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Video archive of the US Congress

Senate Proceeding on Jun 23rd, 2010 :: 1:42:45 to 2:01:30
Total video length: 3 hours 31 minutes Stream Tools: Stream Overview | Edit Time

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Judd Gregg

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

Judd Gregg: the presiding officer: the senator from new hampshire is recognized. mr. gregg: first, all of us express our deepest concern to the people of florida, the people of the gulf coast for what they're going through. it is really unconscionable the situation down there, and i think the senator has correctly indicted the failure of the

Judd Gregg

1:42:45 to 2:01:30( Edit History Discussion )
Speech By: Judd Gregg

Judd Gregg

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

Judd Gregg: people responsible to bring the resources that are available on site in order to try to at least the skimming of as much as -- of the oil as possible. so i appreciate him doing this on a daily basis ing in we can -- basis until we can get something done.

Judd Gregg

1:43:27 to 1:43:47( Edit History Discussion )

Judd Gregg: it's critical obviously. i want to speak about something that is equally threatening although not as obvious in many ways, to our nation. and that is our debt and the continued spending by this congress in a way that ignores the fact that we are on the path, passing on to our children a nation which they will not be

Judd Gregg

1:43:48 to 1:44:09( Edit History Discussion )

Judd Gregg: able to afford as a result of the massive debt which is being put on t we heard today from a number of senators from the other side of the aisle how we have to pass this extender bill. there is some irony in this in that they're claiming that it is necessary in order to address what are significant stresses on

Judd Gregg

1:44:10 to 1:44:31( Edit History Discussion )

Judd Gregg: american who find themselves confronted with this slowed -- economic slowdown. what they don't address, of course, is the fact that in passing this bill in a twhaeu they struck -- in a way they structured it, they're going to put even greater stress on the next generation of americans by creating even more debt for them to pay off.

Judd Gregg

1:44:32 to 1:44:52( Edit History Discussion )

Judd Gregg: there are some legitimate ideas and programs in this extender bill, but they should be paid for. they should all beaid for. they shouldn't simply be put on the credit card and passed to the next generation. these are issues which address costs of today.

Judd Gregg

1:44:53 to 1:45:15( Edit History Discussion )

Judd Gregg: unemployment insurance, the tax extenders; these are issues which affect today's spending and they should be paid for with today's dollars. we shouldn't just borrow from the next generation in order to pay for this problem, the problems and the issues which this bill tries to address. yet that's the p comes to us. three times now they brought these extender programs forward.

Judd Gregg

1:45:16 to 1:45:36( Edit History Discussion )

Judd Gregg: once they were going to add $79 billion -- $79 billion to the deficit. and it failed on a point of order brought by myself on the responsibility. then they brought forward a bill -- again, it failed and now we're going to get a third proposal today and i suspect it

Judd Gregg

1:45:37 to 1:45:57( Edit History Discussion )

Judd Gregg: will be a deficit proposal where we add to the debt an pass the bill on to our something politically attractive. but this is just a small tip of the iceberg for what's been happening around here. since we passed paygo legislation and we heard all these grandiose statements by

Judd Gregg

1:45:58 to 1:46:18( Edit History Discussion )

Judd Gregg: the president and the democratic leadership of the senate and the house that they were going to use paygo to discipline spending around here so we wouldn't pass these bills on to our kids, since we passed that bill, now almost two months ago we have spent or put in the pipeline to spend $200 billion.

Judd Gregg

1:46:19 to 1:46:39( Edit History Discussion )

Judd Gregg: $200 billion of new spending that violates the paygo rules that adds to the debt of this country. but, again, is only ofhe iceberg to the federal debt, this is the line. this where federal debt is going as a percentage of gross

Judd Gregg

1:46:40 to 1:47:01( Edit History Discussion )

Judd Gregg: national product. historically our federal debts have been 35% of gross national product. since obama came into congress d the democrats took control of fiscal policy in this it country, that debt has gone right through the ceiling and there's no stop to it.

