Metavid

Video archive of the US Congress

Senate Proceeding on Jun 3rd, 2008 :: 1:55:38 to 2:12:30
Total video length: 2 hours 29 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Download OptionsEmbed Video

Views:100 Duration: 0:16:52 Discussion

Previous speech: Next speech:

Johnny Isakson

1:54:20 to 1:55:38( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

1:55:28 to 1:55:38( Edit History Discussion )

Johnny Isakson: lieberman-warner climate act, and i ask unanimous consent that sophie trav from my staff beta granted floor privileges during the duration of the debate on the floor. the presiding offithcer: without

Bob Corker

1:55:38 to 1:55:50( Edit History Discussion )

Bob Corker: objection, so ordered. mr. corker: i understand i have 20 minutes? the presiding officer: that is correct. mr. corker: i ask that theha chair notifych me when i have 5 minutes left. i want to say t that

Bob Corker

1:55:38 to 2:12:30( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

1:55:50 to 1:56:02( Edit History Discussion )

Bob Corker: i'm very excited to be here on the floor today, and i have tremendous respect for the sponsors of this bill and all those who have been ee involved for some time. and i think everybody knows by this point,

Bob Corker

1:56:02 to 1:56:13( Edit History Discussion )

Bob Corker: while there are numbers of arguments regarding the bill that's on the floor, i choose not to debate the science. i accept the fact that we as a country and we as a world need to address this issue.

Bob Corker

1:56:13 to 1:56:28( Edit History Discussion )

Bob Corker: i want to say that i've spent a lot of time. i came here to the senate to really focus on the big issues that our country has to deal with. and i saw this as one of those issues. and for that reason,

Bob Corker

1:56:28 to 1:56:42( Edit History Discussion )

Bob Corker: a year accompanied senator bingaman to brussels, to paris, and london. i sat down with carbon traders, with european commission members. i met with cement manufacturers, utility providers and all those

Bob Corker

1:56:42 to 1:56:55( Edit History Discussion )

Bob Corker: involved, if you will, in this debate in europe. i also was fortunate enough to accompany the chairman, mrs. boxer, to senator -- senator boxer -- to greenland to see the poster child, if you will, of what

Bob Corker

1:56:55 to 1:57:09( Edit History Discussion )

Bob Corker: this debate in some ways is about. and ever since that time, i have been fixated, if you will, on the goal of figuring out a way that we as a country can put in place policies that allow our g.d.p.

Bob Corker

1:57:09 to 1:57:20( Edit History Discussion )

Bob Corker: to grow. we can continue to ensure ae better standard of living for those coming after us. having energy security as a country, and making sure that we have climate security all at the same time.

Bob Corker

1:57:20 to 1:57:32( Edit History Discussion )

Bob Corker: that has been my goal. i've seen actually this debate that's taking place this summer right now as a tremendous opportunity for us to come together as a country and to focus on those things. some of

Bob Corker

1:57:32 to 1:57:44( Edit History Discussion )

Bob Corker: the things that i saw in europe were unintended consequences, things like fuel switching that took place. when people move froeom coal to natural gas and all of a sudden foundd themselves very dependent

Bob Corker

1:57:44 to 1:57:55( Edit History Discussion )

Bob Corker: on an unfriendly government -- russia -- to supplyo natural gas, and using that phreut clout, if you will -- political clout, if you will, over some of those countries that were soe dependent.

Bob Corker

1:57:55 to 1:58:10( Edit History Discussion )

Bob Corker: and so i really have worked with itsenator warner, with others to try to craft legislation that i think works for our country. i see this as a tremendous opportunity. i really do. a lot of people

Bob Corker

1:58:10 to 1:58:21( Edit History Discussion )

Bob Corker: think that this is not a good timto be talking about climatehange legislation. they say that because we have $4 gasoline at the pumps, this is a terrible time to be talking about legislation of this

Bob Corker

1:58:21 to 1:58:35( Edit History Discussion )

Bob Corker: nature. i actually think this is a perfect time to be talking about it. i think there's a passion in our country exhibited b the chairman to address the issue of climate change. i think there are many people

Bob Corker

1:58:35 to 1:58:49( Edit History Discussion )

Bob Corker: in our country that feel that same way. and i think that americans throughout our country, seeing prices at the pump, feel very vulnerable as it relates to their own energy security and realize that we as

Bob Corker

1:58:49 to 1:59:01( Edit History Discussion )

