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Video archive of the US Congress

Senate Proceeding on Sep 27th, 2010 :: 5:45:20 to 5:51:00
Total video length: 7 hours 59 minutes Stream Tools: Stream Overview | Edit Time

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Jeff Sessions

5:45:16 to 5:45:37( Edit History Discussion )

Jeff Sessions: been objected to or we have not been able to get clearance on the other side, i do object to the -- the presiding officer: objection is heard. mr. barrasso: thank you, mr. president. the pr senator from alabama. mr. sessions: mr. president, the world economic forum recently published its global competitiveness survey. it shows that the competitiveness of the united

Jeff Sessions

5:45:20 to 5:51:00( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

5:45:38 to 5:46:02( Edit History Discussion )

Jeff Sessions: states has declined from first place in the world to fourth place worldwide since president obama took office in january. what is the main reason for this decline? too much debt and too much spending. there are other reasons, but that's the primary one that they cited. i would suggest that the proposals to drive up the cost

Jeff Sessions

5:46:03 to 5:46:24( Edit History Discussion )

Jeff Sessions: of energy by regulation and cap and tax that is supposedly to create green jobs is also another form of anticompetitiveness that hurts our productivity as a nation. a study in spain of who has some of the most alternative energy proposals and they have taken some of the most dramatic action

Jeff Sessions

5:46:25 to 5:46:45( Edit History Discussion )

Jeff Sessions: has shown that even though there are green jobs created, that the overall rise in the cost of energy in spain has cost the nation more jobs than would have -- than were created by the green activities. according to "the washington post," a senior economist at the

Jeff Sessions

5:46:46 to 5:47:07( Edit History Discussion )

Jeff Sessions: world forum said -- quote -- "it was government debt and the country's overall economic outlook that pushed the united states down." the article goes on to note -- quote -- "government debt affects a country's competitiveness by limiting its ability to respond to crises or to make infrastructure and other investments that could boost future productivity that may

Jeff Sessions

5:47:08 to 5:47:28( Edit History Discussion )

Jeff Sessions: also lead to higher interest rates." i would note also that the e.u. has a corporate tax rate of 19%, whereas the united states has a corporate tax rate of 35%, and that cost jobs in america. i talked to a c.e.o. recently who said 200 alabama jobs were

Jeff Sessions

5:47:29 to 5:47:49( Edit History Discussion )

Jeff Sessions: lost because of the higher corporate tax rate in the united states. we cannot sustain that. how high is our debt today? $13.6 trillion or $44,000 for every man, woman and child and america, and it's 93% of our gross domestic product, which is

Jeff Sessions

5:47:50 to 5:48:10( Edit History Discussion )

Jeff Sessions: significant because a famous study produced earlier this year by economist kenneth rogath and carmen reinhardt demonstrated that economic growth slows substantially, it reduces g.d.p. growth by 1% when debt exceeds 90% of g.d.p.

Jeff Sessions

5:48:11 to 5:48:31( Edit History Discussion )

Jeff Sessions: we're already over that. when our economy is only growing at 1.6%, as it was in the second quarter that has been finalized with our growth rate, an extra 1% is a lot when you're talking about growth. and they talk about a new normal

Jeff Sessions

5:48:32 to 5:48:54( Edit History Discussion )

Jeff Sessions: where we may be showing only 1%, 2%, 3% growth for years to come. so if you lose a percent based on debt, that is a very damaging thing to the american economy. well, do we have a plan to reduce it? have we taken any steps? well, actually the president's

Jeff Sessions

5:48:55 to 5:49:15( Edit History Discussion )

Jeff Sessions: budget makes the problem worse. in fact, it shows that the gross debt by 2019 would go to $23 trillion, 106% of g.d.p. and look at this chart on interest payments. it's so stunning that i think every american n it reflects the analysis by the

Jeff Sessions

5:49:16 to 5:49:36( Edit History Discussion )

Jeff Sessions: congressional budget office, our professional budget office that serves us, the leadership of which is hired by the -- our democratic majority. they are good people, and that is what they calculate. in 2009, the interest that we paid on all the debt in this country was $187 billion.

Jeff Sessions

5:49:37 to 5:49:57( Edit History Discussion )

Jeff Sessions: but by 2020, they calculate that the one year's interest payment would be $916 billion, almost $1 trillion. this is a stunning figure. last year, the base line budget, or at least a year, two years ago, our base line budget on

Jeff Sessions

5:49:58 to 5:50:18( Edit History Discussion )

Jeff Sessions: highways was about $40 billion. i think the spending on education totally is about $100 billion, so we're talking about $900 million in interest now because the debt will triple from last year to 2019. under the budget submitted by

Jeff Sessions

5:50:19 to 5:50:39( Edit History Discussion )

Jeff Sessions: the president of the united states. you would think that we would begin to be talking about that in our congress and we would be dealing with a budget and the plans that we would have to provide to bring this under control, would you not, but

Jeff Sessions

5:50:40 to 5:51:03( Edit History Discussion )

Jeff Sessions: surprisingly we haven't had any real discussion about the budget this year. indeed, we haven't debated the budget on the floor of the senate at all. this would be the first year since the modern budget process was created in 1974 that congress has not even considered a budget. it was not brought up, it has

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