[Congressional Record Volume 158, Number 160 (Wednesday, December 12, 2012)]
[Senate]
[Pages S7760-S7762]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
THE FISCAL CLIFF
Mr. CORKER. Madam President, I notice the Chamber is empty today, and
I guess most of us are waiting to see if there is going to be an
arrangement made between the President and Speaker Boehner on our
fiscal cliff that is coming up in just a few weeks. I know all of us
want to see that happen. I think each of us knows the very best thing
that can happen for the economy in New York or Tennessee or any other
place is for us to get this behind us and for businesses to begin this
next year knowing that Congress and the White House have worked out an
arrangement to put this fiscal issue in
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the rearview mirror. I know we are moving, hopefully--what we would
like to do is move not just beyond the fiscal cliff but have a fiscal
reform bill in place that is in the $4, $4.5 trillion range so we can
at least for a period of time put this issue in the rearview mirror.
So, Madam President, I want to tell you that I am hopeful that is
going to occur. I know there have been a lot of discussions in our
caucus, in the Acting President pro tempore's caucus about that
happening. On the other hand, it is my understanding that these
negotiations really are not moving along very rapidly. We only have a
few weeks left in this year, and it is beginning to look as though, at
a minimum, if there is an arrangement made, it is not going to be one
of the size that all of us would like to see happen.
I know one of the issues all of us have talked about is the middle-
income citizens in our country. I know at some point both Chambers will
come to the rescue of 98 percent of the people in our country and pass
some resolution dealing with the tax issues for 98 percent of our
people. I would say, the sooner we do that, the better. Actually, that
alone would move us beyond this fiscal cliff at year end. Again, I know
there are a lot of discussions taking place in both Chambers about the
best way for that to happen.
But what I guess I am leading to is that it looks as though, based on
where the negotiations are right now, this issue is going to move into
next year and that we are still not going to be at the dollar amount I
know the Acting President pro tempore has talked about and I have
talked about and that we are still going to have this issue to deal
with. As a matter of fact, what it looks like may well happen is that
all we do this year is, hopefully, move beyond the fiscal cliff.
I know over in the House there are discussions about, when do you do
this? Do you do it on January the 3rd or do you do that in this
calendar year?
I would argue the very best way for us to deal with this would be to
deal with it prior to year end and go ahead and take our responsibility
seriously, make sure we rescue the 98 percent of the people in our
country before year end so they go into the new year knowing that has
been dealt with, and then there are other ways we can deal with the
other 2 percent.
I know in New York, for instance, $250,000 a year is not considered
to be extremely wealthy. So it may be that we deal with the other
machinations other than what has been laid out in public by the
President. But I think we are going to deal with this issue.
I wish to come to the debt ceiling. Everyone in this country knows
what damage was done to our country when we pressed right up against
the debt ceiling two Augusts ago. I do not want to see that happen
again. I do think the arrangement that has been created between the
White House and Congress during this fiscal dilemma, where we raised
the debt ceiling by $1 for every $1 in cuts that are made--I think that
is an appropriate arrangement for us until we get through this fiscal
issue.
Again, what I would rather see happen is that we just deal with that
all right now, and we start off next year with people knowing that is
done. Since it looks like every day that goes by, it looks like it is
increasingly unlikely that is going to happen, I wanted to offer a
proposal for the leadership of the Senate; that is, since it looks like
the debt ceiling could be coming up early next year--as a matter of
fact, it may coincide very closely with the continuing resolution.
There are two, if you will, moments in time where we have to make big
decisions for our country.
I would offer that we go ahead and begin the process of the debt
ceiling. I would make the proposal that the first roughly $1 trillion--
$900 billion to $1 trillion in raises in the debt ceiling are
accompanied by $900 billion to $1 trillion in cuts in entitlement
spending to actually cause those programs to be solvent. I think all of
us want to make sure seniors in this country are protected. We know we
have to make some adjustments to Medicare, Social Security, and
Medicaid, which deal with the poor, to make sure these programs over
time are solvent, are not a huge drain on the States that support them
in the case of Medicaid.
