Video archive of the US Congress

Senate Proceeding on Apr 13th, 2011 :: 2:21:25 to 2:24:50
Total video length: 9 hours 11 minutes Stream Tools: Stream Overview | Edit Time

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Jeff Sessions

2:21:22 to 2:21:42( Edit History Discussion )

Jeff Sessions: and now we have got this situation where we're spending so much more money than we're taking in and the numbers are so big that we're not -- they're so big, it's hard to be as afraid of them as we should be because who knows how much money money $3.8 trillion is? it's not just senators and house members. i don't think the secretary of the treasury really knows how much money that is, but we're

Jeff Sessions

2:21:25 to 2:24:50( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

2:21:43 to 2:22:04( Edit History Discussion )

Jeff Sessions: spending way more than we're taking in. and have we ever -- senator, have we ever had a time before when neither house of the congress passed a budget, that you're aware mr. sessions: i'm not aware of it, and we are now 700 i think in 15 days -- we are now 715

Jeff Sessions

2:22:05 to 2:22:27( Edit History Discussion )

Jeff Sessions: days i think without a budget. this is particularly problematic since we're facing such a knowledge debt crisis. secretary treasury geithner came before the budget committee. i asked him a number of questions. i asked him about the rogoff and reinhart study that says when your debt reaches over 90% of your economy, 90% of g.d.p.,

Jeff Sessions

2:22:28 to 2:22:49( Edit History Discussion )

Jeff Sessions: that it causes the economy to slow down, be dragged down by that debt, 1% of g.d.p. so if it was going to increase at 3%, it would increase at and this amounts to another study says a million jobs. 1% of g.d.p. growth is a million new jobs added, so it' serious. and i asked him was that true.

Jeff Sessions

2:22:50 to 2:23:11( Edit History Discussion )

Jeff Sessions: by the way, i think my colleagues are aware that passed 95% of g.d.p. today, we are over the 90% mark, and by september 30 are projected to be 100%. so we're well above the number. and this was the answer. the true number is not the

Jeff Sessions

2:23:12 to 2:23:34( Edit History Discussion )

Jeff Sessions: public debt but the gross debt, and the gross debt would be 100% by the end of september. mr. geithner says yes, he agrees with the study that shows it pulls down growth and added it's in many ways that because it could lead to a debt crisis, the kind of

Jeff Sessions

2:23:35 to 2:23:59( Edit History Discussion )

Jeff Sessions: erskine has charged to head the debt commission, has warned could happen. so we have a responsibility to lead the nation that avoids us undertaking a crisis that we can see coming. i mean, we have a clear and

Jeff Sessions

2:24:00 to 2:24:21( Edit History Discussion )

Jeff Sessions: present danger to the american republic, this debt. and president clinton's chief of staff, that charged to head the debt commission by president obama, said we are facing the most predictable debt crisis within our history, and it can happen within two years, he testified. so i think this is really serious.

Jeff Sessions

2:24:22 to 2:24:42( Edit History Discussion )

Jeff Sessions: i see my -- so i think we have got to change the business, and i think the momentum from the american people in this past election was basically a statement that don't know what the problem is because it's all convoluted, but i just believe as you indicated at the beginning that the american people have a right to

Jeff Sessions

2:24:43 to 2:24:50( Edit History Discussion )

Jeff Sessions: say get it together and fix this problem. mr. blunt: and if the gentleman would yield for just another moment, i would say that while

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