Senate Proceeding on May 13th, 2009 :: 0:11:05 to 0:17:30
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0:11:05 to 0:17:30( Edit History Discussion )
Speech By: Mitch McConnell

0:11:13 to 0:11:33( Edit History Discussion )

Mitch McConnell: states has nominated mr. president? the presiding officer: the majority leader is recognized. mr. reid: in fairness, i would ask my time be charged against the majority time. whatever time we used would be counted against this the presiding officer: without objection. mr. mcconnell: mr. president? the presiding officer: the republican leader is recognized. mr. mcconnell: yesterday afternoon the trustees of the social security and medicare trust funds released their

0:11:34 to 0:11:56( Edit History Discussion )

Mitch McConnell: annual report. after reviewing its findings, it's clear that the future of social security and medicare can be summed up in one word: unsustainable. even before the report was issued, we knew these programs could not remain solvent for long under current conditions. last year's report predicted paying out more than it takes in

0:11:57 to 0:12:17( Edit History Discussion )

Mitch McConnell: by 2017 and that it would bankrupt about two decades after that. last year's report also predicted that medicare would start paying out more than it takes in within a year and that the trust fund for this vital program would be bankrupt about a the report that was released

0:12:18 to 0:12:40( Edit History Discussion )

Mitch McConnell: yesterday predicts a far graver scenario. as a result recession, social security will start paying out more than it takes in by 2016 and it will go bankrupt four years previously expected. the situati for medicare is even more serious. medicare is already paying out more than it takes in and it will bankrupt in just eight

0:12:41 to 0:13:04( Edit History Discussion )

Mitch McConnell: years, two years earlier than expected, according to yesterday's report. it would be irresponsible for congress to wait any longer before addressing this problem. some say we haven't reached a point of crisis continue to kick the problem down the road until these programs actually go bankrupt. they seem to think if the house is on fire, it's okay to wait

0:13:05 to 0:13:25( Edit History Discussion )

Mitch McConnell: until the whole place burns down department. most americans disagree. most people think that if a program they depend on is falling apart or is about to fall apart, then their elected representatives in washington have an obligat about it and to do something. the time to act is n

0:13:26 to 0:13:48( Edit History Discussion )

Mitch McConnell: these programs go bankrupt. not after. the warning signs about social security and medicare have been around us for years, and the problems with these programs are also at the core of the current record levels of government spending and debt. at the moment, programs soal security, medicare, and medicaid as well as the interest

0:13:49 to 0:14:11( Edit History Discussion )

Mitch McConnell: we pay on the national debt consume nearly $7 out of $10 the federal government spends. $7 out of $10. medicare, social security, medicaid, national debt. soon we'll have little money left for anything else, including vital priorities like defense, health care, transportation, and programs that fuel job

0:14:12 to 0:14:32( Edit History Discussion )

Mitch McConnell: reform has been put off for too long. take example. by law, the president is required to submit legislation to lower medicare s levels if the cash flow of program falls below a certain level. so last year when medicare cash flow fell below that level, the president submitted legislation to lower spending.

0:14:33 to 0:14:54( Edit History Discussion )

Mitch McConnell: unfortunately, this legislation did not move forward in congress. real leadership on entitlement reform will require action from both parties, and yesterday's report is the wakeup call. reform is no longer just a good idea. it's absolutely necessary. it's the only way to restore the

0:14:55 to 0:15:16( Edit History Discussion )

Mitch McConnell: pr get at the root of fiscal programs. unless we act now, these programs will no longer be sustainable and debt will continue to spiral out of control. now, the good news is that a solution actually exists. as i said many times before, the best way to address this crisis

0:15:17 to 0:15:37( Edit History Discussion )

Mitch McConnell: is the conrad-gregg proposal would provide pathway to fix the long-term challenges of entitlement spending and our unprecedented national debt. challenges that the democratic budget and their economic policies for the past few months completely ignore. there's never been a better time to adopt this sensible

0:15:38 to 0:15:58( Edit History Discussion )

Mitch McConnell: bipartisan proposal. this week we learned that the defi year will be nearly $90 billion higher than previously estimated bringing the deficit for this year to $1.8 trillion. this is nearly four times --

0:15:59 to 0:16:20( Edit History Discussion )

Mitch McConnell: four times higher than the record set last year. it also means that this year's defici is higher than those of the past five years combined. the danger of all of this debt is simple: higher inflation that threatens to derail an economic recovery and trillions in debt that our children and

0:16:21 to 0:16:42( Edit History Discussion )

Mitch McConnell: grandchildren will have to repay to countries like china and nations in the middle east. secretary geithner said yesterday when it comes to reforming social security, the administration will build a bipartisan consensus to ensure that social security remains solid. i welcome the and i urge the administration to support the conrad-gregg proposal which is

0:16:43 to 0:17:03( Edit History Discussion )

Mitch McConnell: and i would argue the only way to address entitlement spending and our unprecedented national debt. after yesterday's report it is clear that we can't wait any longer to address this crisis. americans relied on programs like medicare and social security for decades. it would be dishonest and unfair not to tell them the truth about

0:17:04 to 0:17:24( Edit History Discussion )

Mitch McConnell: these programs. that they are near collapse and that urgent reform is needed to bring them back to sustainability. more than 800,000 kentuckians receive social security benefits an nearly that in medicare. they deserve our honesty and they deserve

0:17:25 to 0:17:30( Edit History Discussion )

Mitch McConnell: lawmakers on both sides of the aisle. we need to make sure programs hike social security and