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Senate Proceeding on May 11th, 2011 :: 2:13:15 to 2:31:15
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Jeff Sessions

2:13:10 to 2:13:32( Edit History Discussion )

Jeff Sessions: headlining in the "hill" today reads -- quote -- "budgets everywhere but in the a single one has the votes to pass." close quote. well, that's not exactly correct. in reality, there is only one budget that has been presented, publicly debated, worked on in committee, shared with the

Jeff Sessions

2:13:15 to 2:31:15( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

2:13:33 to 2:13:53( Edit History Discussion )

Jeff Sessions: american people, and passed on the floor, and one has, and that is the budget of the republican house. paul ryan led the fight on that, and it is a courageous, serious budget that would restore fiscal sanity and prosperity to this nation.

Jeff Sessions

2:13:54 to 2:14:15( Edit History Discussion )

Jeff Sessions: it deals with a short-term funding crisis and long-term stability of our financial system. by -- we had another budget presented. that was presented by president obama. it was an irresponsible budget. the budget presented by

Jeff Sessions

2:14:16 to 2:14:37( Edit History Discussion )

Jeff Sessions: president obama to the senate -- it's about this thick, required by law, the president, to submit one every year, has some 500 people on this staff in the budget office that helps prepare that -- that budget analyzed by the congressional budget office, our independent group of analyst analysts, was found to not

Jeff Sessions

2:14:38 to 2:15:01( Edit History Discussion )

Jeff Sessions: reduce the debt path we're on but to actually increase the debt over ten years more than would occur based on the congressional budget office baseline we're already on. substantially, $2 trillion more. it had tax increases in it too. this is not a responsible budget.

Jeff Sessions

2:15:02 to 2:15:23( Edit History Discussion )

Jeff Sessions: it was never received responsibly in the senate, not by the independent commentators. they all said it failed to do the job that we have to do. and i have to say by contrast to the house, there still is no senate democratic budget.

Jeff Sessions

2:15:24 to 2:15:44( Edit History Discussion )

Jeff Sessions: a budget is set up to be passed by simple majority. the majority party has the responsibility -- and always does; sometimes meet it, sometimes not -- to present a budget. so no action has even been scheduled in the budget committee. no plan has been shared with the american public resolution has been brought up

Jeff Sessions

2:15:45 to 2:16:06( Edit History Discussion )

Jeff Sessions: for a vote. in fact, it has been 742 days since the senate passed a budget. two years. so the democratic-led senate has missed the statutory deadline of april 15 to produce a budget for

Jeff Sessions

2:16:07 to 2:16:28( Edit History Discussion )

Jeff Sessions: the second year in a row. in fact, as a statutory requirement, the committee starts its work by april 1. we haven't begun it yet now, well into may. so is there any wonder that this country is in a financial crisis, that we're not containing spending when we don't even have a budget, we

Jeff Sessions

2:16:29 to 2:16:52( Edit History Discussion )

Jeff Sessions: didn't even bring one up to the floor last year? majority leader reid chose not to bring the budget, a budget to the floor for debate, even attempt to pass a budget. so we are in the middle of a fiscal crisis. there is no doubt that the single greatest threat to

Jeff Sessions

2:16:53 to 2:17:15( Edit History Discussion )

Jeff Sessions: america at this point in time is the financial situation we're in. this year we will spend, by september 30, moving on to that day, $3.7 trillion.

Jeff Sessions

2:17:16 to 2:17:36( Edit History Discussion )

Jeff Sessions: we'll bring in in revenue, $2.2 trillion. 40 cents of every dollar we're spending this year is borrowed. it's an unsustainable path, as every expert has told us in the budget committee, where i'm ranking republican there. we've heard witness after witness, democrat and republican.

Jeff Sessions

2:17:37 to 2:17:57( Edit History Discussion )

Jeff Sessions: the president's own debt commission tell us we're on an unsustainable path. mr.er -- mr. erskine bowles, the man chosen by president obama to head the fiscal commission president obama himself established, told us that along

Jeff Sessions

2:17:58 to 2:18:18( Edit History Discussion )

Jeff Sessions: with a loan simpson, his cochairman, that this nation has never faced a more predictable financial crisis. we're heading right to it. it's going to hammer us. not to our grandchildren and great-grandchildren.

Jeff Sessions

2:18:19 to 2:18:39( Edit History Discussion )

Jeff Sessions: if we don't get off this course the bond markets are going to revolt. we're going to have a serious financial crisis of some kind that's not going to be good for this economy. when asked such a crisis could occur, mr. bowles said two years; maybe a little less, maybe a little more. alan simpson said "i think it could be one year." these are independent people who

Jeff Sessions

2:18:40 to 2:19:04( Edit History Discussion )

Jeff Sessions: love america. they're warning us we need to take action now. and the president's budget simply doesn't get it. the american people are not happy with us.

