Senate Proceeding on Oct 28th, 2009 :: 6:21:30 to 6:36:55
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6:21:26 to 6:21:46( Edit History Discussion )

John Thune: and that we pass it as soon as possible. and with floor. mr. thune: mr. president? the presiding officer: the

6:21:30 to 6:36:55( Edit History Discussion )
Speech By: John Thune

6:21:47 to 6:22:07( Edit History Discussion )

John Thune: senator from south dakot mr. thune: mr. president, i want t before the senate right now and also to an amendment that i would like to have voted on as a part of the underlying legislation. but i do want to also react to some of the remarks made by my colleague from vermont and simply say that when it comes to

6:22:08 to 6:22:28( Edit History Discussion )

John Thune: some of the legislation that's trying to be jammed through the congress this year, yeah, we believe that it's okay to say "no" to some things. we think it's okay to say "no," for example, to 1,500-page bills that are written behind closed we think it is okay to say "no" to higher health care premiums for our constituents in our home

6:22:29 to 6:22:50( Edit History Discussion )

John Thune: americans in this country who have -- currently have health insurance. we think it's okay to say to trillion dollar spend bills that don't do anything to create jobs. we think it's okay to say "no" to higher taxes for small businesses and working families that are going to get hit by many of the proposals here that are in front of the congress, including the health care bill,

6:22:51 to 6:23:11( Edit History Discussion )

John Thune: which according to the half of the tax burden -- more than half of the tax burden is going to fall on families making under $100,000 a year. we think it's okay to say "no" to energy taxes that will jobs and r we think it's okay to say "no" to a $2 trillion expansion of the federal government here in

6:23:12 to 6:23:34( Edit History Discussion )

John Thune: washington to create a new health care entitlement that'll be financed with higher taxes dicare cuts, and borrowing from future generations. and we think it's okay to say "no" to a half homosexual dollar -- half a trillion dollars in medicare cuts that are going to impact senior citizens across this country. and it's also okay to say "no"

6:23:35 to 6:23:56( Edit History Discussion )

John Thune: to the extension of what has become a tarp slush fund -- a political slush fund for things which it was not intended. so i don't apologize for saying "no" to bad policies that are going to recognize the economy, cost americans jobs, and put more and more of our future generations at risk because we're saddling them burden of debt that they will be

6:23:57 to 6:24:17( Edit History Discussion )

John Thune: carrying forever into the and so, mr. president, i think it's chamber to stand up to bad policies and to say "no." and i'm going to continue to dwent right of my colleagues here in the senate, whether i agree with them or not -- a lost my colleagues on the other side,

6:24:18 to 6:24:38( Edit History Discussion )

John Thune: they have things they want to do. some of them i don't agree with. that's why we have the united states senate, to come here and resolve our differences and to try and reach the common ground, if that's possible, but if there are bad things that are being proposed, i don't th there's anythi wrong with saying "no." if you're saying "no" to higher taxes, higher health care premiums, more borrowing, more

6:24:39 to 6:25:00( Edit History Discussion )

John Thune: debt that we're putting on future generations, i don't particularly have that. i do think it is important, however, that we act on legislation that will create jobs, that will provide a better, stronger economic future for people in this country, and that will address the needs of the people hour hurting because

6:25:01 to 6:25:21( Edit History Discussion )

John Thune: of this economic downturn we're n and the legislation that's before us will do just that. and i ted to proceed to that legislation last night so we could have this debate, so we could get on this bill, so that we could provide an addit 14 weeks of assistance to people who need unemployment benefits because of what's happening in our economy in ts country. i don't lot of disagreement in here

6:25:22 to 6:25:43( Edit History Discussion )

John Thune: we need to take those steps that are necessary. i will say that the amendment that was offered by the senator from nebraska, senator johanns, is a germane, legitimate amendment that ought to be voted on. all he's simpl saying is if we're going to do this we ought to figure out a way to pay nor it that doesn't lead to higher taxes on businesses.

6:25:44 to 6:26:04( Edit History Discussion )

John Thune: that's a fair vote to v it's totally related to the underlying bill. but the underlying bill, which would provide and extend unemployment insurance benefits to people in this country who are suffering as a result of economic downturn, we're not objecting to that. nobody here is. in fact we could finish this thing here in the next hour or two if the majority would agree to allow a couple of amendments to be voted on.

6:26:05 to 6:26:27( Edit History Discussion )

John Thune: now, having said that i do have an amendment t important to get a vote on. the reason it is important to get a vote on it now is we aren't going to have many more opportunities. the tarp program expires at the end of this year. if congress doesn't take steps to end it, the treasury department can extend it. and t mr. prident, is because the

6:26:28 to 6:26:48( Edit History Discussion )

John Thune: tarp program has afield from anything it was designed to do. it was designed to stablize the economy last year at a very difficult time. and so we voted to extend $700 billion in authority for the federal reserve and to go out, to buy up some of these troubled assets in various financial firms.

