[Congressional Record (Bound Edition), Volume 155 (2009), Part 7]
[Senate]
[Page 8988]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              THE ECONOMY

  Mr. REID. Mr. President, 8 years ago, President Bush inherited from 
President Clinton a prosperous and a very strong nation with a 
tremendously powerful, growing economy. Our unemployment rate was at an 
exceptionally low rate of just over 4 percent. We had a budget surplus 
of about $130 billion. We were actually paying down the debt. For 3 
years, we paid down the debt by about half a trillion dollars.
  President Bush and congressional Republicans inherited an economy 
that was growing and lifting all Americans along with the growing 
economy. Then Bush, Cheney, and the congressional Republicans set about 
dismantling the foundation of prosperity that built up over the years. 
They slashed taxes for the super-rich based on the long-discredited 
theory that these dollars would trickle down to the middle class and 
poor. They repealed or ignored oversight laws meant to protect our 
financial markets from manipulation and excess. They borrowed hundreds 
of billions of dollars to fight a war in Iraq marred by waste, fraud, 
and abuse. It took all of their 8 years in power, but George Bush, Dick 
Cheney, and Republican allies here not only reversed the prosperity 
they inherited but set us on the course of the worst economic crisis 
since the Great Depression.
  This January, President Obama inherited from President Bush an 
unemployment rate above 7 percent, and climbing, a Republican deficit 
of nearly $500 billion, and a national debt twice the level it was when 
he took office. In the first weeks of his term, President Obama has 
shown exactly why our country entrusted him with the Presidency during 
this hour of crisis. We inherited a Republican deficit of half a 
trillion dollars. But with calm and determined leadership, President 
Obama proposed an economic recovery plan that is now beginning to stem 
the tide of job loss--especially jobs--and create new opportunity for 
workers and small businesses in every corner of our country. He 
proposed a budget that focuses on long-term prosperity, in addition to 
near-term recovery, by lowering taxes for working people, laying the 
groundwork for cutting the Republican deficit in half, and investing in 
renewable energy, health care, and education.
  Over the past weeks, Members of Congress have taken a close look at 
the President's budget and considered their own proposals to strengthen 
it further. As usual, Chairman Conrad has done an outstanding job. He 
has brought Democrats and Republicans into the budget process and 
considered all proposals with equal weight. That is how we will 
approach this week ahead.
  A piece of legislation this important to America's future requires us 
to move forward in a serious, productive, and inclusive manner. 
Democrats have maintained all year that the best solutions to the 
challenges we face come when both parties seek and find common ground. 
The minority can play a major role in this process but only if they 
offer solutions, not sound bites.
  We all recognize that reversing 8 years of Republican deficits and 
fiscal irresponsibility will take time. It will not happen overnight. 
We may not know exactly when the recession will end, but I am confident 
that passing the budget will hasten the day when recovery begins.
  Mr. President, I suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. REID. Mr. President, 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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