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Senate Proceeding on Apr 13th, 2011 :: 2:12:10 to 2:16:54
Total video length: 9 hours 11 minutes Stream Tools: Stream Overview | Edit Time

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Johnny Isakson

2:12:06 to 2:12:27( Edit History Discussion )

Johnny Isakson: i'll tell you this, i was in the real estate business for 33 years. leverage is essential in real estate. you have to borrow money and put in equity as well to make a real estate transaction to work. you can't do it for all cash. you. america's been through a period where many american homeowners were destroyed with too much leverage.

Johnny Isakson

2:12:10 to 2:16:54( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

2:12:28 to 2:12:48( Edit History Discussion )

Johnny Isakson: they borrowed more than they could afford to pay. america is at the point where we have too much leverage and too much debt. i try -- when i thought about what i would say this morning, i didn't know you would ask the question you asked, but it's appropriate that you did. i was trying to think of an example we could put forward of a leader in the private sector

Johnny Isakson

2:12:49 to 2:13:09( Edit History Discussion )

Johnny Isakson: who addressed a tremendous problem america faced and solved it. you know who that leader was? lee iaococca. cars were broke, they had too much debt. they brought him up from the ranks and said, lee, we need to

Johnny Isakson

2:13:10 to 2:13:31( Edit History Discussion )

Johnny Isakson: fix thi broke. lee eye coca put -- iaococca put everything on the table, he brought everybody to the table, the labor unions, the workers, the advisers, economists, board of directors and said we don't care who takes the credit we need to fix the chrysler motor corporation. chrysler went from the worst

Johnny Isakson

2:13:32 to 2:13:53( Edit History Discussion )

Johnny Isakson: rated consumer satisfaction to the best. they raised the guarantee on their product. they reduced their debt by efficiency and became the most productive automaker of their time in the 1970's. america has the ability to return to our productive time but only through leadership. i'm looking forward to the president's remarks.

Johnny Isakson

2:13:54 to 2:14:14( Edit History Discussion )

Johnny Isakson: i hope he'll be a lee iaococca. i hope he won't play politics. all of us have got to decide to put everything on the table and make sure we prioritize america's future and debt our debt and deficit under control. i just had the georgia hospital association leave my office. i'll tell you the last thing i told them. they were talking about please make sure we don't cut this,

Johnny Isakson

2:14:15 to 2:14:36( Edit History Discussion )

Johnny Isakson: that, and the other. i said, you know, medicine is 17% of gross domestic product, but it's 80% of our challenge in terms of medicare and medicaid with future years in terms of the deficit. we're going to have to put everything in on the table. we're going to have to rein our debt. i fear the administration, through the health care bill

Johnny Isakson

2:14:37 to 2:14:57( Edit History Discussion )

Johnny Isakson: that passed in december of 2009 and was signed last year in march is a bill that's overly per descriptive, -- per descriptive and disincentivizes competition. i hope that the president will be open in terms of bringing about competition, making our citizens consumers, making sure

Johnny Isakson

2:14:58 to 2:15:19( Edit History Discussion )

Johnny Isakson: that we have the best delivery of health care in the world, not a government that tries to manage everything. we have a serious problem but we're a great country. we're as great country where republicans and democrats need to sit down. they need to make decisions that are in the best interests of their future. i close with this, and i commend senator corker tremendously on the cap act.

Johnny Isakson

2:15:20 to 2:15:40( Edit History Discussion )

Johnny Isakson: it is the right way to go. but i also want to bring up the biennial budget. i know you're the budget ranking member and the budget chairman. i have talked to the budget chairman, chairman conrad, about this. but we have an example that works, and that's to change the way we do our business. in the last three years, we have had four hours of debate on spending $10 trillion. i want to repeat that.

Johnny Isakson

2:15:41 to 2:16:01( Edit History Discussion )

Johnny Isakson: in the last three years, we have debated four hours the expenditure of $10 trillion. that is not the way to run a railroad. we need to change our process from an annual appropriation to a by annual appropriation, where we appropriate money in to spend the even-numbered years -- which by coindense are the election years -- looking for savings, waste, and

Johnny Isakson

2:16:02 to 2:16:22( Edit History Discussion )

Johnny Isakson: reprioritizing the way we spent our money. i know you on the budget committee, i know senator conrad, i know myself. if i'm given the time and the task of finding savings or overexpenditures, if i'm given the charge of doing so, i can do it. but if i'm told come if in january, raise your hand, get sworn in, and by october pass the spending and next year we'll do it all over again, what

Johnny Isakson

2:16:23 to 2:16:43( Edit History Discussion )

Johnny Isakson: happens? you spend too much money. it's human nature. the american people ask of us only to do what they have had to do. they don't have the luxury of too much leverage. if they borrow too much, they go bankrupt. we need to empower the american people by the congress doing what the american people do. i think the budget, senator hatch, and a number of senators

Johnny Isakson

2:16:44 to 2:16:55( Edit History Discussion )

Johnny Isakson: have introduced the balanced budget amendment. those are three components that change the paradigm, change the process and i guarantee will change the result. mr. sessions: thank you. i couldn't agree more.

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