| 00:00:01 |
Host, -
WE WILL COME TO ORDER. I WANT TO THANK SECRETARY SNOW FOR BEING WITH US TODAY, AND THANK ALL OF OUR COLLEAGUES, AND APPRECIATE THEIR BUILDINGNESS...
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| 00:03:20 |
Unidentified Speaker, -
A VERY DIFFICULT AND CHALLENGING AND TROUBLING TIME. THE ECONOMY HAD BEEN IN THE SLIDE, REVENUES HAD DECLINED FOR THREE YEARS IN A ROW, AND THE ECONOMY...
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| 00:08:26 |
Unidentified Speaker, -
MORE PROGRESS THAN IS BEING SUGGESTED. WE HAVE GOT TO LOOK ON THE SPENDING SIDE OF THE EQUATION. AND WE HAVE GOT TO LOOK ON THE REVENUE SIDE OF THE...
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| 00:14:56 |
Unidentified Speaker, -
THE SENATE BUDGET COMMITTEE. IT'S AN HONOR TO BE BEFORE YOU. AND I APPRECIATE, MR. CHAIRMAN, YOUR OPENING COMMENTS AND THOSE OF
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| 00:15:07 |
Unidentified Speaker, -
SENATOR CONRAD AS
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| 00:15:09 |
Unidentified Speaker, -
WELL. THE BUDGET THAT'S BEFORE YOU
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| 00:15:13 |
Unidentified Speaker, -
REFLECTS BASICALLY FOUR PRIORITIES. ONE, WINNING THE WAR ON TERROR. THAT HAS TO BE AT THE CENTER OF EVERYTHING THAT WE ARE ENGAGED IN TODAY. IT HAS...
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| 00:22:17 |
Unidentified Speaker, -
CONRAD I THINK MENTIONED THERE MIGHT BE $250 BILLION OF LEAKAGE OR UNCOLLECTED RECEIPTS THAT MIGHT BE OUT THERE, UNDERGROUND ECONOMY, YOU NAME IT....
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| 00:23:07 |
Unidentified Speaker, -
GAP. I DON'T KNOW THAT THE $250 BILLION NUMBER IS ACCURATE ANYMORE, BUT IT'S A LARGE NUMBER WHATEVER IT IS, AND THE I.R.S. IS DOING A STUDY, WITH HELP,...
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| 00:24:39 |
Unidentified Speaker, -
1999, I.R.S. ESTIMATED THAT BETWEEN 27 AND 31.7% OF CLAIMS WERE IN ERROR. SHOULD NOT HAVE BEEN MADE. THAT WAS ESTIMATE OF 8.5
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| 00:24:52 |
Unidentified Speaker, -
TO
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| 00:24:54 |
Unidentified Speaker, -
9.9 BILLION DOLLARS. THAT WAS IN 1999. AND WE ARE SPENDING 31, WE ARE NOW SPENDING ALMOST $35 BILLION. THIS IS A PROGRAM, KEEP IN MIND, THAT COSTS...
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| 00:28:05 |
Unidentified Speaker, -
LOOPHOLES. PEOPLE HAVE HAD A LOT OF ARGUMENTS, WHAT LOOPHOLES ARE. ONE MAN'S LOOPHOLE IS ANOTHER MAN'S
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| 00:28:15 |
Unidentified Speaker, -
NECESSITY. BUT WHAT YOU SPOKE OF WERE ABUSES AND PLACES WHERE THE LAWS WERE BEING USED TO CHEAT, BUT THERE ALSO ARE TAX EXPENDITURES THAT THIS COMMITTEE...
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| 00:28:59 |
Unidentified Speaker, -
HIM, AND HE REFERENCED THE $250
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| 00:29:01 |
Unidentified Speaker, -
BILLION, WHICH AS YOU CORRECTLY POINT
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| 00:29:03 |
Unidentified Speaker, -
OUT I THINK AS A RESULT OF AN ANALYSIS THAT WAS DONE IN
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| 00:29:06 |
Unidentified Speaker, -
THE MID 1990'S. >> YES. >> I THINK WE ALL KNOW THAT NUMBER HAS DONE NOTHING BUT GROW. AND WE HAVE GOT TO GO AFTER -- IT IS UTTERLY UNFAIR TO THE VAST...
