Video archive of the US Congress

Senate Proceeding on May 16th, 2011 :: 4:20:30 to 4:30:50
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Charles Schumer

4:20:07 to 4:20:31( Edit History Discussion )

Charles Schumer: by the ryan amendment, which almost every republican in the house voted for, begins with ending medicare as we know it. that's a bright-line difference between our side and theirs. we know what choice the american people want us to maifnlg make. i yield the

Sherrod Brown

4:20:30 to 4:30:50( Edit History Discussion )
Speech By: Sherrod Brown

Sherrod Brown

4:20:32 to 4:20:54( Edit History Discussion )

Sherrod Brown: i yield the floor. the presiding officer: the senator from ohio. mr. brown: thank you, mr. president. i ask unanimous consent that morning business be extended until 8:00 p.m. for debate only with senators -- for debate only with senators permitted to speak for up to ten minutes each. the presiding officer: without objection. mr. brown: thank you, mr. president. i want to thank the senior senator from new york who has been a real leader on this issue

Sherrod Brown

4:20:55 to 4:21:16( Edit History Discussion )

Sherrod Brown: to bring more tax fairness to the american people and take away the subsidies of companies that -- there's just five companies that absolutely don't need those subsidies, and to help deal with the budget d and we can do that with one simple step that far fume conservative -- that far too many conservative politicians in this

Sherrod Brown

4:21:17 to 4:21:37( Edit History Discussion )

Sherrod Brown: country are are resisting. we first of all know, mr. president, that our nation's spending in its budget should reflect our nation's priorities, should reflect our investments in education, infrastructure, how it will strengthen our economic competiveness, whether in west virginia or ohio, through the

Sherrod Brown

4:21:38 to 4:21:59( Edit History Discussion )

Sherrod Brown: entrepreneurship of small businesses. it should also reflect our priorities to create jobs here at home to encourage companies to invest in clean energy, to end our nation's dependence on foreign, dirty oil. last week, unfortunately, we heard just how out of touch some politicians and their benefactors in the oil industry are with the real priorities and

Sherrod Brown

4:22:00 to 4:22:20( Edit History Discussion )

Sherrod Brown: real problems facing our nation. huge federal budget deficits, $4-a-gallon gas, americans struggling to find a job or put food on the table, even if they are employed. i got a letter recently -- laurie from lakewood, ohio, wrote "this recession has hurt our family budget for the past

Sherrod Brown

4:22:21 to 4:22:41( Edit History Discussion )

Sherrod Brown: three years. my husband and i have had our pay reduced. we cut our expenses don't, go out to eat to movies or to department stores. my husband and i are both working second jobs to keep food on the table the. we car pool and do everything we can. i'm at the end of the i don't know where tolls cut. i don't have the option of not

Sherrod Brown

4:22:42 to 4:23:04( Edit History Discussion )

Sherrod Brown: putting gas in my tank because i have to get to my jobs. if you can do anything, it would help so many of us who are struggling." laurie's story is similar to that of so many americans and so many oweians from ash at that beulah to hamilt lime. the working mom who drives from

Sherrod Brown

4:23:05 to 4:23:26( Edit History Discussion )

Sherrod Brown: home to the big cities to work downtown, truck drivers in toledo where high gas prices jeopardize their ability to operate and transport products across the country, small business owners in l zanesville, fenly and mansfield and chillicothe who worry that high gas prices cut into already razor-thin margins where money

Sherrod Brown

4:23:27 to 4:23:48( Edit History Discussion )

Sherrod Brown: spent on gas means less spent on goods and services. their stories stand in shopper contrast to what he we heard last week when the c.e.o.'s of the five largest oil companies testified to the senate finance committee. theyen sissed on holding on to those -- they insisted on holding on to those tax loopholes that they said before dhee want and they've

Sherrod Brown

4:23:49 to 4:24:09( Edit History Discussion )

Sherrod Brown: acknowledged they won't use to expand production. the common refrain we hear from conservative washington politicians is that just as americans -- american families are fighting -- or tightening their belts, so, too, should the federal government. just ask laurie and the thousands of other ohioans who work hard and play by the rules and are doing everything they can to get by.

Sherrod Brown

4:24:10 to 4:24:31( Edit History Discussion )

Sherrod Brown: what about big oil? they're doing just fine with windfall profits, billions and billions and billions. the five largest oil companies made $3 2 billion in profits in the first quarter of this year. based on that, over four quarters, over this full

Sherrod Brown

4:24:32 to 4:24:54( Edit History Discussion )

Sherrod Brown: calendar year of 2011, you can project five companies' profits being $128-plus billion. $128-plus billion. their profits are good. but when they're more than $30 billion in the first quarter alone, it is clear they don't need these taxpayer-funded giveaways. if americans spent 28% more for gas during the first month of

Sherrod Brown

4:24:55 to 4:25:16( Edit History Discussion )

Sherrod Brown: 2011, than they did in the first month of 2010. meanwhile, the big five oil companies made 38% more profits. the company -- companies then used a major portion of these additional profits by -- to buy back stock, enrismg their board of directors and senior managers

