[Congressional Record Volume 159, Number 152 (Tuesday, October 29, 2013)]
[Senate]
[Page S7603]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                           Deficit Reduction

  Mr. CARPER. Mr. President, I say to the Presiding Officer, former 
Governor Manchin, I wish to follow on the comments we just heard from 
Senator Portman, who, as he said, served in two administrations--in one 
of them as OMB Director, in the other as Trade Representative. Before 
that he had a distinguished career in the House of Representatives. He 
is someone I am fortunate to serve with on the Finance Committee. I 
have a lot of respect for his intellect and for his intellectual 
honesty.
  Before I talk about the real reason I came to the floor, I feel 
compelled to say something. As former Governors, the Presiding Officer 
and I have made tough decisions on spending, we have made tough 
decisions on revenues, and they are not always well received by people. 
They are not always well received by people in our own party.
  I like to say there are three or four things we need to do on this 
issue to make sure our deficits continue to head in the right 
direction. I do not worship at the altar of a balanced budget every 
single year. But what I do believe is that when the economy is 
strengthened and growing stronger, we ought to be having the deficit 
heading down, and when we are in a war or when we are in an economic 
doldrum, then I think it is appropriate to, in some cases, deficit 
spend.
  Four things we need to do if we are serious about deficit reduction: 
No. 1, we need, in the President's words, entitlement reform that saves 
money, saves these programs for our children and our grandchildren, and 
does not savage old people or poor people. That is No. 1.
  No. 2, we need, in my view, tax reform that brings down the top 
corporate rates--something more closely aligned with every other 
developed nation in the world. At the same time we are doing that, we 
need to generate some revenues for deficit reduction to match what we 
are doing on the spending side.
  If you think about it, the Senator from Ohio knows and the Senator 
from West Virginia knows about tax expenditures: Tax breaks, tax 
credits, tax deductions, tax loopholes, tax gaps, add up over the next 
10 years anywhere from $12 trillion to $15 trillion. We are going to 
spend more money out of the Treasury for tax expenditures than we are 
going to spend on all of our appropriations bills combined. If we could 
somehow capture 5 percent of $12 trillion over the next 10 years for 
deficit reduction, that is $600 billion. If we can match that in a 
Bowles-Simpson number, such as $2 of deficit reduction on the 
expenditure side and $1 on the revenue side, we could do about another 
$2 trillion on deficit reduction on top of what we have already done. 
Is that a grand compromise that I want and I think the Senator from 
Ohio wants, I know the Senator from West Virginia wants?
  It is not a grand compromise, but I would call it a baby grand. A 
baby grand is certainly better than kicking that can down the road. The 
last time we kicked the can down the road at the beginning of this 
year, I remember saying on this floor: We kicked a rather large can 
down the road not very far. I am tired of doing that. I do not want us 
to do that.
  We have maybe our last best chance here in this budget conference in 
order to do the kinds of things I talked about. Democrats do not want 
to give on entitlements. I am willing to do that. But I am only willing 
to do that if Republicans will give on tax reform that generates some 
revenues.
  I mentioned there are three things to do. The third thing is to look 
in every nook and cranny of the Federal Government--everything we do. 
The Senator from Ohio is a member of the Homeland Security and 
Government Affairs Committee. He knows that we focus--we have large, 
broad investigative powers, oversight powers, authority over the whole 
Federal Government. There are all kinds of ways to save money, all 
kinds of ways to save money in this government of ours, just as there 
are all kinds in big corporations, big businesses. What we need to do 
is, in everything we do, look at that and say: How do we get a better 
result for less money in everything we do?
  I do not know if my friends from Ohio and West Virginia hear this 
from their constituents, but I hear from Delaware constituents and 
folks outside of my State these words: I do not mind paying more taxes, 
I just do not want you to waste my money or I do not want to pay more 
taxes, but if I do, I do not want you to waste my money. I do not want 
to waste your money or mine.
  The fourth thing we need to do to be serious about moving the economy 
and getting out of this kind of rut we are in right now is to be able 
to make sure we have some money around that we can invest in the things 
we know will strengthen our economy. Foremost among those is a strong 
workforce, capable workforce. The second thing is infrastructure, 
broadly defined, not just transportation: roads, highways, bridges; not 
just ports, not just airports, not just railroads, but broadband, all 
kinds of infrastructure-related items.
  The third thing is R&D, research and development that will lead to 
technologies that can be commercialized, turned into products, goods, 
and services we can sell all over the world.
  The fourth thing we need to do is to do an even better job--and 
Senator Portman was the leader as our trade ambassador. He knows what 
it is all about in terms of knocking down trade barriers. But while we 
do entitlement reform, we do tax reform, while we look in every nook 
and cranny of the Federal Government, investing in the three areas I 
mentioned, we have got to make sure when we develop these new products 
and services that we can sell them around the world without impediment, 
we can knock down trade barriers. The Senator has done a lot of work in 
that regard as well.
  As the Senator leaves the floor, I will say there are many things for 
us to work on. I hope we will.