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| 00:29:27 |
Unidentified Speaker, -
SOME ESCAPE. THAT'S JUST NOT FAIR. AND I BELIEVE
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| 00:29:30 |
Unidentified Speaker, -
THAT NUMBER IS MUCH BIGGER. I FRANKLY HAVE CONCLUDED WE NEED TO CONSIDER FUNDAMENTAL TAX REFORM. I DON'T THINK USING OUR CURRENT SYSTEM AND JUST INCREASING...
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| 00:34:01 |
Unidentified Speaker, -
BECOME EMBEDDED IN THE FINANCIAL STRUCTURE OF A COUNTRY AND FINANCIAL MARKETS VIEW THE DEFICITS AS ENTRENCHED, AND RISING, THERE WILL BE A PERFECTLY PREDICTABLE...
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| 00:36:27 |
Unidentified Speaker, -
PRESIDENT HAS NOT GIVEN US A PLAN THAT DEALS WITH THE DEFICITS. AND I WOULD JUST ASK YOU ADDITION I KNOW IT'S VERY DIFFICULT FOR A PRESIDENT ONCE ...
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| 00:37:11 |
Unidentified Speaker, -
SITUATION THAN WE FACED BEFORE. AND THAT DIFFERENT SITUATION IS WE GOT THE
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| 00:37:16 |
Unidentified Speaker, -
BABY BOOMERS THAT
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| 00:37:17 |
Unidentified Speaker, -
ARE ABOUT TO RETIRE, AND WE HAVE BEEN RAMPING UP
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| 00:37:19 |
Unidentified Speaker, -
SOCIAL SECURITY DRAMATICALLY, $160 BILLION OF SURPLUS THIS YEAR, $260 BILLION IN
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| 00:37:27 |
Unidentified Speaker, -
THE FIFTH YEAR,
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| 00:37:28 |
Unidentified Speaker, -
OF SOCIAL SECURITY
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| 00:37:30 |
Unidentified Speaker, -
SURPLUS. AND UNDER THE PRESIDENT'S PLAN, EVERY DIME OF IT IS BEING TAKEN FOR OTHER THINGS. >> WELL, AS YOU AND I HAD THE EXCHANGE YESTERDAY, I THINK...
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| 00:37:59 |
Unidentified Speaker, -
ARE JUST ABOUT TO HIT US, SO I AM IN FULL AGREEMENT THAT WE ABSOLUTELY HAVE TO CONFRONT THE ISSUE OF OUR BABY BOOMERS RETIRING, AND THE CONSEQUENCES...
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| 00:38:44 |
Unidentified Speaker, -
ON SENATOR DOMENICI. >> THANK YOU VERY MUCH, MR. CHAIRMAN. MR. SECRETARY, IT'S GOOD TO BE WITH YOU. MY FIRST QUESTION WILL BE OF GREAT INTEREST TO...
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| 00:39:00 |
Unidentified Speaker, -
MY LEFT. I ASK YOU, IF YOU KNOW WHAT PERCENT OF THIS BUDGET IS
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| 00:39:08 |
Unidentified Speaker, -
APPROPRIATED. >> NOT OFFHAND, I DON'T. >> I SHOULD KNOW IT LIKE THAT, BUT I DON'T. IS IT THAT HIGH? ABOUT ONE-THIRD? >> ABOUT A THIRD. >> WHEN I CAME
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| 00:39:33 |
Unidentified Speaker, -
TO CONGRESS MORE THAN 51 YEARS AGO,
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| 00:39:36 |
Unidentified Speaker, -
THE PERCENTAGE WAS SOMEWHERE IN THE HIGH 80'S OR 90. TODAY IT'S LESS THAN A THIRD. LESS THAN A THIRD. AND ONE OTHER THING WE NEED TO REMEMBER, WE...
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| 00:39:51 |
Unidentified Speaker, -
WE ALL START TALKING ABOUT FOR THE MILITARY, SPENDING FOR
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| 00:39:54 |
Unidentified Speaker, -
THE MILITARY. AND FOR HOMELAND SECURITY, BUT TO HEAR THESE WITNESSES, YOU THINK IT'S ALL DOMESTIC DISCRETIONARY, YOU WOULD JUST THINK IT, BECAUSE THEY...
