Senate Proceeding on Oct 8th, 2009 :: 1:57:30 to 2:08:55
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1:57:26 to 1:57:46( Edit History Discussion )

Kent Conrad: debate equally divided and controlled in the usual form. the presiding officer: without objection. without objection, so ordered. a senator: mr. president? the presiding officer: the senator from north dakota. mr. conrad: i have eight unanimous consent requests for committees to meet during

1:57:30 to 2:08:55( Edit History Discussion )
Speech By: Kent Conrad

1:57:47 to 1:58:08( Edit History Discussion )

Kent Conrad: today's session of the senate. they have the approval of the majority and minority leaders. i ask unanimous consent that these requests be agreed to and that these requests be printed in the record. the presiding officer: without objection, so ordered. come to the floor just very briefly to talk about the congressional budget office score of the health care reform proposal that is before the

1:58:09 to 1:58:29( Edit History Discussion )

Kent Conrad: senate finance committee. i understand that earlier today there were members on the other side who were questioning whether or not the finance committee's proposal is paid for d whether it reduces the deficit and whether or not it bends the cost curve of heal care in the right way.

1:58:30 to 1:58:51( Edit History Discussion )

Kent Conrad: let me say the congressional budget office has now issued their determination on all of thos conclusions are very, very clear. has said -- and i would put on the chart stand a page from their report.

1:58:52 to 1:59:12( Edit History Discussion )

Kent Conrad: and it shows very clearly over the 10 years of the bill from 2010 to will be reduced by $81 billion if the proposal were to become law. so with respect to the question that apparently has been raised

1:59:13 to 1:59:34( Edit History Discussion )

Kent Conrad: by some as to whether or not this bill is paid for, the congressional budget office has answered clearly and unequivocally. they have said the bill is not only paid for years, but it actually reduces the deficit by $81 billion.

1:59:35 to 1:59:56( Edit History Discussion )

Kent Conrad: second, on the lon question of bending the cost curve and whher or not this proposal bends the cost curve in the right way or not, the congressional budget office has also been clear and unequivocal. here's what they said in their report of october 7, just yesterday:

1:59:57 to 2:00:18( Edit History Discussion )

Kent Conrad: "in subsequent years beyond 2019, the finance plan would probably be continued reductions in federal budget c.b.o. expects that the proposal, if enacted, would reduce federal budget deficits over the ensuing decade relative to those projected under current

2:00:19 to 2:00:39( Edit History Discussion )

Kent Conrad: law -- with a total effect broad range between one-quarter and one-half percent of domestic product." so what does that what c.b.o. is saying is in first committee plan would reduce the

2:00:40 to 2:01:02( Edit History Discussion )

Kent Conrad: deficit by $81 billion. in the second decade, they are deficit by one-half percent of gross domestic product. gross domestic product over decade, the second decade, is

2:01:03 to 2:01:23( Edit History Discussion )

Kent Conrad: estimated to be cumulatively $260 trillion. that would be the gross domestic product of t fr 2020 on through the next ten years. one-quarter percent of $260 trillion is $650 billion deficit red

2:01:24 to 2:01:44( Edit History Discussion )

Kent Conrad: ten-year period. that would be one-quarter of 1% of g.d.p. one-half percent of g.d.p. over that second would be $1.3 trillion. so just to be clear, c.b.o. has

2:01:45 to 2:02:06( Edit History Discussion )

Kent Conrad: told us in their report of yesterday -- and the congressional budget office is the nonpartisan scorekeeper here; they're the ones we all look to for objective -- finance committee proposal reduces the deficit by $81 billion over the next ten years, and in t second ten years would reduce

2:02:07 to 2:02:27( Edit History Discussion )

Kent Conrad: one-quarter to one-hf percent of gross domestic product. now, no one can be certain what the oss domestic product of the united s second ten current projections are will be so percent of that second decade would be a

2:02:28 to 2:02:48( Edit History Discussion )

Kent Conrad: deficit from what would otherwise occur of $650 to $1.3 trillion. bending the cost curve in the right way. i might add parenthetically, the finance committee plan is the only plan that has been produced

2:02:49 to 2:03:09( Edit History Discussion )

