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Senate Proceeding on Jul 10th, 2008 :: 2:22:59 to 2:29:38
Total video length: 9 hours 29 minutes Stream Tools: Stream Overview | Edit Time

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John Warner

2:22:45 to 2:22:59( Edit History Discussion )

John Warner: to legislative session. the senator from louisiana. ms. landrieu: i thank the senator from virginia for his comments on these pending nominations but i wanted to take a moment to speak about the housing

Mary Landrieu

2:22:59 to 2:23:14( Edit History Discussion )

Mary Landrieu: bill that just passed. it was a very significant piece of legislation and on behalf of the people of louisiana i wanted to come to the floor to specifically thank senator dodd for his extraordinary leadership

Mary Landrieu

2:22:59 to 2:29:38( Edit History Discussion )
Speech By: Mary Landrieu

Mary Landrieu

2:23:14 to 2:23:31( Edit History Discussion )

Mary Landrieu: and tenacity in getting this bill through the floor of the senate. it's been stuck for weeks. he get it unstuck this morning. and passed it and it has significant relief for homeowners throughout america

Mary Landrieu

2:23:31 to 2:23:45( Edit History Discussion )

Mary Landrieu: to help us stem the foreclosure rate, to stem the tide of economic downturn in many counties throughout our country. but for louisiana, it had some very special relief. the part of that bill was actually

Mary Landrieu

2:23:45 to 2:24:05( Edit History Discussion )

Mary Landrieu: crafted by senator baucus and senator grassley as chair and ranking member of the finance committee and there was a big piece of that in this housing bill. in that finance piece was a tax-relief provision

Mary Landrieu

2:24:05 to 2:24:18( Edit History Discussion )

Mary Landrieu: that is just, in my view, central, crucial, and vital to the recovery, ongoing recovery of south louisiana and the gulf coast. as you know, mr. president, when these storms -- katrina and rita hit now three

Mary Landrieu

2:24:18 to 2:24:31( Edit History Discussion )

Mary Landrieu: years ago -- were unprecedented in the size and scope of destruction. this country has not seen figure like it in over -- well over 100 years and hopefully we won't see anything like it for another 200

Mary Landrieu

2:24:31 to 2:24:47( Edit History Discussion )

Mary Landrieu: or 300 years. when we went to the federal toolbox, if you will, to see what tools were available to help the 250,000 homeowners who lost their homes, many didn't have insurance because they're

Mary Landrieu

2:24:47 to 2:25:01( Edit History Discussion )

Mary Landrieu: homes were paid for or they weren't in a floodplain. they lost everything -- their home, their business, their place of worship, the schools their children went to. so when we went to the toolbox that weren't

Mary Landrieu

2:25:01 to 2:25:13( Edit History Discussion )

Mary Landrieu: adequate tools to help them. we have been crafting those tools slowly. it has been agonizing for people that are waiting for us to give them a handup. many of these tax-paying hard working citizens are

Mary Landrieu

2:25:13 to 2:25:27( Edit History Discussion )

Mary Landrieu: not asking for charity. they're just askg for a chance to get their businesses back, get their feet back underneath them. as you know, mr. president, because i'm sure this is this way in virginia, most

Mary Landrieu

2:25:27 to 2:25:42( Edit History Discussion )

Mary Landrieu: middle-class and upwardly mobile families have most of their networking tied up in their home so when their home is completely destroyed and contents, as well, it really, really impacts the financial stability

Mary Landrieu

2:25:42 to 2:25:57( Edit History Discussion )

Mary Landrieu: of that family so that's why i've stayed focused on homes, on home rebuilding and on small businesses because it's the back ben of our recovery. the backbone of our recovery. i'm proud to say in

Mary Landrieu

2:25:57 to 2:26:10( Edit History Discussion )

Mary Landrieu: this bill we were able to deliver $1 billion of relief -- literally $1 billion of relief -- to homeowner that, you could argue, deserve more help that almost any group of homeowners in america. again,

Mary Landrieu

2:26:10 to 2:26:25( Edit History Discussion )

Mary Landrieu: these homeowners are suffering kind of a double whammy. not only do they go through katrina and ridty but now -- rita but now they are in the atmosphere of a slow real estate mark, in some cases,

Mary Landrieu

2:26:25 to 2:26:39( Edit History Discussion )

Mary Landrieu: a mart that is spiraling downward just because of the atmosphere of the country and the economy, although, actually, at home, our economy, relative to the country, is doing pretty well. so this

Mary Landrieu

2:26:39 to 2:26:56( Edit History Discussion )

Mary Landrieu: relief was absolutel essential. before this bill passed, the jones family, for instance, say they earned $75,000 a year; their home was destroyed. they did not take a casualty loss deduction. they

Mary Landrieu

2:26:56 to 2:27:13( Edit History Discussion )

Mary Landrieu: received a grant of $75,000 to help them fix their home. they would not be taxed this year. but the same family, the smith family, earning $75,000, they had the same amount of damage but they took casualty

Mary Landrieu

2:27:13 to 2:27:29( Edit History Discussion )

Mary Landrieu: loss deduction which is allowable in our tax code and they also received a $75,000 home grant and they would have had to pay a substantial tax bill this year. the smith family would have before senator grassley

Mary Landrieu

2:27:29 to 2:27:43( Edit History Discussion )

Mary Landrieu: and senator baucus came to their aid, would have had to pay $24,000 in taxes. mr. president, these families literally don't right now -- are struggling to make their electric bills, their utility bills,

Mary Landrieu

2:27:43 to 2:27:56( Edit History Discussion )

Mary Landrieu: trying to pay double mortgages, rents and a mortgage on a house, trying to keep their house together. they could not possibly have come up with $25,000. that's what we corrected. and i want to thank

Mary Landrieu

2:27:56 to 2:28:09( Edit History Discussion )

Mary Landrieu: this senate for spending special care and attention to a group, hundreds of thousands of homeowners. it's not millions, it's not tens of millions, but hundreds of thousands of homeowners along

Mary Landrieu

2:28:09 to 2:28:23( Edit History Discussion )

Mary Landrieu: the gulf coast that will truly benefit immediately and directly. this money will go into their pockets and, hopefully, they will be spending it on their new home or their new apartment or using

Mary Landrieu

2:28:23 to 2:28:35( Edit History Discussion )

Mary Landrieu: it to pay back bills they had to charge to their credit cards to literally just survive through these last several years. so i am very proud of the senate. i do believe we should give tax relief

Mary Landrieu

2:28:35 to 2:28:49( Edit History Discussion )

Mary Landrieu: when it makes sense. this mostly certain makes sense. and $1 billion is a lot of money and i know that we're struggling to balance our budgets but i think this was a very worthy expenditure and i want

Mary Landrieu

2:28:49 to 2:29:04( Edit History Discussion )

Mary Landrieu: to thank senator dodd, again, thank senator grassley, and thank senator baucus particularly for remembering the families on the gulf coast and for helping them to achieve substantial tax savings

Mary Landrieu

2:29:04 to 2:29:38( Edit History Discussion )

Mary Landrieu: by the passage of this bill. it will go a long way with the other provisions in this bill to really help our recovery that is underway in the gulf of mexico. i'd like to submit further lengthier statement

2:29:38 to 2:30:18( Edit History Discussion )

for the record and i would yield the floor at this time. the presiding officer: without objection the full statement will be entered into the record at this point.| ms. landrieu: at this time i'd like to

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