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| 00:40:26 |
Unidentified Speaker, -
THE DEFENSE OF OUR COUNTRY, AND THAT MUCH WAS ALL DISCRETIONARY, IF YOU CAN IMAGINE. THE REASON I RAISE THE QUESTION, I KNOW OUR CHAIRMAN WORKS VERY,...
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| 00:42:15 |
Unidentified Speaker, -
SPENT. NOT ON WHAT YOU SAVED.
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| 00:42:17 |
Unidentified Speaker, -
BUT I WOULD TELL YOU THERE'S A SEPARATE SECTION ON CORPORATIONS AND IT MIGHT BE WORTHWHILE TO LOOK AT IT. IT VERY WELL MIGHT WORK BY ITSELF. IT COMPLETELY...
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| 00:43:24 |
Unidentified Speaker, -
HERE, BUT I REMEMBER READING THAT
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| 00:43:27 |
Unidentified Speaker, -
PRESIDENT DWIGHT EISENHOWER USED TO SAY -- AND LOTS OF
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| 00:43:31 |
Unidentified Speaker, -
PEOPLE DIDN'T UNDERSTAND IT AND DIDN'T MUCH CARE, BUT HE
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| 00:43:34 |
Unidentified Speaker, -
USED TO SAY,
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| 00:43:36 |
Unidentified Speaker, -
THE GREATEST THING FOR AMERICA IS TO HAVE LOW
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| 00:43:40 |
Unidentified Speaker, -
INFLATION. NOW, A LOT OF LEADERS HAVE SAID THAT. YOU REMEMBER WHEN WE USED TO STRUGGLE BECAUSE INFLATION WOULD GO UP AND DOWN JUST LIKE A ROLLER COASTER,...
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| 00:44:28 |
Unidentified Speaker, -
YEAR WAS 9.3. SECOND
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| 00:44:31 |
Unidentified Speaker, -
QUARTER WAS 7.1. AND THIRD WAS 2.2. THEN IT WENT ALONG, 5.6 AVERAGE FOR TWO YEARS. FASTEST RATE OF GROWTH IN ANY TWO-YEAR PERIOD SINCE 50, 5-0, 1950....
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| 00:46:38 |
Unidentified Speaker, -
IT'S A REFLECTION OF SOME
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| 00:46:40 |
Unidentified Speaker, -
EXCESS CAPACITY THAT'S HANGING
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| 00:46:41 |
Unidentified Speaker, -
OVER FROM OVERINVESTMENT BACK IN THE LATE 1990'S. AND IT SHOWS UP IN THE FACT THAT BUSINESSES DON'T HAVE ANY PRICING
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| 00:46:50 |
Unidentified Speaker, -
POWER. BUSINESS AFTER
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| 00:46:51 |
Unidentified Speaker, -
BUSINESS AFTER BUSINESS WILL TELL YOU, THEY SIMPLY CAN'T RAISE, THEY CAN'T RAISE PRICES. NOW, PRODUCTIVITY IS ALSO A TERRIFIC THING FOR THE ECONOMY...
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| 00:49:17 |
Unidentified Speaker, -
PREDICTED. >> BUT YOU THINK IT'S GOING TO GET BETTER IN DUE COURSE? >> OH, ABSOLUTELY. I THINK ALL OUR FORECASTS, THE PRIVATE SECTOR FORECASTS, ARE FOR...
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| 00:49:32 |
Unidentified Speaker, -
YEAR, OVER 04. >> SENATOR, THANK YOU VERY MUCH. SENATOR
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| 00:49:39 |
Unidentified Speaker, -
STABENOW. >> THANK YOU, MR. CHAIRMAN, AND WELCOME,
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| 00:49:41 |
Unidentified Speaker, -
MR. SENT. WE THANK YOU FOR YOUR SERVICE. TO FOLLOW UP ON WHAT I FELT WERE VERY EXCELLENT POINTS OF MY FRIEND AND ESTEEMED SENATOR, DOMENICI, ON TWO...
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| 00:49:56 |
Unidentified Speaker, -
ASK ABOUT. FIRST OF ALL, WHEN WE LOOK
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| 00:50:00 |
Unidentified Speaker, -
AT HOW WE BRING THIS BUDGET BACK INTO BALANCE, AND IT'S ASTOUNDING THE RED INK WE HAVE NOW, I WAS PRIVILEGED TO BE IN THE U.S. HOUSE IN 1997 WHEN...
