight Foundation. Learn more About MetaVid

The C-SPAN logo and other servicemarks that may be found in video content are the property of their respective trademark holders. None of these trademark holders are affiliated with Metavid