6:26:49 to 6:27:10( Edit History Discussion )

John Thune: they decided to take positions and some of us had -- it was a very, i think, different use of the funds than what many of us had intended when we voted for t but that being said, it was done to stablize the financial system in this country. that was a year ago. i think it's fair to say that's not an emergency anymore and in fact many of the tarp funds that

6:27:11 to 6:27:32( Edit History Discussion )

John Thune: have been extended are now being extended industries. we have seen the auto industry to the tune of about come in and get tarp assistance. we've seen insurance companies get tarp assistance. we've even seen tarp assistance made available to help modify home mortgages to the tuning o $50 billion which the congressional budget office says

6:27:33 to 6:27:53( Edit History Discussion )

John Thune: we'll never see any return on. and so the tarp program has become, mr. president -- i'd hate to call it a political slush fund. i hate to refer to it that but at a minimum, it's become a revolvrevolving found $fund that can now be used by all kinds of purposes and in

6:27:54 to 6:28:15( Edit History Discussion )

John Thune: fact i think from statements that have been made by the treasury secretary, the indications are that they expect to reuse a lot of those funds, even after they're paid back by some of the ins have gotten assistance. and so you've got the $700 billion tarp fund authority out there with payments that have been made back. there's now over $300 billion

6:28:16 to 6:28:36( Edit History Discussion )

John Thune: that is unused. there's about $213 billion that was never used and with payments that have now come back from some of the received assistance, there's a $300 billion of funds in the tarp account. why is that significant? well, it's significant because if we don't use t

6:28:37 to 6:28:58( Edit History Discussion )

John Thune: some other purpose which they were intended, those funds will go to retire the federal debt. to me, that's probably as good a u of funds as we could possibly find right now because we had a deficit last year of $1.4 trillion. we're looking at trillion deficits as far as the eye can see.

6:28:59 to 6:29:19( Edit History Discussion )

John Thune: ifhe congressional office predictionpredictions are accurate, in the next:15 years we believe double the federal debt. in the text ten years we will triple the federal debt wherever house hoed will owe debt. before a young couple starts out, as they get married, they'r gift from the federal government, a big, fat i.o.u. for $188,000.

6:29:20 to 6:29:40( Edit History Discussion )

John Thune: well, the best thing that we could do right now in addition to spend z extend unemployment benefits to people who have lost their jobs and have -- verage is running out is to try and get this debt under control so that we aren't passing on this enormous liabity to future generations. i would argue that if you allow

6:29:41 to 6:30:02( Edit History Discussion )

John Thune: this situation to go unabated, if we continue to borrow money at the r today and we continue to rack up the debt you're going to create all kinds of economic consequences d the road in the form of perhaps higher interest rates, you could sign nation pick up down the road. nobody sees that in the near--term but in the when you start having to pringts

6:30:03 to 6:30:24( Edit History Discussion )

John Thune: money to monetize yo debt and you're paying back your debt with cheaper dollars. the people who are buying the debt are going to want a better return on theronvestment. the interest rates start to pick up and that could have some very disastrous consequences for our economy when it comes to homeowners and small owners and people who are trying to get student loans. there are all kinds of consequences from this

6:30:25 to 6:30:47( Edit History Discussion )

John Thune: that we're on as a country. i think the best thing had a we can do if we got funds in the tarp authority right now is use the funds to pay dpown that federal debt. that's what my amendment does. i'm coauthoring it with the senator from utah, senator bennett. but we believe we ought to end the tarp authority this year

6:30:48 to 6:31:08( Edit History Discussion )

John Thune: when it's set to expire. if congress isn't hurt on this, then the treasury has the authority to extend it. i would like to at congress heard on this. congress, after all, created the tarp fund going to be extended, congress ought toave a vote on that. that extension, that expiration date is looming. it's the end of december of this year.

6:31:09 to 6:31:29( Edit History Discussion )

John Thune: so if congress is going to be heard, that's going to have to ha ando i would like to see a vote by the united states senate on whether or not we believe the tarp program ought to be extended, ought to continue to be used for all these other ancillary purposes that i just mentioned that are really unrelated to the underlying purpose for tarp when it was created a year ago.

6:31:30 to 6:31:50( Edit History Discussion )

John Thune: d whether or not we're going tpo say that we think it's a priority that we start paying down this gargantuan debt that is growing by the day, and the interest payments are growing with it. and so i would like to see on this opportunity, this legislation that's moving through here a vote on whether or not we can extend the tarp program.

