Senate Proceeding on Jul 30th, 2009 :: 1:41:35 to 1:57:05
Total video length: 4 hours 30 minutes Stream Tools: Stream Overview | Edit Time

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

Views:111 Duration: 0:15:30 Discussion

Previous speech:

Next speech:

1:41:21 to 1:41:41( Edit History Discussion )

David Vitter: purposes. mr. vitter: mr. president? the presiding officer: the senator from louisiana. mr. vitter: thank you, mr. president. i call up my amendment and ask that it be modified wit changes at the presiding officer: the clerk will report the amendment as modified. the clerk: the senator from louisiana, mr. vitter, proposes amendment numbered 1907, as modified.

1:41:35 to 1:57:05( Edit History Discussion )
Speech By: David Vitter

1:41:42 to 1:42:02( Edit History Discussion )

David Vitter: mr. vitter: mr. president, i urge all of my colleagues to come together, work together as the american people surely want us to do in adopting this amendment, because i truly believe this amendme responsible way to address the shortfall in the highway trust fund. what is wha does this amendment do? it is very simple,

1:42:03 to 1:42:23( Edit History Discussion )

David Vitter: . president. this amendment funds the highway trus money fro stimulus bill. and why is tha important? it's important, mr. president, because up yet more deficit and yet more

1:42:24 to 1:42:44( Edit History Discussion )

David Vitter: debt on top of the mountains of debt we have already accumulated to pass on to our children and grandchildren. and so this is very mr. president, so that, yes, need highway work can be done, particularly needed work in the midst of this recession. but it can

1:42:45 to 1:43:07( Edit History Discussion )

David Vitter: racking up yet more debt to weigh down the economy and to burden our children and grandchildren. mr. president, i would make two central points about this idea and why this amendment is so necessary. first of all, the first central point is the level of debt we are accumulating in this country.

1:43:08 to 1:43:29( Edit History Discussion )

David Vitter: it is truly staggering, mr. president. it is truly beyond the comprehension of us to get our this year alone, the deficit has so just this year's federal spending, that deficit spending

1:43:30 to 1:43:51( Edit History Discussion )

David Vitter: has gone beyond $1 trillion and, oh, by the way, we're not finished this year, and it continues to grow. this year, we've racked up over $1.8 trillion of new debt, because there is that $1 trillion in the normal year's

1:43:52 to 1:44:12( Edit History Discussion )

David Vitter: spending plus the huge bill of $800 billion. so i terms of racking up new debt to put on the backs of our children and grandchildren, there's $1.8 trillion debt this year. that is way beyond anything

1:44:13 to 1:44:34( Edit History Discussion )

David Vitter: we've experienced in this country in our lifetime. just the $1 trillion of deficit spending rivals the sort of number we used to talk about not so long ago for the entire federal budget. but, unfortunately, mr. president, it gets worse. it gets

1:44:35 to 1:44:56( Edit History Discussion )

David Vitter: because this congress, over my objection, this president obama's budget. and that budget takes those mountains of debt that i just described at already sky-high historic levels, and what does it do? does it work it down? no.

1:44:57 to 1:45:17( Edit History Discussion )

David Vitter: it doubles that level of debt in five years. it more than triples that level of debt in ten. that's the path we're on, that's the legacy we are handing to our children and grandchildren.

1:45:18 to 1:45:39( Edit History Discussion )

David Vitter: mr. president, that is simply, completely to have this mountain of debt already accumulated this year, historically high levels, $1.8 trillion accumulated this year alone, and it's growing. and then to have a budget plan that doubles that in five years

1:45:40 to 1:46:02( Edit History Discussion )

David Vitter: and triples it in ten is inexcusable. in that five-year period, this president will have racked up more debt than every predecessor president before him combined. we need to get off that path, and the american people know it. the american people understand through their common sense that

1:46:03 to 1:46:24( Edit History Discussion )

David Vitter: this is a recipe for all of us as parents want to hand our kids a better world, a world of more opportunity, a handed to us from and yet, we are on path to do exactly the

1:46:25 to 1:46:46( Edit History Discussion )

