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Senate Proceeding on Jun 8th, 2011 :: 0:57:40 to 1:19:40
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Jeff Sessions

0:57:40 to 1:19:40( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

0:57:58 to 0:58:18( Edit History Discussion )

Jeff Sessions: i yield the floor. mr. sessions: madam president? the presiding officer: the senator from alabama. mr. sessions: i appreciate my colleague's remarks about the agriculture community. i'm certainly hearing that. and one of the very real factors in our inability to create jobs in america are the surging regulations that burden private

Jeff Sessions

0:58:19 to 0:58:40( Edit History Discussion )

Jeff Sessions: sector, including the agriculture community. mr. bernanke, the chairman of the federal reserve, was asked about that yesterday. he said no study had been done about it, talking about the banking regulations, i think, primarily. we need to do more about that and face the reality that that's so. last week's economic numbers were not good.

Jeff Sessions

0:58:41 to 0:59:02( Edit History Discussion )

Jeff Sessions: they were very, very troubling. we saw an increase in unemployment. we saw a decline in consumer confidence. we saw a decline in manufacturing in the midwest, a key area of our country nor manufacturing. a number of factors were noted

Jeff Sessions

0:59:03 to 0:59:24( Edit History Discussion )

Jeff Sessions: during that period that wer good. it's part of a declining stock market which is down 5%, maybe 6% after five consecutive weeks of decline. and the united states senate has gone 770 days without passing a budget. fundamental responsibility of

Jeff Sessions

0:59:25 to 0:59:45( Edit History Discussion )

Jeff Sessions: this body required by statute that we pass a budget. the date is april 15 -- april 1 to commence hearings in the senate, and we've not met that responsibility. in fact, we haven't even had markup in the budget committee

Jeff Sessions

0:59:46 to 1:00:07( Edit History Discussion )

Jeff Sessions: to commence considering a budget. and our democratic leader, senator reid, the majority leader in the senate, has staeutd it would be foolish to pass a budget. by that he means politically foolish for the democrats because they're enjoying trying to attack the house members who passed a responsible long-term

Jeff Sessions

1:00:08 to 1:00:29( Edit History Discussion )

Jeff Sessions: budget that changes the debt trajectory of america instead of trying to do the same thing, they just attack their budget and produce nothing of their own. the american people are rightly worried about our debt, they're worried about our economy, they are worried about overregulation, they're worried

Jeff Sessions

1:00:30 to 1:00:50( Edit History Discussion )

Jeff Sessions: about lack of jobs. and this week austin goolsbee announced he would be resigning his post this summer. departure is just the latest in a trend of top economic advisors abandoning the administration over the course

Jeff Sessions

1:00:51 to 1:01:11( Edit History Discussion )

Jeff Sessions: of the two-plus years since the passage of the failed $820 billion stimulus package, every penny of which was borrowed a guy there was to send out money and somehow artificially create a stronger economy. it failed, and many predicted it

Jeff Sessions

1:01:12 to 1:01:34( Edit History Discussion )

Jeff Sessions: would failment. the president's first director of the office of management and budget, peter orszag, left in july of last year. christina roemer, the president's chair of the council of economic advisors, left last september, larry summers, the former president at harvard, former director of the national economic council for the president, left last december,

Jeff Sessions

1:01:35 to 1:01:57( Edit History Discussion )

Jeff Sessions: after less than two years. as a result of stimulus and other debt that we've accrued, we're in much deeper debt. but americans know it is not made -- it has not made them better off. in fact, increased debt has further eroded the econo confidence that's necessary for

Jeff Sessions

1:01:58 to 1:02:19( Edit History Discussion )

Jeff Sessions: a spirited recovery and has made our money to spend it and that's how you get the economy on a sound footing. though have said, not so. i believe the history has proven them to be correct, that borrowing to spend does not make

Jeff Sessions

1:02:20 to 1:02:40( Edit History Discussion )

Jeff Sessions: us better off. the last deficit before the president took office was $450 billion, far too much. the year before that the deficit was $162 billion. this year the deficit will be

Jeff Sessions

1:02:41 to 1:03:04( Edit History Discussion )

Jeff Sessions: $1.5 trillion -- $1,500,000,000,000, the third consecutive trillion dollar deficit. yet the president and some of his economic teams have promised that their spending program would keep unemployment from rising above 8%. but more than two years later, unemployment has -- is now --

Jeff Sessions

1:03:05 to 1:03:27( Edit History Discussion )

Jeff Sessions: now stands at 9.1%, after having increased again last week. the economic numbers released friday show that this is the most recovery in 70 years. only 54,000 jobs were created in may, making that the worst jobs report in eight months.

