Senate Proceeding on Apr 28th, 2009 :: 1:02:20 to 1:15:00
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1:01:55 to 1:02:20( Edit History Discussion )

Judd Gregg: important step. i proudly join in helping to move hillary clinton's work toward equality for all which is our duty. as elean roosevelt often said, we are all on trial democracy means. we have made such important strides but we still have a long

1:02:20 to 1:15:00( Edit History Discussion )
Speech By: Judd Gregg

1:02:21 to 1:02:42( Edit History Discussion )

Judd Gregg: way to go. mr. gregg: mr. president? the presiding officer: the senator recognized. mr. gregg: i rise to speak about the pending, soon to be pending issue of the budget. we are told that the democratic membership on the house and senate reached agreement last night on a budget proposal.

1:02:43 to 1:03:05( Edit History Discussion )

Judd Gregg: they didn't ask or seek council on it and it pretty much is the outline of the budget requested by the president. now there's been a lot of discussion about whether or not the president inherited a terrible situation. there is consensus that he did from a fiscal standpoint and he

1:03:06 to 1:03:27( Edit History Discussion )

Judd Gregg: has had a difficult -- difficult issues to confront relative to stabilizing the financial industry and getting the economy going and addressing issues which most americans are concerned about -- their job, value of their home and ability to pay bills and send their ks to college. but what he inherited is mr. president but what he is bequeathing to the next generation is more important

1:03:28 to 1:03:49( Edit History Discussion )

Judd Gregg: because this budget proposed is an outline for where he sees the government going and where he says this nation regrettably the budget as proposedy the president which has been worked on here by the senate democrats and the house democrats, puts forward a

1:03:50 to 1:04:10( Edit History Discussion )

Judd Gregg: picture which basically almost guarantees that our children will be inheriting a nation which is as a government is unsustainable. the president's budget proposed $1 trillionf deficit on average for the next 10 years -- $1 trillion on average for the next 10 years.

1:04:11 to 1:04:31( Edit History Discussion )

Judd Gregg: that's a number which is hard to koch honed but to try to put it in perspective the effect of that number is the debt of the united states will double this two years and will triple in five years and will triple in 10 years. the debt of the united states. and if you want to put it in another perspective take all the

1:04:32 to 1:04:57( Edit History Discussion )

Judd Gregg: debt created in this country since the founding nation, all the debt since george washington through george w. bush, all that debt can has been added to our nation's become and the people of our nation's back, and president obama's budget doubles that debt

1:04:58 to 1:05:22( Edit History Discussion )

Judd Gregg: staggering event. dramatic for the next generation. the public debt of thenited ates will go to 80% of g.d.p. fairly quickly under this proposal. the historic public debt of this country has been 40% of g.o.p. what does that mean? that means that the debt out there to relationship to the size of the economy will

1:05:23 to 1:05:43( Edit History Discussion )

Judd Gregg: have doubled and that has dramatic ramifications. for example, at that level of public debt and economi activity in our country we as a nation would not be allowed to enter we wouldn't meet their standards for fiscal responsibility.

1:05:44 to 1:06:06( Edit History Discussion )

Judd Gregg: countries like lithuania, ukraine which all have very serious issues might qualify for the european union but we would not. because of the fact that our debt was so high. as a percentage of our economy. and it means that our people who have to pay that debt will have to pay appear

1:06:07 to 1:06:27( Edit History Discussion )

Judd Gregg: of taxes in one of two ways in order to pay that debt off: either they have to pay though taxes because the federal government will inflate the money supply in order to pay off this debt which is the worst tax that there is -- inflation as it takes appear the savings of all the american people; or, you

1:06:28 to 1:06:48( Edit History Discussion )

Judd Gregg: will have to significantly increase taxes on every american, not just the high-income mbers as represented by this congress but l americas will have to have their taxes go up to pay for the debt. what is driving this massive expansion of debt that our

1:06:49 to 1:07:10( Edit History Discussion )

Judd Gregg: children and w are going to have to pay as a res budget proposed by the president? well, it's snding. very simply, it's spending. the president has proposed and the democratic congress is going to bring forward a budget which significantly increases the spending of the federal government. historically the spending of the

1:07:11 to 1:07:33( Edit History Discussion )

Judd Gregg: peg for example has been about 20% of the gross national product. under this budget, it guess to 22%, 23%, 24%, 25%. it gets up to never been the time of world war ii. and they are unsustainable levels of spending.

1:07:34 to 1:07:54( Edit History Discussion )

Judd Gregg: and it's purpose: the purpose; i guess, to europeanize the american economy and government to basically have the government become the largest and the most significant player in our economy and to dominate all aspects of our economy because of its size.