Bob Corker: a country need to have a comprehensive energy policy that we do not have today. and, so i see this tremendous opportunity for these two groups that have been at odds for so many years -- actually

Bob Corker

1:59:01 to 1:59:13( Edit History Discussion )

Bob Corker: generations -- to actually coome together and to do something that is good for our country, both from the standpoint of the environment, but also making sure that our country is energy-secure. i'm going

Bob Corker

1:59:13 to 1:59:28( Edit History Discussion )

Bob Corker: to say something i know that may not be that well received, but i think this bill, unfortunately -- and with all the respect that i have for this, for the sponsors, i think this bill, unfortunately,

Bob Corker

1:59:28 to 1:59:41( Edit History Discussion )

Bob Corker: squanders that opportunity.~ the reason i say this bill squanders that opportunity, instead of addressing those two things i just mentioned in a pure fashion,re instead we have resorted to the old-time-t

Bob Corker

1:59:41 to 1:59:52( Edit History Discussion )

Bob Corker: politics o f making sure we support various interest groups around our country and spread trillions of dollars around thehe country to try to win part for this bill. i think that is a shame. i plan

Bob Corker

1:59:52 to 2:00:10( Edit History Discussion )

Bob Corker: to offer some amendments that i'll discuss at the right time. let .me make sure the american people understandpe what happens with cap-and-trade legis-tlation. senators, i thinkse most people do,

Bob Corker

2:00:10 to 2:00:28( Edit History Discussion )

Bob Corker: but thedo factt is that what this bill contemplates is capping the amount of carbon emissions that our country emits and then reducing that cap over time from 2012 to 2050 and establ ishing a price for

Bob Corker

2:00:28 to 2:00:42( Edit History Discussion )

Bob Corker: that carbon by creating an option. it's much like if senator domenici and i and senator warner decided we were going to o create a company. so what we did was we allocated ourselves shares of that company.

Bob Corker

2:00:42 to 2:00:56( Edit History Discussion )

Bob Corker: in order to make that company grow, we sold public shares out in the marketplace. those public shares would generate income intonc our company and allow us to grow ifro that'ss what we wanted to

Bob Corker

2:00:56 to 2:01:13( Edit History Discussion )

Bob Corker: do, but the day that wey went public it would enrich us. those allocations of shares that we allocated to ourselves would enrich us immediately because they becomee marketable securities. obviously,

Bob Corker

2:01:13 to 2:01:28( Edit History Discussion )

Bob Corker: what this bill does is, number one, it takes in trillions of dollars into the treasury beginning in the year 2012 through t an auction process. in other words we sell carbon allowance on the public market.

Bob Corker

2:01:28 to 2:01:43( Edit History Discussion )

Bob Corker: the day that occurs the allowanc talked about as if they mean nothing, become marketable securities and they enrich all of those entities that seize those allocations. that's where -- that receive those

Bob Corker

2:01:43 to 2:01:59( Edit History Discussion )

Bob Corker: allocations. that's where i think the bill misses the mark. the auction proceeds that come in this bill -- by the way, let's be fair. i will not use words that are demagogic but when we pass cap-and-trade

Bob Corker

2:01:59 to 2:02:15( Edit History Discussion )

Bob Corker: legislation we all understand it increases the costs of energy that is generated through fossil fuels. that's aact. that's petroleum, that's diesel, that's coal, that's ethanol. all of those things

Bob Corker

2:02:15 to 2:02:27( Edit History Discussion )

Bob Corker: that when they are consumed emit carbon cost more on day one. so the american public is going to be paying for that. everything that americans buy if this bill passes that has something to do with

Bob Corker

2:02:27 to 2:02:44( Edit History Discussion )

Bob Corker: energy will increase. when they go to the gasoline pump it will cost more.e. when they pay their utility bills at the end of the month it will cost more. when they buy food and f clothing it will

Bob Corker

2:02:44 to 2:03:03( Edit History Discussion )

Bob Corker: cost more. what this bill, unfortunately, does is takes in trillions of dollars -- by the way, the e.p.a. has models thi ms based on a price of $22 per ton for carbon in the beginning. i want people

Bob Corker

2:03:03 to 2:03:18( Edit History Discussion )

Bob Corker: to understandan that in essence, today in london, carbon is selling for $41 a ton. based on the molding that is in place, this bill over the life of the bill, transfers wealth of $6.7 trillion by

Bob Corker

2:03:18 to 2:03:31( Edit History Discussion )