Jeff Sessions

1:03:28 to 1:03:50( Edit History Discussion )

Jeff Sessions: the president asserts that he's responsible for adding two million jobs since he took office. but the percentage of our working- employed -- and we've had an increase in the working-age population -- but the percentage that is now employed has

Jeff Sessions

1:03:51 to 1:04:13( Edit History Discussion )

Jeff Sessions: declined to 58.4%. you have to go back until october of 1983 to find such a low number. nearly half of the unemployed -- 45.1% -- are now classified as long-term unemployed, meaning they've been unemployed for

Jeff Sessions

1:04:14 to 1:04:37( Edit History Discussion )

Jeff Sessions: weeks or more. while the official unemployment rate increased from 9 for 9.1%, adding those who are underemployed, meaning those who can't find full-time work or those who are so discouraged by the job market that they've given up trying to find work, would boost then employment rate

Jeff Sessions

1:04:38 to 1:05:00( Edit History Discussion )

Jeff Sessions: to 16.1%. but perhaps most alarming of all, as pointed out in the june 4 lead editorial by alan ableson in barons, is that actual private-sector employment today is now 2% below where it stood 10 years ago. 2% fewer people are working

Jeff Sessions

1:05:01 to 1:05:22( Edit History Discussion )

Jeff Sessions: today than were working ten years ago. that's -- he cited philippa dunne and doug henwood of the liscio report. "job losses over the ten years is unpress did noted since the

Jeff Sessions

1:05:23 to 1:05:44( Edit History Discussion )

Jeff Sessions: advent of reliable tallies were begun in 1890. es a talking about dunne, "we've regained just 1.8 million jobs lost in the great recession and its aftermath or about one in

Jeff Sessions

1:05:45 to 1:06:05( Edit History Discussion )

Jeff Sessions: five." so, the situation -- policies we're following are not working. and we've got to get this economy moving, and we've got to get jobs created and 54,000 is way beyond what you have to have

Jeff Sessions

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

Jeff Sessions: to stay that's about 180,000 a month need to be added. we added only 54,000, a net really decline in percentage terms of employment. so it is no wonder that the president's top economic

Jeff Sessions

1:06:27 to 1:06:49( Edit History Discussion )

Jeff Sessions: leaving the administration, i would suggest. but rather than recognizing a need to change course, the president doubled down on the budget he submitted to congress. he told the american people his add to the debt." close quote. and that it will allow us to

Jeff Sessions

1:06:50 to 1:07:10( Edit History Discussion )

Jeff Sessions: live within our means, but the congressional budget office analyzed that budget and found otherwise, dramatically. in fact, c.b.o. said the budget the president submitted to this congress in february would double our debt over the next ten years, the total debt

Jeff Sessions

1:07:11 to 1:07:32( Edit History Discussion )

Jeff Sessions: accumulate ed in the united states history would double again in the next ten years -- under his ten-year budget. meanwhile, economists are warning that if we don't change our debt trajectory and soon, our debt would stifle the very economic recovery that is moving far too slow.

Jeff Sessions

1:07:33 to 1:07:54( Edit History Discussion )

Jeff Sessions: this is the important point, and it goes right to the heart of the argument that we've got to artificially stimulate this economy by borrowing money from our children so we can spend it today and that this is going to make us more healthy.

Jeff Sessions

1:07:55 to 1:08:15( Edit History Discussion )

Jeff Sessions: a study by carmen reinhart and ken rogoff entitled "growth in a time of debt," in the american economy review of 2010, shows that economic growth is 1% lower on average in countries with

Jeff Sessions

1:08:16 to 1:08:36( Edit History Discussion )

Jeff Sessions: gross debt above 90% of g.d.p. 90% of their economy. 1% lower. so if you want growth, you'v got to look at how big your debt is. and if it gets over 90% of g.d.p., then you show an average of a 1% reduction in growth.

