Senate Proceeding on Mar 30th, 2009 :: 3:53:10 to 4:06:00
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3:53:06 to 3:53:29( Edit History Discussion )

Bill Nelson: focus on growing our economy, not growing the government. the presiding officer: the senator from florida. mr. nelson: mr. president,

3:53:10 to 4:06:00( Edit History Discussion )
Speech By: Bill Nelson

3:53:30 to 3:53:51( Edit History Discussion )

Bill Nelson: lets see what we start with when we start to draw a budget. in this there is going to be a deficit of $1.7 trillion. that is, that federal revenues

3:53:52 to 3:54:12( Edit History Discussion )

Bill Nelson: are going to be less than federal expenditures by $1.7 trillion now, why did that occur? it occurred for a number of reasons over the last years, of budgets that were

3:54:13 to 3:54:36( Edit History Discussion )

Bill Nelson: developed, that caused the federal govnment have huge deficit. on top of that, you have a decling economy with the tax receipts of the federal government, because of the decling economy going south.

3:54:37 to 3:54:57( Edit History Discussion )

Bill Nelson: as a result, what you have is an ever-expanding deficit, because expenditures going up in times of a down economy, particularly with regard to the stimulus bill and with regard to the completion of the appropriations bill for this current fiscal

3:54:58 to 3:55:19( Edit History Discussion )

Bill Nelson: year, all of that spending with the declining past practices, have brought us to this point. so we inherit a deep hole from which we start. so the question is: how do we get out of that hole and at the

3:55:20 to 3:55:43( Edit History Discussion )

Bill Nelson: same time how do we stimulate the economy in order that we can get our economic engine running again and get america moving again? i think the chairman of the done a magnificent job in his

3:55:44 to 3:56:05( Edit History Discussion )

Bill Nelson: mark that $1.7 trillion deficit in this year -- 2009 -- takes that deficit downward or increasing the margin to a narrow margin by

3:56:06 to 3:56:27( Edit History Discussion )

Bill Nelson: which the federal revues are exceed expenditures, and then puts that on a path to whe federal deficit down to less than 3% of gross domestic product five years out.

3:56:28 to 3:56:48( Edit History Discussion )

Bill Nelson: so, what this budge does is take us from a position of $1.7 trillion in this year and then over these next five years takes us down to a position that is about $500 billion. still a huge

3:56:49 to 3:57:10( Edit History Discussion )

Bill Nelson: but when you compare it trillion to the economists will testify that any deficit within the range of the economy going, and in fact

3:57:11 to 3:57:31( Edit History Discussion )

Bill Nelson: the deficit five years away is less than 3%. it's 2.9%. then you should have a budget document that puts us on a path for economic recovery. now, i've heard all of these comments about how this budget

3:57:32 to 3:57:52( Edit History Discussion )

Bill Nelson: is spend, spend, spend, and how this is going to run us into bankruptcy and all of that. well, consider a the first is there a of reserve funds for nec

3:57:53 to 3:58:13( Edit History Discussion )

Bill Nelson: legislation that we want to achieve, such as reforming the health-care system. unless we can get a health-care reform enacted into lawmakers we will have very little chance of getting our arms around an exploding budget in the future,

3:58:14 to 3:58:37( Edit History Discussion )

Bill Nelson: because you've got to rein in these health-care costs. so a series of reserve funds are set up in the budget. some would say that's budgetary sleight of hand until you get into the and find out that these reserve

3:58:38 to 3:58:59( Edit History Discussion )

Bill Nelson: funds financially neutral. and if they are not, the budget law of the velvet hammer is enacted to come down that any exceeding a budget-neutral

3:59:00 to 3:59:25( Edit History Discussion )

Bill Nelson: reserve fund has the consequence that the expenditures in that reserve fund have to bpaid for. in other words, the hammer is there that if you're not going to produce -- in this case we were talking about health-care reform -- a package over five years -- in this case i think it