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| 00:55:53 |
Unidentified Speaker, -
IS, BY ALLOWING THE DYNAMICS, THE DYNAMISM, THE CREATIVITY, THE ENERGY OF THE AMERICAN SYSTEM TO PLAY OUT. YOU KNOW, YOU GO BACK 100 YEARS, AND THINK...
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| 00:59:46 |
Unidentified Speaker, -
BANK, GOVERNOR JOE AND THE FINANCE MINISTER, MINISTER GIN, AND A NUMBER OF LEADERS IN THE ECONOMY. AND WE WERE STRAIGHT WITH THEM. WE SAID, YOU KNOW,...
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| 01:01:19 |
Unidentified Speaker, -
THAT ELECTION. AND THEN WHEN HE WAS SWORN INTO OFFICE THAT TIME, THAT'S WHEN YOU STARTED YOUR
|
| 01:01:27 |
Unidentified Speaker, -
THREE-YEAR DOWNTURN AND WENT INTO A RECESSION NAIR PERIOD. AND THE PRESIDENT'S PLAN FOR ECONOMIC GROWTH WAS TO CUT TAXES. AT THAT PARTICULAR POINT...
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| 01:02:49 |
Unidentified Speaker, -
JEOPARDIZE THE RECOVERY AND PUT US ON THE WRONG PATH. >> I WOULD LIKE TO FOLLOW UP A LITTLE BIT ON MY STATEMENT ON THE LABOR MARKET AND THE UNEMPLOYMENT...
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| 01:03:15 |
Unidentified Speaker, -
BY 112,000 JOBS. BUT THE QUESTION -- I WANT TO GO TO THIS HOUSEHOLD SURVEY, BECAUSE THE FIGURES I HAVE SHOW A GAIN OF 500,000 IN JANUARY. AS WE MOVE...
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| 01:04:46 |
Unidentified Speaker, -
SURVEY. AND I MUST SAY ECONOMISTS ARE SORT OF PUZZLED ON THIS. I DON'T THINK ANYBODY HAS A REAL GOOD ANSWER FOR IT, BUT I WOULD CREDIT YOUR HYPOTHESIS....
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| 01:06:59 |
Unidentified Speaker, -
BUT WE CAN'T QUANTIFY IT VERY WELL AND IT NEEDS TO BE. BUT THAT'S A WORKING HYPOTHESIS THAT A LOT OF PEOPLE ARE TRYING TO TEST. >> I'D
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| 01:07:08 |
Unidentified Speaker, -
LIKE TO APPROACH THIS MANUFACTURING JOB ISSUES A LITTLE BIT. I HAD AN OPPORTUNITY TO HEAR TESTIMONY YESTERDAY FROM ALAN GREENSPAN AND HE AGREED WITH...
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| 01:07:29 |
Unidentified Speaker, -
STARTED SEEING THAT PHENOMENA. BUT HE ALSO SAID, LOOK, IT'S NOT ONLY WHAT'S HAPPENING IN THE UNITED STATES BUT THAT'S HAPPENING WORLDWIDE. I SAID EVEN...
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| 01:09:08 |
Unidentified Speaker, -
SURE. >> BUT THIS -- BUT ON YOUR OPENING POINT OF MANUFACTURING, THERE IS THE SECULAR TREND, LONG-TERM TREND THAT CHAIRMAN GREENSPAN TALKED ABOUT. ...
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| 01:09:28 |
Unidentified Speaker, -
TREMENDOUSLY
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| 01:09:29 |
Unidentified Speaker, -
BIG, VITAL AND IMPORTANT MANUFACTURING SECTOR. IN FACT, OUR MANUFACTURING, IF THE UNITED STATES DID NOTHING ELSE BUT CARRY ON MANUFACTURING, NOTHING...
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| 01:12:10 |
Unidentified Speaker, -
THOUGHT AND IDEAS AND NEW JOBS. THAT'S WHERE LARGE COMPANIES COME FROM. AND I THINK IT'S GOOD FOR THE CONSUMER, BECAUSE COMPETITION HOLDS DOWN GOODS...
