Video archive of the US Congress

Senate Proceeding on May 4th, 2011 :: 1:11:30 to 1:14:20
Total video length: 8 hours 58 minutes Stream Tools: Stream Overview | Edit Time

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Tom Harkin

1:11:26 to 1:11:46( Edit History Discussion )

Tom Harkin: he's absolutely right. when you look at the budget deficit and the debt and the impact it's having on our economy today, it is clear that we need constraints here. 49 states have a balanced budget requirement. when i'm back home talking to our cities and counties and their struggles with balancing their own budgets, they ask me

Tom Harkin

1:11:30 to 1:14:20( Edit History Discussion )
Speech By: Tom Harkin

Tom Harkin

1:11:47 to 1:12:07( Edit History Discussion )

Tom Harkin: how can washington continue to spend so much money they don't have? 40 cents of every dollar washington spends today is borrowed money. clearly that restraint is need. and it's important to get the economy back on track. often we talk about the record budget deficit and the $14 trillion debt in terms of its impact on future generations.

Tom Harkin

1:12:08 to 1:12:29( Edit History Discussion )

Tom Harkin: as the father of three, i'm very concerned about that, as we all should be because we're mortgaging their future in essence. spending today that they're going to have to pay back. but it's not just about what's going to happen in the future of our deficits and debts have gotten so big that they have an impact on today's economy. there is a study done recently

Tom Harkin

1:12:30 to 1:12:50( Edit History Discussion )

Tom Harkin: by a couple of respected economists rogoff and reinhart saying in looking around the world where a country's debt is up to 90% of the total economy, you have about a 1% decline in the g.d.p., or the growth in the economy. well, our growth was only 1.8% last quarter. that means it should have been at least 2.8% but for our debt

Tom Harkin

1:12:51 to 1:13:11( Edit History Discussion )

Tom Harkin: and deficit, because now our gross debt is 100% of our economy. so we went over that 90% threshold and we're impacting our economy today. you think about it, with all the government borrowing out there, it's crowding out private borrowing. and so there are fewer jobs being traded in america because the government is playing a

Tom Harkin

1:13:12 to 1:13:33( Edit History Discussion )

Tom Harkin: bigger and bigger role, crowding out the ability for small businesses to get a loan. i also join a lot of other folks in this chamber on both sides of the aisle in my deep concern about the possibility of a debt cris if we don't deal with these historic deficits or debts, and that could send our economy into a tailspin with kaoeu-high -- sky-high interest

Tom Harkin

1:13:34 to 1:13:54( Edit History Discussion )

Tom Harkin: rates, with inflation which is already rearing its ugly head again in this country. we need to address this issue both because it's the right thing to do for future generations. it's really a moral issue. but also because it does impact what's going on today in our economy and our ability to get this economy back on track and create jobs is so important to american families and, as i said

Tom Harkin

1:13:55 to 1:14:15( Edit History Discussion )

Tom Harkin: earlier, so important to us dealing with the fiscal problems because we've got to both restrain spending and grow the economy, increase economic activity which will increase revenues. madam chair, i'd like to ask if you could give knee a five-minute warning -- give me a five-minute warning when we have five minutes left in the colloquy today. with that i'd like to turn back

Tom Harkin

1:14:16 to 1:14:20( Edit History Discussion )

Tom Harkin: to my colleague from tennessee who started off this morning talking about the importance of

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