3:59:26 to 3:59:49( Edit History Discussion )

Bill Nelson: is ten years -- then the hammer of the budget act comes down and says not only is that not allowed, you've got to bring up the tax revenue in order to pay for whatever the expenditures in that reserve fund is. other reserve funds that

3:59:50 to 4:00:10( Edit History Discussion )

Bill Nelson: be budget-neutral: clean energy and preserving the higher education, child nutrition and women, infants and children, infrastructure investments, economic stabilization and growth,

4:00:11 to 4:00:32( Edit History Discussion )

Bill Nelson: america's veterans and the wounded service members, the judgeships, reforming defense acquisition, investments in local governments, and strengthening the food and drug administration. each one of them a reserve funds

4:00:33 to 4:00:55( Edit History Discussion )

Bill Nelson: that needs legislation that has to be they have to be budget-neutral under this budget that we're go and if they are not, the of the budget law comes down them, that not only can you not

4:00:56 to 4:01:16( Edit History Discussion )

Bill Nelson: enacthat particular r legislation, but in fact if you go over for the federal news that will pay for it. so

4:01:17 to 4:01:37( Edit History Discussion )

Bill Nelson: enforceable document here. now, i would make just one other point, madam president, and that is that out of this five-year budget, this document slashes

4:01:38 to 4:01:59( Edit History Discussion )

Bill Nelson: some $800 billion of spe and tax relief, tax cuts from the president's budget. $800 billion. most of that is slashing spending. some of that is an elimination of some of the president's tax cuts.

4:02:00 to 4:02:22( Edit History Discussion )

Bill Nelson: the net effect is it has over five years reduction of the deficit by $800 that is moving in the conservative fiscal direction. and people are wondering, did the budget committee really

4:02:23 to 4:02:46( Edit History Discussion )

Bill Nelson: do anything with the president's president's. $800 billion is a significant amount. but that's five years. when you project this budget out over ten years, how much is slashed -- and it's whopping $2.7 trillion from the

4:02:47 to 4:03:07( Edit History Discussion )

Bill Nelson: president's ten-year budget projections- i think thi it is clear in these numbers that this is a much more moderate or conservative approach to spending and tax policy. and with the hammer, the enforcement mechanism

4:03:08 to 4:03:32( Edit History Discussion )

Bill Nelson: budget law governing these different trust funds, legislation that we want to enact, we have a manageable way to take us from recklessness, where we are now, with a $1.7 trillion budget

4:03:33 to 4:03:53( Edit History Discussion )

Bill Nelson: deficit, to a manageable 2.9% of g.d.p. five years from now and a deficit that is approximately $500 billion. it would be nice if over the course of those five years we

4:03:54 to 4:04:18( Edit History Discussion )

Bill Nelson: could move back into balance t. would have been nice eight -- into balance. it would have been nice eight years ago when we had a surplus had we not enacted the budgets that were enacted back then, that took us from a position of surplus where if when h wise to use that surplus to pay

4:04:19 to 4:04:41( Edit History Discussion )

Bill Nelson: down the national debt, but instead a course of action was enacted that took us to huge budget deficit, where we find ourselves today. and, therefore, we have a situation that is very difficult difficult. and to maintain the amount of

4:04:42 to 4:05:03( Edit History Discussion )

Bill Nelson: stimulus in the economy to keep us on a stabilized economic roa to the future, this budget is about the best that you can have. if, concurrently, the by the treasury department to get the banks lending again, if

4:05:04 to 4:05:26( Edit History Discussion )

Bill Nelson: that is starting to work in the economy with a stabilized and moderate approach to budgeting, then you will start to see our economy come back to life. it is my hope that this is commonsense kind of budget blueprint that we need going

4:05:27 to 4:05:41( Edit History Discussion )

Bill Nelson: forth for the next five years. madam president, i yield t floor. and i would suggest the absence of a quorum. the presiding officer: the clerk will call the roll.