Video archive of the US Congress

Senate Proceeding 05-21-09 on May 21st, 2009 :: 1:47:25 to 1:51:30
Total video length: 9 hours 19 minutes Stream Tools: Stream Overview | Edit Time

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Jim DeMint

1:47:24 to 1:47:45( Edit History Discussion )

Jim DeMint: end of five years renewed. mr. demint: do you have the -- mr. kerry: i will further get the senator -- mr. demint: i'll answer the senator on how much this really cost. i think the senator is aware, as i've of msuring cost was changed for this bill. and we're saying that, okay, if

Jim DeMint

1:47:25 to 1:51:30( Edit History Discussion )
Speech By: Jim DeMint

Jim DeMint

1:47:46 to 1:48:07( Edit History Discussion )

Jim DeMint: the international monetary fund accesses this money, it's really just a loan so it's not a cost. but we have no guarantees it will get back. we say the international monetary fund has never lost money, but we've never been in these economic times before. we've never been in as much debt as a

Jim DeMint

1:48:08 to 1:48:29( Edit History Discussion )

Jim DeMint: can we really afford, even if it's for the next five years, to have an international group that can draw $100 billion from our treasury at any point tha want? do we want to be in that position? we've already given the treasury department a line of credit to the general fund for $700

Jim DeMint

1:48:30 to 1:48:50( Edit History Discussion )

Jim DeMint: billion, which the secretary has basically said is going to continue. and now we're going to give another line of credit to an international group in case there's a crisis around t world, when we are facing crisis here at home. further

Jim DeMint

1:48:51 to 1:49:12( Edit History Discussion )

Jim DeMint: i appreciate an engagement -- mr. demint: mr. president, we need to equally apply the time now against both mr. kerry: well, mr. president -- th senator from south carolina has the floor. mr. demint: thank you. well, i will yield the time in a minute and reserve the balance of my time. i appreciate the senator's

Jim DeMint

1:49:13 to 1:49:34( Edit History Discussion )

Jim DeMint: comment, and i think we should have open debate about this. i'd like to talk a little bit more about this idea that a line of credit is really not spending. we use that a lot around here. we say we've authorized it but we haven't appropriated it yet. but what the language of this bill does, it not only authorizes $108 billion of new money for the international

Jim DeMint

1:49:35 to 1:49:55( Edit History Discussion )

Jim DeMint: monetary fund, it gives them t power to appropriate it at any time. we may not call that spending here, but that's just political talk. if that money is taken from o treasury, we have to borrow money to give it to them. and they may or may not pay it back. and we can say the international monetary fund has been stable for years.

Jim DeMint

1:49:56 to 1:50:16( Edit History Discussion )

Jim DeMint: but part of the bill that's going through here today, the other side will say, hey, we've got collateral, they've got gold. but part of the bill here and what my amendment strikes is given the international phopb tar ability -- monetary fund the

Jim DeMint

1:50:17 to 1:50:38( Edit History Discussion )

Jim DeMint: ability to sell over $12 billion of their gold which is collateral for our money in order to create more cash for them to lend around the world. i'm not saying the international monetary fund doesn't have a function, but we've already put at risk over $60 billion at a time when our country is struggling, at a time when it looks like we're going to triple

Jim DeMint

1:50:39 to 1:51:01( Edit History Discussion )

Jim DeMint: the national debt over the next three years, at a time when many of our states are near bankruptcy, and at a time when we don't have the money to fund the priorities such as health care and transportation, energ research, health research. we're always talking about we need more money to do those things that are essential here in america.

Jim DeMint

1:51:02 to 1:51:24( Edit History Discussion )

Jim DeMint: how can we possibly, on a war supplemental bill, add $108 billion that's unrelated, basically extort the votes out of the members here by forcing us to either vote against our troops or vote against reckless risk that we're talking about it makes absolutely no sense in this crisis that we've talked

Jim DeMint

1:51:25 to 1:51:30( Edit History Discussion )

Jim DeMint: about in this country to put ourselves at risk for another $108 billion when we don't even

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