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Senate Proceeding on May 18th, 2011 :: 2:35:45 to 2:46:20
Total video length: 8 hours 32 minutes Stream Tools: Stream Overview | Edit Time

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Jeff Sessions

2:35:24 to 2:35:47( Edit History Discussion )

Jeff Sessions: session segregation i would ask that the quoru call be dispensed with. the presiding officer: without objection. mr. sessions: mr. president, yesterday the senate debated a bill to increase taxes on the production of oil and gas in the united states as well as the tens of thousands of americans that industry employs and really the millions of americans it serves.

Jeff Sessions

2:35:45 to 2:46:20( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

2:35:48 to 2:36:08( Edit History Discussion )

Jeff Sessions: we should have been debating a budget. in fact, the senate has not passed a budget for 749 days. but the majority decided to bring this bill to the floor yesterday in an effort, i think, to change some of the conversation from the problem at hand, which is our spending problem in washington.

Jeff Sessions

2:36:09 to 2:36:30( Edit History Discussion )

Jeff Sessions: today we borrow 40 cents of every dollar we spend. spending on domestic government agencies -- get this: domestic non-defense government agencies in the past two years increased 24%. that does not count the $700 --

Jeff Sessions

2:36:31 to 2:36:52( Edit History Discussion )

Jeff Sessions: almost $800 billion stimulus package added to it. the medicare trust fund will go bankrupt in 2024. the social security druft fund will be insolvent in 2036. in the past decade our nation's debt has increased from $5 trillion to $14 trillion. despite the gravity of our situation, the majority has

Jeff Sessions

2:36:53 to 2:37:15( Edit History Discussion )

Jeff Sessions: chosen to debate the bill to increase taxes on the oil and gas, an industry that employs 170,000 americans and a number are in my state, and added this past year 11,000 new jobs.

Jeff Sessions

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

Jeff Sessions: the $1.9 trillion in taxes -- $1.9 trillion in taxes have been generated by the industry since 1981. the reid-menendez bill would not have decreased prices at the pump but would have shipped more jobs overseas and really resulted in the importation of more oil and gas. whenever you tax something, you get less of it.

Jeff Sessions

2:37:38 to 2:37:59( Edit History Discussion )

Jeff Sessions: whenever you tax a refining process or whatever, you drive up the cost. it's just that simple. so we are all aware that gas prices have doubled in the president's first two years in office, and raising taxes on energy companies operating in america would do nothing to help that situation.

Jeff Sessions

2:38:00 to 2:38:21( Edit History Discussion )

Jeff Sessions: the real solution is for america to enact legislation that increases domestic american energy production. from a variety of sources: oil, natural gas, nuclear. we need to do more on nuclear. hydroelectric, biofuels and other sources of reliable energy

Jeff Sessions

2:38:22 to 2:38:43( Edit History Discussion )

Jeff Sessions: that americans can put to good use -- our energy. conservation is a very important factor and should play a very important role. america needs an energy policy that strengthens our national security, fosters economic growth, protects the environment in a reasonable and cost-effective manner.

Jeff Sessions

2:38:44 to 2:39:05( Edit History Discussion )

Jeff Sessions: americans need affordable domestic energy. regrettably, our senate majority plan does not seem to be interested in that kind of energy policy. in april of this year -- get this -- just last month, the

Jeff Sessions

2:39:06 to 2:39:26( Edit History Discussion )

Jeff Sessions: united states imported 344 million barrels of oil from foreign sources. 344 million barrels. that is over 60% of the oil consumed in america. that means that we sent $42.5 trillion overseas in april alone to purchase the oil that we

Jeff Sessions

2:39:27 to 2:39:47( Edit History Discussion )

Jeff Sessions: imported. stated differently, last month alone, the united states spent over $980,000 per minute on from foreign sources. that's almost $1 million a minute. this presents a significant risk

Jeff Sessions

2:39:48 to 2:40:09( Edit History Discussion )

Jeff Sessions: to our national security as so many have told us, as many of these dollars are going to nations that are not friendly to us. this also further exacerbates 0 our nation's trade balance. we import far more than we export. and our exports now are beginning to rise a little bit,

Jeff Sessions

2:40:10 to 2:40:32( Edit History Discussion )

Jeff Sessions: but those gains are being more than offset by importing of oil and the price of oil. so the reid-menendez bill would have increased the price of energy in america, which, i have to say, seems to be the objective of the administration and some in this senate.

