Senate Proceeding 10-01-08 on Oct 1st, 2008 :: 3:31:14 to 3:35:46
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3:25:34 to 3:32:54( Edit History Discussion )
Speech By: Jeff Sessions

3:31:07 to 3:31:25( Edit History Discussion )

Jeff Sessions: offered. second, we're going to -- i would just summarize briefly. the alternative minimum tax is the huge tax extender at $64 billion a year in tax revenue. to extend it costs $64 billion a year. it

3:31:25 to 3:31:38( Edit History Discussion )

Jeff Sessions: is extraordinarily skewed to favor single individuals. five times as many single individuals will get relief under the alternative minimum tax reform patch that is before us as part of the package

3:31:38 to 3:31:57( Edit History Discussion )

Jeff Sessions: tonight, five times as many single will get benefit as families with children. families with children are getting caught up in it because when you figure your alternative minimum tax you can't take

3:31:57 to 3:32:10( Edit History Discussion )

Jeff Sessions: your deductions for children. it's unfair to them. it's also unfair to low-tax states because low-tax states are -- high tax states are benefiting five times as much as lower tax states like tennessee

3:32:10 to 3:32:25( Edit History Discussion )

Jeff Sessions: or alabama and the higher states are getting far more benefit. we need a better a.m.t. fix next year. perhaps it's too late to do it this year. but i really urge my colleagues next year when this

3:32:25 to 3:32:36( Edit History Discussion )

Jeff Sessions: issue comes up we need to look at this very closely. we need to be sure we end this bias against struggling families and against states that are not so high tax. i yield the floor and i yield back

3:32:36 to 3:32:54( Edit History Discussion )

Jeff Sessions: the balance of my time. the presiding officer: the senator from connecticut. mr. dodd: madam president, senator schumer from new york is recognized for five minutes. mr. schumer: madam president,

3:32:54 to 3:33:09( Edit History Discussion )

Charles Schumer: first i want to compliment my colleague from illinois, barack obama. his speech was not only on the money but the way he has handled himself throughout this crisis has been nothing short of presidential.

3:32:54 to 3:39:57( Edit History Discussion )
Speech By: Charles Schumer

3:33:09 to 3:33:24( Edit History Discussion )

Charles Schumer: he has been erudite, thoughtful, effective, behind the scenes, no-show boating, no big statements untrue to what he was. it was perfect. now, i rise to support the legislation before us. madam president,

3:33:24 to 3:33:39( Edit History Discussion )

Charles Schumer: it's become clear over the past few months we live in amazing and dangerous times. who would ever have thought that the lowly mortgage, long regarded as the safest of investments could bring our financial

3:33:39 to 3:34:01( Edit History Discussion )

Charles Schumer: system to its knees. the system was overleveraged, over extended, overoptimistic. and now we are all paying the price. but that is where we are. while we must look back and see what went wrong we

3:34:01 to 3:34:12( Edit History Discussion )

Charles Schumer: also have to look forward -- that's our immediate task -- and try to avoid a meltdown. as we confront this crisis we have dangers on both sides, the acilla, the monster, from doing nothing, and

3:34:12 to 3:34:31( Edit History Discussion )

Charles Schumer: uribes, the whirlpool, just as bad to do the wrong thing. there are real dangers to an action. chairman bernanke held us spellbound in the speaker's office on thursday night when he descrid the conditions

3:34:31 to 3:34:46( Edit History Discussion )

Charles Schumer: of the economy without hyperbole, without raising his voice. his discussion was, in short, frightening. our economy's body is in terrible shape because the arteries, the financial system, is clogged

3:34:46 to 3:35:05( Edit History Discussion )

Charles Schumer: and it will cause a heart attack, maybe in a day, maybe inix months, but we will get a heart attack for sure if we don't act. so we must act. and, unfortunately, when we act we're not just acting for wall

3:35:05 to 3:35:17( Edit History Discussion )

Charles Schumer: street. unfortunately, wall street, with all its excesses, is connected to main street. right now, madam president, you can't get a car listen -- loan if you don't have a fico score that is really high

3:35:17 to 3:35:35( Edit History Discussion )

Charles Schumer: -- 620. if that stays we will sell six million cars less this year and tens of thousands of workers in buffalo and detroit and st. louis will be laid off through no fault of their own. that's not

3:35:35 to 3:35:49( Edit History Discussion )

Charles Schumer: right. that's not fair. that's the system in which we live. and if we do nothing, we hurt them. innocent workers, millions. even though they were not to blame. but there was also the danger of