Senate Proceeding on Apr 1st, 2009 :: 8:34:10 to 8:48:50
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8:34:10 to 8:34:32( Edit History Discussion )

John McCain: i think next up is senator mccain. mr. mccain: the presiding officer: t senator from arizona. mr. mccain: i have an amendment at the desk. i h and ask consideration.

8:34:10 to 8:48:50( Edit History Discussion )
Speech By: John McCain

8:34:33 to 8:34:53( Edit History Discussion )

John McCain: if not, i'll bring desk. number the presiding officer: the clerk will report. the clerk arizona, amendment number 882. mr. mccain: madam president, i ask unanimous consent further re the presiding officer: without objection. mr. mccain: tonight i'm pleased to be joined by senators

8:34:54 to 8:35:14( Edit History Discussion )

John McCain: coburn, graham and hutchison to offer an amendment that will serve as five-year budget offered by the chairman of the senate budget committee, a ten-year budget offered by the president. except for defense and veterans affairs, our proposal would cap the discretionary funding and reduce our nation's deficit and

8:35:15 to 8:35:36( Edit History Discussion )

John McCain: debt more than the proposals offered either by theenate budget committee or the president. this ten-year budget alternative would cap discretionary funding at baseline levels plus inflation except for defense and veterans. defense is increased by $190

8:35:37 to 8:35:58( Edit History Discussion )

John McCain: billion above baseline over five years. veterans increased by $25 billion by baseline over five years. other discretionary spending $62 billion less than the senate budget proposal over five years, $229 billion less than the president's proposal over five years, and

8:35:59 to 8:36:23( Edit History Discussion )

John McCain: than the president's proposal over ten years mandatory spending is $373 billion less than the budget committee proposal over five years, $922 billion less than the president's proposal over five years. and $3.2 trillion less than the president's proposal over ten years.

8:36:24 to 8:36:46( Edit History Discussion )

John McCain: the deficit would be at $448 -- 484 billion in 2014. the conrad budget -- the senate budget committee dicit would be $508 billion. the president's would be $749 billion. it would be $448 billion by the year 2019 compared with the president's $1.189 trillion

8:36:47 to 8:37:11( Edit History Discussion )

John McCain: deficit the senate budget committee proposal is a five-year budget. result in a cumulative deficit reduction of $369 billion more than the senate budget proposal, $977 billion more in reduction than the president's proposal.

8:37:12 to 8:37:32( Edit History Discussion )

John McCain: and $3.44 trillion the deficit will be president's budget. and the national debt would be $767 billion less than the budget committee over five president'budget over five years, and $3.5 trillion less than the president's years.

8:37:33 to 8:37:53( Edit History Discussion )

John McCain: in other words, why are we offering this altertive? it's simple. our current national debt is $10.7 trillion. i know when we throw these numbers around, like $10.7 trillion, people's eyes glaze over. but we are talking about numbers that are unprecedented in history of this country.

8:37:54 to 8:38:14( Edit History Discussion )

John McCain: the projected deficit for 2009 is $1.7 trillion. the total cost of the bill enacted last month was $1.1 trillion. we gave the asset relief program -- $700 billion. everyone expects the administration will reqst up

8:38:15 to 8:38:35( Edit History Discussion )

John McCain: to an additional $75 billion more. president obama recently signed an omnibus appropriations bill totaling $410 billion. the tpefrb pump -- the federal reserve pumped another $1.2 trillion into our market and the president's budget request total $3.6 trillion. earlier this week the

8:38:36 to 8:38:57( Edit History Discussion )

John McCain: administration laid out a plan thral provide even more -- that will provide even more taxpayer dollars to the domestic automakers. the measure offered by the chairman of the senate budget committee increases spending by $225 billion over current levels and raises least $361 billion

8:38:58 to 8:39:18( Edit History Discussion )