Jeff Sessions

2:19:05 to 2:19:26( Edit History Discussion )

Jeff Sessions: they think we're not meeting our responsibilities. are they right? they hammered a lot of big spenders in the last election. were they right? i totally believe that they're right. i totally am of the view there

Jeff Sessions

2:19:27 to 2:19:47( Edit History Discussion )

Jeff Sessions: is no way this country should be in the debt situation we are in. it should never ever, ever have happened. i opposed a lot of this spending. i'd like to think i was more vigorous than most in warning against it, but i don't think i've done enough.

Jeff Sessions

2:19:48 to 2:20:12( Edit History Discussion )

Jeff Sessions: there's no reason we're spending -- we're borrowing 40 cents out of every dollar we spend. it threatens our future. we will double the entire debt of our country in four years under the president's watch. when he leaves office, completes his four-year term, he will have doubled the entire debt of

Jeff Sessions

2:20:13 to 2:20:33( Edit History Discussion )

Jeff Sessions: it continues to be dangerous. now as we know, budget chairman, senator conrad, has been meeting privately with his democratic caucus. it's been in the press, to try to finally bring some sort of budget forward. and the democrats apparently

Jeff Sessions

2:20:34 to 2:20:58( Edit History Discussion )

Jeff Sessions: have been unable to do so tpr-rbgs reports we see -- to do so, from reports we see because the big spenders in their caucus cannot support a plan that would actually get the job done and put us on a sound financial path, and they can't produce a plan that will withstand public scrutiny apparently, that the american people would support.

Jeff Sessions

2:20:59 to 2:21:20( Edit History Discussion )

Jeff Sessions: so they have a difficult problem. this was shown as reported in "the hill" because chairman conrad, who i think served on the debt commission, i believe fully understands the danger this country faces.

Jeff Sessions

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

Jeff Sessions: he's repeatedly acknowledged that. i really respect senator conrad's insight into the challenges this country faces. but apparently his proposal which, i assume, was going to be somewhat better than president

Jeff Sessions

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

Jeff Sessions: obama's failed to win the support of his conference and of senator bernie sanders, who is an open and gutsy senator, who's open and about what he believes, but who has described himself as

Jeff Sessions

2:22:05 to 2:22:26( Edit History Discussion )

Jeff Sessions: a socialist and is the senate's most powerful advocate for bigger government. he's a member of the budget committee. the reason senator sanders' vote became important waus because the -- was because the democrats have apparently been working to pass a budget through committee without republican votes. they don't expect to get republican votes.

Jeff Sessions

2:22:27 to 2:22:49( Edit History Discussion )

Jeff Sessions: and the committee only has one more democrat than republicans, so the chairman needs senator sanders' vote if he wants to get the budget out of committee. so here's an excerpt from "the hill" -- quote -- "reid said senator conrad presented to the democratic caucus a 50-50 split when asked about the preferred

Jeff Sessions

2:22:50 to 2:23:10( Edit History Discussion )

Jeff Sessions: ratio of spending cuts to tax increases. conrad has moved his budget proposal to the left in order to gain the support of senator bernie sanders, an outspoken progressive on the budget panel." close quote. you know, "progressive" is a new word they're using now for big-government types.

Jeff Sessions

2:23:11 to 2:23:32( Edit History Discussion )

Jeff Sessions: they think they want to take more money from the american people because they believe they know how to better spend the american people who earned it. they want to take it and spread it around the way they want to spend it. well, this is a remarkable turn of events, i've got to say. it's particularly stunning because the president's budget repudiated for its dramatic

Jeff Sessions

2:23:33 to 2:23:53( Edit History Discussion )

Jeff Sessions: levels of spending and taxes, claimed that there was a three to one ratio of spending cuts to tax hikes. we cut spending $3 for every one tax hike is what the president said. chairman conrad has indicated that would have been his choice;

Jeff Sessions

2:23:54 to 2:24:15( Edit History Discussion )

Jeff Sessions: he praised that. and he claims he favored that same ratio. i don't think that's necessarily a good ratio. i think we need to reduce spending more than that. taken literally, what this means is that senator conrad has in a fundamental respect moved his plan to the left of the

Jeff Sessions

2:24:16 to 2:24:36( Edit History Discussion )

Jeff Sessions: president and the fiscal commission, which also proposed a plan that actually did reduce spending $3 for every $1 in tax increases, or pretty close to that, pretty fairly in their numbers without gimmicks. came close to achieving that,

Jeff Sessions

2:24:37 to 2:24:58( Edit History Discussion )

Jeff Sessions: not quite but came close to. the president's budget was so gimmicked that it really did not achieve $3 in spending cuts for every $1 of tax increases. it did not, wasn't correct for him to say that. it is important to note that the president and the fiscal commission used a baseline which

Jeff Sessions

2:24:59 to 2:25:20( Edit History Discussion )

Jeff Sessions: assumes tax rates will go up. fairly analyzed those plans rely much more heavily on taxing than those ratios indicate, as i said, and the fear that the composition of this new democratic budget proposal may not even meet the 50-50 plan

