Video archive of the US Congress

Senate Proceeding on Apr 1st, 2009 :: 9:42:10 to 9:45:10
Total video length: 10 hours 55 minutes Stream Tools: Stream Overview | Edit Time

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Lindsey Graham

9:42:06 to 9:42:26( Edit History Discussion )

Lindsey Graham: and with that, i yield the floor. a senator: the presiding officer: the senator from south carolina. mr. graham: thank you. i would like to just briefly discuss two amendments i intend thank the senator from texas for allowing me to speak very briefly.

Lindsey Graham

9:42:10 to 9:45:10( Edit History Discussion )
Speech By: Lindsey Graham

Lindsey Graham

9:42:27 to 9:42:49( Edit History Discussion )

Lindsey Graham: the first amendment is 898. it will be a point of order against new mandary spending if fund dips below $5 billion. and there's a lot of talk about this economy and the effects of a recession. they're real. but one of the things we found out a couple of days ago is that the social security trust fund

Lindsey Graham

9:42:50 to 9:43:10( Edit History Discussion )

Lindsey Graham: spent more than it took in in february. and the projections for next year are to have a $3 billion surplus. so the day of reckoning that senator coburn was talking about when it comes to social security is upon us even quicker than we thought. everybody thought it would be 2018 when we would pay out more benefits than we collect in taxes.

Lindsey Graham

9:43:11 to 9:43:31( Edit History Discussion )

Lindsey Graham: but if ts trend continues that's going to be accelerate bid several yea. and what does that mean? that means the longer we delay in finding a fix to social security, the harder the mountain will be to climb. and if we keep putting this off one congress after the next, then the solutions that would get us to solve this here are going to be so draconian, they're going to really hurt

Lindsey Graham

9:43:32 to 9:43:53( Edit History Discussion )

Lindsey Graham: people that can't afford to be hurt. if we act now, because this problem is getting bigger at a faster pace than anybody anticipated, if we do responsible things now about readjusting benefits for upper-income americans like united states senators, or if we took $10 or less a month when we retired it would bring about #

Lindsey Graham

9:43:54 to 9:44:16( Edit History Discussion )

Lindsey Graham: 0% -- 70% of the solvency needed to get social security back i balance. do something on the age that is prospective that realizes we all live longer. do something on modernizing the program so you can have savings on top of social security. there are ways to get there. increase revenues by raising the cap to have a transition to make sure that people who live past

Lindsey Graham

9:44:17 to 9:44:38( Edit History Discussion )

Lindsey Graham: 80, the fastest-growing demographic in america, is in many ways is people living past 80 who outlive their 401(k) plans. so we've got a challenge and opportunity in this -- and this amendment says that there will be a budget point of order against any budget when there's not a $5 billion surplus in social security and the second

Lindsey Graham

9:44:39 to 9:44:59( Edit History Discussion )

Lindsey Graham: is a point of order against any bill that imposes a national energy tax on middle-income americans. the reason we talk about this is cap and trade. we have to be smart about how we deal with climate change and if we do not watch it we will create a cap-and-trade system that will be a huge burden on average every day americans when you flip on the light switch.

Lindsey Graham

9:45:00 to 9:45:10( Edit History Discussion )

Lindsey Graham: it will be a national sales tax. so this point of order would allow against any bill that creates an energy tax on middle-income americans. with that i will yield the floor and look forward to discussing

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