Jeff Sessions

1:08:37 to 1:08:59( Edit History Discussion )

Jeff Sessions: when asked about this study while testifying before the budget committee earlier this year, treasury secretary geithner called the reinhart-rogoff study excellent, adding "in some ways it understates the risk." in other words, it creates

Jeff Sessions

1:09:00 to 1:09:23( Edit History Discussion )

Jeff Sessions: greater risk or economic or financial spasm that could put us back into a r steven roche, chairman at morgan stanley and lecturer at yale was recently asked on cnbc about what is happening with the economy, why the disappointing results, and this is what

Jeff Sessions

1:09:24 to 1:09:44( Edit History Discussion )

Jeff Sessions: mr. roche economist and player in the wormed financial markets -- and player in the world financial markets. "i come down on this as ken rogoff and carmen reinhart do in their analysis of post-cris economists. when you have such a massive buildup of debt-free crisis,

Jeff Sessions

1:09:45 to 1:10:05( Edit History Discussion )

Jeff Sessions: when you harms the consumers the way we did in this crierksz the economy is going to sputter." so america's debt stands now at 95% of g.d.p. it is set to exceed the entire economy by the end of this year and the president's own treasury secretary and widely respected

Jeff Sessions

1:10:06 to 1:10:28( Edit History Discussion )

Jeff Sessions: economists are saying this could have a negative impact on the economy and jobs. it could cause a 1% decrease in economic growth, according to rogoff and reinhart. according to the council of economic advisors, a 1% decrease

Jeff Sessions

1:10:29 to 1:10:49( Edit History Discussion )

Jeff Sessions: in growth could cost about 1 million jobs. not 54,000. 1 million. so if we had less debt, instead of an anemic 1.8% growth the first quurkts as we come out of this recession, we should be seeing more than that, we would

Jeff Sessions

1:10:50 to 1:11:11( Edit History Discussion )

Jeff Sessions: have probably had 2.8% growth, if this sthiewd mr. geithner considers to be excellent is accurate. certainly debt pulls down economic growth. common sense tells us so. so numerous experts agree that this debt is dangerous. it threatens our fragile

Jeff Sessions

1:11:12 to 1:11:34( Edit History Discussion )

Jeff Sessions: economic recovery. growth is what we need for jobs and it brings in more tax revenues and helps us balance our budget. but in response to our debt threat, what do we get? we got a budget from the president that would double nation's gross federal debt in ten years.

Jeff Sessions

1:11:35 to 1:11:55( Edit History Discussion )

Jeff Sessions: when that the budget received immense criticism when it was produced, the president then gave us a speech that suggested some changes. he called called it a framework -- he called it a frame wnch we wrote to him, members of the budget committee wrote to the president, said, put this in budget language.

Jeff Sessions

1:11:56 to 1:12:17( Edit History Discussion )

Jeff Sessions: send it to us -- send to us a new budget then. people didn't like your first one. let's see this one. but they refused to do that. recently we voted on the president's budget in this senate. it was voted on. not one senator, republican or dearth voted for that budget -- republican or democrat, voted for that budget.

Jeff Sessions

1:12:18 to 1:12:39( Edit History Discussion )

Jeff Sessions: it was utah irly rejected. -- it was utah irly rejec our democratic leadership had the power to call the hearings and meetings that would commence a budget markup to pass a budget. haven't offered one this year.

Jeff Sessions

1:12:40 to 1:13:01( Edit History Discussion )

Jeff Sessions: they haven't passed a budget in the last 770 days. at least one was brought out of committee last year, but never brought up by senator reid on the floor to be voted on, so we didn't have a budget last year. and this year they didn't even bring the budget to committee. to be marked up. and the president said it would

Jeff Sessions

1:13:02 to 1:13:23( Edit History Discussion )

Jeff Sessions: be fool ieb for us to have a -- it would be foolish for us to have balanced budget. foolish to have a budget in a timeof the largest deficit that has ever occurred, which will occur this year, approximately $1.5 trillion. $1,500,000,000,000 in deficits

Jeff Sessions

1:13:24 to 1:13:45( Edit History Discussion )

Jeff Sessions: would bring in $2.2 trillion we're spending $3.7 trillion this year, 40 cents of every dollar we spend is borrowed, and we don't even have a budget? and what do we do? the majority leader calls up the house budget, a responsible, historic alteration of the

Jeff Sessions

1:13:46 to 1:14:06( Edit History Discussion )

Jeff Sessions: unacceptable debt path we're on, putting us on the right path. you can argue about some of the things that are in it. fine. but it changed the trajectory of america's debt path -- america'sdebt path courageously and honesty.

