| 00:00:40 |
Baucus, Max - U.S. Senator, [D] Montana
RULES. [INAUDIBLE CONVERSATIONS] >> THE ECONOMIES INCREASINGLY A CAUSE FOR CONCERN. AND CLEARLY WE NEED TO ACT TO ASSURE AMERICANS THAT WE ARE ADDRESSING...
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| 00:01:11 |
Baucus, Max - U.S. Senator, [D] Montana
BUT THEY DO NOT ADDRESS THE UNDERLYING FUNDAMENTAL FISCAL NEEDS OF THIS THE GOVERNMENT MUST ADDRESS, THAT IS STIMULATE CONSUMER DEMAND BECAUSE WHEN...
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| 00:08:32 |
Grassley, Charles "Chuck" E. - U.S. Senator, [R] Iowa
WAY TO THE NEEDS OF AMERICANS AND BUSINESS, AND WOULD PROVIDE A MUCH-NEEDED BOOST TO OUR ECONOMY. THE PRESIDENT'S RECENTLY SENT A STRONG MESSAGE TO THE...
|
| 00:16:13 |
Conrad, Kent - U.S. Senator, [D] North Dakota
THAT THERE IS SUFFICIENT RISK TO GO FORWARD WITH A STIMULUS PACKAGE. ONE OF THE ECONOMISTS WAS MARK ZANDI OF MOODY'S.COM, WHO PRESENTED I THOUGHT A COMPELLING...
|
| 00:22:48 |
Baucus, Max - U.S. Senator, [D] Montana
APPROPRIATE. I NOTICE THE FEDERAL RESERVE CUT INTEREST RATES AND TODAY. THEY CLEARLY BELIEVE THAT MONETARY STIMULUS IS NEEDED. I BELIEVE A FISCAL
|
| 00:23:00 |
Bingaman, Jeff - U.S. Senator, [D] New Mexico
STIMULUS MAKES SENSE AS WELL TO TRY TO HEAD OFF ECONOMIC PROBLEMS. THIS PACKAGE IS SUBSTANTIALLY BETTER THAN WHAT THE HOUSE AND WHITE HOUSE AGREED...
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| 00:24:32 |
Baucus, Max - U.S. Senator, [D] Montana
MAY BE ONE OF THE EXCEPTIONS BECAUSE OF THE
|
| 00:24:36 |
Bunning, Jim - U.S. Senator, [R] Kentucky
URGENCY AND THE NEED TO ADDRESS THE RAPID DETERIORATING STATE OF OUR ECONOMY. BUT I APPRECIATE THE WILLINGNESS OF THE CHAIRMAN TO MOVE QUICKLY. MANY...
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| 00:26:51 |
Baucus, Max - U.S. Senator, [D] Montana
AND BENEFITS FOR
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| 00:26:53 |
Stabenow, Debbie - U.S. Senator, [D] Michigan
THOSE WHO HAVE EXHAUSTED BENEFITS AND ARE STILL UNABLE TO FIND A JOB. WE, IN MICHIGAN, UNFORTUNATELY IN THE LAST SEVEN YEARS HAVE LOST ABOUT 400,000...
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| 00:28:52 |
Baucus, Max - U.S. Senator, [D] Montana
INVESTMENT AND HELP THE ECONOMY IS THAT IT'S TIME A GREAT NEED TO ACT NOW AND QUICKLY. WE
|
| 00:28:58 |
Sununu, John E. - U.S. Senator, [R] New Hampshire
DON'T NEED TO RUBBER-STAMP ANYTHING ELSE THAT HAS BEEN DONE BUT IT DOES MEAN WE'VE GOT TO AVOID CONTENTIOUS ISSUES, FRACTIOUS ISSUES, ISSUES THAT ARE...
|
| 00:30:00 |
Baucus, Max - U.S. Senator, [D] Montana
BY THE HOUSE AND I BELIEVE THE APPROACH
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| 00:30:02 |
Cantwell, Maria - U.S. Senator, [D] Washington
WILL GET MONEY INTO THE HAND OF MORE FAMILIES AND THEY WILL USE TO SPEND THAT WISELY. I WANT TO THANK YOU, MR. CHAIRMAN AND SENATOR GRASSLEY AND...
|
| 00:32:59 |
Baucus, Max - U.S. Senator, [D] Montana
AND IF YOU
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| 00:33:01 |
Ensign, John - U.S. Senator, [R] Nevada
WOULD HAVE PUT THE UNEMPLOYMENT INSURANCE EXTENSION IN A FACT AT 5% WHICH THIS BILL DOES IT WOULD HAVE BEEN IN THE FACT 80% OF THE TIME SINCE 1970....
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| 00:35:16 |
Baucus, Max - U.S. Senator, [D] Montana
WE HAVE NOT WE'RE GOING TO MAKE CERTAIN THAT REBATE CHECKS DO NOT GO TO A LEGAL ALIENS. SENTER SALAZAR, YOUR NEXT. >> THANK YOU VERY MUCH, GERMAN BACHUS...
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| 00:35:45 |
Salazar, Ken - U.S. Senator, [D] Colorado
AMERICA AND EXTENDED THE UNEMPLOYMENT INSURANCE BENEFITS AS WELL AND FINALLY MR. CHAIRMAN I APPRECIATE WHAT YOU'VE DONE WITH RESPECT TO SMALL BUSINESSES...
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| 00:37:36 |
Baucus, Max - U.S. Senator, [D] Montana
OF DISCIPLINE, APPROPRIATE RESTRAINT ON THE PART OF YOU AND SENATOR GRASSLEY AND YOUR STAFFS. YOU'VE BEEN MOST COOPERATIVE. I THINK YOU'VE MADE IT...
|
| 00:37:52 |
Rockefeller, John "Jay" D. IV - U.S. Senator, [D] West Virginia
AND THINK ABOUT HOW THEY ARE GOING TO DO IN CONGRESS AND THESE KIND OF THING SPIRIT WILL LIVE THING ABOUT IS HOW WAS IT GOING TO AFFECT PEOPLE IN WEST...
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| 00:40:13 |
Baucus, Max - U.S. Senator, [D] Montana
OBJECTIVE OR GROUP OF SENATORS WOULD SPEND $5 BILLION ON INFRASTRUCTURE. WITH
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| 00:40:18 |
Wyden, Ronald "Ron" Lee - U.S. Senator, [D] Oregon
THE PRIMARY FOCUS BEING RESURFACING IN AN AREA WHERE OUR CONGRESSIONAL BUDGET OFFICE DIRECTOR PETER ORSZAG SAID AN HOUR HEARING LAST WEEK WAS AN AREA...
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| 00:43:00 |
Baucus, Max - U.S. Senator, [D] Montana
OUR DECLINING
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| 00:43:02 |
Schumer, Charles E. - U.S. Senator, [D] New York
ECONOMY. BUT IT HAS CAUSED HOUSING PRICES TO DECLINE. HOUSE DECLINES HAVE HAD THE CONSUMERS SPEND LESS. THIS CHRISTMAS SEASON SHOWED THAT. TO PUMP...
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| 00:46:55 |
Baucus, Max - U.S. Senator, [D] Montana
EFFICACY OF THIS WHOLE STIMULUS PACKAGE OVER THE LONG TERM OR ESPECIALLY I DON'T THINK WE OUGHT TO BE DOING ANYTHING SHORT TERM. IS THAT
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| 00:47:08 |
Roberts, Pat - U.S. Senator, [R] Kansas
FOR ME? THAT'S PROBABLY SECRETARY PAULSON CALLING. I THINK SENATOR KYLE MADE SOME GOOD POINTS, AND I WANT TO THANK SENATOR SUNUNU FOR BRINGING UP ...
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| 00:48:36 |
Baucus, Max - U.S. Senator, [D] Montana
THE HOUSE BILL IS NOT A BAD BILL AND I THINK THE LEADERSHIP DID A PRETTY
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| 00:48:40 |
Hatch, Orrin - U.S. Senator, [R] Utah
GOOD JOB IN NEGOTIATING IT. IT SEEMS TO ME THERE ARE ALMOST AS MANY IDEAS ON HOW TO STIMULATE THE ECONOMY AS THERE ARE ECONOMISTS. NO BILL CONTAINS...
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| 00:51:53 |
Baucus, Max - U.S. Senator, [D] Montana
THAT WE WORK AS QUICKLY AS POSSIBLE. OBVIOUSLY WE HAVE A RESPONSIBILITY
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| 00:51:57 |
Snowe, Olympia J. - U.S. Senator, [R] Maine
TO TAKE ACTION. WE CAN'T AFFORD TO SIT IDLY BY AS THE ECONOMY CONTINUES TO ELUDE. I APPRECIATE THE NUMBER OF HEARINGS TO HELPLESS QUESTION AND I WELL...
