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Senate Proceeding on Mar 31st, 2009 :: 0:54:15 to 1:03:20
Total video length: 2 hours 39 minutes Stream Tools: Stream Overview | Edit Time

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Jeff Sessions

0:53:56 to 0:54:17( Edit History Discussion )

Jeff Sessions: objection. mr. conrad: mr. president, might i ask after senator sessions has used that time or whatever that our intention would be to go to senator boxer. we can't lock that in because senator gregg is not here. we have an agreement that we don't take advantage of each

Jeff Sessions

0:54:15 to 1:03:20( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

0:54:18 to 0:54:39( Edit History Discussion )

Jeff Sessions: other in procedural way. and so i would not seek to in any way alter the time remains. senator sessions. mr. sessions: the presiding officer: the senator from alabama. mr. sessions: mr. president, i support the gregg amendment because it at least requires us to focus on the enormity of the

Jeff Sessions

0:54:40 to 0:55:02( Edit History Discussion )

Jeff Sessions: wrong we are now committing. this chart of charts and a lot of numbers thrown around. it is really. it's the congressional budget office analysis of the obama 10-year budget. that budget says that today our

Jeff Sessions

0:55:03 to 0:55:23( Edit History Discussion )

Jeff Sessions: deficit is 5-point -- $5.8 trillion. $5,800,000,000,000 since the founding of the republic. it will double in five years to to $11,800,000,000,000. $11,800,000,000,000 in five years and will go in five more

Jeff Sessions

0:55:24 to 0:55:44( Edit History Discussion )

Jeff Sessions: years triple in that, since nothing comes nothing, you -- and we have to pay interest on that debt. the c.b.o. has callated that. we're currently paying $170 billion a year on

Jeff Sessions

0:55:45 to 0:56:07( Edit History Discussion )

Jeff Sessions: interest. $170 billion. my home state of alabama's entire budget is under $10 billion. we spend $40 billion on highway, we spend $100 billion o education. so we now spend $170 bi just on interest on our debt. when this gets through in calculating the interest rate, some increases, because these

Jeff Sessions

0:56:08 to 0:56:28( Edit History Discussion )

Jeff Sessions: higher interest to get people to hen us money. it will be -- people to loan us money. it will be $800 billion in interest in the tenth year, which is bigger budget, bigger than education, bigger than anything else in our account. and i know that the got -- the budget on the floor

Jeff Sessions

0:56:29 to 0:56:52( Edit History Discussion )

Jeff Sessions: said it is a but the house has a 10-year budget. director orszag has said that the senate president's budget. so it's not a change. it's essentially the president's budget. and this is what the president's budget does.

Jeff Sessions

0:56:53 to 0:57:14( Edit History Discussion )

Jeff Sessions: and essentially indisputable this is wha he made choices. he increased spending. and i would just add this thing: he does not project this budget arising from slow economic growth. under the president's budget he

Jeff Sessions

0:57:15 to 0:57:36( Edit History Discussion )

Jeff Sessions: projects good growth. only negative year, this year. next year he projects growth. the next year i think 4%. three years growth, which is very robust. no recession in this projected. so we have good years, fat

Jeff Sessions

0:57:37 to 0:57:58( Edit History Discussion )

Jeff Sessions: times, and we're increasing our debt, tripling senator gregg is saying, let's at least have a vote that requires 60 votes of the senate, like we do on any important piece of here as to whetherr not we'll go exceed doubling the debt. let me tell you the consequences of this.

Jeff Sessions

0:57:59 to 0:58:20( Edit History Discussion )

Jeff Sessions: last week we had difficulty selling our debt. the brits debt auction failed. they are following our huge spen debt. that idea being rejected by central europe,

Jeff Sessions

0:58:21 to 0:58:45( Edit History Discussion )

Jeff Sessions: czech republic and others, they refuse that. they refused the mortifying request of our own secretary of treasury that they go further into debt, spend more money as part of this wild plan to stimulate the economy with unprecedented debt. they've said: no, it's irresponsible. in fact, the e.u. president said

Jeff Sessions

0:58:46 to 0:59:06( Edit History Discussion )

Jeff Sessions: it's the road to hell. so the idea is that we've got to pay this. this has a cost to future. yes, it gets money into our economy today and in the short run it has to be some benefit although noble prize laureate gary becker said it is so poorly

Jeff Sessions

0:59:07 to 0:59:29( Edit History Discussion )

Jeff Sessions: drafted this money we're spending we're not going to get as should be getting from it. and you would s, well, we'll soon begin to pay this debt down. the president says he's worried about it we're going to pay the debt down. the debt is not going down. the deficit goes -- the annual

Jeff Sessions

0:59:30 to 0:59:51( Edit History Discussion )

Jeff Sessions: deaf sipt in the last four years surges -- deficit in the last four years surs until the c.b.o. scores the 10th year deficit the highest deficit we've had prior to this year good economic times, he's

Jeff Sessions

0:59:52 to 1:00:12( Edit History Discussion )

Jeff Sessions: projecting -- they're projecting projecting $1.2 trillion in debt. that's the annual deficit adding to these numbers, that's why it they keep going up, up, there's no constraint in spending whatsoever. no plan to control the entitlement surge. no plan

Jeff Sessions

1:00:13 to 1:00:37( Edit History Discussion )

Jeff Sessions: in fact, the -- in fact -- i'd ask unanimous consent to have one additional minute. the presiding officer: without objection. mr. sessions: this year proposes to increase domestic -- domestic discretionary nondefense spending 11.5%. and we just passed a few weeks

Jeff Sessions

1:00:38 to 1:01:01( Edit History Discussion )

Jeff Sessions: ago a stimulus plan to spend $800 billion, the largest single appropriation in the history all -- every penny of it going to the debt, and now we're going to have year in discretionary spending on top and, you know the rule of seven.

Jeff Sessions

1:01:02 to 1:01:22( Edit History Discussion )

Jeff Sessions: it's 7% growth, your mon doubles in 10 at 11.5% growth over -- that -- our debt -- our double in seven years. entire spending of the discretionary account would double in seven years if we maintain this incredie,

Jeff Sessions

1:01:23 to 1:01:44( Edit History Discussion )

Jeff Sessions: colossal spending path that we're on. so i think senator gregg is exactly right. let's at let's at least have that we would normally have to pass an impor legislation if and when and we certainly are heading to a point where so at least to go to tripling,

Jeff Sessions

1:01:45 to 1:02:05( Edit History Discussion )

Jeff Sessions: we ought to have another vote and slow down and ask ourselves what in the world are we doing to our children. they're this year 00 billion in interest that year. and that assumes the interest te is mainstrea but the truth is with this much

Jeff Sessions

1:02:06 to 1:02:27( Edit History Discussion )

Jeff Sessions: borrowing in these many countries around the world, we could have interest rates h than that. and if the interest rates go up to -- the $800 billion could become $1 trillion a year easily and to surge. so, mr. president, i support the amendment. i'm very, very worried. the numbers

Jeff Sessions

1:02:28 to 1:02:48( Edit History Discussion )

Jeff Sessions: about here on the floor are not a political dustup. this is about americ the financial integrity of our country is at stake. we have never spent like this be war ii when we were in a life and death struggle.

Jeff Sessions

1:02:49 to 1:03:10( Edit History Discussion )

Jeff Sessions: so it's not right thing to and i -- i support the amendment. i thank the chair and would yield the floor. absence of a quorum. the presiding officer: will call the roll.

Jeff Sessions

1:03:17 to 1:03:20( Edit History Discussion )

Jeff Sessions: quorum call: a senator: mr. president? the presidin

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