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| 01:12:56 |
Unidentified Speaker, -
I BOTH ARE SUPPORTERS
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| 01:12:59 |
Unidentified Speaker, -
OF AMTRAK, WHICH SERVES MANY RURAL AREAS OF THIS COUNTRY. BUT ON ANOTHER MATTER, THE SECRETARY SPEAKS TODAY ABOUT THE
|
| 01:13:14 |
Unidentified Speaker, -
COMMITMENT
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| 01:13:17 |
Unidentified Speaker, -
TO DEFICIT REDUCTION AND MY OBSERVATIONS LEAD ME TO BELIEVE THAT THE CRITICISM OF THE ADMINISTRATION'S COMMITMENT TO DEFICIT REDUCTION IS GROWING. AND...
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| 01:15:12 |
Unidentified Speaker, -
BE COMMITTED TO THIS OBJECTIVE. THE FUTURE WELL BEING OF THE COUNTRY IS WHAT'S AT STAKE HERE. AND AS I SAID EARLIER, THIS IS A DEEPLY SERIOUS ISSUE....
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| 01:16:11 |
Unidentified Speaker, -
A BETTER JOB IN TALKING ABOUT WHAT WE'RE DOING AND WHY WE'RE DOING IT AND OUR COMMITMENT TO DOING IT. >> MR. SECRETARY, WHILE THE ADMINISTRATION ARGUES...
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| 01:16:26 |
Unidentified Speaker, -
BUDGET DOCUMENTS SHOW THE DEFICIT WILL BE WORSE IN 2009 IF THE PRESIDENT'S BUDGET IS ENACTED. THEN IF COCK TOOK NO ACTION AT ALL. THE ADMINISTRATION'S...
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| 01:16:40 |
Unidentified Speaker, -
A STRIKES BY FAILING TO INCLUDE ANY FUNDING FOR THE WAR IN IRAQ, FAILING TO INCLUDE ANY FUNDING FOR THE WAR IN IRAQ TO WHICH I'M OPPOSED, I MAY SAY...
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| 01:18:53 |
Unidentified Speaker, -
AS WELL AS THE FACT THAT MANY COMPANIES LOST MONEY DURING THAT PERIOD AND, AS YOU KNOW, ACQUIRED THESE TAX LOSS CAREY FORWARDS AND SO ON THAT THEY...
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| 01:20:34 |
Unidentified Speaker, -
TO ACCOMMODATE SENATOR BUNNING, AND I SHALL. LET HIM
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| 01:20:38 |
Unidentified Speaker, -
TWO AHEAD. I WILL LEAVE AND TAKE CARE OF MY WIFE. SHE'S MY FIRST DUTY. >> YOU HAVE YOUR PRIORITIES -- >> STRAIGHT. AND I HAVE
|
| 01:20:49 |
Unidentified Speaker, -
THEM STRAIGHT FOR 60 YEARS. AND I HAVE A LOT MORE QUESTIONS. INCREASING TAXES COVERS UP THE FACT THAT THESE CUTS THAT HAVE BEEN MADE ARE REALLY DEEPENING...
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| 01:21:05 |
Unidentified Speaker, -
DEFICITS AND THE WAR IN IRAQ IS
|
| 01:21:07 |
Unidentified Speaker, -
DEEPENING THE DEFICITS. AND WE HAVE THE -- THESE PROBLEMS CONFRONTING US NOW. AND IT'S ONE THING TO SAY THAT WE'RE RAISING TAXES, BUT NOBODY SAYS VERY...
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| 01:23:35 |
Unidentified Speaker, -
IT. IT INCLUDES $83 MILLION FOR A NEW REGULATORY
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| 01:23:41 |
Unidentified Speaker, -
AGENCY IN TREASURY TO OVERSEE CERTAIN G.S.E.'S. I HAVE SPOKEN WITH YOUR STAFF IN THE PAST ABOUT REGULATION OF G.S.E.'S. ASSISTANT SECRETARY ABERNATHY...
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| 01:24:40 |
Unidentified Speaker, -
QUESTION. MY QUESTION WAS, DO YOU THINK THAT ALL G.S.E.'S SHOULD BE REGULATED? >> ALL GOVERNMENT-SPONSORED ENTITIES -- >> SHOULD BE REGULATED. >>...