6:31:51 to 6:32:12( Edit History Discussion )

John Thune: and my amendment, madam president, is one page. in fact, it's only four pages, four lines lg. it's very simple. it's here a look at. it won't take very long to figure out i can't imagine why the majority would not want to have a vote on whether or not we are going to

6:32:13 to 6:32:33( Edit History Discussion )

John Thune: allow the federal government, to continue to use these funds, why congress would not want to be heard when in fact it was the congress that created this program in the first place. and so, my amendment's very simple. all it says is that when the tarp program expires at the end of the year, it ends. it doesn't mean that the treasury doesn't have the authority to wind down some of the assets and some of the

6:32:34 to 6:32:55( Edit History Discussion )

John Thune: places where it's already invested those tarp dollars. not at all. all it simply says is the moneys that are not e that account will be used to pay down the federal debt and no additional moneys will be extended t other uses. some people might say what about if we have another emergency? if we have another emergency, congress canct again.

6:32:56 to 6:33:16( Edit History Discussion )

John Thune: that's what we tkofplt we're the legislative branch of t government. we have the power of the purse. there isn't any reason to think that if for some reason it became clear that a tarp-like authority was necessary down the road that the congress would not take the necessary steps to address that emergency. but in the meantime, we've got a $700 billion fund out there

6:33:17 to 6:33:38( Edit History Discussion )

John Thune: which as people are making payments into it are back oufplt and we've got -- back we've got $300 billion head room in that fund and it seems to me we ought to take that $300 billionnd apply it to paying down the federal debt so the future are not having their future mortgaged because we haven't been able to live within our means.

6:33:39 to 6:33:59( Edit History Discussion )

John Thune: it's a one-page amendment, four lines long. the bill i'm being told being written on health care which is 1,500 pages, the last version of it that i heard or saw. we haven't seen the current version of it. being written behind closed door. this is one page, four lines

6:34:00 to 6:34:21( Edit History Discussion )

John Thune: long, very simple, straightforward amendment. it wouldn't take but a half-hour to debate it and vote on it. if the majority doesn't want to have a vote on this amendment, i'm not sure why becausit would seem to me that the united states senate would want to weigh in on one of the most important issues of the day, and that we are going to take some of

6:34:22 to 6:34:42( Edit History Discussion )

John Thune: these unskpepbded funds -- expended funds and use them, apply them to payin federal debt. with regard to the debate before us -- unemployment insurance -- it needs to be extended. there's no debate about that. in fact, i think there will be a big bipartisan vote when it happens. why wouldn't in thenterest of having a

6:34:43 to 6:35:04( Edit History Discussion )

John Thune: vote, a fair debate and a vote on amendments, allow amendments like this which, as i said, because of the expiration date being december 31, it's unlikely, in my view, that congress is going to get an opportunity if we don't vote on this now to vote on whether or not a $700 billion expenditure of taxpayer dollars is going to be extended or not.

6:35:05 to 6:35:25( Edit History Discussion )

John Thune: and if in fact it served its purpose and it hasn't, then why wo why would we not use that unexpended authority, that unobligated balance to pay the federal debt which i w argue, and i think most americans would agree is one of really truly the most difficult and most protracted problems

6:35:26 to 6:35:47( Edit History Discussion )

John Thune: that are going to face the country going forward. madam president, i guess i would just simply say this is, in m view, is related to the debate we're having, because the debate we're having is about the economy, it's about people who have been displaced and lost jobs and extending assistance to them which they need and which we're all supportive of doing.

6:35:48 to 6:36:08( Edit History Discussion )

John Thune: but the -- if you're about things that we can do to bring greater stability to the american economy, to provide a better and a brighter and a more secure future for future generations and to try and get this economy back on track, i think it would be a great message to send to the american people that, okay, the tarp program which was created for a specific purpose for a specific

6:36:09 to 6:36:29( Edit History Discussion )

John Thune: time has accomplished that purpose. we don't believe that it ought to become a slush fund for other activities, that the unexpended balances in that fund ought to be used to pay down the federal debt and to provide a better and a brighter future for the taxpayers of tomorrow unencumbered by a huge mountain of debt that's going to be

6:36:30 to 6:36:51( Edit History Discussion )

John Thune: passed down to them if we aren't able to get our fiscal house in order. so, madam president, i hope that the majority will come around to the view that let's have a vote, let's have a 30-minute or hour debate on a couple of these amendments and let's pass this bill and be done with it. but it seems to me at least for some reason -- and i'm not sure what that is -- but the majority does not want to have a vote on

6:36:52 to 6:36:56( Edit History Discussion )

John Thune: what i think is a very consequential issue of our time and a very consequential issue