Sherrod Brown

4:25:17 to 4:25:39( Edit History Discussion )

Sherrod Brown: and large shareholders. these massive profits were possible by a misguided part. tax code, one that allows them to take care advantage of credits that are in fact meant to encourage american manufacturing. that's why the close big oil tax loopholes act is so important. the bill would end more than $2 billion of tax subsidy, deductions and royalty relief

Sherrod Brown

4:25:40 to 4:26:00( Edit History Discussion )

Sherrod Brown: that big companies receive each year. consumers are already paying $4 a gallon at the pump. they should not be forced to write another $2 billion check to companies that don't need it. but that's exactly what our tax code allows. it grants -- how do you put it any other way? it grants corporate welfare to big oil. it is unnecessary. it undermines the actual manufacturing that can create

Sherrod Brown

4:26:01 to 4:26:21( Edit History Discussion )

Sherrod Brown: jobs and strengthen our production of domestic clean energy. we should promote only those tax credits, only preslice those tax credits that constitute an effective use of tax dollars. for example, manufacturers from across ohio and the nation have benefited from the 48 advanced manufacturing tax credits that

Sherrod Brown

4:26:22 to 4:26:42( Edit History Discussion )

Sherrod Brown: help us move away from our dependence on foreign oil. 48-c leverage public incentives to attract private-sector investment. that means government and business working together to create jobs and build a clean energy economy. seven ohio companies were warded th 125 million in initial 48-c

Sherrod Brown

4:26:43 to 4:27:03( Edit History Discussion )

Sherrod Brown: funding in the first phase last year. these companies and their workers in bedford, ohio, cyrus, ohio, circleville, perisburg and toledo will retool their factories to build clean energy products from wind turbine bolts to energy-efficient lamps to state state-of-the-art solar

Sherrod Brown

4:27:04 to 4:27:24( Edit History Discussion )

Sherrod Brown: panel tech nosmtion i introduced the security and energy and manufacturing act to extend the 48-c program. the seamack would create grants to invest in more companies, especially small and medium-sized manufacturers that don't have tax liabilities or companies that struggle to find.

Sherrod Brown

4:27:25 to 4:27:46( Edit History Discussion )

Sherrod Brown: it is very different from what the oil industry is demondessing that they keep. because there's a -- their tax sniives accomplish none of this. we are asking that those start-up companies, those companies that are not yet so profitable, that they can take these 48-c tax credits because they simply don't have the tax liability yet. we're asking that those be part

Sherrod Brown

4:27:47 to 4:28:07( Edit History Discussion )

Sherrod Brown: of the code so those companies will get some assistance as they begin to grow their businesses and conserve energy this. would further promote u.s. clean energy manufacturing, ensuring our manufacturers produce more. instead ofate don't wanting this

Sherrod Brown

4:28:08 to 4:28:30( Edit History Discussion )

Sherrod Brown: incentive, westin republican opposition in the senate and republican opposition in the house forces us to continue to allow big oil to exploit the manufacturing deduction to extract oil from the ground. they don't need anymore incentive to drill for oil when they're getting close to $100 a barrel. that's not -- what they're doing is not manufacturing in any sense of the word.

Sherrod Brown

4:28:31 to 4:28:51( Edit History Discussion )

Sherrod Brown: we need a more comprehensive reexamination of the corporate tax code. in the meantime, though, mr. president, we should all be able to agree that there's simply no justification for continuing tax subsidies to companies that have no need for them. this legislation is modest. it's only in the scheme of a huge federal budget -- in the

Sherrod Brown

4:28:52 to 4:29:14( Edit History Discussion )

Sherrod Brown: consume of $125 billion a year profits for the oil company, its only in the scheme of that a first step. after removing these unnecessary tax loopholes, the senate should work on cracking down on both reckless wall street speculators and opec members who manipulate prices through collusion and price-fixing.

Sherrod Brown

4:29:15 to 4:29:36( Edit History Discussion )

Sherrod Brown: one step is take away the tax subsidies where middle-class families in dayton and akron and canton and youngstown and charleston and beckley are taking -- take being away -- they're reaching into their pocket and giving to the oil company. at the same time, the administration needs to crack

Sherrod Brown

4:29:37 to 4:29:57( Edit History Discussion )

Sherrod Brown: down on wall street speculators who are gaming the system as they manipulate prices with opec nations through collusion and price-fixing. by taking these necessary steps, we show our spending and our tax code and our budget can reflect how we can fuelly these the priorities. mr. president, the time to act is is now. i ask my colleagues, my more

Sherrod Brown

4:29:58 to 4:30:18( Edit History Discussion )

Sherrod Brown: conservative colleagues here, to join us. we can -- it is a pretty easy step to move forwards a better fiscal situation, a more coherent budget policy that we eliminate these tax subsidies that have gone to america's five largest oil companies, some of the most profita frankly in the history of the world. mr. president, i yield the

Sherrod Brown

4:30:19 to 4:30:39( Edit History Discussion )

Sherrod Brown: floor. i suggest the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call:

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