Judd Gregg

1:47:02 to 1:47:22( Edit History Discussion )

Judd Gregg: it's going up and up and up. to the point now where the total debt as a percent of g.d.p. has passed the tipping point. what's the tipping well, that's what greece found. that's what iceland found. that's regrettably may be what spain may be finding. it's when you get so much debt

Judd Gregg

1:47:23 to 1:47:43( Edit History Discussion )

Judd Gregg: on the books that people stop believing you can really pay it back in an effective and efficient way. the people think that the world that's supposed to lend us this money, regrettably it's other countries now, saudi arabia, chinese, the russians. they start asking themselves, can they really pay that debt back?

Judd Gregg

1:47:44 to 1:48:09( Edit History Discussion )

Judd Gregg: and if they -- shouldn't i charge a lot more to blend them money because i'm not too shore they can pay that debt back. that tipping point is 60% of g.d.p. when your public debt ratio -- when your debt to gross national product exceeds 60% of g.d.p., it's generally accepted in the world community that you've passed the tipping point.

Judd Gregg

1:48:11 to 1:48:31( Edit History Discussion )

Judd Gregg: when it gets up to around 90% g. g.d.p., you're in -- we still have the same problem. so w passed 60% this year. why do we do that? because we're snding a lot of money we don't have. on the other $270 billion that's come

Judd Gregg

1:48:32 to 1:48:53( Edit History Discussion )

Judd Gregg: to this floor since we've done paygo on the stimulus package, on the health care bill. the health care bill expanded the size of this government b by $2.5 trillion. trillion dollars. all of that is an expense which grows the government at we can't afford. under the president's own budget

Judd Gregg

1:48:54 to 1:49:15( Edit History Discussion )

Judd Gregg: as he set it up here -- and where is the budget, by the way? it i miss something? isn't the congress -- did i miss something. isn't the congress of the united states supposed to do a budget? isn't that what we're supposed to do as steward of the house and the taxpayers' dollar? where is the budget.

Judd Gregg

1:49:16 to 1:49:36( Edit History Discussion )

Judd Gregg: is it under the desk here? nobody can find it. why is that? because the other side of the aisle doesn't want to show the american people what the deficits are. how much spending they're planning to do that they don't plan to pay for. not only in this year, but for the next 10 years.

Judd Gregg

1:49:37 to 1:49:57( Edit History Discussion )

Judd Gregg: the president at least had the integrity, i guess under law he had to do it, to send up a budget. and his own budget protects a $1.4 trillion deficit this year. $1.4 trillion. that's four times lger -- 3 1/2 times larger than the biggest budget under the bush administration.

Judd Gregg

1:49:58 to 1:50:19( Edit History Discussion )

Judd Gregg: the biggest budget deficit. it's the largest budget deficit in our history. $1.4 trillion. but that's not the end of it. for the next 10 years, the president's budget projects a trillion dollar deficit on average every year for the next 10 years. and the practical effect of the president's own budget is that

Judd Gregg

1:50:20 to 1:50:41( Edit History Discussion )

Judd Gregg: debt of this country doubles in five years an triples in 10 -- and triples in 10 years. these are staggering numbers. thesere numbers that lead to bankruptcy of our nation from a standpoint of fiscal policy. you don't have to look too far to see what these type of numbs mean. just look -- numbers mean. just look at what's happening in

Judd Gregg

1:50:42 to 1:51:02( Edit History Discussion )

Judd Gregg: greece and other countries that have grossly overextended their debt. doubling the deficit -- the debt in five years, tripling it years is an unacceptable action to try to put it -- the numbers are so big, it's hard to put them in context. to try to pu them in some sort

Judd Gregg

1:51:03 to 1:51:24( Edit History Discussion )

Judd Gregg: of context, if you take all the debt rung up by presidents since the beginning of our country, starting with george washington through george w. bush, that's $5.8 trillion. that's all the debt of all the presidents who came before president obama in this

Judd Gregg

1:51:25 to 1:51:45( Edit History Discussion )

Judd Gregg: democratic congress. under the budget sent up by the president, the debt that will be added will be three times that. almost three times that. the amount rung up over these

Judd Gregg

1:51:46 to 1:52:06( Edit History Discussion )

Judd Gregg: 200-plus years, 232 years, in 10 years we will be adding more debt than occurred in the first 232 years by a factor of almost 2 1/2 -- over 2 1/2. it's incredible. and, yet, nobody around here says anything or does anything about it on the other side of the aisle.