Jeff Sessions

2:25:21 to 2:25:41( Edit History Discussion )

Jeff Sessions: they have said. the others haven't in terms of taxes and spending cuts. so the merits of this 50-50 split between savings and taxes is both a question of philosophy and economics. philosophically the american people do not want washington to continue raising taxes to pay

Jeff Sessions

2:25:42 to 2:26:02( Edit History Discussion )

Jeff Sessions: for larger and larger spending. american families should not be punished for the sins and excess of washington. according to the c.b.o., we're going to spend $45 trillion over the next ten years. the senate democratic plan, which no one is likely to see until after the committee

Jeff Sessions

2:26:03 to 2:26:25( Edit History Discussion )

Jeff Sessions: meets -- that's what we've been told. we won't see it until it's plopped down at the beginning of the committee markup where amendments are supposed to be offered, at least soon thereafter. their own plan, at least from what we read about it, says it

Jeff Sessions

2:26:26 to 2:26:47( Edit History Discussion )

Jeff Sessions: will cut or save just $2 trillion over -- out of $45 trillion over the next ten years. the american people know there's much, much more we can and must do to bring this government under control and to achieve real balance in this country. balance. what kind of balance, between raising taxes and cutting

Jeff Sessions

2:26:48 to 2:27:08( Edit History Discussion )

Jeff Sessions: spending 50-50? no. i tell you the balance we need. we need a balance that respects the american people, that reduces the growth in spending and wealth taken by washington and allows it to be kept by the american people who earned it. now, there's also a question of economics.

Jeff Sessions

2:27:09 to 2:27:30( Edit History Discussion )

Jeff Sessions: our committee has conducted an exhaustive survey of available research which conclusively shows that deficit-reduction plans that rely equally on saving money, reducing spending, and raising taxes are far less successful and result in far weaker economic growth than

Jeff Sessions

2:27:31 to 2:27:53( Edit History Discussion )

Jeff Sessions: those plans which rely on cutting spending. we will release a white paper very soon that will share these findings with my colleagues and with the country. it's very important that we understand this. what history is showing to us is that when you reduce spending,

Jeff Sessions

2:27:54 to 2:28:16( Edit History Discussion )

Jeff Sessions: you get more growth and more prosperity than increasing spending and increasing taxes. here is what some of the -- is one example of the many studies that we analyze and that will be released soon. this is a goldman sachs study by their analyst ben broadbent and

Jeff Sessions

2:28:17 to 2:28:38( Edit History Discussion )

Jeff Sessions: kevin daley. the report resulted from a cross national study of fiscal reforms that -- quote -- "in a review of every major fiscal correction in the oecd" -- that's the organization of economic cooperation and development. that is the world's most

Jeff Sessions

2:28:39 to 2:29:00( Edit History Discussion )

Jeff Sessions: developed economists. "since 1975 we find that decisive budgetary adjustments that have focused on reducing government expenditure have, one, been successful in correcting fiscal imbalances. two, typically boosted economic growth.

Jeff Sessions

2:29:01 to 2:29:21( Edit History Discussion )

Jeff Sessions: and, three, resulted in a significant bond and equity market outpeformance. in other words, the stock market and the bond market improved, and both of those are a bit shaky now after some rebound. tax-driven fiscal -- tax-driven,

Jeff Sessions

2:29:22 to 2:29:42( Edit History Discussion )

Jeff Sessions: that means tax increases, fiscal adjustments by contrast typically fail to correct fiscal imbalances and are damaging growth." close quote. that's the goldman sachs study. half our u.s. treasury department has been manned by people who served at one time or

Jeff Sessions

2:29:43 to 2:30:04( Edit History Discussion )

Jeff Sessions: another at goldman sachs, and they're not considered a right-wing group. but that's what their analyst has said to us. so the senate, i believe, should heed the large body of research showing that spending cuts on basic economic level work better than trying to drain more out of the economy by way of taxes.

Jeff Sessions

2:30:05 to 2:30:26( Edit History Discussion )

Jeff Sessions: in other words, the senate should produce a budget based on facts. they should produce a budget that grows the economy, that imposes real spending discipline on washington. they should produce a budget without gimmicks and empty promises. they should produce this budget

Jeff Sessions

2:30:27 to 2:30:47( Edit History Discussion )

Jeff Sessions: publicly, openly and allow the american public to review it before the committee considers it. they should produce a budget that the american people deserve, a an honest budget that spares our children from both the growing burden of debt and the growing budget of an

Jeff Sessions

2:30:48 to 2:31:11( Edit History Discussion )

Jeff Sessions: intrusive big government. i hope that we can continue to have the opportunity to talk about this issue. it's the right thing that the american people be engaged in it, and i have to say, i feel like we've failed in our

Jeff Sessions

2:31:12 to 2:31:16( Edit History Discussion )

Jeff Sessions: responsibility to conduct here, and hark -- hearings and

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