Senate Proceeding on Aug 6th, 2009 :: 6:35:05 to 6:43:00
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6:35:01 to 6:35:21( Edit History Discussion )

Judd Gregg: the clerk will report. the clerk: the senator from new hampshire, amendment 2302. the presiding officer: the senator from new hampshire. mr. gregg: the senior from arizona alluded to the fact that basically this bill is unpaid for, the $2 billion.

6:35:05 to 6:43:00( Edit History Discussion )
Speech By: Judd Gregg

6:35:22 to 6:35:42( Edit History Discussion )

Judd Gregg: now, there is a fig leaf representation that the money in this bill is somehow being out of another account and therefore it is offset. the account being the renewable energy l under the stimulus package. but that is a total fraud. a total fraud. this is the ultimate bait and

6:35:43 to 6:36:04( Edit History Discussion )

Judd Gregg: switch. because as the senator -- senior senator from arizona p out, the chairman of the appropriations committee in the house, who i have a lot of respect for, and i think his forthrightness is refreshing, quite frankly, said on the floor of the house when he was asked the question

6:36:05 to 6:36:26( Edit History Discussion )

Judd Gregg: happen to the fact that $2 billion has been taken out of the loan guarantee program, what's going to happen to the loan guarantee program? he said -- congress obie said, if the gentleman would yield, i share the gentleman's view that the renewable energy loan program is of vital importance to creating a new green economy.

6:36:27 to 6:36:48( Edit History Discussion )

Judd Gregg: we have house. we have talked with the speaker, and i want to assure you -- this is the chairman of the appropriations committee, and when he assures you, you can be assured it is us certainly have every intention of restoring these funds.

6:36:49 to 6:37:09( Edit History Discussion )

Judd Gregg: they're doubling down on the debt. it's bad enough -- this should be called the debt for clunkers bill to begin with. what we're doing is creating debt for our children. we're suggesting, we're proposing, we're allowing $4,500, $1 billion, now $3 billion out the door to

6:37:10 to 6:37:30( Edit History Discussion )

Judd Gregg: buy cars today, but the bill to pay those cars is going to come due on our children and grandchildren as they have to pay the debt off which this is going to go to increase. this is nothing more than a - than a -- a program which is being funded entirely by debt. and an increase in the federal

6:37:31 to 6:37:51( Edit History Discussion )

Judd Gregg: debt as congressman obie forthrightly stated when he said, we're going to find the $2 billion that we took out of this account and refill that $2 billion to everybody knows. i don't happen to support the program, but i would like to have integrity in this process and i'd like to have the pro paid for.

6:37:52 to 6:38:13( Edit History Discussion )

Judd Gregg: if we're the american people that this program is paid for, let's pay for it so my amendment does that. that's all it does. it creates a sure that we're not going to replenish an account that we allegedly took the money out of in order to pay for account. now, it doesn't -- the way i've

6:38:14 to 6:38:34( Edit History Discussion )

Judd Gregg: set this up, it doesn't have to necessarily affect the guarantee program. in fact, it's not spefng to the loan gain -- spe loan guarantee program, what ve done. what i'm suggesting we do that next year, in order to make sure that this program is paid for, we reduce what is known as the 302-a cap by $2 million.

6:38:35 to 6:38:56( Edit History Discussion )

Judd Gregg: that way we can be reaso confent that before this money can be spent twice, there will have to be a vote -- a 60-vote point of order brought against it on the floor of the senate and people will have to forthrightly say, oh, we're actually borrowing from our children to do this. alternatively and refreshingly we won't borrow from our

6:38:57 to 6:39:19( Edit History Discussion )

Judd Gregg: children to do this, we'll pay for it by reducing the 302-a allocation cap. so integrity to the process, honesty to the process, and actually pay for the flap we allege we're -- for the program that we allege we're paying for rather than use this gamesmanship which is the

6:39:20 to 6:39:41( Edit History Discussion )

Judd Gregg: ultimate bait and switch, which taking out money and refun account tomorrow so we borrow the money from our this case it would be twice, because we had to borrow money on the that's all it does is put integrity in the process and make this system -- make program -- the pay-for for this

6:39:42 to 6:40:02( Edit History Discussion )

Judd Gregg: program honest and stightforward and reasonably real. nothing is real when it comes to spending money, but hopefully it would be more -- more substantive and more substantial relative to the integrity of the process than under the proposal as it's presently on the -- on the underlying program, though, i do have to make this point because it's an

6:40:03 to 6:40:23( Edit History Discussion )

Judd Gregg: interesting point. not made by me, but i want to paraphrase it. it was made by the website he'd mundz. he'd mundz is -- edmunds. it it is a consumer report on cars, they will tell you how much your car is worth, they have an

6:40:24 to 6:40:48( Edit History Discussion )

Judd Gregg: evaluation of your car. they're totally independent. they have no dog in this fight. and they looked at ts program and they said: something's wrong here. something's wrong here. we have $4,500 per car being the amount that's reimbursed to people.

6:40:52 to 6:41:12( Edit History Discussion )

Judd Gregg: you can buy about 220,000 cars. $4,500 a c and their point was that over the time period that this bill has been in place, in the typical course of business, 200,000 cars would have been turned in, old mileage, used cars would have been turned in anyway, if there was

6:41:13 to 6:41:33( Edit History Discussion )

Judd Gregg: repossession, no clunker -- no debt for clunker program, 200,000 cars would have b turned in to purchase n cars during this same time frame. that's their estimate an they're professionals. they've -- and they're professionals. they look at it in a teltly independent way. that was their -- in a totally independent way. that was their estimate.

6:41:34 to 6:41:54( Edit History Discussion )

Judd Gregg: the number of cars being turned in under this program is about 20,000 to 22,000 programs. that doesn't work out a car. that's costing the american taxpayers about $45,000 a car to get those extra2,000 cars off the road. ridiculous. the program's got so

6:41:55 to 6:42:16( Edit History Discussion )

Judd Gregg: inconsistencies about it, but the ultimate inconsistency is that we're borrowing from our kids to pay this. we'r adding $3 trillion -- if this bill passes, we would have added $3 billion to the debt of our children. it's not appropriate. it's certainly not appropriate to spend it to buy a and pay for it

6:42:17 to 6:42:37( Edit History Discussion )

Judd Gregg: now, have our children pay for it 10, 15 years from now by adding to the debt of this nation. so my amendment attempts to address that issue by trying to enforce the pay fors in this bill by reducing the 302-a allocation next year. i reserve the balance of my time. a senator: madam president? the presiding officer: the senator from

6:42:38 to 6:42:59( Edit History Discussion )

Judd Gregg: ms. stabenow: thank you, madam president. i would like to speak and have my time allocat amendment. the presiding officer: is there objection? ms. stabenow: without objection. -- the presiding officer: without objection. ms. stabenow: thank you very much. i would like amendment and gregg amendment. we're not talking about the

6:43:00 to 6:43:01( Edit History Discussion )

Judd Gregg: sales that has happened anyway.