Judd Gregg

1:52:07 to 1:52:28( Edit History Discussion )

Judd Gregg: what we hear from the other side of the aisle is, let's bt out another bill. -- bring out another bill. let's game the paygo rules one more time as the extender bill does or tries to do and let's spend more money that we don't have and add it to the deficit or debt. bill after bill after bill after bill is br

Judd Gregg

1:52:29 to 1:52:51( Edit History Discussion )

Judd Gregg: do that, spend money we don't have and add it to the debt. what's it mean in real terms? a child born at the beginning of the -- president obama's administration and this democratic congress, this liberal congress -- shouldn't even be called democratic congress because it's so liberal liberal.

Judd Gregg

1:52:52 to 1:53:15( Edit History Discussion )

Judd Gregg: had an $85,000 debt on their back. $85,000. think of that. when they were born. well -- however, as of today they now have $114,000 debt on their back. that means the kid's born -- kids born four years ago -- not

Judd Gregg

1:53:16 to 1:53:36( Edit History Discussion )

Judd Gregg: even four years ago, 2 1/2 years ago -- 1 1/2 years ago, are have added to their burden -- this is not theoretical. this debt is owed. it's owed to it owed to russia. it's owed to saud saudi arabia. this debt has to be paid back by these people, our children.

Judd Gregg

1:53:37 to 1:53:57( Edit History Discussion )

Judd Gregg: and just in the last year and a half it's gone up by almost $30,000. and by the end of this presidency, should it -- should the president be reelected, or even a little bit past that, by the end of the budget as projected by the president, that

Judd Gregg

1:53:58 to 1:54:21( Edit History Discussion )

Judd Gregg: debt on these children will b be $196,000. that's what they'll have to pay. how a they supposed to buy a home? buy a car? send their kids to college if they have to which they'll have to the tax burden? it's inexcusable. inexcusable what we're doing here. and

Judd Gregg

1:54:22 to 1:54:43( Edit History Discussion )

Judd Gregg: with the larger pincher. is anything being done to improve this situation is this here's the president's own numbers. historically taxes have been 18% of g.d.p. so you'll hear a lot of people on the other side of the aisle say, we need to raise taxes more, we need to raise taxes more, we need to raise taxes more. under the president's own

Judd Gregg

1:54:44 to 1:55:04( Edit History Discussion )

Judd Gregg: budget, they're projecting that taxes will go up dramatically, 20% of g.d.p. the spending has historically been 20% of g.d.p. if we -- we wouldn't have a deficit at all. we'd be in pretty good shape that isn't what's hachg as a result of the president's program and note here how this

Judd Gregg

1:55:05 to 1:55:25( Edit History Discussion )

Judd Gregg: line goes up sharply during the recession, comes back down -- is estimated to come back down because of the stimulus being taken out of the spending stream, a very badly flawed decision, by the way, to pass the stimulus in the form it was passed. but then it goes straight back up. if we were extend this line, it would be way up here.

Judd Gregg

1:55:26 to 1:55:48( Edit History Discussion )

Judd Gregg: what's that caused by? that's caused by the health care bill. $2.5 trillion of new spending and by the aging of the population. there's no attempt to take this lined bring it down where it should be going so that we close that figure. no, this area in here is a structural deficit that has been grossly -- it's not structural.

Judd Gregg

1:55:49 to 1:56:09( Edit History Discussion )

Judd Gregg: it's created deficit. that has been grossly aggravated by the policies of this administration and is being aggravated every day by the policy of this congress as we've seen more and more bills brought forward which are unpaid for and end up adding to this red line going up. it is not a tax issue. it is not a revenue issue.

Judd Gregg

1:56:10 to 1:56:32( Edit History Discussion )

Judd Gregg: the president's own budget show that it's not a revenue issue. revenues, they project will be very robust and well above the historic highs fairly soon. what -- why would they do this? why would people be doing this? -- doing this to our nation, running us into bankruptcy like this, putting this burden on the

Judd Gregg

1:56:33 to 1:56:55( Edit History Discussion )

Judd Gregg: next generation who is so extraordinary? well, i think there's a philosophy here. the philosophy is pretty simple. this administration is very committed to moving the american model. they want to take us down the road of a european-style social welfare state democracy where

Judd Gregg

1:56:56 to 1:57:17( Edit History Discussion )

Judd Gregg: you essentially have cradle the coverage of all sorts of social concerns and you have an ever expanding -- dramatically expanding public sector. the president is very honest about this. he said, the way to create prosperity is to grow the government. boy, i don't think anybody would believe he would grow it this much.