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| 01:24:59 |
Unidentified Speaker, -
ARE OTHER G.S.E.'S OTHER THAN FREDDIE, FANNY, AND THE FEDERAL HOME LONE BANK. >> WHO ARE NOT REGULATED? >> WHO ARE NOT BEING PUT
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| 01:25:10 |
Unidentified Speaker, -
INTO THE NEW REGULATOR THAT WE ARE
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| 01:25:12 |
Unidentified Speaker, -
TRYING TO CREATE. >> RIGHT. WELL, THE
|
| 01:25:14 |
Unidentified Speaker, -
REASON WE'RE PUTTING THESE IN IS THAT THEY HAVE TO DO WITH HOUSING
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| 01:25:20 |
Unidentified Speaker, -
AND HOUSING FINANCE AND THE -- AND PRESENT A VERY
|
| 01:25:26 |
Unidentified Speaker, -
SIGNIFICANT -- PLAY A SIGNIFICANT ROLE IN THE WHOLE
|
| 01:25:30 |
Unidentified Speaker, -
ISSUE OF HOUSING FINANCE AND IN OUR VIEW,
|
| 01:25:33 |
Unidentified Speaker, -
THESE ENTITIES HAVE BECOME SO LARGE RELATIVE TO THE HOUSING FINANCE BUSINESS AND ACTUALLY TO THE WHOLE FINANCINGS OF THE UNITED STATES THAT A STRONG...
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| 01:26:09 |
Unidentified Speaker, -
THE MATTER OF FACT, WHICH IS CONSIDERED GUARANTEED BY THE FEDERAL GOVERNMENT. THEY'RE NOT REG LATED BY THE S.C.C., THEY'RE NOT REGULATED BUT --...
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| 01:27:05 |
Unidentified Speaker, -
THAT THEY'RE NOT QUITE LIKE FANNY, FREDDIE AND THE FEDERAL HOME LONE BANKS BECAUSE THEY ARE ACTUALLY NOT JUST SPONSORED, THEY ARE OWNED BY, THEY ARE...
|
| 01:27:15 |
Unidentified Speaker, -
|
| 01:27:17 |
Unidentified Speaker, -
GOVERNMENT. >> WELL, THE UNITED STATES GOVERNMENT NEEDS TO REGULATE THEM, AND THAT'S THE QUESTION I'M GIVING YOU. I REALLY FEEL NAKED UP HERE BECAUSE...
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| 01:27:39 |
Unidentified Speaker, -
WERE THE A.M.T. RELIEF, WORK OPPORTUNITY TAX CREDIT, ABOVE LINE DEDUCTIONS FOR TEACHER'S CLASSROOM EXPENSES, AND MEDICAL SAVINGS ACCOUNTS. THOSE ARE...
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| 01:29:16 |
Unidentified Speaker, -
PERMANENT. I'D GO BEYOND THAT AND SAY I'D LIKE TO SEE THE OUTYEAR. >>
|
| 01:29:24 |
Unidentified Speaker, -
THERE'S AN
|
| 01:29:26 |
Unidentified Speaker, -
AWFUL LOT OF GOOD TAX POLICY EMBRACED IN WHAT YOU DID LAST YEAR THAT GOES OUT AND IF IF WE -- IF CONGRESS FAILS TO FACT ON IT, IT MEANS A TAX UNCREASE,...
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| 01:29:47 |
Unidentified Speaker, -
THAN I AM, IF WE HAVE A TAX INCREASE IN THIS CRITICAL PERIOD WITH A RECOVERING ECONOMY, WE WILL SEND THIS ECONOMY THE OTHER WAY RATHER THAN ALLOW IT...
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| 01:30:02 |
Unidentified Speaker, -
OK. THERE ARE OTHER QUESTIONS I HAVE AND I'M GOING TO SUBMIT THEM TO YOU IN WRITING AS A COURTESY TO THE CHAIRMAN. I YIELD BACK. THANK YOU. >> SENATOR,...
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| 01:30:21 |
Unidentified Speaker, -
MUCH. >> MR. SECRETARY, IT'S GOOD
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| 01:30:24 |
Unidentified Speaker, -
TO SEE YOU. I RECALL A STATEMENT I HEARD YOU MAKE SHORTLY AFTER YOU BECAME SECRETARY OF THE TREASURY AND IT STRUCK ME AS PROFOUND BUT SOMETHING...