Kent Conrad: produced, that the congr budget office says reduces the deficit in the first ten years and bends the right way, years. and i mig little disappointed that some completion came to the floor and -- some colleagues came to the floor and suggested --

2:03:10 to 2:03:31( Edit History Discussion )

Kent Conrad: apparently; i wasn't here, but i've heard -- suggested that this really isn't paid for. you around here. we can all make up facts, or we can rely on congressional budgetffice, who

2:03:32 to 2:03:53( Edit History Discussion )

Kent Conrad: is the objective scorekeeper, nonnonpartisan. i have disagreements with them about how they score things and indeed i had strong disagreements with them on how they scored some of these proposals. but there's got to arbitrator her we look to, someone that has

2:03:54 to 2:04:15( Edit History Discussion )

Kent Conrad: credibility, and the does. so floor and suggest this really isn't of from the congressial budget office. the congressional budget office reported yesterday, clearly and unequivocally, the finance

2:04:16 to 2:04:36( Edit History Discussion )

Kent Conrad: committee plan is paid for, that it in fact reduces the deficit by $81 billion ten years, that it has further deficit reduction in the second decade of one-quarter to one-half percent of gross domestic product. as i have said, in the second ten years, the forecast is that gross domestic product of the

2:04:37 to 2:04:58( Edit History Discussion )

Kent Conrad: united states over that period will approach trillion. one-quarter to one-half percent of that amount would be $650 billion to $1.3 trillion of additional deficit reduc the second decade. those are the unvarnished facts.

2:04:59 to 2:05:19( Edit History Discussion )

Kent Conrad: the unvarnish facts. and i hope during this which will be tough enough, which will be contentious enough, tha to trying to mislead people as to the objective facts before us. i think it's been said by a

2:05:20 to 2:05:43( Edit History Discussion )

Kent Conrad: previous president, facts are stubborn things. and indeed they are. one of the are on a course that is utterly unsustainable with respect to health care. today we are spending $1 out of every $ on health care. 17% of the gross domestic product is going to health care. the c.b.o., the congressional

2:05:44 to 2:06:04( Edit History Discussion )

Kent Conrad: budget office's lon long-term budget outlook says in the next period from 2012050 we will -- from 2010 to 2050 we will go from domestic product on health care unless we do something. that would be more than one of every $3 going to health care. in fact, very close to $1 out of

2:06:05 to 2:06:26( Edit History Discussion )

Kent Conrad: every $2.50 going to he care. that's an utterly unsustainable carls. the question before this body and congress, and the question before this president, will be, do we act or do we stick with the status quo? i would just suggest to my colleagues, sticking with the status quo is utterly

2:06:27 to 2:06:47( Edit History Discussion )

Kent Conrad: undefensible -- indefensible. there is no way to suggest sticking with the status quo is going to succeed for america's families, america's or the government itself. the hard reality is, medicare and medicaid spending as a percentage of g.d.p. are going up very dramatically during this forecast period.

2:06:48 to 2:07:09( Edit History Discussion )

Kent Conrad: it's been happening. this chart shows very between 1980 and 2009, the share of our gross domestic product going to medicare and medicaid has been rising inexorably. and we know that that trend will continue unless we do something that means we have to act. that means we have

2:07:10 to 2:07:31( Edit History Discussion )

Kent Conrad: respon skyrockettings costs of health care. that'sritically important to our feassments it's critically important to our businesses and their competive position. it's absolutely essential to the federal government as well. the t told us very clearly, medicare is

2:07:32 to 2:07:53( Edit History Discussion )

Kent Conrad: years unless we act. medicare is already -- the trust fund has already gone the social security trust fund has already gone cash-negative. so, the time and the need for action is about as clear as it can possibly be.

2:07:54 to 2:08:14( Edit History Discussion )

Kent Conrad: mr. president, i appreci opportunity some colleagues were suggesting this morning. it's very clear, the congressional budget office has told us that this finance committee proposal is not only paid for, the deficit both ten years but over the next

2:08:15 to 2:08:36( Edit History Discussion )

Kent Conrad: decade a period has w that is a accomplishment by the finance co down this mark, and we'll see where the votes lie on tuesday. i thank floor. i note the absence of a quorum. the presiding officer: the

2:08:37 to 2:08:42( Edit History Discussion )

Kent Conrad: clerk will call the roll.