David Vitter: our kids an enormous burden, hand them a tomorrow full of clouds and uncertainty, particularly threat, central, fundamental economic threat of deficit and debt. we can't accept that. and yet, here we are on the floor proposing the -- the other side proposing to fund the

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

David Vitter: highway trust fund with guess what? more debt. more borrowing. more borrowing by the government from whoever incling wonderful allies around the world like the communist chinese government. we need to get off this path. and this is one important step

1:47:08 to 1:47:28( Edit History Discussion )

David Vitter: in doing that, saying, yes, we'll continue vital higay programs, but we'll do it by taking from the already propriated stimulus funds. that's appropriate money already appropriated through the process. we won't do it by borrowing yet more money.

1:47:29 to 1:47:50( Edit History Discussion )

David Vitter: the other side has fancy arguments about, well, this is really taking back a loan we sent the general fund eight years ago. mr. president, let's make no mistake about long gone. this is racking up more debt, pure and simple. and for that very reason, because it's

1:47:51 to 1:48:13( Edit History Discussion )

David Vitter: debt, because it increases outlays in this fiscal year, it has a budget point of order against it which i will raise before our final vote. so if you need any that the underlying bill requires borrowing yet more money, racking up yet more debt, it's nailed down by the fact

1:48:14 to 1:48:34( Edit History Discussion )

David Vitter: that there is a budget point of order against the underlying bill which i will raise. now, the sec we should adopt the vitter amendment and fund highway projects from stimulus money and not rack up yet more debt goes to the nature of the stimulus

1:48:35 to 1:48:56( Edit History Discussion )

David Vitter: and the attempt which has been very slow and very faltering of using those stimulus dollars to help provide the economy. of course that w argument behind stimulus. we're in a severe recession. we need to do something. economic activity out the door. we need to hold down unemployment.

1:48:57 to 1:49:18( Edit History Discussion )

David Vitter: that was the whole argument. from the very beginning, i didn't think that would be the result. that's why i voted against the stimulus both because of the nature of the spending. it's a lot of big government programs, not a lot of true shovel-r spending. and because of the spending. i thought from the very

1:49:19 to 1:49:39( Edit History Discussion )

David Vitter: beginning dollars would go out the door immediate lip, and a lot of the stimulus money wouldn't be spent for years. well, mr. president, unfortunately, all of that is coming true. and, again, if you look at the nature of the spending in the stimulus and the tim it leaves a lot to be desired.

1:49:40 to 1:50:01( Edit History Discussion )

David Vitter: now, i think all of us in this body and americans across the country favor infrastructure spending as the centerpiece of the stimulus. yes, let's do real, shovel-ready projects. let's build roads and highways and bridges as the best example

1:50:02 to 1:50:22( Edit History Discussion )

David Vitter: of a true, concrete, shovel-ready infrastructure project. and i certainly strongly supported that element of spending as a way -- not the only way, but as a way to help revive our economy. unfortunately, mr. president, that type of pject was never a majo part of the stimulus bill as passed.

1:50:23 to 1:50:44( Edit History Discussion )

David Vitter: in fact, if you roads and highways and bridg all of that construction in the entire stimulus, how much of the bill do you think it is? 50%? certainly not. 30%? keep going down. 20%? no. 10%?

1:50:45 to 1:51:05( Edit History Discussion )

David Vitter: try 3.5%. 3.5% of the entire stimulus focused on what the american people thought really could be spending to economy -- infrastructure projects on roads and highways and bridges. my amendment is a way to increase that part of the

1:51:06 to 1:51:27( Edit History Discussion )

David Vitter: stimulus that gs to that project, to increase highway funding through the which i think there was a very broad consensus to do from beginning, but itever got done in the stimulus. the second big problem with the stimulus is the timing of that money. it has gone out the door very,

1:51:28 to 1:51:48( Edit History Discussion )

David Vitter: very slowly. of the entire $800 billion stimulus bill which was supposed to be immediate relief f economy, let's start turning the corner on this recession immediately, passing that bill, today -- months later, half a year later --

1:51:49 to 1:52:11( Edit History Discussion )

David Vitter: the door. only 10% has been spent. that's of that tiny slice that was roads and highways and bridges, the 3.5%, guess how much of that money has gotten spent? 1% of that. not 1% of the whole bill.

