Senate Proceeding 05-12-09 on May 12th, 2009 :: 0:00:15 to 0:11:05
Total video length: 11 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Views:55 Duration: 0:10:50 Discussion

0:00:01 to 0:00:22( Edit History Discussion )

Judd Gregg: it is a pleasur card bill and debt is the topic of the day. but i'm talking about the debt of the united states. now, you may say, how does this affect the credit card bill? well, the interest on credit cards is driven, in lge part, byhat it costs to get money. and what it costs to get money is driven in large part by how much debt the united states has to finance every year.

0:00:15 to 0:11:05( Edit History Discussion )
Speech By: Judd Gregg

0:00:23 to 0:00:46( Edit History Discussion )

Judd Gregg: and we, unfortunately, in our situation now, we're massive amount of debt. and regrettably, a lot of tha debt is the result of the fact that the government has had to move in and basically be the force for liquidity in our economy. and, thus, the deficit has been driven up dramatically and the president has estimated the deficit this year to be $1.8 trillion.

0:00:47 to 0:01:08( Edit History Discussion )

Judd Gregg: that is a massive number, almost incomprehensivable to most people -- incomprehensible to most people to understand. it represents a deficit four times than i've ever seen. it reflects the fact that for every dollar we're spending in the united states government today, 50 cents is borrowed. we're borrowing half the money we're spending.

0:01:09 to 0:01:30( Edit History Discussion )

Judd Gregg: and that's a lote of debt. and that adds to what's known as the national debt. and right now the national debt is about 40% of the gross domestic product. that's a survivable event. but after this deficit this year, it's going to me up significantly. and, unfortunately, budget that the president brought forward, it is projected that there'll be $1

0:01:31 to 0:01:53( Edit History Discussion )

Judd Gregg: that's $1 trillion of new deficit every year for 10 years. the practical that is that the national debt grows astros nomically. in fact it doubles in five ye at the end of 10 years we will have a national debt ich is 80% of the gross domestic to put that in concept because those are all numbers and

0:01:54 to 0:02:17( Edit History Discussion )

Judd Gregg: wanted to get into the european union, they have certain standards where they say, you have to be a responsible country in your spending, in how much you're spndzing and how much you're borrowing. and two of their standards are that you can't run a deficit that's more than 3% of your gross domestic product. the second one is that you can't have a national debt that exceeds 60% of your gross domestic product.

0:02:18 to 0:02:38( Edit History Discussion )

Judd Gregg: well, this deficit that is 12.5% of our g.n.p. and we will have a national debt that's 40% and going up. it will become 80 beer in a brief period of time. so under the rules of engagement for adjoining -- for joining the european union, we would not be allowed in.

0:02:39 to 0:02:59( Edit History Discussion )

Judd Gregg: can you imagine that. the united states could not get into the european union, but latvia or lithuania could? when the world sets athe standard for responsible governing and we don't meet it, then something is fundamentally wrong. what's wrong is we're passing on to our children a deficit and a debt whichs unsustainable which means that they will not

0:03:00 to 0:03:21( Edit History Discussion )

Judd Gregg: have the type of prosperity that we have had. it means that they will have to pay so much in the way of maintaing the cost of the deficit -- of the debt that they will be like buying a home or sending their kids to college or living a quality of lifetime style that our generation has had. -- of lifestyle that our generation has had.

0:03:22 to 0:03:42( Edit History Discussion )

Judd Gregg: tses not fair to do it in the dark of the night american people really don't know what's happening. where they don't have the inrmation they need to make some intelligent decisions and thoughtful decisions about how fast they want this debt to go up on their children. so this amendment is an attempt to basically have full and fair disclosure of what's hapning with our national debt, of how big it's getting and how much

0:03:43 to 0:04:03( Edit History Discussion )

Judd Gregg: it's going to cost, and who's going to have to pay it which is the american people. it has three basic elements. the first one is that there is a point of order created in this bill against anypending, any revenues, or any appropriation legislation which doesn't have as part of its statement what

0:04:04 to 0:04:27( Edit History Discussion )

Judd Gregg: effect that has on the national debt -- in other words, how much it'soing to add to the national debt -- and what effect it has on every american in responsibility for that debt. for example, the budget that was just passed here, the president's budget, which i didn't vote for but which woos passed here anyway, the president's budget will increase the debt on every american

0:04:28 to 0:04:49( Edit History Discussion )

Judd Gregg: household by $133,000. interest which each american has to pay on that debt by $6,000. now people should know that, in my opinion. that should be if we're going to have full and fair disclosure -- and we should -- of what a person's credit card obligations are and

0:04:50 to 0:05:12( Edit History Discussion )

Judd Gregg: what a bank requires in the area of interest payments and how they can change interest payments, we should have full and fair disclosure to the american people of how much their debt is. because they're american citizens. and how much interest they have to pay on that debt because they're american citizens. because in many instances $6,000 of annual interest costs to pay off the federal debt will exceed

0:05:13 to 0:05:34( Edit History Discussion )