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| 00:57:04 |
Baucus, Max - U.S. Senator, [D] Montana
ARE ALL VERY DEDICATED TO DOING. I JUST
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| 00:57:07 |
Lincoln, Blanche Lambert - U.S. Senator, [D] Arkansas
WANTED TO SAY THAT I HOPE AS WE LOOK FORWARD WITHOUT A DOUBT THE FINAL PACKAGE, YOU KNOW, WITH THE REBATES AND MAKING SURE THAT THOSE REBATES WILL NOT...
|
| 01:00:13 |
Baucus, Max - U.S. Senator, [D] Montana
THE PRIVATE ECONOMY AND I THINK WE ARE DEMONSTRATING THAT VERY CLEARLY TO THE AMERICAN
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| 01:00:17 |
Smith, Gordon H. - U.S. Senator, [R] Oregon
PEOPLE, WE TAKE TOO MUCH. WHAT I DO LIKE ABOUT YOUR PACKAGE, MR. CHAIRMAN, IS THAT IT'S SIMPLER THAN THE HOUSE APPROACH. I'M PLEASED WITH THE TAX REBATES...
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| 01:02:46 |
Baucus, Max - U.S. Senator, [D] Montana
I THINK YOUR EFFORTS HAVE CREATED A BETTER
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| 01:02:49 |
Kerry, John F. - U.S. Senator, [D] Massachusetts
BILL. NOTWITHSTANDING WHAT I'M GOING TO SAY TO SENATOR SMITH AND A MOMENT, BUT IT'S A BETTER BILL. IT'S SIMPLER THAN THE HOUSE, IT'S MORE EFFECTIVE THAN...
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| 01:07:48 |
Baucus, Max - U.S. Senator, [D] Montana
US FEELING THERE WAS THE IMMEDIATE PERMANENT STIMULUS IT A FACT IN AREAS LIKE ROAD RESURFACING WE
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| 01:07:54 |
Wyden, Ronald "Ron" Lee - U.S. Senator, [D] Oregon
HAVE PROJECTS ON AND ALL OUR STATES. COULD YOU, AND THIS IS A QUESTION ABOUT THE SCHEDULE, MR. CHAIRMAN, COULD YOU PROVIDE YOUR PERSONAL INSURANCE TO...
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| 01:08:46 |
Baucus, Max - U.S. Senator, [D] Montana
THAT'S VERY IMPORTANT THAT'S NOT QUITE AS TIMELY. IT'S A LITTLE MORE FUNDAMENTAL THAN THE STIMULUS BILL WHICH IS TIMELY. I WILL CERTAINLY COME A FIRST...
|
| 01:10:35 |
Kleinbard, Edward - Chief of Staff
BRIEFLY TO SUMMARIZE THE REVENUE PROVISIONS OF THE MODIFICATION. >> IF YOU WOULD PLACE. >> WHAT I'D LIKE TO DO FIRST IS TURN TO THE LARGEST MOST IMPORTANT...
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| 01:11:01 |
Baucus, Max - U.S. Senator, [D] Montana
CRITERIA OF
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| 01:11:02 |
Kleinbard, Edward - Chief of Staff
THE REBATE PACKAGE AND TO HELP EVERYONE TO COMPARE THE HOUSE VERSION, THE SENATE MARK, AND THE CHAIRMAN MODIFICATION SO THAT YOU CAN SEE THE CHANGES...
|
| 01:15:08 |
Baucus, Max - U.S. Senator, [D] Montana
THE TIGHTENING OF THE RULES FOR NON-CITIZENS
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| 01:15:12 |
Kleinbard, Edward - Chief of Staff
AND PHASE OUT WHAT WE ESTIMATE COST $126.4 BILLION OVER 10 YEARS. SO, TURNING THEN TO THE PACKAGE OF ENERGY EXTENDERS, THE TOTAL PACKAGE COST ABOUT...
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| 01:20:21 |
Kleinbard, Edward - Chief of Staff
FACILITY IS A A -- QUALIFIED. HE HAS TO HAVE
|
| 01:20:29 |
Bingaman, Jeff - U.S. Senator, [D] New Mexico
BEEN PUT IN SERVICE PRIOR TO JANUARY 1, 2006. HOW DOES THAT WORK? HOW DOES THAT ENCOURAGE PEOPLE TO BUILD FACILITIES IN THE NEXT YEAR? >> SENATOR, THE...
|
| 01:21:05 |
Unidentified Speaker, -
PERMITTING AN EXTENSION OF THE PLACED IN SERVICE DATE FOR NEW SOLAR PRODUCTION FACILITIES. THE INVESTMENT TAX CREDITS FOR SOLAR FACILITIES IS STILL...
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| 01:21:52 |
Bingaman, Jeff - U.S. Senator, [D] New Mexico
A QUESTION? >> I JUST HAD A QUESTION ON THIS
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| 01:21:57 |
Bingaman, Jeff - U.S. Senator, [D] New Mexico
POINT. IT TAKES A LITTLE BIT OFF OF WHAT SENATOR KERRY WAS TALKING ABOUT AS TO
|
| 01:22:05 |
Baucus, Max - U.S. Senator, [D] Montana
SOME OF THE SPECIFIC REASONS FOR THE PROBLEMS WE HAVE RIGHT NOW. PART OF WHICH IS AN OVERSUPPLY OF CERTAIN KINDS OF CONSTRUCTION. IS
|
| 01:22:15 |
Kyl, Jon - U.S. Senator, [R] Arizona
THERE ANY -- WAS THERE ANY TESTIMONY IN OUR HEARINGS BY ANY OF THE WITNESSES IN SUPPORT OF THE PROPOSITION THAT THIS $5.57 BILLION PACKAGE WOULD HELP...
|
| 01:23:41 |
Orszag, Peter R. - Director
WE HAVE HAD TESSMAN BEFORE AS TO THE JOB EFFECTS IN THE SULLY INDUSTRY. THE SOLAR
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| 01:23:47 |
Orszag, Peter R. - Director
INDUSTRY
|
| 01:23:48 |
Kleinbard, Edward - Chief of Staff
EMPLOYS 20,000 PEOPLE NOW AND IS EXPECTED TO PLACE 60,000 OF THE NEAR TERM IF WE CONTINUE INVESTMENTS AND THAT IS AN INSTALLATION OF SOLAR PANELS AND...
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| 01:24:00 |
Kyl, Jon - U.S. Senator, [R] Arizona
BUILDINGS THAT ARE BEING BUILT
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| 01:24:02 |
Koch, Cathy - Tax Staff
ANYWAY. >> MR. -- WILL YOU EXPLAIN THE PROVISIONS PLEASE. >> THE CHAIRMAN'S MARK PROVIDED TO TEARS OF ADDITIONAL BENEFITS UNDER THE EMPLOYMENT INSURANCE...
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| 01:24:34 |
Baucus, Max - U.S. Senator, [D] Montana
ADDITIONAL WEEKS IN TOTAL. THE CHAIRMAN'S MARK CHANGES
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| 01:24:38 |
Orszag, Peter R. - Director
OR STREAMLINES ONE OF THE TRIGGERS FOR DEFINING A HIGH UNEMPLOYMENT STATES SO UNDER THE MARK, IF A STATE HAD AN AVERAGE TOTAL UNEMPLOYMENT RATE OVER...
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| 01:25:49 |
Baucus, Max - U.S. Senator, [D] Montana
ME. I RECOGNIZE SENATORS WHO WISH TO OFFER AMENDMENTS. SENATOR KYL COMMENT YOU HAVE AN AMENDMENT? BEACH ANN FOR CALLING ME. I HAVE TO. THE FIRST ONE...
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| 01:26:40 |
Kyl, Jon - U.S. Senator, [R] Arizona
TRUST FUND OTHERS APPOINT 6% FROM THE TAX RATE, AND A .2% TEMPORARY TAX RATE THAT WAS ORIGINALLY PASSED IN 1976 TO REPLENISH DO YOU I TRUST FUND BUT...
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| 01:28:38 |
Baucus, Max - U.S. Senator, [D] Montana
THE RIGHT POINT OF COMPARISON, WOULD BE OVER TIME A REDUCTION IN REVENUE THAT WOULD NOT TRIGGER ANY READOUT DIFFERENCES BECAUSE UNDER THE MARK HE WOULD...
