Senate Proceeding on Apr 29th, 2009 :: 7:10:35 to 7:22:55
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7:10:35 to 7:10:55( Edit History Discussion )

John McCain: opportunities for jen races to come. come. with that i yield back my mr. mccain: mr. the presiding officer: the senator from arizona. mr. mccain: mr. president, i want to thank my colleague from oklahoma for his strong statement and his description of the consequenas

7:10:35 to 7:22:55( Edit History Discussion )
Speech By: John McCain

7:10:56 to 7:11:16( Edit History Discussion )

John McCain: of the budget resolution that we are about this is a threea -- $3.5 billion budget resolution, and, it amounts to little more than generational theft. it represents a massive growth in governm our nation solidly on a course

7:11:17 to 7:11:37( Edit History Discussion )

John McCain: to the resolution assumes the deficit of almost $1.7 trillion in fiscal year 2009. which is then supposed to fall to $523 billion in fiscal year 2014. it's only a five-year budget, not a 10-year.

7:11:38 to 7:11:58( Edit History Discussion )

John McCain: it doesn't show the massive deficit increases that in after five president's plan. you know, i've seen games played with budget resolutions over the years. but i think it's really remarkable that this budget by be show that the debt held by the

7:11:59 to 7:12:20( Edit History Discussion )

John McCain: public wld rise fro from $7.7 trillion in fiscal year 2009o\@ao to $11.5 trillion in 20 this represents an increase in the debt as a percentage of gross domestic product fro current 55% t

7:12:21 to 7:12:41( Edit History Discussion )

John McCain: after trillions of dollars for bailouts and huge amounts of spending disguised as stimulus, this budget makes no hard choices and doesn't do anything more to ensure the future fiscal viability of our nation. it is irresponsible. it is an irresponsible act of generational theft which will

7:12:42 to 7:13:05( Edit History Discussion )

John McCain: mortgage oura children's futures and our grandchildren's futures. we cannot have this level of spending because it is totally unsustainable. and, you know, mr. president, we didn't have to do this. we could have -- we could have made tough choices

7:13:06 to 7:13:27( Edit History Discussion )

John McCain: we could have adopted a resolution that required us to embark on a path to a balanced budget. the conference report contains reconciliation instructions that would allow for a massive overhaul of america's health care system with little or no input from the minor as this conference report had

7:13:28 to 7:13:50( Edit History Discussion )

John McCain: little or no input from the minoty. i don't have to tell people and my colleagues that the american health care system is too expensive and it's broken and we have to fix it. we want to be part solution. and

7:13:51 to 7:14:12( Edit History Discussion )

John McCain: resolution, obviously, does a great disservice to the american people who expect a full and complete ventilation of the issues surrounding our health care system in america. i realize that consequences. however, it doesn't justify the misuse of a process that was intended to help reduce federal

7:14:13 to 7:14:34( Edit History Discussion )

John McCain: deficits which i might add the democratic proposals that had been floating around recently would have the opposite effect. so, again, we're not changing the climate in washington, mr. president. we are continuing it. and i would like to make it clear, i understand the republicans have in the past used the

7:14:35 to 7:14:56( Edit History Discussion )

John McCain: to further their party's agenda. i wish it had not been done then. the groundwork was laid. but i think this would be a grave mistake because also, apparently, the that climate change would addressed also in a budget reconciliation process.

7:14:57 to 7:15:18( Edit History Discussion )

John McCain: i noted during the consideration of the senate's budget resolution that unlike the budget submitted by the president it's only a budget for five years. budgeting for a five-year period hides the costly of government that is sure to take place after 2014. a recent "washington post" op-ed

7:15:19 to 7:15:40( Edit History Discussion )

John McCain: entitled -- quote - -- quote -- "hiding a mountain of debt" by perhaps the most respected columnist, david broader wrote, that the congress is about to have a coverup on the congressional budget office, and i go on to quote from david

7:15:41 to 7:16:02( Edit History Discussion )

John McCain: boder's kol em, the congress reacted with shock. thea -- the c.b.o. said over the next ten years, current policy would add a staggering $9.3 trillion to the national third more than presidentbama had estimated by using much more optimistic assumptions about future economic growth. the ever-owing national debt

7:16:03 to 7:16:23( Edit History Discussion )

John McCain: will require ever larger annual interest payments that money going overseas to china,aapan and other countries that have been buying our bonds reacting the house and senate budget committees took the paring knife to some of obama's spending proposals and tax cuts last week week, but many of the proposed

7:16:24 to 7:16:44( Edit History Discussion )

John McCain: savings bookkeeping gimmicks than realistic cutbacks. but the main device the democratic budgeteers employed was simply to shrink the window from ten yea to five, instantly $5 trillion in debt disappeared from view along with the worry that long after the recession has passed, the structural deficit would

7:16:45 to 7:17:05( Edit History Discussion )

John McCain: continue to blight the future of young working families. here's are some cold facts. our current national debt is $11.2 trillion. the projected deficit for 2009 is $1.7 trillion. the total costs of the recently $1.1 trillion.

