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Senate Proceeding 05-21-09 on May 21st, 2009 :: 1:35:15 to 1:46:20
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Jim DeMint

1:35:10 to 1:35:30( Edit History Discussion )

Jim DeMint: quum call: the presiding officer: the senator a senator: i ask that the quorum call be suspended. the presiding officer: without objection, so ordered. a senator: do we need to set anything -- the presiding officer: under the previous order, the -- mr. demint: it is my understanding, mr. president,

Jim DeMint

1:35:15 to 1:46:20( Edit History Discussion )
Speech By: Jim DeMint

Jim DeMint

1:35:31 to 1:35:53( Edit History Discussion )

Jim DeMint: that i hav the presiding officer:hat is correct. mr. demint: i would like to say a few words now and reserve my time. mr. president, i'm going to speak on my amendment, senate bill 1054, and it addresses a -- a large amount of money that has been added to the war supplemental bill.

Jim DeMint

1:35:54 to 1:36:15( Edit History Discussion )

Jim DeMint: in these times it's, all, somewhat surprising that we would take $108 billion and add it unrelated to war supplemental and add it to this -- this spending bill. my amendment would strik strike $108 billion from the current spendin

Jim DeMint

1:36:16 to 1:36:36( Edit History Discussion )

Jim DeMint: would like to take a few minutes to explain exactly what my amendment does and striking. mr. president, i -- you and all of our colleagues know that these -- these are very challenging times and we often refer to them as crisis, one the worst economic crisis that we've had. i think we and many,

Jim DeMint

1:36:37 to 1:36:57( Edit History Discussion )

Jim DeMint: americans are concerned of how much we're spending, how much we're borrowing, and what that might mean in the not to distant future as it relates to inflation and interest rates an higher taxes. and i'm hearing very much back home enough is enough. we he to rember as we look

Jim DeMint

1:36:58 to 1:37:19( Edit History Discussion )

Jim DeMint: at this amount of money that's been requested what happened to what we call the tarp the administration -- the last administration asked us to -- to come up with $700 used for financial bailout. because we were in a crisis. and it was going to be used --

Jim DeMint

1:37:20 to 1:37:40( Edit History Discussion )

Jim DeMint: this was very clear to buy up toxic assets, nonperforming loans here and around the world. it had to be done the world financial system would collapse. under that duress, congress approved $700 billion -- really $1 trillion with interest

Jim DeMint

1:37:41 to 1:38:01( Edit History Discussion )

Jim DeMint: over te, but none of the money was ever used as it was supposed to be used. we never bought any toxic assets. in fact, the money was used in different ways to inject money into didn't want it. it's been used to make loans general motors and to chrysler. now we're talking about converting those loans to common

Jim DeMint

1:38:02 to 1:38:23( Edit History Discussion )

Jim DeMint: shares so that the government is owner of general motor an chrysler as well as a.i.g. insurance company and possibly part but the interesting part of this that relates to my amendnt is this week i asked secretary geithner: what is going to happen when this money is repaid?

Jim DeMint

1:38:24 to 1:38:44( Edit History Discussion )

Jim DeMint: well, he -- he said, w it's repaid it will go in the general fund, but the treasury will maintain an authorization to take up to $700 billion from the general fund any time from now on. so it becomes a fund for treasury.

Jim DeMint

1:38:45 to 1:39:05( Edit History Discussion )

Jim DeMint: what we've done is made the treasury department appropriators. any time they want they can appropriate up tog? $700 billion. and that's, in effect, what we're doing with the international monetary fund. let me just explain to my colleagues a lot of things that i didn't know into this.

Jim DeMint

1:39:06 to 1:39:27( Edit History Discussion )

Jim DeMint: but currently the international monetary fund was set up to make loans to nations to help nations that might need money to get through financial crisis. currently the authority that we -- the part that we give them, many nations are involved with but we give them $10 billion as

Jim DeMint

1:39:28 to 1:39:48( Edit History Discussion )

Jim DeMint: kind of a deposit in the international monetary fund that they can use continuously. but we also give them the right to draw another $55 billion from our treasury effect, the international monetary fund can

Jim DeMint

1:39:49 to 1:40:11( Edit History Discussion )

Jim DeMint: appropriate $55 billion from the united states treasury any time it wants. so they -- they know, over $60 billion of our money that they can use all over the wld. and that's a good thing. but what the president has asked

Jim DeMint

1:40:12 to 1:40:33( Edit History Discussion )

Jim DeMint: for, a this bill provides, is an additiona$100 billion of credit line, in effect, to the international monetary it ups our deposit anothe another $8 billion. we are going to take a real $8 billion and put it in the international monetary fund to be but then we make appropriators