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| 01:30:42 |
Unidentified Speaker, -
COULD UNDERSTAND, SOMEBODY WHO HAS NOT
|
| 01:30:44 |
Unidentified Speaker, -
BEEN LIKE YOU, VERY SUCCESSFUL IN BUSINESS OR AN ECONOMIST OR SOMEONE WITH THAT SORT OF PROFESSIONAL TRAINING, AND YOU SAID SIMPLY THIS -- IF YOU...
|
| 01:35:15 |
Unidentified Speaker, -
OF GIVING AN IDENTITY TO THESE PEOPLE SO THAT THEY BECOME PART OF THE RECOGNIZED -- THE RECOGNIZED FOR TAX PURPOSES AND SO ON WILL CLEARLY HELP, AS...
|
| 01:36:24 |
Unidentified Speaker, -
FAMILIES. YET WE ALL UNDERSTAND WE'RE IN A VERY DYNAMIC TIME WITH A GLOBAL ECONOMY. AND THE EXAMPLE THAT YOU USED ABOUT THE DISLOCATION THAT OCCURRED...
|
| 01:37:57 |
Unidentified Speaker, -
CLEAR. THE COMMUNITY COLLEGES THAT HE REFERENCED IN THE JOBS FOR THE 21ST CENTURY PROGRAM PROVIDE THE PATHWAY TO THE TRAINING THAT GIVE YOU THE...
|
| 01:41:39 |
Unidentified Speaker, -
FISK F.T.I.
|
| 01:41:41 |
Unidentified Speaker, -
LEGISLATION. THE FILL THAT WAS REPORTED OUT OF THE FINANCE COMMITTEE HAS A LOWER CORPORATE TAX RATE FOR MANUFACTURERS
|
| 01:41:49 |
Unidentified Speaker, -
THAN OTHER CORPORATIONS. IT HAS A TAX
|
| 01:41:51 |
Unidentified Speaker, -
RATE OF 32% AND TAKES A FEW YEARS TO GET THERE FOR MANUFACTURERS AND 35% FOR OTHER CORPORATIONS, WHETHER FINANCIAL OR SERVICE. >> RIGHT. >> I PERSONALLY...
|
| 01:42:20 |
Unidentified Speaker, -
LEND SOME
|
| 01:42:22 |
Unidentified Speaker, -
ADVICE TO CONGRESS BEFORE, IN MY OPINION, MAKING A MISTAKE. I THINK WE HAVE TO PASS LEGISLATION TO BE COMPLIANT WITH W.T.O. I DON'T WANT TO SEE THE...
|
| 01:43:18 |
Unidentified Speaker, -
CODE SHOWED UP AS MANUFACTURERS. YOU CREATE REAL DISTORTIONS WITH THAT APPROACH. THE BETTER APPROACH IS SIMPLY WE TREAT EVERYBODY THE SAME. SO...
|
| 01:45:22 |
Unidentified Speaker, -
RATE AND IF THERE'S OTHER THINGS ON THE INTERNATIONAL TAX SIDE THAT WOULD HELP MAKE US MORE COMPETITIVE, AND YOU MENTIONED ONE OR TWO AND THERE'S A...
|
| 01:46:23 |
Unidentified Speaker, -
YES. >> I
|
| 01:46:24 |
Unidentified Speaker, -
WAS ASKING MY STAFF AND THEY SAID A LOT OF TRANSIT SYSTEMS USING IT AND IT'S ALREADY HAPPENED FOR LEASING THE BERLIN SUBWAY SYSTEMS. U.S. CORPORATIONS...
|
| 01:46:43 |
Unidentified Speaker, -
AND IT LOOKS TO ME LIKE
|
| 01:46:45 |
Unidentified Speaker, -
IT'S ONE OF THESE THINGS THAT I'M ALLUDING TO THAT NEEDS TO BE STOPPED. IT MAY BE LEGAL BUT IT'S ABUSE OF THE TAX SYSTEM. I'M A PERSON AND I DON'T...
|
| 01:47:29 |
Unidentified Speaker, -
ALL. IT'S SIMPLY A TAX TRANSFER MECHANISM AND I THINK THEY NEED TO BE STOPPED. THE SPREAD OF THEM IS REALLY A DANGEROUS THING TO THE REVENUES OF THE...
