|00:00:00||HAVE JUST GONE BANKRUPT AND GONE OUT OF BUSINESS.|
|00:00:04||I THINK THE PRESIDENT MADE THE RIGHT DECISION.|
|00:00:10||MR. MARCHIONNE SAID THEY'VE PAID IT ALL BACK.|
|00:00:14||WE CAN ABOUT TO BANKS.|
|00:00:17||WE'RE A THRIVING CORPORATION.|
|00:00:19||WE'RE DOING WELL.|
|00:00:20||HE SAID, I HAVE NOTHING BUT GREAT NEWS FOR YOU.|
|00:00:23||BUT IT WAS A BET MADE BY THE PRESIDENT ON BEHALF OF HUNDREDS OF THOUSANDS OF WORKERS AND COMPANIES AND IT PAID OFF.|
|00:00:29||WHAT IT SAYS IS IF WE STAND BEHIND THE BASIC PILLARS OF THE AMERICAN ECONOMY -- AND MANUFACTURING IS ONE OF THOSE, MAYBE THE LARGEST PILLAR THAT HOLD UP THIS GREAT ECONOMY -- THAT WE CAN PROSPER AND SUCCEED.|
|00:00:43||JOBS BEING BROUGHT BACK FROM MEXICO AND OVERSEAS INTO THE UNITED STATES -- I'M GLAD I LIVED TO SEE IT BECAUSE I CAN REMEMBER WHEN THEY WERE HEADED IN THE OTHER DIRECTION.|
|00:00:54||COMPANIES THAT WERE ALMOST GIVEN UP ON BY SOME POLITICIANS TURN OUT, LIKE G.|
|00:01:02||M. AND CHRYSLER, ARE TURNING OUT NEW CARS, THINKING ABOUT THE FUTURE.|
|00:01:07||THAT TELLS ME WE CAN PUT THIS TOSMGHT SO WHEN WE HERE THOSE WHO SAY WHAT WE NEED TO CONTINUE TO DO IS SHOVEL SUBSIDIES AT OIL COMPANIES THAT ARE $137 BILLION A YEAR IN PROFITS, TAKE THAT MONEY -- WE DO HAVE A DEFICIT, YOU KNOW -- TAKE THAT MONEY, INVEST IT IN SOMETHING THAT WILL CREATE JOBS AND TAKE THE BALANCE AND REDUCE THE DEFICIT.|
|00:01:28||I DON'T THINK THAT'S A BAD OUTCOME.|
|00:01:31||THERE ARE LOT OZ OF GOOD THINGS THAT WE CAN INVEST IN.|
|00:01:34||THE DEPARTMENT OF ENERGY IS TALKING ABOUT BATTERY TECHNOLOGY.|
|00:01:38||THAT IS STILL GOING TO BE OUR CHALLENGE FOR THE FUTURE, FINDING WAYS TO CREATE POWER AND SAVE POWER FOR WHEN IT IS NEEDED.|
|00:01:44||AND I THINK WE NEED TO INCENTIVIZE THAT KIND OF RESEARCH IN THE FUTURE AS WELL.|
|00:01:50||PRESIDENT, AT THIS POINT I WILL YIELD THE FLOOR AND SUGGEST THE ABSENCE OF A QUORUM.|
|00:01:53||THE PRESIDING OFFICER: THE CLERK WILL CALL THE ROLL.|
Mr. DURBIN. Mr. President, I would just add--and this is not lost on most Americans--there are some political figures who said publicly they should have just gone bankrupt and gone out of business. I think the President made the right decision. Today, Mr. Marchionne made it clear Chrysler has paid back everything. They have paid it all back. So now, he said, if we need to borrow money, we are not going to come knock on the door of Secretary Geithner of the Treasury Department; we can go to banks.
We are a thriving corporation. We are doing well. He said: I have nothing but good news for you, which is great to hear in a recovering economy.
It was a bet made by the President on behalf of hundreds of thousands of workers and companies and it paid off. What it says is that if we stand behind the basic pillars of the American economy--and manufacturing is one of those; maybe the largest pillar that holds up this great economy--we can prosper and succeed. Jobs being brought back from Mexico and overseas into the United States, I am glad I have lived to see it because I can remember when they were headed in the other direction.
Companies that were almost given up on by some politicians turned out, such as GM and Chrysler, to be prosperous today, building new cars and thinking about the new demands of our economy and our future, tells me we can put this together.
So when we hear those who say what we need to continue to do is to shovel subsidies at oil companies that earn $137 billion a year in profits, let's take that money--we do have a deficit--take that money, invest it in something that will create jobs and take the balance and reduce the deficit. I don't think that is a bad outcome. There are lots of good things we can invest in. The Department of Energy is talking about battery technology. That is still going to be our challenge for the future--finding ways to create power and save power for when it is needed. I think we need to incentivize that kind of research in the future as well.
At this point, I will yield the floor and suggest the absence of a quorum.