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| 01:28:55 |
Orszag, Peter R. - Director
IMPACT, IN GENERAL, THE REDUCTIONS IN A SPECIALLY EMPLOYER SIDE TAX CHANGES DON'T TRANSLATE AS RAPIDLY INTO WHICH INCREASES THE AFTER-TAX INCOME AS...
|
| 01:29:51 |
Baucus, Max - U.S. Senator, [D] Montana
STIMULATIVE BUT YOUR PROPOSAL WOULD. IT REDUCES THE SPECIFIC TAX LIABILITY UNDER AN EMPLOYMENT TAX -- I MEAN
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| 01:30:04 |
Kyl, Jon - U.S. Senator, [R] Arizona
UNEMPLOYMENT. >> DEWANTED VOTE? >> IF YOU WOULD LIKE TO HAVE A VOICE AND SEE WHAT. >> THAT IS YOUR WISH. >> I'M HAPPY TO HAVE A RECORD. >> ALL OF US IN...
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| 01:30:24 |
Baucus, Max - U.S. Senator, [D] Montana
ONE OTHER AMENDMENT.
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| 01:30:25 |
Kyl, Jon - U.S. Senator, [R] Arizona
WOULD LIKE TO CALL ON SOMEONE ELSE FIRST? I APPRECIATE YOUR CALLING ON ME, THANK
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| 01:30:30 |
Baucus, Max - U.S. Senator, [D] Montana
YOU. CAN YOU TELL
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| 01:30:33 |
Kyl, Jon - U.S. Senator, [R] Arizona
ME WHICH NUMBER A
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| 01:30:35 |
Baucus, Max - U.S. Senator, [D] Montana
AMENDMENT? NUMBER ONE, MR. CHAIRMAN. THIS IS THE EMPTY PATCH AND IT IS THE THING THAT WE HAVE DONE, THE
|
| 01:30:44 |
Kyl, Jon - U.S. Senator, [R] Arizona
SAME PATCH WE GOT THROUGH DOING, BUT INSTEAD OF WAITING UNTIL DECEMBER TO DO THE PATCH, WE NEED TO DO IT EARLIER. WE NEED TO LET PEOPLE KNOW THEY WILL...
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| 01:33:23 |
Baucus, Max - U.S. Senator, [D] Montana
PRIORITIES AND A COMPROMISE
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| 01:33:25 |
Grassley, Charles "Chuck" E. - U.S. Senator, [R] Iowa
BUT NOT INCLUDED THERE. THE QUESTION IS WHETHER NOT IS A PROGRAM TO DO IT HERE. BUT WE DO KNOW THAT THE HOUSE BILL DID NOT CONTAIN
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| 01:33:34 |
Solomon, Eric - Assistant Secretary
IT. >> MR. CHAIRMAN, AND SENATOR KYL , SENATOR KYL KNOWS THAT I FULLY SUPPORT HIS GOAL. IN FACT, DOING AWAY WITH THE AMT COULD ALLEVIATE, DOING AWAY...
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| 01:33:57 |
Grassley, Charles "Chuck" E. - U.S. Senator, [R] Iowa
RATIONALIZE ON THIS BILL, PASSED A STIMULUS PACKAGE AND USING IT AS A VEHICLE FOR A LOT OF TAX THINGS IT NEEDS TO BE DONE BETWEEN NOW AND, SOMETIME...
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| 01:35:39 |
Bunning, Jim - U.S. Senator, [R] Kentucky
THE ON THIS BILL? >> NOT IN THIS BILL. >> THEY ARE NOT FOR IT? THANK YOU. >> DO WANT TO WITHDRAW YOUR AMENDMENT? >> ABSOLUTELY NOT, AND I WOULD LIKE TO...
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| 01:36:02 |
Solomon, Eric - Assistant Secretary
DID. WE NEED TO PUT OUR OWN STAMP
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| 01:36:03 |
Bunning, Jim - U.S. Senator, [R] Kentucky
ON IT SO WITH ALL DUE RESPECT THE FACT THE HOUSE DID NOT INCLUDED IS NOT AN ARGUMENT FOR US NOT TO DO
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| 01:36:09 |
Baucus, Max - U.S. Senator, [D] Montana
IT. WE SHOULD BASE
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| 01:36:11 |
Kyl, Jon - U.S. Senator, [R] Arizona
OF GOOD POLICY. OR NOT. IN THE FACT THAT THE PRESIDENT OR THE
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| 01:36:16 |
Kyl, Jon - U.S. Senator, [R] Arizona
ADMINISTRATION WHICH MADE THE DEAL WITH THE HOUSE DID NOT MAKE THE DEAL FOR US, I MEAN DID NOT MAKE -- THE DEAL FOR THE SENATE ARGUED SIMILARLY FOR US...
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| 01:38:28 |
Grassley, Charles "Chuck" E. - U.S. Senator, [R] Iowa
AVOID A RECESSION IN MOVE US
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| 01:38:30 |
Grassley, Charles "Chuck" E. - U.S. Senator, [R] Iowa
FORWARD SO WE CAN HAVE A STRONG ECONOMY, SO THIS IS NOT THE TIME TO DO THAT. >> OF THEIR IS A QUESTION ON THE SENATOR'S AMENDMENT, ALL THOSE IN FAVOR?...
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| 01:38:58 |
Baucus, Max - U.S. Senator, [D] Montana
KNOW, MRS. LINCOLN, MRS. LINCOLN NO, MR. WYDEN, MR. WYDEN NO, MR. SCHUMER, MR. SCHUMER KNOW, MRS. STABENOW
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| 01:39:07 |
Martin, Carla - Clerk
NO, MS.
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| 01:39:08 |
Baucus, Max - U.S. Senator, [D] Montana
CANTWELL NO, MR. SALAZAR, MR. SALAZAR NO, MR.
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| 01:39:13 |
Martin, Carla - Clerk
GRASSLEY, MR. GRASSLEY NO, MR. HATCH. >> MR. HATCH IS BY PROXY. >> MS. SNOWE, MS. SNOWE, NO. MR. KYL, MR. KYL AYE. MR. SMITH AYE, MR. BUNNING AYE. MR....
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| 01:39:40 |
Baucus, Max - U.S. Senator, [D] Montana
ENSIGN, AYE. MR. SUNUNU,
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| 01:39:44 |
Martin, Carla - Clerk
NO. THE CHAIRMAN VOTES NO. MR. CHAIRMAN THAT TALIA IS SEVEN
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| 01:39:55 |
Martin, Carla - Clerk
AYE'S 17 DAYS. >> THE SEVEN AYE'S, THE AMENDMENT FAILS. >> MR. CHAIRMAN? WE OFFER AN AMENDMENT. >> I THINK SENATOR SCHUMER WHICH IS TO RECOGNIZE. >>...
|
| 01:40:19 |
Baucus, Max - U.S. Senator, [D] Montana
ABOUT THE REFUND ANTICIPATION LOANS
|
| 01:40:21 |
Unidentified Speaker, -
AND THE PROBLEM HERE IS WITH PEOPLE GETTING THESE LOANS, PEOPLE
|
| 01:40:26 |
Baucus, Max - U.S. Senator, [D] Montana
COME INTO THE FINANCIAL INSTITUTIONS IN SAY HEY, I WILL GET THE $1,000 NOW YOU
|
| 01:40:31 |
Schumer, Charles E. - U.S. Senator, [D] New York
GIVE ME YOUR 1500, YOU GIVE ME YOUR REFUND CHECK. THIS HAPPENS WITH TAX REFUNDS AND IT COULD VERY WELL HAPPEN WITH THESE REBATES IN THE INTEREST RATES...
|
| 01:41:41 |
Baucus, Max - U.S. Senator, [D] Montana
YOU MR. CHAIRMAN US THE CENTER AND SOME. ENSIGN AMENDMENT NUMBER ONE. SPEECHES EARL BRIEFLY, WE DID THIS IN 2004. IS CALLED THE
|
| 01:41:54 |
Schumer, Charles E. - U.S. Senator, [D] New York
HOMELAND INVESTMENT ACT. 75 SENATORS VOTED FOR THIS. WHAT
|
| 01:42:01 |
Ensign, John - U.S. Senator, [R] Nevada
IT DOES, IT GIVES AN EFFECTIVE TAX RATE OF 5.25% FOR THOSE COMPANIES WHO HAVE INVESTED OVERSEAS, MAKE PROFITS OVERSEAS AND WHEN THEY BRING THEIR MONEY...
|
| 01:45:51 |
Baucus, Max - U.S. Senator, [D] Montana
PROFITS,
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| 01:45:52 |
Kerry, John F. - U.S. Senator, [D] Massachusetts
WHICH WE DID GIVE THEM, AND TRUCK MAKERS WERE THE BIGGEST BENEFICIARIES OF THE AMNESTY PROGRAM, THE REPATRIATED $100 BILLION IN FOREIGN PROFITS. THEY...