Bob Corker: the modeling i just mentioned. if it were based on the prices of car bon today in london it might be as were as $13 trillion. now we all know if this bill passes every american e will pay more for

Bob Corker

2:03:31 to 2:03:51( Edit History Discussion )

Bob Corker: energy and i understand that. by the way, i want everybody in this body to know that i am open to discussing cap-and-trade legislation that takes our country in the right direction. what i am so opposed

Bob Corker

2:03:51 to 2:04:04( Edit History Discussion )

Bob Corker: to and i am so saddened by the fact that this bill does this, this bill takes trillions into our treasury and then in a preprescribed way -- in much of it, preprescribed, nondiscretionary spending-spins

Bob Corker

2:04:04 to 2:04:20( Edit History Discussion )

Bob Corker: that out through the year 2012 through the year 2050. we talked about earmarks in thi is body. this is the mother of all earmarks. or the mother and father of all earmarks. this, in essence, creates

Bob Corker

2:04:20 to 2:04:35( Edit History Discussion )

Bob Corker: an entitlement program from the year 2012 new the year 2050. i don't understand if proponents want to affect our climate why they don't take those trillions in and then immediately redistribute all of

Bob Corker

2:04:35 to 2:04:48( Edit History Discussion )

Bob Corker: those dollars back to the american citizens. the reason is, and i'm sad to say this, the reason is this bill attempts to win support of the american people and interest groups throughout our country

Bob Corker

2:04:48 to 2:04:59( Edit History Discussion )

Bob Corker: by the same old thing that's gotten our country in trouble today. that is, spreading this money around to various interest groups throughout our country and then preprescribing the spending in a

Bob Corker

2:04:59 to 2:05:22( Edit History Discussion )

Bob Corker: way that i don't know of any bill that has done this since medicare or social security -- i don't know of a bill that has done this to this extent in modern times. let me just mention another piece

Bob Corker

2:05:22 to 2:05:38( Edit History Discussion )

Bob Corker: that really goes unnoticed: the allocation process. this bill allocates out to entities all across this country carbon allowances. those are marketable securities. it's the same as owning a share in i.b.m.

Bob Corker

2:05:38 to 2:05:52( Edit History Discussion )

Bob Corker: and 27% of the allocations in this bill go to entities that have nothing to do with emitting carbon. i have no idea why we would do that in legislation of this nature. i think it's reprehensible.

Bob Corker

2:05:52 to 2:06:06( Edit History Discussion )

Bob Corker: one of the reasons we see so many people walking the halls of our senate offices in tailored suits carrying nice briefcases, people in the snow -- and i know the senator mentioned some of the companies

Bob Corker

2:06:06 to 2:06:21( Edit History Discussion )

Bob Corker: -- realize this is a tremendous transfer of wealth. if they sit at the table and they have something to do with how the allowances are allocated, that might be better for them even then operating

Bob Corker

2:06:21 to 2:06:38( Edit History Discussion )

Bob Corker: their companies well because we are creating a situation that transfers trillions of dollars of wealth. i've offered -- i'm going to be offering some amendments, and i am disturbed that some of the sponsors

Bob Corker

2:06:38 to 2:06:51( Edit History Discussion )

Bob Corker: have indicated these are poison pill amendments. i have focused solely on the policies of this bill. i haveav never used demagogic language to describe this bill -- never. i've never tried to debate

Bob Corker

2:06:51 to 2:07:07( Edit History Discussion )

Bob Corker: the science. i'm trying to focus on the policies of this legislation. a senator:to will the senator yield for a question? mr. corker: i will yielder when i finish. i know you have spent a tremendous

Bob Corker

2:07:07 to 2:07:23( Edit History Discussion )

Bob Corker: amount of time on this and i respect that. the third piece, though, that to me, the reason we have cap-and-trade legislation being discussed is the fact that we want to limit the amount of carbon emissions

Bob Corker

2:07:23 to 2:07:36( Edit History Discussion )

Bob Corker: that come out of our country. so one of the other pieces of this bill that to me is just truly truly offensive is this bill allows for something called international offsets which is nothing me,

Bob Corker

2:07:36 to 2:07:55( Edit History Discussion )

Bob Corker: again -- and i'll going into this in detail later on when i offer amendments -- this is something that encourages companies in our country to go througho a loophole so that they don't have to pay

Bob Corker

2:07:55 to 2:08:10( Edit History Discussion )

