[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.