|
| 01:47:31 |
Ensign, John - U.S. Senator, [R] Nevada
NEED TO DO THE SAME THING COMPREHENSIVELY, BUT IN THE MEANTIME WE ARE NOT GOING TO DO THAT IN THIS ELECTION YEAR SO IN THE MEANTIME LET'S CREATE JOBS...
|
| 01:48:19 |
Baucus, Max - U.S. Senator, [D] Montana
ON TAXATION SAYS IS A DYNAMICS CORP.. EVERY SCORE TAKES INTO ACCOUNT TAXPAYER BEHAVIOR AND EVERY SCORE
|
| 01:48:26 |
Kleinbard, Edward - Chief of Staff
TAKES INTO ACCOUNT OUR BEST ESTIMATES OF THE FUTURE, BOTH AS TO THE BASELINE FROM WHICH WE ARE COMPARING, AND TO OUR ESTIMATES AS TO HOW PEOPLE WILL...
|
| 01:53:09 |
Ensign, John - U.S. Senator, [R] Nevada
BECAUSE IT WAS A BAD THING TO DO FOR THE ECONOMY DON'T IT WAS A GREAT THING TO DO. AND THAT FRANCE AND EVERY EUROPEAN COUNTRY IS LOOKING TO COPY WHAT...
|
| 01:54:14 |
Baucus, Max - U.S. Senator, [D] Montana
STRUCTURE IN QUESTIONS BUT IN TERMS OF THE SHORT-TERM STIMULUS TO THE EFFECT ON THE QUESTION BECOMES, HOW MANY FIRMS ARE MAKING INVESTMENT IN DEPLOYMENT...
|
| 01:54:31 |
Orszag, Peter R. - Director
BUT THOSE FIRMS DON TANDEN HAD SIGNIFICANT OVERSEAS PROFITS THAT THEY ARE INTERESTED IN REPATRIATING SO WHENEVER THE WORDS CASH FLOW IS NOT THE PRIMARY...
|
| 01:55:17 |
Baucus, Max - U.S. Senator, [D] Montana
PASSED QUICKLY THAT IS THE UNDERLYING BILL HERE, PASS THIS COMMITTEE ON THE FLOOR THAT THIS AMENDMENT NOT BE ON THE BILL. IS THERE ANY FURTHER DISCUSSION?...
|
| 01:55:53 |
Martin, Carla - Clerk
MR. SALAZAR NOTE, MR. GRASSLEY NOTE, MR. HATCH. >> NO BY PROXY. >> MS. SNOWE NOTE, MR. KYL AYE, MR.
|
| 01:56:08 |
Baucus, Max - U.S. Senator, [D] Montana
SMITH AYE, MR. BUNNING NOTE, MR.
|
| 01:56:11 |
Martin, Carla - Clerk
CRAPO. >> AYE BY PROXY. >> MR. ROBERTS AYE, MR. ENSIGN AYE, MR. SUNUNU NOTE,
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| 01:56:22 |
Baucus, Max - U.S. Senator, [D] Montana
MR. CHAIRMAN? >> NO. >> DETERMENT VOTES
|
| 01:56:27 |
Martin, Carla - Clerk
|
| 01:56:34 |
Baucus, Max - U.S. Senator, [D] Montana
NO. >> THE TALLY IS FIVE
|
| 01:56:38 |
Martin, Carla - Clerk
NAYS, -- 16 NAY SPRIGG FEDSPEAK T-NOTE'S HAVOC, THE AMENDMENT FAILS. MR. KLEINBARD, I UNDERSTAND
|
| 01:56:45 |
Baucus, Max - U.S. Senator, [D] Montana
YOU HAVE WORKED OUT DETAILS OF A PROVISION TO PROHIBIT EMIGRANTS FROM RECEIVING THIS REBATE.
|
| 01:56:55 |
Martin, Carla - Clerk
I'M WONDERING IF HE CAN DESCRIBE THAT FOR THE BENEFIT OF
|
| 01:56:58 |
Baucus, Max - U.S. Senator, [D] Montana
THE COMMITTEE AND I WANT TO THANK YOU SENATOR ENSIGN FOR HELP AND WORK ON THIS MEASURE. >> WE HAVE WORKED WITH SENATOR ENSIGN, YOUR STAFF SIR. WE HAVE...
|
| 01:57:24 |
Kleinbard, Edward - Chief of Staff
TO PROVIDE THAT LANGUAGE TO MAKE EXPLICIT THAT IS A VALID SCOTIA SECURE A NUMBER REQUIRED FOR THE TAXPAYER, THE TAXPAYERS THOUSAND EVERY QUALIFYING...
|
| 01:58:06 |
Baucus, Max - U.S. Senator, [D] Montana
UNDER THIS REBATE. >> MR. CHAIRMAN? SENSE WIN IS THE SOCIAL
|
| 01:58:14 |
Ensign, John - U.S. Senator, [R] Nevada
SECURITY
|
| 01:58:15 |
Baucus, Max - U.S. Senator, [D] Montana
ADMINISTRATION AT
|
| 01:58:18 |
Ensign, John - U.S. Senator, [R] Nevada
LIBERTY TO DISCLOSE TO ANYBODY ELSE THE EXACT SAME THING THAT YOU JUST SPOKE? >> SENATOR BUNNING, I APOLOGIZE
|
| 01:58:31 |
Bunning, Jim - U.S. Senator, [R] Kentucky
COMING TO DISCLOSE WHAT SIR? >> THE PEOPLE THAT ARE PAYING INTO SOCIAL SECURITY ARE DOING IT ILLEGALLY? >> NO SIR, THE SOCIAL SECURITY ADMINISTRATION...
|
| 01:58:50 |
Kleinbard, Edward - Chief of Staff
SYSTEM. THEY HAVE A TAXPAYER IDENTIFICATION SYSTEM
|
| 01:58:56 |
Bunning, Jim - U.S. Senator, [R] Kentucky
CALLED -- FOR NONRESIDENT ALIENS EFFECTIVELY, AND THEY HAVE SOCIAL SECURITY NUMBERS, WHICH
|
| 01:59:04 |
Kleinbard, Edward - Chief of Staff
UNDER, SINCE A FEW YEARS AGO, REQUIRE EFFECTIVELY BETTING THROUGH HOMELAND SECURITY SO WE ARE TRYING TO BUILD ON THAT IN ORDER TO LIMIT THE SCOPE OF THIS...
|
| 01:59:38 |
Bunning, Jim - U.S. Senator, [R] Kentucky
WILL NOT BE ANY FRAUD IN THE SYSTEM. WE KNOW OF NO WAY TO PROMISE YOU THERE WILL BE ZERO FRAUD. >> I HEARD THAT YOU CANNOT USE SOCIAL SECURITY NUMBERS...
|
| 01:59:54 |
Kleinbard, Edward - Chief of Staff
IS HERE ILLEGALLY,
|
| 01:59:56 |
Bunning, Jim - U.S. Senator, [R] Kentucky
OR NOT
|
| 01:59:58 |
Kleinbard, Edward - Chief of Staff
LEGALLY. >> IN ORDER TO OBTAIN A SOCIAL SECURITY NUMBER TODAY, YOU GO THROUGH --. >> I
|
| 02:00:06 |
Bunning, Jim - U.S. Senator, [R] Kentucky
UNDERSTAND THE PROCESSES THAT IS THE BEST WE CAN COME UP WITH. WE HAVE WORKED WITH CENTER IN SAN'S STAFF. IKE IMPLEAD UNDERSTAND THE CONCERN. WERE...
|
| 02:00:20 |
Kleinbard, Edward - Chief of Staff
HERE TO MINIMIZE FRAUD IN THE
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| 02:00:26 |
Kleinbard, Edward - Chief of Staff
SYSTEM. >> WHEN DID SOCIAL SECURITY GET PERMISSION TO SHARE THAT INFORMATION WITH THE HOMELAND SECURITY DEPT.? >> OR IRS OR ANYONE ELSE? >> IN ORDER...
|
| 02:00:47 |
Bunning, Jim - U.S. Senator, [R] Kentucky
WAS NOT TRUE IN THE PAST. >> I AM ASKING YOU WHEN? >> I DON'T REMEMBER THE YEAR SIR THAT THAT HAPPEN. >> WAS IT AS RECENTLY AS SIX MONTHS AGO? >>
|
| 02:00:58 |
Bunning, Jim - U.S. Senator, [R] Kentucky
I DON'T REMEMBER. IS THE BEST WE CAN COME UP WITH. >> IT
|
| 02:01:01 |
Kleinbard, Edward - Chief of Staff
IS NOT THE BEST WE CAN COME UP WITH. WE CAN DO A HECK OF A LOT BETTER. WE CAN VERIFY IT IN TEN DAYS IF SOCIAL SECURITY
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| 02:01:11 |
Bunning, Jim - U.S. Senator, [R] Kentucky
FINDS A FAULTY SOCIAL SECURITY NUMBER USED
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| 02:01:13 |
Kleinbard, Edward - Chief of Staff
BY TEN PEOPLE, I GUESS THEY CAN THEN SAY THERE IS
|
| 02:01:17 |
Bunning, Jim - U.S. Senator, [R] Kentucky
DOUBT THAT
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| 02:01:18 |
Kleinbard, Edward - Chief of Staff
THE PERSON USING THE SOCIAL SECURITY NUMBER IS
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| 02:01:22 |
Bunning, Jim - U.S. Senator, [R] Kentucky
HERE AND THE ILLEGAL SOCIAL SECURITY NUMBER, BUT I DID NOT KNOW THERE WAS PERMISSION TO USE THAT INFORMATION WITH OTHER AGENCIES OF THE FEDERAL GOVERNMENT....
