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Senate Proceeding 10-01-08 on Oct 1st, 2008 :: 3:25:34 to 3:32:54
Total video length: 4 hours 40 minutes Stream Tools: Stream Overview | Edit Time

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Christopher Dodd

3:25:17 to 3:25:34( Edit History Discussion )

Christopher Dodd: is next in line. mr. sessions: madam president, i believe i be recognized for ten minutes, but ask i be notified after five. the presiding officer: the senator will be notified. mr. sessions: madam president,c

Jeff Sessions

3:25:34 to 3:25:53( Edit History Discussion )

Jeff Sessions: i would like to say to senator sanders a couple of things. first, i think it is, indeed, breathtaking this senate would authorize basically one person with very, very little real oversight a wall

Jeff Sessions

3:25:34 to 3:32:54( Edit History Discussion )
Speech By: Jeff Sessions

Jeff Sessions

3:25:53 to 3:26:07( Edit History Discussion )

Jeff Sessions: street maven himself to allocate $700 billion in america's wealth which i would have to say would be the largest single authorization of expenditure in the history of the republic so it's a -- i just

3:26:07 to 3:26:22( Edit History Discussion )

have to fundamental say i think we haven't done a good enough job in creating an oversight mechanism that will work and i'm not going to vote for the thing. i'm just not. i would say, however, and note

Jeff Sessions

3:26:22 to 3:26:39( Edit History Discussion )

Jeff Sessions: this point that my colleague, senator shelby from alabama, chaired the banking committee in 2005. he had hearings on the problems at freddie and fannie. alan greenspan, then chairman of the federal

Jeff Sessions

3:26:39 to 3:26:51( Edit History Discussion )

Jeff Sessions: reserve, wrote a letter saying if we didn't fix freddie and fannie this kind of, very kind of calamity would occur and he wrote and put that in writing. and senator shelby publicked through legislation

Jeff Sessions

3:26:51 to 3:27:08( Edit History Discussion )

Jeff Sessions: -- pushed through legislation to regulate it. and it came through the committee on a straight party-line vote. all republicans, as i recall, voting for additional oversight and reform of freddie

Jeff Sessions

3:27:08 to 3:27:22( Edit History Discussion )

Jeff Sessions: and fannie and all democrats voting against additional regulation of freddie and fannie so i just want to say i'm prepared to supportood regulation, sound regulation and reject the idea this problem all

Jeff Sessions

3:27:22 to 3:27:41( Edit History Discussion )

Jeff Sessions: arose because republicans oppose regulation. madam president, we're going to, in a few minutes, have a vote on amtrak reauthorization and appropriation as a stand alone bill. the majority leader, senator

Jeff Sessions

3:27:41 to 3:28:02( Edit History Discussion )

Jeff Sessions: reid, has filled the tree. that means that we cannot offer any amendments. we are back here again appropriating for five years almost $2 billion a year to fund this entity when, in the late 1990's we directed

Jeff Sessions

3:28:02 to 3:28:17( Edit History Discussion )

Jeff Sessions: that after 2002, amtrak would receive no more funding from the government. we ordered that. yet we did not stand by it. why is amtrak losing money? primarily it's because long-distance trains account for 80%

Jeff Sessions

3:28:17 to 3:28:30( Edit History Discussion )

Jeff Sessions: of its cash operating losses while carrying only 15% of the passengers. now i know people have romantic views about trains and they would like to see everyone ride in trains but people aren't riding trains

Jeff Sessions

3:28:30 to 3:28:55( Edit History Discussion )

Jeff Sessions: for long distances and the taxpayers are eating huge losses. and i would just say fundamentally that we can do better about that and we need to quit politically mandating routes that might pass

Jeff Sessions

3:28:55 to 3:29:13( Edit History Discussion )

Jeff Sessions: through our states but are dead losers. the heritage foundation did a study on a predecessor bill that's very similar to this and they found this: "the bill would only disrupt the necessary reform

