[Congressional Record (Bound Edition), Volume 151 (2005), Part 18]
[Senate]
[Pages 24174-24175]
[From the U.S. Government Publishing Office, www.gpo.gov]




                         BUDGET RECONCILIATION

  Mr. REID. Mr. President, it is not often you see a spotlight shine on 
the differences between the two parties, between the Democrats and 
Republicans. This debate is that spotlight. This budget that is 
attempted to be reconciled is, as I have said on a number of occasions, 
an immoral budget. It hurts the poor and middle class. It makes all the 
rewards to those people who are already fat as a result of our system.
  The Republican budget is fiscally irresponsible. It sets forth the 
wrong values and misplaced priorities. President Bush has the worst 
fiscal record in the Nation's history, taking a surplus when he was 
elected President from some say as much as $7 trillion over 10 years, 
and to have squandered it in 5 years to where now we have an $8 
trillion deficit. That is a pretty big turnaround. Record surpluses we 
had have been turned into historic deficits. This immoral budget that 
is attempted to be reconciled will increase the deficits by $30 billion 
more.
  Following the budget choices made by the Republicans in this budget, 
in 5 years the deficit will increase to over $11 trillion from its now 
$8 trillion. Simply the wrong choices have been made with this budget.
  This Senate reconciliation spending bill makes the wrong choices. It 
increases the burdens on seniors in a number of ways, not the least of 
which is increasing Medicare Part B premiums, cuts health care 
generally by $27 billion in Medicare and Medicaid cuts, cuts 
agriculture, cuts support--that is directed at farmers--by $3 billion.
  In my little town of Searchlight, NV, something called the Farmers 
Home Administration came in and helped build 28 units of senior housing 
for the poor. They are, frankly, the nicest homes in town. We don't 
have these programs anymore, but those 28 units in Searchlight only 
become vacant when someone dies. Once someone gets in there, qualifies 
to get in there, they are there until they die. There is a waiting list 
even in the little community of Searchlight. It is so long people

[[Page 24175]]

no longer even get on the list. But this budget the Republicans are 
pushing down the throats of the American people reduces availability of 
affordable housing. There will be no more places such as that in 
Searchlight. They are cutting that.
  But they are going to drill in Alaska. Remember, we cannot produce 
our way out of the problems we have with energy. America has, counting 
ANWR, less than 3 percent of the oil reserves in the world--less than 3 
percent. But they finally have been able to accomplish under this 
reconciliation drilling in Alaska, in this pristine wilderness.
  I would think the President would be better off looking at 
alternative energy, giving incentives for people to develop energy from 
the sun and wind, geothermal, biomass. No, it is not in this budget. 
More efficient automobiles maybe. Production of natural gas during the 
last 5 years has been stable. Right now our reserves are the same as 
they have been for 5 years. But the people controlling oil, these oil 
and gas companies, are doing well. For someone heating their home with 
natural gas--and that is almost 50 percent of the American people--the 
cost will go up 48 percent this year. Maybe the President should spend 
a little time on that.
  This budget provides tax breaks for multimillionaires and special 
interests. Reconciliation paves the way for budget-busting tax breaks, 
including capital gains and dividend tax breaks, that will benefit 
special interests and the wealthy. Tax breaks exceed spending cuts by 
more than $30 billion in this immoral budget. Well over a majority, 
some 55 percent of the benefits of capital gains and dividends, go to 
those with incomes of more than $1 million. The average benefit of 
these tax breaks for those with incomes of more than $1 million will be 
approximately $36,000. Those people making between $50,000 and $200,000 
get $112. Those with incomes under $50,000 will get $6--$6, compared to 
millionaires getting $36,000. It doesn't seem quite fair to me.
  Is this the reason the leadership of the Protestant churches in this 
country has called this an immoral budget? It could be one strong 
reason.
  But the House--they haven't been working much lately because they 
have been trying to figure out how to cut even $15 billion more. They 
can't quite get the votes together, but they are going to try again 
next week. The House plan cutting $15 billion, we are told, would 
include more in student loan cuts, food stamp cuts, cuts in child 
support enforcement and foster care cuts, deeper and more problematic 
cuts in health care. Other priority reasons in this country should come 
first. Rather than harming the vulnerable while providing special tax 
breaks to the rich increasing the deficit, we should address the 
Nation's most urgent problems.
  I have talked about natural gas. That is only one way to heat your 
home. But gasoline for your car, that is what we should be focusing on. 
Oil companies this year will make $100 billion in profits--$100 billion 
in profits. I say that is too much. I say it is time this Congress, 
rather than pushing forward on this immoral budget, should take a look 
at the immoral and obscene profits these companies are making, maybe 
take a look at a windfall profits tax or maybe allow the FTC to do 
something about this price gouging. These rising energy costs are 
burdening families, businesses, and farmers.
  We have said there are programs we need to take a look at. Katrina 
victims are still victims. We as a Congress have not provided them the 
help they need.
  I haven't even mentioned the war on Iraq we should be spending some 
time here on the Senate floor talking about.
  Can we do better? Yes, America can do better. Have we done better? 
Yes, America has done better. During the Clinton years--during the last 
3 years he was President--we were paying down the debt. We paid down 
the debt by half a trillion. We were spending less money than we were 
taking in. Yes, it can be done. And, yes, we are going to spend this 
next week on this budget that is fiscally irresponsible, giving the 
Congress direction in values that are wrong. All across this 
reconciliation are misplaced priorities. We can do much better. We have 
done better. And again the spotlight shines on the difference between 
the two parties here as not often seen. But here we will see it next 
week, the difference between the two parties.
  I yield the floor.
  The PRESIDENT pro tempore. The Senator from Georgia is recognized.
  Mr. ISAKSON. I yield back to the leader.
  The PRESIDENT pro tempore. The majority leader is recognized.

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