1:52:12 to 1:52:32( Edit History Discussion )

David Vitter: not almost a third of the 3.5%. i mean 1% of the 3.5%. in other words, .035% of the entire bill. meaningless amount. so let's increase the amount of money we take from the pot and immediately get out the

1:52:33 to 1:52:53( Edit History Discussion )

David Vitter: door for vital highway projects. now, mr. president, because of those factors in the stimulus, the nature of the spending which shovel-ready infrastructure. only 3.5% going to roads and highways and bridges, and the timing of the money which has

1:52:54 to 1:53:14( Edit History Discussion )

David Vitter: been amazingly slow -- only0% of the stimulus spent right now -- and only 1% of the roads and highway and bridges, what's been the effect on the economy? of course, the effect has been slim to none. this chart says it all. this graph is what the proponents of the stimulus bill

1:53:15 to 1:53:36( Edit History Discussion )

David Vitter: say would happen to unemployment over time. we pass the stimulus and it's going to help revive the economy. it's going t unemployment peaks at less than 8% and then comes down. well, unfortunately, the reality has been very different. because compared to this prediction by

1:53:37 to 1:53:58( Edit History Discussion )

David Vitter: the stimulus, this is reality. this is what unemployment has been doing in the last several months, going up and up and up, well beyond the peak that was predicted, reaching almost today. again, this is the fundamental reason we need to adopt the vitter amendment.

1:53:59 to 1:54:20( Edit History Discussion )

David Vitter: because the stimulus as it was put together nearly enough toward real infrastructure like roads and highways and bridges, and it's not weighted nearly enough on spending now versus a year from now. this vitter amendmentill help change that for the better, will reweight the stimulus, a

1:54:21 to 1:54:42( Edit History Discussion )

David Vitter: at the and highways and bridges and more spending now, because we need it now in the midst of this recession now. so, again, mr. president, i urge all of my colleagues to come around and embrace and support this vitter amendment. doesn't it make senseo say we

1:54:43 to 1:55:05( Edit History Discussion )

David Vitter: need to start now in terms of rejecting this path of more and more and more debt. because the underlying bill, make no mistake about it, is debt. that's why a budget point of order lies against the underlying bill. i will raise that budget point of order before the end of our debate.

1:55:06 to 1:55:26( Edit History Discussion )

David Vitter: and, secondly, doesn't it make sense to say, look, the stimulus idea was about exactly this sort of spending. americans across the favor stimulus spending that's prely focused on roads and highways and bridges and real infrastructure, things that are truly shovel-ready.

1:55:27 to 1:55:47( Edit History Discussion )

David Vitter: they don't favor big government waste programs and they don't favor spending three years from now because that's going to have no impact but to get us out of this recession right now. this amendment again positive direction toward spending on roads and highways

1:55:48 to 1:56:08( Edit History Discussion )

David Vitter: and bridges, which virtually all of us support, more of t spending, including the distinguished chairman of the environment and public works committee. she had an amendment on the stimulus to do just that which was opposed and defeated by the other side. and will also fine-tune the stimulus to get more money out the door now. don't we need that?

1:56:09 to 1:56:29( Edit History Discussion )

David Vitter: only 10% of the $800 billion has yet to don't we need to front load it a lot more than that to have any sort of significant positive impact on this recession? again, tragically the unemployment figures say it all. the prediction peak at 8%, come down from there.

1:56:30 to 1:56:51( Edit History Discussion )

David Vitter: the reality, we continue to go up and up and up toward perilously close right now and toward 10%. again, mr. president, i urge all of my colleagues, democrats, republicans, to join together to work together as the american

1:56:52 to 1:57:05( Edit History Discussion )

David Vitter: people wt u basic, commonsense i let's stop the debt. let's stop racking up yet more debt, putting it on the backs of our children and grandchildren. let's front load the stimulus and do shovel-ready