|
| 02:01:57 |
Kleinbard, Edward - Chief of Staff
THE APPROPRIATE PEOPLE TO ANSWER THE QUESTION FRANKLY. >> I CAN SAY MR. CHAIRMAN THIS IS EFFECTIVELY THE SYSTEM YOU DEVELOPED TO DEAL WITH THE ISSUE
|
| 02:02:06 |
Bunning, Jim - U.S. Senator, [R] Kentucky
OF FRAUD IN THE EARNED INCOME TAX CREDIT
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| 02:02:10 |
Kleinbard, Edward - Chief of Staff
CONTEXT, THAT IS ONE OF THE BALLOT SOCIAL
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| 02:02:13 |
Bunning, Jim - U.S. Senator, [R] Kentucky
SECURITY NUMBERS AS THE CORE WAY OF LIMITING THE
|
| 02:02:17 |
Baucus, Max - U.S. Senator, [D] Montana
AVAILABILITY OF -- TO EARNED INCOME TAX CREDIT. >>
|
| 02:02:22 |
Kleinbard, Edward - Chief of Staff
I CAN ONLY TELL YOU THERE ARE EMPLOYERS OUT THERE THERE BE NOTIFIED TWO YEARS, 15 MONTHS, 12 MONTHS AFTER THE FACT THAT THEY HIRE SOMEBODY WITH ILLEGAL...
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| 02:02:44 |
Bunning, Jim - U.S. Senator, [R] Kentucky
THAT PERSON INTO THE IMMIGRATION AND NATURALIZATION. BUT THAT IS 15 YEARS. >> WE WILL HAVE TO HAVE DISCUSSION OF THIS AT A LATER TIME. WE UNDERSTAND...
|
| 02:03:14 |
Baucus, Max - U.S. Senator, [D] Montana
AND LET'S HAVE A DISCUSSION ALL LITTLE LATER, A LATER TIME WITH YOU, AFTER THIS MEETING. >> MR. CHAIRMAN, IT DOES MAKE CLEAR THAT THIS IS ONE OF THE SHORTCOMINGS...
|
| 02:03:43 |
Grassley, Charles "Chuck" E. - U.S. Senator, [R] Iowa
IS ITEM, AMENDMENT NUMBER 13 ON YOUR LIST. THIS IS AN AMENDMENT THAT RELATES TO HEALTHCARE. IT IS AN AMENDMENT SENATOR SCHUMER, STABENOW,
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| 02:03:57 |
Bingaman, Jeff - U.S. Senator, [D] New Mexico
KERRY HAVE OFFERED RELATING TO MEDICAID. I AM INFORMED THAT, BECAUSE YOU MADE A DETERMINATION THAT HEALTHCARE RELATED AMENDMENTS WOULD NOT BE GERMANE...
|
| 02:05:42 |
Baucus, Max - U.S. Senator, [D] Montana
THE POSITIONS REIMBURSEMENT. I VERY MUCH AGREE WITH YOU, IT IS THE BIG PROBLEM AND WE WILL ADDRESS THAT AT THE NEAREST OPPORTUNITY. I VERY MUCH AGREE...
|
| 02:06:15 |
Bingaman, Jeff - U.S. Senator, [D] New Mexico
PROPOSED REGULATIONS THAT SHIFT MEDICAID COSTS TO STATES, AT LEAST UNTIL POSSIBLE IMPACTS OF A SLOWING ECONOMY ARE BETTER UNDERSTOOD. THAT IS EXACTLY...
|
| 02:07:00 |
Baucus, Max - U.S. Senator, [D] Montana
OUT THAT 400 COMMENT LETTERS WERE SUBMITTED TO CMS ON THE PROPOSED RULE. NONE OF WHICH EXPRESSED SUPPORT FOR THE RULE AND THE OVERALL MAJORITY CALLED...
|
| 02:09:07 |
Baucus, Max - U.S. Senator, [D] Montana
INVESTMENTS. I UNDERSTAND IT WORKED OUT THAT LANGUAGE AND I
|
| 02:09:10 |
Stabenow, Debbie - U.S. Senator, [D] Michigan
WANT TO THANK YOU ANDREW STAFFER WORKING WITH US. >> MR. CHAIRMAN. SENATOR SMITH. >> I BELIEVE YOU UNDERSTAND I'M GOING TO TALK VERY BRIEFLY ABOUT A...
|
| 02:09:35 |
Baucus, Max - U.S. Senator, [D] Montana
OF THE SECURE RURAL SCHOOLS ACT ALSO NON-AS
|
| 02:09:39 |
Smith, Gordon H. - U.S. Senator, [R] Oregon
COUNTY PAYMENTS. ORDIN FACES DRAMATIC LAYOFFS OF THOSE WHO PROVIDE BASIC PUBLIC SERVICES, SHERIFF'S CAMARA ROAD CHRIS, DISTRICT ATTORNEYS, TEACHERS AND...
|
| 02:11:17 |
Baucus, Max - U.S. Senator, [D] Montana
GUARD PICK OUT IF THIS WAS PART OF
|
| 02:11:19 |
Wyden, Ronald "Ron" Lee - U.S. Senator, [D] Oregon
THE TRADE OF MAY OF 100 YEARS AGO WHEN IN THE FACT THE ENTIRE NATION WOULD BENEFIT FROM THE FEDERAL FOREST SYSTEM, THAT WOULD BENEFIT FROM THE PARKS,...
|
| 02:12:16 |
Smith, Gordon H. - U.S. Senator, [R] Oregon
I AM
|
| 02:12:17 |
Baucus, Max - U.S. Senator, [D] Montana
LOOKING ROUNDTABLE, I STRONGLY SUPPORT NOT PUTTING THAT PROGRAM IN RIGHT
|
| 02:12:22 |
Baucus, Max - U.S. Senator, [D] Montana
NOW BUT I I DISSTON KNOW WHERE THE FOE'S SARS IS NOT GOING TO ARE FOR THAT. I WOULD LIKE TO WOFFORD AND HAVE
|
| 02:12:29 |
Ensign, John - U.S. Senator, [R] Nevada
A QUICK DISCUSSION, PROBABLY A VOICE VOTE ON THE SALES TAX IN THE BOTTOM LINE IS, THE STATES THAT DON'T HAVE AN INCOME TAX, BUT HAVE RAISED MORE OF THE...
|
| 02:14:11 |
Baucus, Max - U.S. Senator, [D] Montana
WILL TAKE IT UP. I ALSO WANT TO
|
| 02:14:14 |
Lincoln, Blanche Lambert - U.S. Senator, [D] Arkansas
SAVE PERSONAL THANKS. SENATORS KNOW AND I HAVE WORKED HARD ON, INCLUDING THE DISABLED VETERANS IN THIS BILL AND YOU AND YOUR STAFF HAVE WORKED WITH...
|
| 02:15:06 |
Baucus, Max - U.S. Senator, [D] Montana
HIM ON THIS. IS DEFINITELY SOMETHING THAT AFTER 18 YEARS WE HAVE REESTABLISHED TAX EQUITY TO STATES THAT DO NOT HAVE AN INCOME TAX NICE TO DO THINK...
|
| 02:15:19 |
Cantwell, Maria - U.S. Senator, [D] Washington
THANK YOU, THANK YOU MR. CHAIRMAN. >> THIS WAS PART OF THE EXTENDER, EXPIRED LAST YEAR WE HAD TO GET THESE EXTENDERS PAST OF THE PRI TIME. SENATOR...
|
| 02:15:40 |
Ensign, John - U.S. Senator, [R] Nevada
ARGUMENTS, LET ME JUST A COUPLE OF
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| 02:15:42 |
Baucus, Max - U.S. Senator, [D] Montana
THINGS. SENATOR GRASSLEY'S SAID THAT IN THIS BILL, HE WANTS TO HELP THE ECONOMY
|
| 02:15:50 |
Kerry, John F. - U.S. Senator, [D] Massachusetts
AND AVOID RECESSION. THAT IS THE GOAL, AN ECONOMIST WHO TESTIFIED BEFORE US SAID THE FOCUS OF THE PACKAGE IS TO PROVIDE TIMELY, TEMPORARY AND TARGETED...