What I am saying is why do we not go ahead and get started. I know
most of us did not particularly like the process last time, where
basically these discussions took place in private and at the last
moment we understood what the deal was. Then, after that, if you
remember, we had a process, a supercommittee that was put in place, six
Republicans, six Democrats, highly qualified folks. But they did not
come to a resolution so we have ended up with sequestration.
What I would propose is instead of doing things in private such,
let's go ahead and address the issue now in regular order. What I would
like to propose to the leadership of the Senate and offer to the House
also is that since we know the debt ceiling is coming up and since none
of us--none of us wants to jeopardize the credit rating of this
country, I would propose we finish our work at least 1 month in advance
of the debt ceiling needing to be raised.
That way everyone in the world knows we have solved this problem. I
would also propose we do it through regular order in the committee
process so people can see how we are moving along. Are we making
progress? Are we doing the things that are necessary to be able to
raise the debt ceiling during this period of time when we have so many
fiscal issues?
My third suggestion is that 100 percent of the first raise all be
oriented toward entitlements. We all are taught to lead by example. My
daddy used to tell me: Son, never ask someone to do something you would
not do yourself. What I plan to do over the next couple days is to
offer a piece of legislation that would cut and reform Medicare, Social
Security, and Medicaid by $900 billion to $1 trillion. I hope to do
that over the next couple days, offer that as one suggestion as to how
we raise the debt ceiling by $900 billion to $1 trillion.
I know that again is going to be coming up in February or March. I
know we are going to have the issue of the CR coming up. But if the
President and Speaker Boehner are unable to come to an arrangement, I
do not think there is any question that people around here are going to
become very focused on the debt ceiling and certainly the continuing
resolution.
What I would say is let's get busy. Let's not wait until the last
minute. Let's not have closed-door meetings. Let's work this through
the committee process. Then, when the Senate passes their bill and the
House passes their bill, let's have a conference and let's deal with
the legislation that is necessary to make sure we continue the
precedent that, by the way, the President set this last time with
Congress; that is, for every $1 we raise the debt ceiling, we reduce
spending by $1.
We know this precedent is not going to continue forever. But I think
that where we are in the country, we know we have tremendous fiscal
issues. We have $16 trillion of debt right now, and it is rising. I
know all of us know that is the No. 1 threat to our Nation. In fact,
every developed country in the world knows the greatest threat to
America and, candidly, to the world right now is our solvency.
Economists on both sides of the aisle have said the greatest threat to
our country is solvency.
Let's face it. We are probably going to deal with the revenue at year
end. We all know that. We can kid around, we can put our heads in the
sand, but we know we are going to be dealing with a portion of the
revenue issue at year end. At some point we have to rescue the 98
percent. What I would say to my friends in the House is that, candidly,
if we are able to rescue the 98 percent and then we dealt with the
other 2 percent either with rates or by tax deductions--I am open to
both, and we even protect the small businesses as so many people on
both sides of the aisle have suggested--I would say to my friends in
the House that the revenue figure that would accompany these changes is
much smaller, candidly, than maybe the first offer that was made from
the House to the President.
This is actually a better way for those of us who believe spending is
the issue. There is a better way to cause revenue to be at the
appropriate mix level, if you will, in solving our fiscal issues. We
have had a lot of talk about entitlement reform. Let me stop for a
minute before I go there.
People all over the world know this is the No. 1 threat to our
country.
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Economists on both sides of the aisle know it is the No. 1 threat to
our country. I think for that reason, what we have been doing is saying
we are not going to voice vote debt ceilings any more. I know we have a
lot of people on Wall Street and other places who talk about how the
credit rating of our country is so important. Believe me, I know that
well. I could not agree more. So the last thing we need to do again is
to get in a situation where we wait until the last minute and the whole
world is wondering whether we are going to default on our debt and
people are all shaken up about where America is.
I would say, since we know that if the President and the Speaker do
not agree to a large deal, since we know the debt ceiling is likely to
be the next event, if you will, the next forcing event that causes us
to come to terms with the solvency of this Nation--the way I know the
White House has said certain things about the debt ceiling, what we may
want to do is make sure the CR and the debt ceiling stay tied together
and working along together at the same time so we have both those
forcing moments happening together.
