Senate Proceeding on Apr 3rd, 2008 :: 6:33:23 to 6:38:57
Total video length: 8 hours 32 minutes Stream Tools: Stream Overview | Edit Time

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

Views:53 Duration: 0:05:34 Discussion

Previous speech:

Next speech:

6:33:11 to 6:33:23( Edit History Discussion )

Christopher Dodd: to sit down and work out a proper order order. ms. landrieu: madam president? the presiding officer: the senator from louisiana. ms. landrieu: madam president, reserve ing the right to object -- if

6:33:23 to 6:33:36( Edit History Discussion )

George Voinovich: i am in order to object -- i -- mr. dodd: i will reserve the right to object. let me do that in an orderly way. i will try to accommodate nrve a thoughtful way as much as i can. ms. landrieu: because my

6:33:23 to 6:38:57( Edit History Discussion )
Speech By: George Voinovich

6:33:36 to 6:33:49( Edit History Discussion )

George Voinovich: suggestion is, if we can get an order now, we will knowwi what -- mr. dodd: i am going to try to -- t the presiding officer: the senator from ohio. mr. voinovich: i am sending an amendment 4406 to the

6:33:49 to 6:33:56( Edit History Discussion )

George Voinovich: desk. the presiding officer: the clerk will report. the clerk: mr. voinovich for himself an others proposes amendment numbered 4406. mr. voinovich: madam. president president, i ask unanimous consent

6:33:56 to 6:34:07( Edit History Discussion )

George Voinovich: that the further reading of the amendment be dispensed wi. the presiding officer: without objection, so ordered. mr. voinovich: madam president president, along with my colleague from -- the presiding officer:

6:34:07 to 6:34:20( Edit History Discussion )

George Voinovich: the senator from ohio. mr. voinovich: -- senator stabenow, we have worked to craft an amendment to help struggle ing companies and their employees during this time of economic downturn. and the two

6:34:20 to 6:34:33( Edit History Discussion )

George Voinovich: of us have been join joined by a bipartisan group of cosponsors, including senator hatch, senator smith, senator vitter, senator levin, senator cantwell, and senator rockefeller. without a job

6:34:33 to 6:34:42( Edit History Discussion )

George Voinovich: and financial security, it's extremely difficult to keep paying your mortgage andeep your home out of foreclosure. a job is the first step inp ensuring americans can achieve the dream of homeownership.

6:34:42 to 6:34:54( Edit History Discussion )

George Voinovich: the pr esiding officer: could ce we please have order in the chamber while the senbeator from ohio speaks. mr. voinovich: my. hometown of cleveland is the especially center of the foreclosure crisis

6:34:54 to 6:35:09( Edit History Discussion )

George Voinovich: and with ohio ranked number one in foreclosures nationwide according to the mortgage bankers association, addressing this issue is of critical importance to me and all of my constituents in the great

6:35:09 to 6:35:21( Edit History Discussion )

George Voinovich: state of ohio. madam president, the reason ohio is experience ing a foreclosure crisis has nothing to do with speculators. it's got to do with a bubble of rapidly rise ing prices. ohio has a foreclosure

6:35:21 to 6:35:33( Edit History Discussion )

George Voinovich: crisis despite the fact that house prices never did increase like they did in other parts of the country. ohio families have been losing their homes because ohio manufacturing workers have been

6:35:33 to 6:35:50( Edit History Discussion )

George Voinovich: losing their jobs. and it's the same story next door in michigan. our amendment is once step in a plan to turn things around for workers in these and other manufacturing states so that families have the

6:35:50 to 6:36:03( Edit History Discussion )

George Voinovich: income to stay in their homes. our amendmentme will help un unprofitable companies, many of which are in ohio, to use exist existing a.m.t. and r&d credits in 2008 to stimulate their businesses, turn profits,

6:36:03 to 6:36:16( Edit History Discussion )

George Voinovich: and create new jobs. the amendment would allow mpanies operating in the red to use the a.m.t. and r&d credit credits already on their books instead of bonus depreciation deductions as long as the money

6:36:16 to 6:36:28( Edit History Discussion )

George Voinovich: is use ed to expand operations in the united states. bonus depreciation has already been included in the enacted stimulus package, but it left out companies that don't have any income against which to deduct

6:36:28 to 6:36:42( Edit History Discussion )

George Voinovich: their expenses because they're not making any money. ironically -- and this is really a big, important thing -- these are the companies that are in the most need of relief during a strained economy but

6:36:42 to 6:36:58( Edit History Discussion )

George Voinovich: are not receiving it. my colleagues should also note that this amendment is fiscally responsible because it simply allows for the speedier use of tax credits that would be use ed anyway in the future. in

6:36:58 to 6:37:11( Edit History Discussion )

George Voinovich: other words, and this is something that i wasn't aware of of, companies that are not making money pay an a.m.t. corporate tax, and what happens is that when they do start making money, they deduct the

6:37:11 to 6:37:31( Edit History Discussion )

George Voinovich: corporate a.m.t. from the taxes and so in effect they get credit for that corporate a.m.t. but we're basically saying, let's let those companies, because they can't use the bonus depreciation,

6:37:31 to 6:37:44( Edit History Discussion )

George Voinovich: use that a.m.t. credit so that they can create jobs and keep people working. so this basically lets us use these credits speedier than what they'd ordinarily be if we waited over a longer period of time.

6:37:44 to 6:37:59( Edit History Discussion )

George Voinovich: i want everyone to know that we will continue to work with the joint committee on taxation to get a fiscally responsible revenue estimate. we have every reason to believe that it's going to be very small

6:37:59 to 6:38:09( Edit History Discussion )

George Voinovich: during its tenure period. as a matter of fact, if you take into consideration that these companies down the road would use the r&d or their corporatera a.m.t., it could end up being a awash. now,

6:38:09 to 6:38:21( Edit History Discussion )

George Voinovich: this bipartin amendment has wide-ranging support from the biotech industry to the american auto industry to the coal industry. all of these industries are hurt hurting and need a boost to get back

6:38:21 to 6:38:36( Edit History Discussion )

George Voinovich: on track. this amendment would give them that boost to make investments now and create jobs so america can keep their homes. i urge my colleagues to support this amendment and work to protect their constituents'

6:38:36 to 6:38:47( Edit History Discussion )

George Voinovich: jobs and homes. madam president,es i'd yield the floor to the senator from michigan who i appreciate joining on this. it is something that the two of us have been working on for quite sometime and aim

6:38:47 to 6:38:57( Edit History Discussion )

George Voinovich: glad we've got a great, bipartisan group that understands how important this is not to our respective state but to this country. the presiding officer: the senator from m ichigan is recognize ed. stab tab thank

6:38:57 to 6:39:09( Edit History Discussion )

Debbie Stabenow: you, madam president. i first want to give thanks to my colleague -- ms. stabenow: thank you, madam president. i first want to give thanks to my colleague and friend from ohio. michigan and owe have

6:38:57 to 6:45:57( Edit History Discussion )
Speech By: Debbie Stabenow