|
| 02:18:13 |
Ensign, John - U.S. Senator, [R] Nevada
THERE IS A PERMISSIVE ABILITY TO USE MULTIFAMILY. .. >>
|
| 02:18:28 |
Kerry, John F. - U.S. Senator, [D] Massachusetts
FRAUNGLY I THINK WE SHOUPD -- FRANKLY I THINK WE SHOULD ACCEPT THE AMENDMENT ALL IN FAVOR SAY AYE. >> AYE. >> ROLL CALL VOTE. ALL THOSE IN FAVOR SAY...
|
| 02:19:09 |
Baucus, Max - U.S. Senator, [D] Montana
CONRAD. >> BY PROXY. MR. BING MA'AM. >> AYE. >> MR.
|
| 02:19:16 |
Unidentified Speaker, -
KERRY. >> AYE. >> MRS. LINCOLN.
|
| 02:19:20 |
Baucus, Max - U.S. Senator, [D] Montana
AYE. >> MR. WYDEN AYE. MR.
|
| 02:19:24 |
Martin, Carla - Clerk
SCHUMER. >> I HAVE A PROXY. >>
|
| 02:19:26 |
Rockefeller, John "Jay" D. IV - U.S. Senator, [D] West Virginia
MS. STAB
|
| 02:19:27 |
Martin, Carla - Clerk
N.O.W. -- STABENOW. >> MS.
|
| 02:19:30 |
Martin, Carla - Clerk
CANTWELL AYE. MR. SALAZAR
|
| 02:19:33 |
Martin, Carla - Clerk
AYE. MR. GRASSLEY. >> AYE BUT I
|
| 02:19:35 |
Martin, Carla - Clerk
WANT TO EXPLAIN
|
| 02:19:36 |
Martin, Carla - Clerk
THAT BECAUSE THIS
|
| 02:19:37 |
Martin, Carla - Clerk
HAS BEEN MODIFIED WHEN I
|
| 02:19:39 |
Martin, Carla - Clerk
PREVIOUSLY TALKED TO MEMBERS OF THIS COMMITTEE I DIDN'T KNOW ABOUT THE
|
| 02:19:43 |
Martin, Carla - Clerk
MODIFICATION. >>
|
| 02:19:45 |
Baucus, Max - U.S. Senator, [D] Montana
MR. GRASSLEY AYE. >> MR. HATCH? >>
|
| 02:19:47 |
Martin, Carla - Clerk
AYE. >> MS. SNOWE? >> AYE. >>
|
| 02:19:51 |
Martin, Carla - Clerk
MR. KYLE? NO. MR. SMITH? AYE. >> MR.
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| 02:19:55 |
Grassley, Charles "Chuck" E. - U.S. Senator, [R] Iowa
BUNNING? AYE. MR. CRAPO AYE BY PROXY. MR. ROBERTS AYE. MR. INSLEE? >>
|
| 02:20:06 |
Martin, Carla - Clerk
AYE BY
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| 02:20:07 |
Martin, Carla - Clerk
PROXY. >>
|
| 02:20:09 |
Martin, Carla - Clerk
|
| 02:20:10 |
Martin, Carla - Clerk
MR.
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| 02:20:12 |
Martin, Carla - Clerk
SUNUNU MR. CHAIRMAN. >> AYE. >> MR. CHAIRMAN MIGHT I BE RECORDED AS
|
| 02:20:16 |
Martin, Carla - Clerk
A LIVE AYE. >> SENATOR CONRAD VOTES AYE. LIVE AYE. >> THAT'S STRETCHING IT A BIT. >> YOU BE NICE NOW. >> THE CLERK WILL TALLY THE
|
| 02:20:27 |
Martin, Carla - Clerk
VOTE. >> MR. CHAIRMAN THE TALLY IS 20 AYE ELSE ONE NA. >> THE
|
| 02:20:33 |
Martin, Carla - Clerk
AMENDMENT PASS. ANY
|
| 02:20:35 |
Conrad, Kent - U.S. Senator, [D] North Dakota
OTHER AMENDMENTS? >> MR.
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| 02:20:40 |
Baucus, Max - U.S. Senator, [D] Montana
CHAIRMAN?
|
| 02:20:42 |
Conrad, Kent - U.S. Senator, [D] North Dakota
SENATOR CONRAD. >> MR. CHAIRMAN I WANT
|
| 02:20:44 |
Baucus, Max - U.S. Senator, [D] Montana
TO OFFER CONRAD
|
| 02:20:46 |
Baucus, Max - U.S. Senator, [D] Montana
AMENDMENT THREE AS MODIFIED COSPONSORED
|
| 02:20:49 |
Martin, Carla - Clerk
BY SENATOR SMITH, SENATOR STABENOW. SENATOR SALAZAR
|
| 02:20:54 |
Baucus, Max - U.S. Senator, [D] Montana
AND
|
| 02:21:01 |
Baucus, Max - U.S. Senator, [D] Montana
SENATOR INSLEE. THIS IS TO DEAL WITH
|
| 02:21:04 |
Conrad, Kent - U.S. Senator, [D] North Dakota
PERHAPS UNINTENDED CONSEQUENCES. THIS WOULD MODIFY THE NOL PROPOSAL IN THE CHAIRMAN'S MARK TO ALLOW TAXPAYERS TO ELECT THE FIVE YEAR CARRY BACK WITH...
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| 02:24:09 |
Baucus, Max - U.S. Senator, [D] Montana
LOSSES CERTAINLY ONE WAY OF ADDRESSING THIS IS TO HAVE AN ANTISTUFFING RULE AND WE WOULD HAVE TO CARVE OUT SOME TYPE OF ANTISTUFFING RULE TO ENSURE...
|
| 02:24:24 |
Odintz, Josh - Staffer
BE SOME NONBONA FIDE LOSSES WHAT WOULD BE SOMETHING THAT MIGHT POTENTIALLY BE STUFFED THAT SHOULDN'T BE STUFFED? MAYBE SOMEONE ELSE. >> THERE MAY...
|
| 02:24:47 |
Baucus, Max - U.S. Senator, [D] Montana
HAS A LOSS BUILT INTO IT AND THE COMPANY WOULD SELL IT. THAT MIGHT BAN EXAMPLE. >> PLAU CHAIRMAN IF I JUST MIGHT. AS A FORMER TAX ADMINISTRATOR WHAT...
|
| 02:24:56 |
Solomon, Eric - Assistant Secretary
IS LEGITIMATE. THAT IS A LEGITIMATE CONCERN AND I THINK IF WE WERE -- WE WOULD CERTAINLY ACCEPT THE MODIFICATION TO PROVIDE ANTISTUFFING PROVISIONS AS...
|
| 02:25:12 |
Conrad, Kent - U.S. Senator, [D] North Dakota
PROCEED. I DO THINK THIS IS IS A VERY IMPORTANT MODIFICATION TO THE MARK. THESE PROVISIONS ALREADY IN THE MARK. THIS IS JUST A MODIFICATION TO TRY...
|
| 02:25:57 |
Baucus, Max - U.S. Senator, [D] Montana
EFFECTIVE? >> IT MAY BE POSSIBLE AND THERE MAY BE SOME PROVISIONS UNDER CURRENT LAW THAT ONE MIGHT USE.
|
| 02:26:03 |
Solomon, Eric - Assistant Secretary
THERE IS ANTIABUSE PROVISIONS UNDER CURRENT LAW THAT ALSO MAY PREVENT THIS. WE WOULD HAVE TO TAKE A LOOK AT THAT. >> TO MANY SOLOMON IS THERE LANGUAGE...
|
| 02:26:15 |
Baucus, Max - U.S. Senator, [D] Montana
THE AMENDMENT THAT WOULD BE HELPFUL TO YOU IN THE DRAFTING
|
| 02:26:18 |
Solomon, Eric - Assistant Secretary
OF THOSE RULES? CLEARLY WE'RE NOT TRYING PUT FORWARD SOMETHING THAT WOULD ALLOW ANYTHING BUT THE HELP OF LEGITIMATE COMMERCIAL TRANSACTIONS THAT ARE...
|
| 02:26:33 |
Smith, Gordon H. - U.S. Senator, [R] Oregon
YEAH IRK DO NOT HAVE ANY SPECIFIC LANGUAGE. NOW THIS IS THE FIRST OPPORTUNITY I'VE HAD TO DISCUSS THIS ISSUE. >> IF YOU DO, WE WOULD WELCOME IT. >>...