|
| 01:49:03 |
Unidentified Speaker, -
US HAVE AN ADDITIONAL HEARING ON IT TO EXPOSE IT. WE ARE GOING TO SEND SOME SIGNALS THAT WE'RE GOING TO TRY AND STOP IT. THERE'S A LOT OF BANKS AND...
|
| 01:49:52 |
Unidentified Speaker, -
HEARD AROUND A $30 BILLION FIGURE. AND IT FENDS IF IT'S
|
| 01:49:59 |
Unidentified Speaker, -
GOING INTERNATIONAL AS MUCH AS IT EVIDENTLY IS. >> IT COULD BE LARGER BECAUSE IT'S
|
| 01:50:04 |
Unidentified Speaker, -
A GROWING PHENOMENA. IT COULD BE MORE UNLESS WE STOP IT. >> SENATOR CONRAD? >> LET ME PICK UP ON THAT POINT
|
| 01:50:14 |
Unidentified Speaker, -
AND SAY THE CHAIRMAN AND I HAVE BEEN TALKING ABOUT THE NEED TO CLOSE THAT PARTICULAR LOOPHOLE. WHAT'S HAPPENING FOR THOSE WHO ARE LISTENING AND WATCHING...
|
| 01:50:23 |
Unidentified Speaker, -
MUNICIPALITIES ARE SELLING THEIR SUBWAY SYSTEMS, THEY'RE SELLING EVEN THEIR SUER AND WATER SYSTEMS --
|
| 01:50:32 |
Unidentified Speaker, -
SEWER AND
|
| 01:50:33 |
Unidentified Speaker, -
WATER SYSTEMS TO PRIVATE ENTITIES THAT CAN TAKE THE TAX BENEFITS SH DEPRECIATE THEM OVER TIME AND THEN THE MUNICIPALITIES LEASE BACK THESE SYSTEMS....
|
| 01:52:58 |
Unidentified Speaker, -
THE GOVERNMENT HAS TO ITS CREDITORS. >> YOU KNOW, I ASKED THOSE VERY FUNDAMENTAL QUESTIONS, BUT I ASK THEM BECAUSE I
|
| 01:53:12 |
Unidentified Speaker, -
FIND THERE'S ENORMOUS CONFUSION IN THE PUBLIC BETWEEN THE DEFICIT
|
| 01:53:15 |
Unidentified Speaker, -
AND THE DEBT. AND OF COURSE, MR. SECRETARY, YOU'VE DEFINED THEM WITH PRECISION. I FIND WHEN I'M VISITING WITH
|
| 01:53:28 |
Unidentified Speaker, -
PEOPLE, THERE'S CONFUSION BETWEEN THE DEFICIT AND THE DEBT. WHEN THE PRESIDENT SAYS HE'S GOING TO CUT THE DEFICIT IN HALF, A LOT OF PEOPLE CONFUSE...
|
| 01:55:44 |
Unidentified Speaker, -
IS, I THINK THAT FUND MENTALLY MISLEADS US AS TO THE MAGNITUDE OF THE PROBLEM. >>
|
| 01:55:52 |
Unidentified Speaker, -
SENATOR, IT ALSO -- >> DON'T WE OWE THE MONEY BACK TO SOCIAL SECURITY? >> SENATOR, IT ALSO THOUGH, AS WE'VE DISCUSSED ON PRIOR OCCASIONS, CALLS...
|
| 01:56:13 |
Unidentified Speaker, -
THESE LARGE COMMITMENTS WE'VE
|
| 01:56:16 |
Unidentified Speaker, -
MADE TO THE FUTURE. >> MR. SECRETARY. THE PROBLEM I'VE
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| 01:56:19 |
Unidentified Speaker, -
GOT WHEN THE PRESIDENT GOES OUT AND TELLS THE AMERICAN PEOPLE HE'S GOING TO CUT THE DEFICIT IN HALF, I THINK THAT GIVES THEM
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| 01:56:38 |
Unidentified Speaker, -
COMFORT.ND INCIDENTALLY, THE UNFUNDED LIABILITIES THAT ARE FACING MEDICARE ARE ABOUT THREE TIMES THAT OF SOCIAL SECURITY. SO -- BUT WE PLAN ON HAVING...
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| 02:00:11 |
Unidentified Speaker, -
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| 02:00:16 |
Unidentified Speaker, -
GOD
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.