Jim DeMint

1:40:34 to 1:40:54( Edit History Discussion )

Jim DeMint: out of the international monetary fund. we give them a permanent credit line of an additional $100 billion that they can a they now, there are a lot of good things that we would like to do as a country, as we'd love to improve our

Jim DeMint

1:40:55 to 1:41:16( Edit History Discussion )

Jim DeMint: education system. there's a lot of challenges in health care. we've talked about our roads and bridges. there are so many good things that we'd like to do that we don't have the money for. how can we international monetary fund that they can take $100 billion any time they want from the united

Jim DeMint

1:41:17 to 1:41:39( Edit History Discussion )

Jim DeMint: states treasury if there's an emergency somewhere in the world? now there will be emergencies in these times. the interesting thing that we're not thinking about is we're going to have more and more cris here at home. we know california is heavily in debt. over $20 billion. they're talking about a financial collapse as is new

Jim DeMint

1:41:40 to 1:42:01( Edit History Discussion )

Jim DeMint: york and other states. but the size of california's debt is only one-fif of we're giving the international monetary fund. i don't think we've added all of this up, mr. president. i'm very concerned not considering how much money we're really talking about.

Jim DeMint

1:42:02 to 1:42:22( Edit History Discussion )

Jim DeMint: let's put $108 billion in context. now, i know that some will come here today and say we're really not spending that amount of money. we're just authorizing it. which means it can be appropriated at any time, but we're really not spending it. in fact, they took the effort to get c.b.o. to hang the way it normally scores so that -- change the way that this is

Jim DeMint

1:42:23 to 1:42:43( Edit History Discussion )

Jim DeMint: normally scores. ey say that the risk is only like $5 billion. but the international monetary fund can take $100 billion out of our treasury any time it wants. and with the world situation the way it is, i think we're being very naive to think that it won't come out. we were told that most of the tarp funds would not be used.

Jim DeMint

1:42:44 to 1:43:05( Edit History Discussion )

Jim DeMint: we've used most of the tarp funds. but let's think about this $100 billion. that's more than we spend as a federal government on transportation all year. the 2010 budget for transportation is $75 billion. it's more than we spend on

Jim DeMint

1:43:06 to 1:43:26( Edit History Discussion )

Jim DeMint: education for $94 billion in our country. it's more than we spend on veterans benefits. 's a lot of money. but very often we're talking about our own services to our own people in we don't have enough money for. we need to remberhe international monetary while it may serve in theory a good purpose, that the people on

Jim DeMint

1:43:27 to 1:43:49( Edit History Discussion )

Jim DeMint: the board who decide how this money is used include countries that we say are terrorists, such as do we really think iran is going to help the united states when we're in let's just look at our current situation?

Jim DeMint

1:43:50 to 1:44:11( Edit History Discussion )

Jim DeMint: our current national debt as a country is $11.2 trillion, more than any other country in the world. we're the most indebted country in our per capita debt is $37,000. every man, woman, and child in this country owes $37,000 based

Jim DeMint

1:44:12 to 1:44:32( Edit History Discussion )

Jim DeMint: on what we've already borrowed. but if you security and medicare liabilities, our current expenditures exceed tax revenues by $40 trillion over the next 75 years. $40 trillion. our debt is now domestic product.

Jim DeMint

1:44:33 to 1:44:53( Edit History Discussion )

Jim DeMint: 80% of our total economy, which is the highest level since 1951. the budget estimates that total debt relative to our total economy will rise to 97% by 2010 and 100% thereafter. we're going to have debt that's larger than our total economy in

Jim DeMint

1:44:54 to 1:45:14( Edit History Discussion )

Jim DeMint: the next year or two. we currently owe $740 billion to the people's republic of china, and we owe $635 billion to japan and $186 billion to the oil exporters. keep in md if the international monetary fund does

Jim DeMint

1:45:15 to 1:45:40( Edit History Discussion )

Jim DeMint: access this $108 billion, that we will have to borrow it in order for them t will have to pay interest on that money. we'll be told that we'll earn interest on any money that's borrowed, but we will likely pay even a higher interest rate in order to make that money available. and when we do, we increase our

Jim DeMint

1:45:47 to 1:46:07( Edit History Discussion )

Jim DeMint: debt even yes? mr. kerry: let me just ask the senator, i think the senator said that this is a permanent fund, that we would be amount of money. is the senator aware that this expires in five years, that there's no permanency at all? mr. demint: well, do you have that? i've got the bill with me, and that would be a great help to

Jim DeMint

1:46:08 to 1:46:22( Edit History Discussion )

Jim DeMint: point this out. of course, five years, the drawing of $100 billion any time in the

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