Jeff Sessions

3:29:13 to 3:29:34( Edit History Discussion )

Jeff Sessions: process and perpetuate low-quality service at a much higher cost to the taxpayers. it lacks substantive reform prosals. it is replete with directives, alterations, restructuring, subsidies, reports,

Jeff Sessions

3:29:34 to 3:29:43( Edit History Discussion )

Jeff Sessions: five-year plans and other forms of top-down micromanagement techniques designed to create the impression" that amtrak is making improvements. in fact, heritage said instead of reforming and impving amtrak the

Jeff Sessions

3:29:43 to 3:30:03( Edit History Discussion )

Jeff Sessions: legislation actually makes it worse. the presiding officer: the senator has used five minutes. mr. sessions: i would just say one more thing. i checked the situation with regard for a train from

Jeff Sessions

3:30:03 to 3:30:19( Edit History Discussion )

Jeff Sessions: alabama, birmingham, to washington, and we found this: thes: train makes 18 stops and takes 18 hours. the amtrak ticket is $4.45. what happens if you take a one-top direct air flight from alabama to

Jeff Sessions

3:30:19 to 3:30:33( Edit History Discussion )

Jeff Sessions: birmingham? it's $300, a little over $300. it makes one stop. so this is why people are making these choices. they have multiple choices when they leave birmingham of what time they want to leave

Jeff Sessions

3:30:33 to 3:30:43( Edit History Discussion )

Jeff Sessions: on a direct flight to walk but a person on a train can only leave one time a day, it takes thenl 18 -- them 18 hours and they have to eat on the train at high cost and that is why we are having problems

Jeff Sessions

3:30:43 to 3:31:07( Edit History Discussion )

Jeff Sessions: and we should have had reform in the amtrak bill and i don't like it that it's brought up at the very last minute and the majority leader has fixed it so there can't be any real debates or amendments

Jeff Sessions

3:31:07 to 3:31:25( Edit History Discussion )

Jeff Sessions: offered. second, we're going to -- i would just summarize briefly. the alternative minimum tax is the huge tax extender at $64 billion a year in tax revenue. to extend it costs $64 billion a year. it

Jeff Sessions

3:31:25 to 3:31:38( Edit History Discussion )

Jeff Sessions: is extraordinarily skewed to favor single individuals. five times as many single individuals will get relief under the alternative minimum tax reform patch that is before us as part of the package

Jeff Sessions

3:31:38 to 3:31:57( Edit History Discussion )

Jeff Sessions: tonight, five times as many single will get benefit as families with children. families with children are getting caught up in it because when you figure your alternative minimum tax you can't take

Jeff Sessions

3:31:57 to 3:32:10( Edit History Discussion )

Jeff Sessions: your deductions for children. it's unfair to them. it's also unfair to low-tax states because low-tax states are -- high tax states are benefiting five times as much as lower tax states like tennessee

Jeff Sessions

3:32:10 to 3:32:25( Edit History Discussion )

Jeff Sessions: or alabama and the higher states are getting far more benefit. we need a better a.m.t. fix next year. perhaps it's too late to do it this year. but i really urge my colleagues next year when this

Jeff Sessions

3:32:25 to 3:32:36( Edit History Discussion )

Jeff Sessions: issue comes up we need to look at this very closely. we need to be sure we end this bias against struggling families and against states that are not so high tax. i yield the floor and i yield back

Jeff Sessions

3:32:36 to 3:32:54( Edit History Discussion )

Jeff Sessions: the balance of my time. the presiding officer: the senator from connecticut. mr. dodd: madam president, senator schumer from new york is recognized for five minutes. mr. schumer: madam president,

Charles Schumer

3:32:54 to 3:33:09( Edit History Discussion )

Charles Schumer: first i want to compliment my colleague from illinois, barack obama. his speech was not only on the money but the way he has handled himself throughout this crisis has been nothing short of presidential.

Charles Schumer

3:32:54 to 3:39:57( Edit History Discussion )
Speech By: Charles Schumer

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