Judd Gregg

1:57:18 to 1:57:39( Edit History Discussion )

Judd Gregg: he was honest about it at least. but the implication of it are because of the fact that we don't have the capacity to pay for this government, that we're driving ourselves right into a ditch as a nation. we're putting ourselves into a totally unstable situation which will inevitably lead to some

Judd Gregg

1:57:40 to 1:58:00( Edit History Discussion )

Judd Gregg: sort of fiscal crisis which will be cataclysmic for our country and will lead to a lower standard of living. i mean, that's what this inevitably leads to, a lower standard of living, not a higher standard of living for the next generation. the european model is not a good model for us toursue. it simply isn't.

Judd Gregg

1:58:01 to 1:58:22( Edit History Discussion )

Judd Gregg: look at what's happening in europe, anemic growth, lack of creativity in the area of economic growth, very little productivity, and basically countries wallowing in a debt structure which they can't get out from under because they're not willing to make the tough decisions. are we going to pick that path also? it appears that way.

Judd Gregg

1:58:23 to 1:58:43( Edit History Discussion )

Judd Gregg: under this administration and this congress it appears to be the choice. but it's the wrong choice. there are ways to address this. to begin with, we can stop spending. very simple. stop spending money thate don't have, stop bringing bills to the floor that have deficits attached to them. we need to recognize entitlement

Judd Gregg

1:58:44 to 1:59:05( Edit History Discussion )

Judd Gregg: programs and recognize that they're not affordable. we need to address our tax laws, which are not structured in order to create an incentive for -- for productivity in capital formation, but instead are replete with special benefits to special interest groups. we can reduce the rates on all

Judd Gregg

1:59:06 to 1:59:26( Edit History Discussion )

Judd Gregg: americans, and especially we can reduce the rate on the producve side of the ledger on our cap -- on our corporate rates which is now the second highest in the world and still generate significantly more revenues if we do it -- a total attach reform which is what senator wyden and i have proposed. we need to change our energy

Judd Gregg

1:59:27 to 1:59:48( Edit History Discussion )

Judd Gregg: policy. we have to stop shipping all this money overseas and buying energy. we need american production of energy. we need more nuclear, we need conservation, better cars, hybrids, electrics. and, sure, we need renewables, but the renewables are not going to solve the problem.

Judd Gregg

1:59:49 to 2:00:10( Edit History Discussion )

Judd Gregg: it is production of american energy that we need to solve the problem primarily and in conservation. and, most importantly, we need to abandon this idea that we should follow the european model because it stifles productivity, entrepreneurship, risk taking. we need to a model that says to

Judd Gregg

2:00:11 to 2:00:32( Edit History Discussion )

Judd Gregg: the american people, be creative, that has been at the essence of what has made us strong as a nation. it has always been one of our unique advantages over the rest of the world. we have always been filledith americans willing to take a risk, willing to make an investment, willing to go out and push the envelope.

Judd Gregg

2:00:33 to 2:00:53( Edit History Discussion )

Judd Gregg: as a result, they have created jobs in the most prosperous nation in the history of the world. but that's all at risk now because we decided to depart on this path of massive deficit and debt in order to re-create the european form of government, a social welfare state which is first not sustainable and

Judd Gregg

2:00:54 to 2:01:17( Edit History Discussion )

Judd Gregg: secondly is not a model for prosperity. so it's time to change and let's begin the change right here, right now by rejecting any extender bill that comes to this floor that is not fully paid for. thank you, mr. president, and i

Judd Gregg

2:01:18 to 2:01:30( Edit History Discussion )

Judd Gregg: yield the floor. a senator: mr. president? senator from delaware is recogn mr. kaufman: i note the absence of a quorum. the presiding officer: the clerk

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