|
| 02:26:54 |
Solomon, Eric - Assistant Secretary
STUFFER. [LAUGHTER] >> LEGAL STUFFER. >> 30 YEARS -- LEGALLY OF COURSE.
|
| 02:27:00 |
Smith, Gordon H. - U.S. Senator, [R] Oregon
THE OTHER SIDE OF THE LEDGER WHAT I WOULD LIKE TO
|
| 02:27:03 |
Baucus, Max - U.S. Senator, [D] Montana
PROPOSE TO MR. SOLOMON IS THAT WE ADOPT RULES THAT HAVE ANTI-
|
| 02:27:11 |
Kleinbard, Edward - Chief of Staff
STUFFING, ANTI-CHURNING AND EXTENSION BY ANALOGY OF WASH SALES RULES I REALIZE THESE ARE ALL
|
| 02:27:17 |
Baucus, Max - U.S. Senator, [D] Montana
BUZZWORDS BUT I THINK THOSE WOULD CAPTURE
|
| 02:27:19 |
Kleinbard, Edward - Chief of Staff
AND ACCOMPLISH THE OBJECTIVES SENATOR CONRAD IS ATTEMPTING TO OBTAIN. >> LET ME JUST SAY AS A FORMER TAX ADMINISTRATOR, I'M FAMILIAR WITH ALL OF THOSE...
|
| 02:27:44 |
Conrad, Kent - U.S. Senator, [D] North Dakota
CHAIRMAN, YOU EXPRESSED TO ME AND I DON'T WANT TO PUT WORDS IN YOUR MOUTH THAT THIS IS A LEGITIMATE CONCERN WITH RESPECT TO THE HOMEBUILDING INDUSTRY...
|
| 02:28:19 |
Odintz, Josh - Staffer
VALUATIONS. >> MR. CHAIRMAN A QUESTION FOR SENATOR CONRAD. WERE YOU SUGGESTING THAT PRIOR TO THE TIME THIS WOULD BE CONSIDERED ON THE FLOOR THAT THE...
|
| 02:28:32 |
Baucus, Max - U.S. Senator, [D] Montana
MANAGE'S AMENDMENT OR TECHNICAL AMENDMENT, I'M NOT SURE PRECISELY THE PROCESS THAT IT WOULD CONTAIN THESE RULES OR THAT WE WOULD ADD SOME
|
| 02:28:40 |
Kyl, Jon - U.S. Senator, [R] Arizona
LANGUAGE WHICH DOESN'T CURRENTLY EXIST THAT WOULD REQUIRE THE DEVELOPMENT OF AND THEN WE SPELL OUT THE SPECIFIC AREAS OF RULES THAT WOULD BE REQUIRED...
|
| 02:29:17 |
Conrad, Kent - U.S. Senator, [D] North Dakota
WOULD BE THE SUMMARY CONCLUSION
|
| 02:29:19 |
Kyl, Jon - U.S. Senator, [R] Arizona
ABOUT HOW TO RESOLVE THIS. >> WHAT'S THE MOST
|
| 02:29:21 |
Conrad, Kent - U.S. Senator, [D] North Dakota
EFFICIENT WAY OF ADDRESSING IT? >> WE WOULD I THINK COLLECTIVELY RECOMMEND MR. SOLOMON AND I REGULATORY AUTHORITY TO TREASURY. THESE ARE VERY, VERY...
|
| 02:29:33 |
Kyl, Jon - U.S. Senator, [R] Arizona
TECHNICAL ISSUES. LAEG TOIR AUTHORITY TO PICK UP THE THREE ISSUES THAT ANTI-STUFFING THE ANTI-CHURNING AND WASH SALE PRINCIPLES AND
|
| 02:29:41 |
Baucus, Max - U.S. Senator, [D] Montana
LET MR. SOLOMON AND HIS STAFF THEN FIGURE OUT WHAT THE HECK THAT MEANS. >>
|
| 02:29:45 |
Kleinbard, Edward - Chief of Staff
AND NOT TO PROVIDE THE AUTHORITY IN TREASURY BUT TO PROVIDE CONGRESSIONAL ERECTION TO DEVELOP. >> YES, SIR. >> ALL RIGHT. I THINK THAT SATISFACTORY TO...
|
| 02:30:06 |
Kyl, Jon - U.S. Senator, [R] Arizona
WITHOUT ON JEX THE -- OBJECTION THE AMENDMENT'S ADOPTED. ANY FURTHER AMENDMENTS? NOW
|
| 02:30:12 |
Kleinbard, Edward - Chief of Staff
WE'VE GOT TO GET TO THE
|
| 02:30:13 |
Baucus, Max - U.S. Senator, [D] Montana
BILL. >> UNFORTUNATELY WE HAVE ONE MORE MATTER TO ATTEND TO
|
| 02:30:23 |
Conrad, Kent - U.S. Senator, [D] North Dakota
HERE. SIR ROCKEFELLER HAS -- IF WE COULD JUST
|
| 02:30:27 |
Baucus, Max - U.S. Senator, [D] Montana
SUSPEND FOR ONE MINUTE. UNLESS SOMEONE ELSE HAS ANOTHER -- THAT'S A GOOD IDEA. OKAY. WE'RE GOING TO MOVE INTO SO-CALLED EXECUTIVE SESSION NOW
|
| 02:30:41 |
Baucus, Max - U.S. Senator, [D] Montana
AND WHO CAN STATE THE RULES CHANGE HERE? SORRY? WELL, I THINK THE COMMITTEE HAS BEEN PRESENTED WITH THE RULES CHANGE. AND I'LL STATE IT RIGHT HERE....
|
| 02:31:38 |
Rockefeller, John "Jay" D. IV - U.S. Senator, [D] West Virginia
ACCOMPLISHED. [LAUGHTER] >>
|
| 02:31:40 |
Baucus, Max - U.S. Senator, [D] Montana
YOU'VE JUST ACCOMPLISHED IT SENATOR. GOOD
|
| 02:31:48 |
Kyl, Jon - U.S. Senator, [R] Arizona
JOB. [INAUDIBLE
|
| 02:32:01 |
Baucus, Max - U.S. Senator, [D] Montana
CONVERSATIONS] [INAUDIBLE CONVERSATIONS] SO DO YOU THINK WE GO TO THE FLOOR WITH THIS TONIGHT? >> WE MAY GO TO THE FLOOR TONIGHT BUT WON'T BE VOTED...
|
| 02:32:53 |
Baucus, Max - U.S. Senator, [D] Montana
ONE HE'S GOING TO CALL UP SAVE TIME HERE. HERE HE IS. >> YES, SIR. THIS AMENDMENT HAS A REVENUE ESTIMATE OF ABOUT $113
|
| 02:33:06 |
Baucus, Max - U.S. Senator, [D] Montana
MILLION OVER 10 YEARS. THERE IS AN EXCISE -- COULD YOU PULL THE MICROPHONE LITTLE CLOSER PLEASE. >> YES, SIR. THIS AMENDMENT HAS A REVENUE ESTIMATE...
|
| 02:33:21 |
Kleinbard, Edward - Chief of Staff
YEARS ESSENTIALLY THERE'S AN EXCISE TAX THAT'S IMPOSED ON COAL. CAN DO I
|
| 02:33:32 |
Kleinbard, Edward - Chief of Staff
THIS? >> YES, SIR. IT WOULD BE MY PLEASURE SIR. >> IT'S A 264 MILLION DOLLAR MATTER. COAL, AN UNCONSTITUTIONAL FACT. IT'S SUPPORTED BY SENATOR HATCH...
|
| 02:33:52 |
Kleinbard, Edward - Chief of Staff
EXCISE TAX WHICH HAS IMPROPERLY BEEN COLLECTED FROM COAL. EXPORTED TO OTHER COUNTRIES THERE. IS A VARIETY OF COURT CASES SUPPORTING
|
| 02:33:59 |
Rockefeller, John "Jay" D. IV - U.S. Senator, [D] West Virginia
THIS. THEY WANT TO MAKE INVESTMENT IN NEW EQUIPMENT. AND THEY DO THAT. THIS IS YOU KNOW, NEW JOBS. IT'S ABSOLUTELY STIMULUS RELATED. I WOULD HOPE...
|
| 02:34:49 |
Baucus, Max - U.S. Senator, [D] Montana
PAYROLL TAX LIABILITY AND WE
|
| 02:34:51 |
Kyl, Jon - U.S. Senator, [R] Arizona
REJECTED THAT. I THOUGHT THAT THAT WOULD WORK BECAUSE WE'RE TALKING ABOUT TRYING TO HELP PEOPLE BE ABLE TO AFFORD TO SPEND MORE MONEY. NOW, I'M NOT...