John McCain: in taxes and borrows $1.1 trillion more from what we expect to borrow under current law. the president's budget doubles the public debt in five years and nearly triples it in ten years. as a consequence beginning in 2019, the government will spend more on interest than on the

8:39:19 to 8:39:39( Edit History Discussion )

John McCain: defense of our nation. $806 billion we'll be spending on interest. $720 billion on defense. that's eight times more than we will spend on education. eight times more than we will spend on transportation. the budget proposals offered by the president and by the senate

8:39:40 to 8:40:00( Edit History Discussion )

John McCain: budget committee puts us on an unsustainable fiscal path that we'll pass on to future generations, unprecedented level of debt that they'll never be able to afford. as i said on the floor earlier this week, the president's budget numbers are staggering. on average, his budget adds $1 trillion to the debt every year

8:40:01 to 8:40:22( Edit History Discussion )

John McCain: for t next ten years and contains $1.4 trillion in tax increases. it reinstates the death tax and discourages investment by raising taxes on capital gains and dividends. it would create more debt than under he every president from george washington to george w. bush

8:40:23 to 8:40:43( Edit History Discussion )

John McCain: as others have already warned, the nation would be bankrupt. this isn't just generat threat. it's multigenerational theft. we're on a dangerous path isn't just my in fact, it's been acknowledged by the president's director of the office of management and budget. in a recent interview peter

8:40:44 to 8:41:04( Edit History Discussion )

John McCain: orszag was asked to respond to this statement -- quote -- "what deficit hawks are really saying is that the number's so huge that it's literally going to we don't start dealing with it today." mr. orszag replied -- quote -- "there's no question that we are on an unsustainable fiscal course, and we need to change course."

8:41:05 to 8:41:26( Edit History Discussion )

John McCain: the federal budget must address the most pressing issues facing our nation, and among those priorities are keeping americans safe and our nation secure. an we are familiar with. the budget must also ensure that taxpayers' dollars are manag in the most fiscally responsible

8:41:27 to 8:41:48( Edit History Discussion )

John McCain: manner by targeting resources to priorities spending no more than need and holding their government accountable to the taxpayer. and this is exactly what our alternative will do. our plan meets america's needs by the debt faster than the democrats' proposals. it caps discretionary spending except for defense and veterans

8:41:49 to 8:42:11( Edit History Discussion )

John McCain: at baseline and increases defense spending by $ billion. i would point out we are still in two wars. it also increases veterans spending by $25 billion over five years. it reduces the deficit billion by 2014, compared to the budget committee's $508 billion

8:42:12 to 8:42:32( Edit History Discussion )

John McCain: and the president's $749 billion. it keeps taxes low and it shaves by 2014, $767 the national debt than chairman conrad's five-year budget and nearly $3.5 trillion more than the president's ten-year budget.

8:42:33 to 8:42:53( Edit History Discussion )

John McCain: today the ranking member of the house budget committee unveiled a republican alternative to the house budget resolution. in an op-ed about his plan in today's "wall street journal," represtative paul ryan wrote "house republicans will offer an alternative plan. this too is no ordinary budget. as the opposition party, we

8:42:54 to 8:43:14( Edit History Discussion )

John McCain: believe this moment must be met by offering the american people different way forward. one based america is an exceptional nation, and we want to keep it that way. our budget applies our country's enduring first principles to the problems of our day. rather than attempting to equalize the results of people's

8:43:15 to 8:43:35( Edit History Discussion )

John McCain: lives and micromanaging their affairs, we seek to preserve our system of protecting our rights and equalizing opportunity for all." i agree with congressman ryan's assessment, and that's why we're here tonight. my friends on the other side of the aisle hav become fond of criticizing republicans for just saying "no." and offering no alternatives or

8:43:36 to 8:43:56( Edit History Discussion )

John McCain: specifics. well, we offered an alternative on the stimulus package. we offered a alternative on the omnibus bill. and we will continue as members of the loyal opposition to propose alternatives complete with specifics and reflecting

8:43:57 to 8:44:17( Edit History Discussion )

John McCain: our philosophy as fundame fiscally responsible. i hope this will put an end once and all -- once and for all that argument. our proposal budgets for ten years. it achieves lower deficits than the democratic plan in every year. by 2019 yields nearly half the deficit proposed by the president.