Jeff Sessions

2:40:33 to 2:40:53( Edit History Discussion )

Jeff Sessions: in september of 2008, steven chu told "the wall street journal" in an interview, "somehow we have to figure out how to boost the price of gasoline to the levels in europe." close quote. dr. chu, who is now the secretary of energy for the

Jeff Sessions

2:40:54 to 2:41:14( Edit History Discussion )

Jeff Sessions: united states of america, he needs to be thinking about thousand get the cost down and serve the constituency of america -- about how to get the cost down and serve the constituentive america. i don't know what idea he has that we ought to be raising the cougcost of energy to the level in yiewmplet and the environmental protection agency in fact is enacting new regulations that

Jeff Sessions

2:41:15 to 2:41:38( Edit History Discussion )

Jeff Sessions: will also drive up the cost of energy, in a way that should never have happened, in high view, and we've had some -- in my view, and we've had some votes on that, close votes on that. hopefully we'll soon be ail to pull back that effort. a study by the affordable power alliance concluded that e.p.a.'s greenhouse gas regulations could

Jeff Sessions

2:41:39 to 2:42:00( Edit History Discussion )

Jeff Sessions: increase the cost of gasoline by 50%. electricity by 50%, and natural gas by 75% over the next 20 years. that's a stunning figure. as know doubt it'll drive it up. so the majority has yet to

Jeff Sessions

2:42:01 to 2:42:23( Edit History Discussion )

Jeff Sessions: recognize the negative impact these tax increases and new e.p.a. regulations will have on the economy. with gas prices up to $4 a gallon from $2.75 in september -- $4 from $2.75, this

Jeff Sessions

2:42:24 to 2:42:47( Edit History Discussion )

Jeff Sessions: translates into a 5% cut in the average american's discretionary income. just for the same amount of gas you buy. this means less spend on home improvements, furniture, clothes, vacations, things people and families need. it is eaten up by increased energy costs.

Jeff Sessions

2:42:48 to 2:43:11( Edit History Discussion )

Jeff Sessions: it's in a way a stealth tax on the american people. furthermore, increasing energy taxes will make doing business in the united states more expensive. as a result, jobs will go overseas t means a family which pays $100 per month for gasoline will now pay over $140 per month for gasoline. if you were paying $200 a month

Jeff Sessions

2:43:12 to 2:43:34( Edit History Discussion )

Jeff Sessions: -- and many are -- you'd be $280 a month, just the change in the gasoline price. add it up. that's what it amounts to. $80 for a family that uses $200 a month in gasoline. some argue that raising taxes will help reduce our deficit, but the bill -- the increases in

Jeff Sessions

2:43:35 to 2:43:55( Edit History Discussion )

Jeff Sessions: the reid-menendez bill, would have raised approximately $1.2 billion in 2012, with a projected deficit of over $1,600,000,000,000 this year. the revenue produced from these taxes would be a drop in the bucket. don't think it's going to balance our budget, that's for

Jeff Sessions

2:43:56 to 2:44:19( Edit History Discussion )

Jeff Sessions: sure. furthermore, the bill's sponsors claim that the money would be used to reduce the deficit but there's nothing in the bill that does that. although the language sounds good, the language is essentially what we call a sense of the senate and has no binding power.

Jeff Sessions

2:44:20 to 2:44:40( Edit History Discussion )

Jeff Sessions: in the end, nothing in the bill could have been construed as mandating deficit reduction. it's simply a tax increase, plain and simple, tax and spend. and as the majority tried yesterday to increase taxes on the energy industry, they

Jeff Sessions

2:44:41 to 2:45:02( Edit History Discussion )

Jeff Sessions: ignored the convoluted tax system that is increasing and inhibiting job growth in america. the united states has the second highest corporate tax in the world, 39.5%. all the developed nations have been radioing their taxes. only japan has as high a corporate tax rate as we do and they're reducing theirs.

Jeff Sessions

2:45:03 to 2:45:24( Edit History Discussion )

Jeff Sessions: the canadian finance minister, i had the chance to meet him last week. canada is bringing their tax rate down to 14%, below 15%, and we're taxing at 39.5%. will that not cause a business to decide maybe to build their factory in canada rather than to the united states? the presiding officer: the

Jeff Sessions

2:45:25 to 2:45:46( Edit History Discussion )

Jeff Sessions: senator's time has expired. mr. sessions: and cost much-needed jobs? mr. president, i thank the chair chair. i believe -- i would ask for consent to have one additional minute. the presiding officer: without objection. mr. sessions: mr. president, i thank the chair and would say that i believe the mcconnell legislation which has three

Jeff Sessions

2:45:47 to 2:46:08( Edit History Discussion )

Jeff Sessions: components, one aimed at restoring american offshore production in the wake of moratorium that's -- wake of the moratorium that's been imposed, safety component aimed at preventing future incidents like deepwater horizon, an efficiency component aimed at streamling the issuance of permits. i believe that's the right way

Jeff Sessions

2:46:09 to 2:46:20( Edit History Discussion )

Jeff Sessions: to go, more productio. more production of american energy will help our country, our economy, and the american people. i thank the chair and would yield the floor. mr. menendez: mr. president? senator from new jersey. mr. menendez: mr. president,

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