Bob Corker: the full price of carbon and actually spendtu billions ofs dollars in countries like china where we already have tremendous, tremendousen trade deficits. i absolutely have no understanding of why we would

Bob Corker

2:08:10 to 2:08:25( Edit History Discussion )

Bob Corker: permit that kind of thing in a bill like this that is being designed to limit carbon emissions in our country. these offsets -- these international offsets have been documented to b fraudulent. we've

Bob Corker

2:08:25 to 2:08:41( Edit History Discussion )

Bob Corker: hadwe tremendous robs in working through the united t nations who administers the programs. i have no idea why international offset s which have beene so fraudulent and have nothing whatever so do

Bob Corker

2:08:41 to 2:08:56( Edit History Discussion )

Bob Corker: with lowering emissions in our country, would be part of this bill. so let me just say in general, i realize we're not going to pass a bill this year in all likelihood. i think that, in many ways,

Bob Corker

2:08:56 to 2:09:11( Edit History Discussion )

Bob Corker: is regretful. i think we as a country right now today when the american people are feeling very vulnerable and right now we have many senators in this chamber that have such a passion as it relates to climate

Bob Corker

2:09:11 to 2:09:29( Edit History Discussion )

Bob Corker: security, i think it's regretful thatre we cannot come together and as a part of this legislation add many of the components, for instance, that pete domenici from new mexico has led us on and really

Bob Corker

2:09:29 to 2:09:45( Edit History Discussion )

Bob Corker: create a bill that doesn't just address climate, that also addresses our country's energy security. the american people are looking to us right now to act like adults. i like to tell you that i'm not

Bob Corker

2:09:45 to 2:10:02( Edit History Discussion )

Bob Corker: sure as a country for the last -- i don't want to describe the exact number of years but for some period of time we have not owned up to our country's major problems. we have not done that. we have

Bob Corker

2:10:02 to 2:10:16( Edit History Discussion )

Bob Corker: a tremendous opportunity in this body this week and next week to really address our country's environment issues simultaneously with energy security. i think that's what the american people are looking

Bob Corker

2:10:16 to 2:10:37( Edit History Discussion )

Bob Corker: to us to do. i regret the fact this bill, instead of being about climate security, instead of being about something that really drives our country toward using technologies that would cause our country

Bob Corker

2:10:37 to 2:10:55( Edit History Discussion )

Bob Corker: to be energy secure, i reget the fact that this bill instead has ended up being about money. it has ended upsetting up a command-and-control economy. look at these very wedges on this pie chart. i could show

Bob Corker

2:10:55 to 2:11:15( Edit History Discussion )

Bob Corker: up many, many more. it is an amazing thing that from the year 2012 through the year 2050 over $1 trillion of this money is preprescribed. it's an amazing thing to me as it relates to technology there's

Bob Corker

2:11:15 to 2:11:30( Edit History Discussion )

Bob Corker: a five-person board, kind of like a group and i will not use that -- a five-person board that has been set up to decide where trillions of dollars will be spent. i can't imagine this body, i can't imagine

Bob Corker

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

Bob Corker: this body approving legislation of this type. what i hope will occur is that the american people will become aware of what this debate is about. i hope that all of us will have a constructive debateiv

Bob Corker

2:11:48 to 2:12:01( Edit History Discussion )

Bob Corker: in this body. and my goal is and my hope is that we as a body will come together around climate change in an appropriate way and energy security in such a way that the generations coming after us will

Bob Corker

2:12:01 to 2:12:15( Edit History Discussion )

Bob Corker: have a better quality of life. mr. president, i know i m have -- mrs. boxer: mr. president? the presiding officer: the senator from california. mrs. boxer: mr. president, p how much time does the

Bob Corker

2:12:15 to 2:12:30( Edit History Discussion )

Bob Corker: senator from tennessee have remaining? the presiding officer: 3 1/2 minutes. mrs. boxer: i would suggest if it is okay with the senator from tennessee, question him and then i would like to be

Barbara Boxer

2:12:30 to 2:12:41( Edit History Discussion )

Barbara Boxer: recognized for some unanimous consent requests and perhaps an additional minute or two to be followed by senator warner for two minutes and senator domenici for two minutes -- no, he doesn't want time; then

Personal tools

MetaVid is a non-profit project of UC Santa Cruz and the Sunlight Foundation. Learn more About MetaVid

The C-SPAN logo and other servicemarks that may be found in video content are the property of their respective trademark holders. None of these trademark holders are affiliated with Metavid