1:07:55 to 1:08:15( Edit History Discussion )

Judd Gregg: the president is very forthright about this. he believes that by growing the government significantly he can create more prosperity. those of us on our side of the aisle, we disagree with that. we believe a government has to be have prosperity. we also think that prosperity accident come fm the government, it comes from

1:08:16 to 1:08:36( Edit History Discussion )

Judd Gregg: victims who are willing to take risks and go out and make jobs by taking the risk. this is a fundamental disagreement and the budget lays it out precisely. now we're going to hear from the other side of the aisle the disingenuous discussions of how they have been more responsible on the budget than the president was while they claim they're

1:08:37 to 1:08:58( Edit History Discussion )

Judd Gregg: doing exactly what the president is doing in his budget. the reason they're going to make that statement is because they cooked the at least the president was forth right. he came forward with a budget which except in the area of defense set forth in a reasonably honest way what the costs of the government were

1:08:59 to 1:09:19( Edit History Discussion )

Judd Gregg: going to be and as a result it reflected the fact that because of his huge commitment in new spending the government was going to be extraordinary. and the at debt which was -- the amount of debt which was going to be added to the boobs and to the backs of the american people would be untenable and unsuccess staipable but the other side of

1:09:20 to 1:09:41( Edit History Discussion )

Judd Gregg: the aisle because they recognize they will be up for election before the president don't want to have those numbers out there. so they have gone back and played a lot of games with the numbers that the president sent up. for honestly represented the fact we are not going to get revenues from the alternative revenue tax

1:09:42 to 1:10:04( Edit History Discussion )

Judd Gregg: because every year we limit the amount of applicability of the minimum tax but the baseline reflects income because it says 20 million but that will not happen. it was designed to affect the top income producers in this

1:10:05 to 1:10:26( Edit History Discussion )

Judd Gregg: country probably less than a million peoe. and so every year we basically change the law so f that year the alternative minimum tax doesn't apply. the president said i know that will happen, i will not account for this revenue that never co so he scored the alternative minimum tax fairly.

1:10:27 to 1:10:48( Edit History Discussion )

Judd Gregg: what does the other side? games that number. in the area of the doctor's fix, every year we know that we're reasonable amount for their services under medicare but we have a law in place that keeps cutting that amount -- this year cuing it by 20% over the baseline -- in an

1:10:49 to 1:11:10( Edit History Discussion )

Judd Gregg: foolish way and we should fish this permanently -- we should fix this permanently but we don't -- so we use all gimmicks over the years and everyone admits to this so we didn't have to fix that over a long period of time and correct that problem even though we know every year we

1:11:11 to 1:11:31( Edit History Discussion )

Judd Gregg: make that payment to doctors. well, the president was forthright saying, listen, that's not fair. that's not honest accounting. we're going to tell you exactly what the doctors' fix costs and we will account for it. what does the other side of the aisle do? they hide that go back to the old rules, they hide the number.

1:11:32 to 1:11:53( Edit History Discussion )

Judd Gregg: those two items alone represent $100 billion of annual spending. that is being put under theug. thathe president was honest enough to talk about but thisd congress in an attempt to obfuscate the issue for the american people because they don't want to tell the american people how much money they are spending they stick the numbers

1:11:54 to 1:12:14( Edit History Discussion )

Judd Gregg: under the rug, $100 billion right there and then the health care number. at i disagree with some of the philosophies on health care and i hope we can have a bipartisan part a bipartisan bill, the wyden bill that is floating around, at least the president

1:12:15 to 1:12:35( Edit History Discussion )

Judd Gregg: said he would account for paying for hard o half of that and he put $600 billion in his budget. which he acknowledges is half the cost of a $1.2 trillion program over the time of his budget. what did the other side of the aisle do? they don't account for any of

1:12:36 to 1:12:57( Edit History Discussion )

Judd Gregg: it. none of it. it's -- it disappears off the books. not only is the $1.2 trillion not there $600 billion is if the there how outrageous to claim they will bring the deficit to 3% of

1:12:58 to 1:13:18( Edit History Discussion )

Judd Gregg: g.d.p. and they hid under the rug the a doctors' fix cost and the significant fiscal issue we're going to take up which is health care it is so dis almost unbelievable. but they will do it and i suspect they will claim they

1:13:19 to 1:13:40( Edit History Discussion )

Judd Gregg: will cut the deficit if half which is a classic example of language over substance and that will be the mantra of the day. they will claim they will cut it by 75% because they will take a $1.8 trillion deficit and

1:13:41 to 1:14:01( Edit History Discussion )

Judd Gregg: in four years. well, let m $550 billion is too big. it's like saying we're going to take six step backwards and two steps forward and we will call, we will claim we're moving in the right direction. of course they're not moving in the right direction and equally pocht the $500 billion number is

1:14:02 to 1:14:24( Edit History Discussion )

Judd Gregg: a total fraud, a fraud on the american people. it was brought in this budget. so, please, please, please, did not subject the american people to this sort of disingenuousness. at least have the integrity that the president had when he presented the budget of accounting for what we know are

1:14:25 to 1:14:46( Edit History Discussion )

Judd Gregg: real numbers such as a.m.t., the doctors' fix and the health care reform initiative proposed by the president and supported by the other side of the aisle. that's the substantive problem with this budget. that it all this the government of the united

1:14:47 to 1:15:01( Edit History Discussion )

Judd Gregg: states and moved it to the left and europeanizes our nation for all intents and purposes. and passes on to our kids a government that's nolt sustainabl it's ironic that we hear from the budget chairman both in senate and the house that they