Jeff Sessions

1:14:07 to 1:14:27( Edit History Discussion )

Jeff Sessions: he brought it up so he could vote to down and attack it. producing nothing on his own. so i brought up the president's budget. it got zero votes. society failure of this body to produce a -- so the failure of this body to produce a spending plan to tackle our nation's debt only creates more uncertainty in

Jeff Sessions

1:14:28 to 1:14:49( Edit History Discussion )

Jeff Sessions: the economy. doubt and fear are driving away jobs, stifling growth, and investment. that is a fact. so, for nearly three years now, the white house has b seduced by the vision of growth through artificial means, including

Jeff Sessions

1:14:50 to 1:15:13( Edit History Discussion )

Jeff Sessions: trillions in fiscal stimulus spending and so-called investments. indeed, in a time of dramatic fiscal irresponsibility, the budget the president submitted to us called for a 10% increase in education, 10% increase in energy, 10.5% increase in the state department, 60% increase

Jeff Sessions

1:15:14 to 1:15:36( Edit History Discussion )

Jeff Sessions: in rail and transportation. we don't have the money. that budget reflected utter confusion and a detachment from reality, or our cities or our counties or our states increasing spending 10.5%.

Jeff Sessions

1:15:37 to 1:15:57( Edit History Discussion )

Jeff Sessions: aren't most of them actually reducing spending? that's reality. that's what's happening in the rest of the world. the british reduced some of their spending recently far more than we have. some people there didn't like it and they complained that it was too difficult and too tough, but the international monetary fund

Jeff Sessions

1:15:58 to 1:16:18( Edit History Discussion )

Jeff Sessions: in a recent report said stand by your guns. get your debt under control. in the long run the international monetary fund said this is the way to build a strong economy. we've been going the other direction. the keynesian siren's call to

Jeff Sessions

1:16:19 to 1:16:39( Edit History Discussion )

Jeff Sessions: spend did not lead us to prosperity. we have restored only one-fifth of the jobs lost in the recession as a percentage of our population. fewer are working today than during the so-called period -- during this recession.

Jeff Sessions

1:16:40 to 1:17:01( Edit History Discussion )

Jeff Sessions: we are experiencing the weakest recovery in modern history. unemployment is back up again, and the housing market is back down. bad housing numbers came in last week also. our fast-rising debt and our inability to adopt a credible budget plan -- and we can do that -- is shattering economic

Jeff Sessions

1:17:02 to 1:17:22( Edit History Discussion )

Jeff Sessions: confidence and jeopardizing our future. but our democratic leadership in this senate refused to put forward even a budget plan or to confront the debt that they have themselves urged so greatly. so we are told the president has not involved themselves personally in discussions over

Jeff Sessions

1:17:23 to 1:17:43( Edit History Discussion )

Jeff Sessions: the debt limit. that's been turned over to the vice president. one report says he no longer receives daily economic briefings. what signals do these actions send to out-of-work americans, to struggling industries and businesses and to anxious financial markets include out the world?

Jeff Sessions

1:17:44 to 1:18:04( Edit History Discussion )

Jeff Sessions: instead of stonewalling a budget, the senate should be working together, republicans and democrats, to produce a budget that puts us on a sound path and makes our economy as robust and as dynamic as possible. that's so basic. blocking a budget under these

Jeff Sessions

1:18:05 to 1:18:29( Edit History Discussion )

Jeff Sessions: economic circumstances is simply unthinkable. there is no quick fix, no accounting gimmick, no political trick that will solve these problems. we have a potentially healthy, growing economy. our american businesses have never been leaner, never been

Jeff Sessions

1:18:30 to 1:18:51( Edit History Discussion )

Jeff Sessions: more efficient. as federal reserve governor mr. fisher said on one of these interview programs. we've never had a more efficient competitive business environment in america. but in the long run -- and that's what we must focus on -- in the long run sound principles, common sense, spending restraint, less regulation, more commitment to the free markets will, if

Jeff Sessions

1:18:52 to 1:19:12( Edit History Discussion )

Jeff Sessions: allowed, lift us out of this malaise in which we find ourselves. to put america back to work, the senate needs to get back to work. i thank the chair and would yield the floor absence of a quorum. the presiding officer: the

Jeff Sessions

1:19:13 to 1:19:18( Edit History Discussion )

Jeff Sessions: clerk will call the roll.

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