Video archive of the US Congress

Senate Proceeding on Apr 2nd, 2009 :: 0:26:10 to 0:29:40
Total video length: 7 hours 18 minutes Stream Tools: Stream Overview | Edit Time

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Max Baucus

0:26:06 to 0:26:27( Edit History Discussion )

Max Baucus: chambliss two minutes and senator wicker two minutes, to use the time remaining on our side. the presiding officer: without objection. mr. mccain: and i'd yield five minutes to the senator from texas, senator hutchison. mr the presiding officer: the senator from texas. mrs. hutchison: i first of all want to thank senator mccain for leading this efforto

Max Baucus

0:26:10 to 0:29:40( Edit History Discussion )
Speech By: Max Baucus

Max Baucus

0:26:28 to 0:26:49( Edit History Discussion )

Max Baucus: present an alternative because we all know, after looking at the democratic budget and the obama administration budget that produced the that the debt is unsustainable. this double our debt in five years.

Max Baucus

0:26:50 to 0:27:11( Edit History Discussion )

Max Baucus: if it goes out to ten, it would triple our budget -- our debt. and, as a matter of fact, it spends too much, it taxes too much, and it borrows too much. and we have got to start some common sense in this budget process or we are going to into an abyss.

Max Baucus

0:27:12 to 0:27:36( Edit History Discussion )

Max Baucus: we must take the reins of this budget and hold it back. today our debt to gross domestic product is 57%. that's pretty the average over the last 50 years has been about 40%. this budget, the

Max Baucus

0:27:37 to 0:27:57( Edit History Discussion )

Max Baucus: budget today would takeur dt to gross domestic product ratio to 80%. that is simply unsustainable on a long-term basis. in the great depression, in world war ii, we saw numbers like that. you cannot sustain it over a long period of time. it was brought back down after

Max Baucus

0:27:58 to 0:28:19( Edit History Discussion )

Max Baucus: world war ii, so that it was in the 30% range. 40% is optimum. we're at 57%. we would go to 80% if we don't do something. and that's why senator mccain and those of us who are cosponsoring his substitute are trying to do the right thing. we are trying to produce an

Max Baucus

0:28:20 to 0:28:41( Edit History Discussion )

Max Baucus: alternative that is responsible and takes care of the needs of our country at the same time. the key points of this substitute are that we would cap baseline levels, plus inflation, except for defense and veterans. that meanings, every program that we have can grow with inflation.

Max Baucus

0:28:42 to 0:29:04( Edit History Discussion )

Max Baucus: you're not cutting anything from today. but you're allowing it to just grow by inflation, which will cap it. except for defense, which does increase and our veterans which does increase. we have we have increased defense. we will continue to do so because we know our duty to those who are serving our country and protecting our

Max Baucus

0:29:05 to 0:29:25( Edit History Discussion )

Max Baucus: freedom. this substitute also extends the 2001 and 2003 tax cuts. that means marriage penalty r relegal will we wl not put a shock in the stock market by increasing the

Max Baucus

0:29:26 to 0:29:41( Edit History Discussion )

Max Baucus: capital gains and dividends rates. the worst thing we can do is send a signal that those taxes are going when our economy is already flailing.

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