But in order to make sure we do not threaten the credit of this great
Nation, let's go ahead and work now. As a matter of fact, what I am
going to do in the next couple days is I am going to offer a bill to
raise the debt ceiling of our Nation. Think about that. A Republican, I
am going to offer a bill to raise the debt ceiling of our Nation. I am
going to offer a bill that is going to raise the debt ceiling by $900
billion to $1 trillion. I am going to offer that bill in December.
The debt ceiling is probably not coming until maybe February or
March. In order to raise that debt ceiling by that amount, it is going
to be accompanied by entitlement changes in equal amounts. It is the
same precedent the President and the Speaker agreed to last year and
this body agreed to. I think we are going to follow that formula likely
into this next year, unless there is a large deal announced soon.
What I would say to other Members in the House: Look, I am just one
Senator. I am just one Senator. There are other Senators here who
certainly have as good or better ideas. So why do we not start the
process of formally offering on the floor entitlement reforms. I would
suggest that is the place we start. I mean, what we have done around
here is we have done discretionary cuts. We created sequestration.
At the end of this year, in some form or fashion, whether we
embarrass ourselves and wait and go over the cliff in the next year or
before this year ends, we are going to offer revenues. I do not know
how anybody can believe revenues are not coming. What I would say to
everyone here: Let's move to entitlement reform. That is the only
thing, candidly, that has not been talked about in this debate.
No one--no one--has offered publicly concrete entitlement reform in
legislative language in the Senate. Nobody has done that in the House.
That is what has been missing in this debate. In order to kick off this
debate in what I consider to be an appropriate way, I am going to offer
a debt ceiling increase bill. I am going to offer it in the next 24 to
48 hours. I may offer it today.
It is going to have dollar-for-dollar entitlement reforms. That will
save this Nation from catastrophe and make sure seniors have these
benefits down the road. What I would ask the leaders to do is to
consider putting in place a process through regular order to consider
these bills, to deal with the debt ceiling so we can do it way in
advance and everybody can see the process and see the debate and watch
our Nation function in an appropriate way so we get this done well in
advance of the Treasury Secretary telling us the debt ceiling needs to
be raised.
Let me close by saying, the best thing that can happen to this
Nation, even though it is odd, I have to tell you it is odd, is we turn
on the television at night or we read the paper in the morning, we see
where the President called Speaker Boehner or maybe Speaker Boehner
called the President, and there is drama. None of us knows what is
said. I have a pretty good idea.
But our Nation is sitting here while this silly debate--here is the
Senate, the greatest deliberative body in the world. What are we doing?
We are hearing about the discussions on the telephone. By the way, if
that solves the problem, I am all for it. I am all for a solution that
comes that way. Candidly, I hope it is a big solution. I hope it is a
$4\1/2\-trillion solution that they come to. But I am doubtful that is
going to happen based on where we are today on December 12.
So I am going to offer a debt ceiling bill to move us on. It will
move us toward fiscal solvency. It will keep us from jeopardizing the
credit of this Nation. We can move those things through regular order.
I ask the leadership of the Senate, Majority Leader Reid, to hopefully
set up a process soon. Because, candidly, we are probably going to need
to drop debt ceiling bills soon, probably January 3, to make the dates
that are necessary to actually raise our debt ceiling and not have the
credit implications we had last August.
I have been a little bit despondent about this process because it
just feels as though things are not moving ahead in a way that we are
going to be able to put this in the rearview mirror and start this
year--this next year with tremendous economic growth because people
know we have solved this problem. I have been despondent about that.
But I woke this morning with almost a eureka moment thinking that,
you know what, if they are not going to deal with this issue, we know
we have to deal with the debt ceiling, we know we have to deal with the
CR, there is great opportunity for all of us to put out entitlement
reforms on the floor, for all of us to debate in committee and to pass
legislation so, dollar for dollar, we can raise the debt ceiling way in
advance of any time to cause any kind of credit problems for our
country.
I yield the floor, and I suggest the absence of a quorum.
The PRESIDING OFFICER. The clerk will call the roll.
The assistant legislative clerk proceeded to call the roll.
The ACTING PRESIDENT pro tempore. The Senator from Maryland.
Ms. MIKULSKI. I ask unanimous consent that the order for the quorum
call be rescinded.
The ACTING PRESIDENT pro tempore. Without objection, it is so
ordered.
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