Judd Gregg: a lot of people's payments on their credit cards. and $130,000 of debt per household exceeds in many instances the mortgage on a lot of people's homes. so p type of debt and deficits being loaded on them by this government, which is massively expanding the spending of the federal government. so the first item says there

0:05:35 to 0:05:57( Edit History Discussion )

Judd Gregg: will be a point of order. unless a bill comes to this floor and is open and transparent on the issue of how household and how much gross debt it creates on the american people, it will take 60 votes to pass that bill. it will be subject to a point of order. the second amendment will be to formally disclos

0:05:58 to 0:06:19( Edit History Discussion )

Judd Gregg: information by using the i.r.s., by putting in place a system where in the i.r.s. instructions for your 1040 form, you will be informed of how much debt is owed and what the debt is per person in this country. so that you'll be kept posted as the citizenry as to what pops

0:06:20 to 0:06:42( Edit History Discussion )

Judd Gregg: happening -- what's happening to you relative to debts and stp euts that you have to pay for. -- debts have to pay for. third, every home page and every federal agency has to have what is known as the debt clock which shows how much the debt is going up on a daily basis. so if you go and are trying to find out some program at h.u.d.

0:06:43 to 0:07:04( Edit History Discussion )

Judd Gregg: or trying to find out some program at the s.b.a. or trying to find out some program at transportation, when you go on that site, you'll be informed immediately as to what the debt of the united states is and how much it is going this is fair and transparent, and it's now remember what's driving all this debt, and i think that's important for people to understand.

0:07:05 to 0:07:27( Edit History Discussion )

Judd Gregg: this debt is being driven primarily by a massive expansion in spending. the president said -- and i admire him for his forthrightness -- that he believes you can create prosperity by dramatically growing the size of the federal government. by increasing the spending of the federal government. and so his proposals under his budget will take the spending of

0:07:28 to 0:07:49( Edit History Discussion )

Judd Gregg: the federal government from 20% of gross domestic product up to 23%, 24%, 25% of gross domestic product. those are huge numbers, huge numbers in the way of increase. we've never had that spending level in this country historically the spending of the fedel government has been

0:07:50 to 0:08:11( Edit History Discussion )

Judd Gregg: about not 22%, not 23%, not 24%. but that is the proposal of this administration because they generally believe -- and they've stated it and put out a budget which has called for this massive expansion in spending. i don't happen to agree that that's the way you run create prosperity. i believe the way you create prosperity is having a

0:08:12 to 0:08:32( Edit History Discussion )

Judd Gregg: government you can afford, having a government which you pass on to your children which is affordable for them and giving individuals the opportunity to take risks and go out and create jobs. it's very hard, for example, for a small business invest in their small business whether it be a restaurant or smalloftware company or repair shoft if their tax -- repair

0:08:33 to 0:08:54( Edit History Discussion )

Judd Gregg: shop if their taxes are going to have to go up to pay this debt at such a rate that the money they would have used to invest for the purpose of creating jobs is skimmed off b the government for funding this massive expansion. that's not the best way to create prosperity. it makes much more sense to have a manageable, a manageable government.

0:08:55 to 0:09:16( Edit History Discussion )

Judd Gregg: we're not talking about cutting the size of government. nobody is suggesting that. it doesn't happen around here. we're talking about having it be at a reasonable size, something affordable, something our children that can pay for, not something that creates a debt and deficit so high it is not affordable. another number that is important or interesting. at the end of president obama's

0:09:17 to 0:09:37( Edit History Discussion )

Judd Gregg: budget c interest on the debt will be over $800 billion a year. that's the federal debt will almost be $1 trillion a year. that will be more than we spend on national defense. it will be by a fac or six times more than we spend on education, more than we spend on roads.

0:09:38 to 0:09:59( Edit History Discussion )

Judd Gregg: that's not right. we shouldn't be spending all this money on interes we should be spending it on real programs that do real things that benefit real people. but you can't do that if you run the debt up so much. so iteems reasonable that we should have full and fair disclosure to the american people not only about their credit cards and how they're being treated by their banks or

0:10:00 to 0:10:21( Edit History Discussion )

Judd Gregg: the issuer of the credit cards, but we should also have full and fair disclosure to the american people about what theovernment is doing to them, about what this congress is about the amount of deficit and debt that's a daily pwaeugsz as -- basis as we spend money around here as if there is no tomorrow. that is all this amendnt does.

0:10:22 to 0:10:43( Edit History Discussion )

Judd Gregg: these are things. we should inform people when we have a bill on the floor as to how much that bill is going to cost in the way of added debt not only to the national debt, but to the -- each member, each citizen who is going to have to pay for that bill. that we should send out with i.r.s. forms a summary of how much debt is owed and how it will affect you as an individual. and when you go on a federal

0:10:44 to 0:11:04( Edit History Discussion )

Judd Gregg: site, you should be able to find out fairly be set right out there s it's transparent and clear what the national debt and just how quickly it is going up. because, believe cards are an important issue in people's lives and the way they're handled is important. but equally important, he is poerbly for our -- especially

0:11:05 to 0:11:06( Edit History Discussion )

Judd Gregg: for our children, is going to be