8:44:18 to 8:44:39( Edit History Discussion )

John McCain: in doing so, we control government debt so that under our plan, debt is held by the public is $3.5 trillion less during the budget period. it gives priority to national defense and veterans health care. it addresses goals. it takes steps to ensure health and retirement security by

8:44:40 to 8:45:01( Edit History Discussion )

John McCain: making these problems fiscally sustainable while preserving existing medicare benefits for those beneficiaries age 55 and older t. doesn't raise taxes and extends the 2001 and 2003 tax laws. nearly identical proposals of the house and senate republicans share the same goals of

8:45:02 to 8:45:24( Edit History Discussion )

John McCain: attaing health and retirement security, controlling our nation's debt, putting our economy on a path of growth, and preserving the american legacy of leaving the next generation better off. we obviously are liv perilous economic times, but we will emerger from this period with strong job growth, rising incomes, restored confidence,

8:45:25 to 8:45:46( Edit History Discussion )

John McCain: and the ability to meet our obligation of passing on next generation the opportunity to make their lives savings more prosperous and me enriching than our own. we are dealing with a financial crisis, a housing crisis, and a consumer-led recession. why then does the president's budget

8:45:47 to 8:46:08( Edit History Discussion )

John McCain: trillions of dollars for new initiatives without spending discipline or offsets? addressing our most important and immediate problems should be our urgent priority. for two centuries americans have worked hard, so their children could have better lives and greater opportunity. are we going to reverse that order and force our children to work hard to pay off our debts because we didn't have the

8:46:09 to 8:46:30( Edit History Discussion )

John McCain: courage to make tough econoc choices now? that's what this alternative about -- tough by realistic decisions designed to secure the future prosperity of our country. we were promised change and that's what our proposal offers.

8:46:31 to 8:46:53( Edit History Discussion )

John McCain: madam president, there is a ask unanimous consent that an additional part of my statement be made part of the record. i know my colleagues are waiting to speak. the presiding officer: without object mr. mccain: madam president, i would conclude by saying, we, as the loyal opposition, are required to offer an alternative to the president's budt

8:46:54 to 8:47:17( Edit History Discussion )

John McCain: that passed by the senate budget committee on a party-line vote. these are tough decisions that have to be made. we must continue to fund the defense of this nation and take care of our veterans, but we're also going to have to reform entitlement programs and we all know that. there is no expert or ordinary citizen in america that doesn't

8:47:18 to 8:47:39( Edit History Discussion )

John McCain: agree that we have to reform medicare, social security, and the other mandatory programs which are consuming a larger and larger part of our budget. so we need a bipartisan commission that has the brac imperatives that they meet and

8:47:40 to 8:48:01( Edit History Discussion )

John McCain: we come up with a solution. the burgeoning fiscal problems posed by our entitlement programs and oth mandatory spending programs. i was here -- i was in the other body in 1983 when ronald reagan, then president, and tip o'neill sat down together across the table and negotiated and saved

8:48:02 to 8:48:23( Edit History Discussion )

John McCain: social security for decades. that's what we need to do again. after this budget debate is over, why don't we sit down -- the president, republicans, and democrats together -- and try and solve our nation's problems. americans voted for change. americans want change, and that's change is to thes

8:48:24 to 8:48:44( Edit History Discussion )

John McCain: issu that affect this nation and our future in a bipartisan fashion. so, i think it's pretty clear that's going to pass tomorrow nightometime, i guess. but wouldn't it be time for us to sit down together and chart a path for the nation's future in an environment committed to fiscal responsibility on both

8:48:45 to 8:48:50( Edit History Discussion )

John McCain: sides of the aisle in ensuring our children's future. madam president,