Senate Proceeding on Apr 29th, 2009 :: 7:23:20 to 7:30:00
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7:23:18 to 7:23:38( Edit History Discussion )

Kent Conrad: mr. conrad: mr. president? the presiding officer: the senator from north dakota. mr. conrad: mr. president, there are a couple of things i would like to respond to. and i have respect for the senator from arizona, senator mccain. he and i came to this chamber at the same time. first of all, he said on reconciliation that i told him i was against it. in fact, i did not include it in

7:23:20 to 7:30:00( Edit History Discussion )
Speech By: Kent Conrad

7:23:39 to 7:24:02( Edit History Discussion )

Kent Conrad: the budget resolution out of this senate. he said in the conference committee i voted for i would say this. i ted for the final agreement i did not vote specifically for reconciliation. i opposed it every step of the way publicly and privately i think it's a mistake. i've said so publicly and

7:24:03 to 7:24:23( Edit History Discussion )

Kent Conrad: privately. i believe reconciliation will not be used for health even though it's authorized under the conference report i believe as people examine what would actually happen using reconciliation, that they will be convinced that it's not the appropriate way to do health

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

Kent Conrad: care. and i -- i really believe that at the end of the day, the reconciliation approach will not be used for health care reform. with that said, i want to make very clear -- and you can ask any of the participants -- i argued strenuously against

7:24:45 to 7:25:06( Edit History Discussion )

Kent Conrad: reconciliation every step of the way. it was not included in the resolution here which i had direct control it is included in the final conference president wanted it as an insurance policy, the majority leader wanted it as an insurance policy, the speaker of the house

7:25:07 to 7:25:28( Edit History Discussion )

Kent Conrad: wanted it and, frankly, although i have some influence, i don't have the ability to overcome the president of the united states, the majority leader, and the speaker of the house. the senator also questioned ten-year budget versus five year.

7:25:29 to 7:25:49( Edit History Discussion )

Kent Conrad: let me repeat what i said before before. we have budget act. 30 of the 34 have been five-year budgets. and the basic reason for not hiding things, as was it's because of forecasts beyond five years, those forecasts are notoriously unreliable.

7:25:50 to 7:26:10( Edit History Discussion )

Kent Conrad: that's why times they've written a budget have done a five-year budget. frankly, the out-years five-year forecast are -- are not very credible. but years six through ten are throwing a dart. i mean, that's the reality. i used to forecast revenue for my state. i know something about

7:26:11 to 7:26:32( Edit History Discussion )

Kent Conrad: forecasting revenue and expenses expenses. and when you get beyond five years, you're in that doesn't exist. that's -- that's true -- totally guesswork. beyond that, the trajectory the country was on in the

7:26:33 to 7:26:53( Edit History Discussion )

Kent Conrad: president proposed. i believe we've got to do far better. that's why the ranking republican and i have proposed a task republicans with the responsibility to come up with a plan and if 12 of the 16 would agree, that plan would come to congress for a vote. not another study to sit on dusty she

7:26:54 to 7:27:14( Edit History Discussion )

Kent Conrad: vote. mr. president, the senator made another -- a number of other assertions with respect to this budget he termed it generational theft. let me just say, trajectory we're on -- it has nothing to do with this budget -- has everything to do with the

7:27:15 to 7:27:35( Edit History Discussion )

Kent Conrad: reality of the fiscal circumstance of this our spending is above our revenue. there is a structural g and the senator is absolutely right. if w allow that to play out uninterrupted, it will constitute generional

7:27:36 to 7:27:57( Edit History Discussion )

Kent Conrad: but this budget makes the first steps towards turning that around. reduces the deficit by two-thirds in dollar terms over the next five years. in terms of a share of gross domestic product, which the economists say is the best way to measure, it reduces the deficit by three-quarters, by

7:27:58 to 7:28:19( Edit History Discussion )

Kent Conrad: 75%, from 12% of g.d.p. to 3% of g.d.p. at 3% of g.d.p., you bas stabilize the growth of the debt. but high -- why are we in circumstance? why are we in this circumstance? we are because the previous administration doubl put this economy in the worst recession since the great depression, and now we've got to dig out.

7:28:20 to 7:28:40( Edit History Discussion )

Kent Conrad: the first thing we've got to do is give lift to the economy. yes, stimulus was passed, hundreds of billions of dollars to provide liquidity to the american economy because the only place it could was the governm we have learned in past economic wnturns if the government

7:28:41 to 7:29:02( Edit History Discussion )

Kent Conrad: fails to act, you could have a deflationary spiral that would suck the economy down like saw in the great depression. so in the short term, i make no apologies -- and i am known here as a deficit hawk, somebody that believes in balanced budgets, somebody who's fought for them my whole career -- but when you have a severe economic downturn,

7:29:03 to 7:29:24( Edit History Discussion )

Kent Conrad: that is away from the government being the last resort. government providing the liquidity to the system to prevent a collapse. mr. president, responsi an iave said at every step in

7:29:25 to 7:29:46( Edit History Discussion )

Kent Conrad: the second five years, we must do much more. the president has said that. the president is committed to it. so am i. if our colleagues are serious about entering into a long-term negotiation about entitlement reform and tax reform, count me in. count me in. it's got to be done. it's in the interest of the country.

7:29:47 to 7:30:00( Edit History Discussion )

Kent Conrad: that's where we agree. mr. presidt, i see senator alexander is here, a very valued member of the budget committee, someone for