7:17:06 to 7:17:26( Edit History Discussion )

John McCain: we gave the tarp, the asset relief program, $700 billion. with every expectation being that the administration will request hundreds of billions of dollars more. president obama recently signed an omnibus appropriations totalinga $410 billion. the federal reserve pumped

7:17:27 to 7:17:47( Edit History Discussion )

John McCain: another $1.2 trillion into our markets. we now have before us a budget resolution totaling nearly $3.6 trillion. we bailed out the banks, insurance giants and and the list goes on and on. we are seeing the largest transfer of authority from the government -- from the private sector to

7:17:48 to 7:18:09( Edit History Discussion )

John McCain: government than we have ever seen in the history of country. and i see the distinguished chairman of the budget committee committee, who i admire and respect, o the floor. and i asked him on during the consideration of the budget whether health care would be considered in the reconciliation the senator's response was that he was against it

7:18:10 to 7:18:30( Edit History Discussion )

John McCain: i note that he voted for it. we are in the midst of a severe recession. the economy shrank at a rate of 6.1% during the first quarter of this year and times are tough. i don't have to tell any of my colleagues or any of my fellow americans. so what we're doing -- so what we're doing, mr. president, is we are committing an

7:18:31 to 7:18:51( Edit History Discussion )

John McCain: generational theft. we are laying a debt on future generation of americans that is not sustainable. the chairman of the budget committee has expressed and been involved in recent years in attempts to reform social security. i hope i and my leagues will join him in -- i hope and i my colleagues will

7:18:52 to 7:19:13( Edit History Discussion )

John McCain: join him in that effort.a unless we reform social security and med case, we will have an un-- medicare, we will hae an unsustainable debt. mr. president, in the recent campaign, the president-elect campaigned on a theme of changing the climate in washington. the climate hasn't changed.

7:19:14 to 7:19:34( Edit History Discussion )

John McCain: bills have been passed. democrat majorities voting almost it be the stimulus package, the omnibus, other major pieces of legislation. and it will be also on this budget on aa totally partisan basis. i understand that. i understand that elections have consequences. but to say that you're going to haa thea climate of change --

7:19:35 to 7:19:55( Edit History Discussion )

John McCain: change the climate in washington and not sit down in serious negotiations, whether it be on a stimulus package, whether it be on a budget, whatever it be, serious negotiations -- and let me tell what you serious negotiations are, because i've been involved in them over the last 20-some years. i've sat down across the table for -- in negotiations, and what

7:19:56 to 7:20:17( Edit History Discussion )

John McCain: they are is compromise. they are compromise where you say, okay, i give this and you give that. it's not visits and conversations. it's not pho calls. it's face-to-face, hard-nosed negotiations based on compromise compromise. that's how we got the gang of 14 and averted a crisis in this senate that would have required on

7:20:18 to 7:20:40( Edit History Discussion )

John McCain: confirmation of judges. that's how we got numerous? piec bipartisan basis. that's not happening in the united states senate. and i understand? that. i understand that elections have consequenc there on the other side of the aisle. but i would also say to my colleagues, i've beenao around

7:20:41 to 7:21:01( Edit History Discussion )

John McCain: here and i've seen the democrats in the majority and i've seen the repuaicans in the majority, and i saw abuses over on this side of the aisle i' repeated, reinforced and -- and done in a more egregious fashion th that i have been a member of the

7:21:02 to 7:21:22( Edit History Discussion )

John McCain: united states senate. now, i believe our economy recover. i'm confident because, as i said during the recent because i believe the foundations of our economy -- entrepreneurship, productivity, the finest workers in the world, the best world -- that we will come out and have -- of this malaise and

7:21:23 to 7:21:44( Edit History Discussion )

John McCain: this crisis that we're in and our economy will be restored. but i can also tell you, mr. president, that we will have to debase the currency and experience inflation if we pass this kind of budget continue on the spending spree that we're on. and what was t reaction of the administration? we'll get together and cut $100

7:21:45 to 7:22:06( Edit History Discussion )

John McCain: million in spending after spending trillions and tri of dollars in the most irresponsible fashion, in my view. now we're the owners of automobile industry. now we're the owners of banks. now we're the -- what are we going to -- the government going to own in america as we continue on incredible takeover of the free

7:22:07 to 7:22:27( Edit History Discussion )

John McCain: enterprise system? the automobile manufacturers should have gone into structured bankruptcy a long time ago and they could have come out and they could instead, we're spending bilons and billions and dollars of america's taxpayers' dollars to prop up an industry that needed to go into prestructured bankruptcy, which

7:22:28 to 7:22:49( Edit History Discussion )

John McCain: they probably will, after we have spent billions anda billions of dollars propping them up. so, mr. president, i rigorously, strongly condemn and will vote against and oppose this budge relution. it is laying the path to a -- to a crisis in america that may be

7:22:50 to 7:22:55( Edit History Discussion )

John McCain: as severe as this one if we experience the hyperinflation and the debasement of the currency that can only be the