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Senate Proceeding on May 4th, 2011 :: 0:07:30 to 0:18:40
Total video length: 8 hours 58 minutes Stream Tools: Stream Overview | Edit Time

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Mitch McConnell

0:07:20 to 0:07:40( Edit History Discussion )

Mitch McConnell: the world on terror. at home, gas prices are straining budgets and threatening to stall the economic rebound we've all been waiting for. millions of men and women across the country still can't find a job. and the two major parties have now presented competing visions of our economic future. republicans have shown that we are committed to creating an

Mitch McConnell

0:07:30 to 0:18:40( Edit History Discussion )
Speech By: Mitch McConnell

Mitch McConnell

0:07:41 to 0:08:02( Edit History Discussion )

Mitch McConnell: environment in which the private sector -- the private sector -- can flourish and create the jobs americans need. as part of that effort, we've outlined a comprehensive jobs agenda yesterday, and today we'll oppose prematurely ending debate on the small business bill. the other side has refused to allow votes on some of the best

Mitch McConnell

0:08:03 to 0:08:24( Edit History Discussion )

Mitch McConnell: ideas republicans have offered for creating jobs as part of this legislation, including an important amendment by the ranking member of the small business committee, senator snowe, and we intend to oppose their effort to short circuit this debate until these amendments are allowed. republicans are also committed to stopping the administration's inexcusable war on american

Mitch McConnell

0:08:25 to 0:08:48( Edit History Discussion )

Mitch McConnell: energy at a time of near record gas prices, and we're committed to repealing the democratic health care bill that is already raising costs and destroying jobs. but hovering above all of this is a growing fear about our nation's debt. the administration knows this,

Mitch McConnell

0:08:49 to 0:09:09( Edit History Discussion )

Mitch McConnell: that's the reason for tomorrow's debt meeting at the white house. this morning i'd like to start right there because anyone who's felt even the slightest tweupbg tweupbg -- twinge of pain has a vested in this debate.

Mitch McConnell

0:09:10 to 0:09:31( Edit History Discussion )

Mitch McConnell: if we don't reduce our debt this country could make the meltdown of 2008 look like a slow day on wall street. that's not my conclusion. that's the conclusion of the democratic cochair of president obama's own debt commission, a man who has spent the last year looking at the issue from every conceivable angle and who's now telling anyone who will listen

Mitch McConnell

0:09:32 to 0:09:53( Edit History Discussion )

Mitch McConnell: that america faces, in his words, the most predictable -- the most predictable -- economic crisis in history. few of us saw the last crisis materialize. this one we can see, and a growing number of people now recognize that the upcoming vote on the debt limit provides us with the single-best opportunity

Mitch McConnell

0:09:54 to 0:10:14( Edit History Discussion )

Mitch McConnell: we have to avoid this crisis before it strikes. this is the moment -- this is the moment -- to get serious about preventing this approaching crisis and to show the world that we can come together and not for the sake of party but for all americans. the world is waiting for america to get its fiscal house in order.

Mitch McConnell

0:10:15 to 0:10:36( Edit History Discussion )

Mitch McConnell: the fact that members of both major parties are now showing a willingness to do so is certainly an encouraging sign. but if we're actually going to do this, more democrats in washington have to acknowledge the problem and the urgency of addressing it right now in a serious way. now, i realize that for some people that's a difficult thing to do.

Mitch McConnell

0:10:37 to 0:10:57( Edit History Discussion )

Mitch McConnell: we're all grateful for the president's decisiveness over the weekend in going after osama bin laden. he is to be congratulated for it. yet, over the past two years we've had many crises, and all too often it seemed the hardest decision for the president wasn't whether to solve the crises, but whether or not to give a speech about them.

Mitch McConnell

0:10:58 to 0:11:19( Edit History Discussion )

Mitch McConnell: last year we waited for literally weeks to hear the president's position on one of the biggest ecological disasters in history, and throughout the past winter and spring we waited to hear what he thought about a debt that had spiraled so out of control that america's economic outlook had been downgraded -- downgraded -- to negative for the first time ever.

Mitch McConnell

0:11:20 to 0:11:40( Edit History Discussion )

Mitch McConnell: we can't wait for the president on this one. the consequences of sweeping our problems under the rug again are just too tkpwraeufplt so let me be -- are just too great. so let me be khraoerbgs as even some democrats conceded, a failure to do anything about the debt would be far, far more harmful to our economic future

Mitch McConnell

0:11:41 to 0:12:01( Edit History Discussion )

Mitch McConnell: than a failure to raise the debt limit. far more harmful. the warnings are simply too loud to ignore. in early 2008, most of us had no idea we were headed for a financial crisis. it surprised us all. only a few prophetic voices were saying anything about the dangers in the housing market.

Mitch McConnell

0:12:02 to 0:12:23( Edit History Discussion )

Mitch McConnell: over the past few years we've seen the painful consequence of that crisis: unemployment lines, lost savings, millions of homes foreclosed. despite this largely unforeseen economic catastrophe, the american people have dug in. they've worked harder. they've tried to drag the country back to fiscal health.