|
| 02:35:26 |
Kyl, Jon - U.S. Senator, [R] Arizona
UNCONSTITUTIONAL. >> DID THAT -- DID THEY TAKE THIS TO COURT
|
| 02:35:30 |
Rockefeller, John "Jay" D. IV - U.S. Senator, [D] West Virginia
AND GET A DETERMINATION IT'S UNCONSTITUTIONAL. >> IT WAS FOUND TO BE UNCONSTITUTIONAL AND THIS MAKES IT EASIER FOR THEM TO GET BACK THE MONEY. >> IS...
|
| 02:35:49 |
Kyl, Jon - U.S. Senator, [R] Arizona
OF THE WAY IN THE COURTS AND I CAN'T ANSWER YOUR SECOND
|
| 02:35:54 |
Baucus, Max - U.S. Senator, [D] Montana
QUESTION. >> SENATOR WHY DON'T YOU ADDRESS IF YOU CAN. >>
|
| 02:35:58 |
Kyl, Jon - U.S. Senator, [R] Arizona
YES, SIR. THE COAL COMPANIES EXPORTED COAL. UNDER THE
|
| 02:36:03 |
Baucus, Max - U.S. Senator, [D] Montana
CONSTITUTION YOU CAN'T IMPOSE AN EXCISE TAX ON EXPORTS THE GOVERNMENT NOUN NONE LESS COLLECTED
|
| 02:36:09 |
Rockefeller, John "Jay" D. IV - U.S. Senator, [D] West Virginia
THE EXCISE TAX IMPROPERLY. THE COURTS CONCLUDEED THAT THE TAX WAS UNCONSTITUTIONAL AND ORDERED REFUNDS. THOSE REFUNDS I BELIEVE HAVE BEEN PAID.
|
| 02:36:17 |
Baucus, Max - U.S. Senator, [D] Montana
WHAT HAS NOT BEEN
|
| 02:36:18 |
Kleinbard, Edward - Chief of Staff
PAID IS INTEREST THE AMOUNTS OF MONEY THAT THE COAL COMPANIES PAID AND WHERE THEY'VE GOTTEN BACK PRINCIPAL BUT THEY HAVEN'T GOTTEN THEIR INTEREST BACK...
|
| 02:36:54 |
Baucus, Max - U.S. Senator, [D] Montana
TESTIMONY THAT THE INTEREST PAYMENTS TO THESE COMPANIES ARE
|
| 02:36:57 |
Kyl, Jon - U.S. Senator, [R] Arizona
GOING TO PROVIDE JOBS FOR FOLKS? >> IT WILL. WE CAN'T DO LEGISLATION HERE BY SAYING WELL, WE DID THIS AND IT DIDN'T PASS AND NOW WE'RE DOING THIS AND...
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| 02:37:22 |
Rockefeller, John "Jay" D. IV - U.S. Senator, [D] West Virginia
AND MINORITY AND I WOULD HOPE THAT MY COLLEAGUES WOULD BE AMENABLE TO ACCEPTING IT. >> ANY FURTHER DISCUSSION? IF NOT QUESTIONS ON THE AMENDMENT IN...
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| 02:37:49 |
Baucus, Max - U.S. Senator, [D] Montana
THAT IS CERTAINLY SOMETHING THAT IS A MATTER OF RIGHT IN PROVIDING THEM COMPENSATION EQUITY UNDER THIS LEGISLATION. ALSO SENATOR CANTWELL'S INITIATIVE...
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| 02:38:03 |
Snowe, Olympia J. - U.S. Senator, [R] Maine
PRICES ARE CURTAILING THE BROADER ECONOMY. AND TO THAT POINTS I KNOW I DRAFTED AN AMENDMENT REGARDING LOW-INCOME FUEL ASSISTANCE. I REALIZE IT'S NOT...
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| 02:39:09 |
Grassley, Charles "Chuck" E. - U.S. Senator, [R] Iowa
WAS RELATIVELY SIMPLE THE PRESIDENT MADE IT CLEAR HE DID NOT WANT TO SEE A CHRISTMAS TREE EFFECT ON THAT BILL BY ADDING A LOT OF OTHER PROVISIONS. I'M...
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| 02:39:17 |
Baucus, Max - U.S. Senator, [D] Montana
ALL OF THE PROVISIONS BUT JUST TO TAKE WHAT
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| 02:39:19 |
Kyl, Jon - U.S. Senator, [R] Arizona
WAS DESCRIBED IN THE STAFF
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| 02:39:21 |
Baucus, Max - U.S. Senator, [D] Montana
DOCUMENT AS
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| 02:39:22 |
Kyl, Jon - U.S. Senator, [R] Arizona
THE "ADD
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| 02:39:24 |
Kyl, Jon - U.S. Senator, [R] Arizona
A SMALL ENERGY TAX PACKAGE". I PRESUME BY SMALL ENERGY THAT DOESN'T REFER TO THE SIZE OF ENERGY BUT TO THE SIZE OF THE PACKAGE. IT'S 5.57 BILLION DOLLARS....
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| 02:44:07 |
Baucus, Max - U.S. Senator, [D] Montana
MODIFIED MARK PROVIDES BENEFITS AS REBATE CHECKS TO 21 MILLION SENIOR CITIZENS. THAT OTHERWISE FWHOULTED RECEIVE THE REBATES UNDER THE HOUSE BILL....
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| 02:46:05 |
Grassley, Charles "Chuck" E. - U.S. Senator, [R] Iowa
FEELING THEY WERE A GOOD SUGGESTION. NOT JUST BECAUSE SENATOR KYL SUGGESTED THEM, BUT BECAUSE SEVERAL MEMBERS ON THIS BODY SUGGESTED THEM. >> MR. CHAIRMAN,...
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| 02:46:33 |
Kyl, Jon - U.S. Senator, [R] Arizona
UNANIMOUS CONSENT TO GO BACK AND VOTE ON THAT ENTIRE PACKAGE WHICH DOES IN FACT INCLUDE THESE ITEMS AS WELL. ON THE THEORY THAT AS WITH THE AMT WE'RE...
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| 02:47:28 |
Baucus, Max - U.S. Senator, [D] Montana
MR. CONRAD AYE. >> MR. BING
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| 02:47:31 |
Rockefeller, John "Jay" D. IV - U.S. Senator, [D] West Virginia
MA'AM -- AYE. >>
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| 02:47:33 |
Baucus, Max - U.S. Senator, [D] Montana
MR. PERRY AYE MR. LINCOLN AYE MR. WYDEN AYE. MR. SCHUMER AYE MS. DAB NOW AYE. -- MS. STABENOW
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| 02:47:45 |
Martin, Carla - Clerk
AYE. MR. SALAZAR AYE. MR.
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| 02:47:49 |
Martin, Carla - Clerk
GRASSLEY AYE. >> MR. GRASSLEY AYE. >> PLAU
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| 02:47:52 |
Martin, Carla - Clerk
HATCH? NO. >> MS. SNOWE? AYE. >> MR.
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| 02:47:57 |
Martin, Carla - Clerk
KYLE? NO. MR. SMITH? AYE. MR. MR. BUNNING. NO. MR. CRAPO? NO. BY PROXY. MR. ROBERTS?
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| 02:48:11 |
Martin, Carla - Clerk
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| 02:48:12 |
Martin, Carla - Clerk
NO. MR.
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| 02:48:14 |
Martin, Carla - Clerk
ENSEN. >> NO BY PROXY AS
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| 02:48:17 |
Martin, Carla - Clerk
WELL. >> MR. SUNUNU NO. MR. CHAIRMAN? >> AYE. >> CHAIRMAN VOTES AYE. >> CLERK WILL ANNOUNCE THE RESULTS OF THE VOTE. THE
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| 02:48:37 |
Martin, Carla - Clerk
TALLY OF MEMBERS PRESENT 13
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| 02:48:41 |
Martin, Carla - Clerk
AYES 6 NAYS THE FINAL
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| 02:48:42 |
Martin, Carla - Clerk
IS 14 IS 7 -- AYES 7
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| 02:48:47 |
Martin, Carla - Clerk
NAYS. >> THE AYES HAVE
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| 02:48:48 |
Martin, Carla - Clerk
IT. STAFF TO MAKE CHANGES FOR TECHNICAL CONFORMING BUDGET TAKE REASONS WITHOUT OBJECTION SO ORDERED. I THANK ALL SENATORS FOR THEIR INDULGENCE. THIS...
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| 02:49:09 |
Baucus, Max - U.S. Senator, [D] Montana
STAFF. THANK YOU. [INAUDIBLE CONVERSATIONS] [INAUDIBLE CONVERSATIONS] [INAUDIBLE CONVERSATIONS] I
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.