Mitch McConnell

0:12:24 to 0:12:45( Edit History Discussion )

Mitch McConnell: it hasn't been easy, but they've struggled every day to get us back on our feet. what i'm saying this morning is that the danger posed by the debt is not uncertain. it's coming right at us. right at us. it is, as the cochair of the president's debt commission put it, the most predictable crisis

Mitch McConnell

0:12:46 to 0:13:07( Edit History Discussion )

Mitch McConnell: in our history. and anyone who is more concerned about raising the debt ceiling than in using this debate as an opportunity to prevent this predictable crisis will answer for it. the american people will make sure of it. now some may continue to deny that we need to do something

Mitch McConnell

0:13:08 to 0:13:31( Edit History Discussion )

Mitch McConnell: about the debt, but the only thing we need to do is to raise the debt limit and leave it at that. they want people to think this is all about some political exercise and that we all just vote according to the president's political affiliation anyway. well, those days are over. anyone who continues to pretend

Mitch McConnell

0:13:32 to 0:13:52( Edit History Discussion )

Mitch McConnell: otherwise isn't just deluding themselves. they're deluding the american people as well. there isn't a single one of us who hasn't vowed to do everything in our power to prevent the next crisis from happening. now we know for certain -- absolutely certain -- it's on the way unless we act to prevent it. raising the debt limit alone

Mitch McConnell

0:13:53 to 0:14:14( Edit History Discussion )

Mitch McConnell: won't prevent this crisis. it simply avoids it. and that's why the only way we can claim we've actually done something meaningful in this debate is to insist on meaningful reforms as the price of our vote. yes, we've had clean debt ceiling votes before.

Mitch McConnell

0:14:15 to 0:14:35( Edit History Discussion )

Mitch McConnell: that was before s&p gave us a negative outlook for the first time ever and told us we risk a downgrade unless we get our fiscal house in order. that was before the world's largest private holder of u.s. treasuries dumped its share of u.s. debt. that was before a commission that had spent a year studying

Mitch McConnell

0:14:36 to 0:14:56( Edit History Discussion )

Mitch McConnell: this issue told us we're headed for ruin unless we act to prevent it. that was before this administration added trillions to the debt and submitted a budget plan this year that called for another $13 trillion in debt over the next ten years alone.

Mitch McConnell

0:14:57 to 0:15:18( Edit History Discussion )

Mitch McConnell: madam president, the crisis is here. the time to act is now. we hear a lot from administration officials about what a catastrophe it would be if we didn't raise the debt ceiling. and there may very well be some merit to that argument. but what good would it do to

Mitch McConnell

0:15:19 to 0:15:40( Edit History Discussion )

Mitch McConnell: raise the limit and wait for the disaster to strike? we might as well tell people to move to the second floor in case of a fire on the first floor. my constituents don't have the jobs to lose. kentucky doesn't have the wealth to give away. we've seen the consequences

Mitch McConnell

0:15:41 to 0:16:01( Edit History Discussion )

Mitch McConnell: after recession we didn't predict. there's no excuse not to do everything in our power to prevent we know is coming. so let me suggest a way forward in this debate. number one, pitting one group of americans against another isn't going to solve the problems.

Mitch McConnell

0:16:02 to 0:16:23( Edit History Discussion )

Mitch McConnell: in fact, it's part of the problem. we all know it's going to take all of us working together to get out of this crisis so why don't we start acting like it? number two, there aren't enough taxes american, rich or poor, can pay to sustain the kind of spending democrats in washington

Mitch McConnell

0:16:24 to 0:16:45( Edit History Discussion )

Mitch McConnell: want. the president may say he wants to tax the rich, but sooner or later he's going to have to tax everyone else to pay for his plans. what's more, we all know that raising taxes would stall the rebound we all claim we want. so let's just admit we don't have a revenue problem.

Mitch McConnell

0:16:46 to 0:17:06( Edit History Discussion )

Mitch McConnell: we have a spending problem. three, we all know entitlements need to be part of this discussion. it's about time everyone starts acknowledging it. i've seen the ads about lawmakers voting to end medicare. let's be honest and admit that nobody's talking about taking

Mitch McConnell

0:17:07 to 0:17:27( Edit History Discussion )

Mitch McConnell: anybody's medicare. frankly, it's pathetic to claim otherwise and it only makes the problems harder to solve. four, let's discuss the art of the possible. we all know tax increases won't pass the house because of the damage they do to family budgets and businesses.

Mitch McConnell

0:17:28 to 0:17:48( Edit History Discussion )

Mitch McConnell: and a bipartisan majority in the senate opposes raising taxes on families, on energy productions, and small businesses across america. so let's set that aside and find common ground. everyone has a stake in this debate. if we face up to it like adults, we'll not only prevent a crisis,

Mitch McConnell

0:17:49 to 0:18:13( Edit History Discussion )

Mitch McConnell: we'll preserve our common way of life and we'll show the world the united states can solve its problems head on. millions of americans are looking for work and struggling every day to rebuild their lives. families and small businesses are being squeezed by gas prices and an administration that refuses to do anything about it. we'll have debates about this

Mitch McConnell

0:18:14 to 0:18:34( Edit History Discussion )

Mitch McConnell: and n- the taste ahead -- in the days ahead and republicans will continue to make the case for tapping our own energy resources. we'll make the case against taxes and regulations and an energy law that is stifling new jobs and creating burdens. it's time to show we can tackle the big stuff.

Mitch McConnell

0:18:35 to 0:18:42( Edit History Discussion )

Mitch McConnell: the stakes are too high to let this debate come and go without acting.

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