[Congressional Record (Bound Edition), Volume 156 (2010), Part 4]
[Senate]
[Pages 5400-5405]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    CONTINUING EXTENSION ACT OF 2010

  The PRESIDING OFFICER. Under the previous order, the Senate will 
resume consideration of H.R. 4851, which the clerk will report.
  The assistant legislative clerk read as follows:

       A bill (H.R. 4851) to provide a temporary extension of 
     certain programs, and for other purposes.

  Pending:

       Baucus amendment No. 3721, in the nature of a substitute.

  The PRESIDING OFFICER. Under the previous order, the time until 12:30 
will be equally divided between the two leaders or their designees.
  The Senator from Tennessee is recognized.
  Mr. CORKER. Mr. President, I appreciate it. I had not planned to come 
to the floor today, but my great friend, Senator Warner from Virginia, 
is here. I did want to clarify a couple of things. I did not hear all 
of his comments.
  I very much appreciate the partnership we have had, the work we have 
been able to do together. I think what is happening on this financial 
regulation bill is a lot like what happened during the health care 
debate in many ways. There is something that is being focused on. Some 
of it is sort of being blown out of proportion.
  I did want to clarify something. Senator Warner spent a lot of time 
talking about a couple of titles in the bill that Senator Dodd has put 
forth. There are other places in this bill that do, in fact, create an 
opportunity for large institutions that fail to continue on. Treasury 
got involved in this bill a couple of weeks before--about a week before 
it came to committee. There are some loopholes in this bill that give 
Treasury and the FDIC the ability to allow large institutions to 
continue on without failing. My sense is the Senator from Virginia 
knows what those are. My sense is the Senator from Connecticut, who is 
the chairman of the committee, knows what those are. And my sense is 
that on those topics--and they do exist, so criticisms about the Dodd 
bill allowing potentially creation

[[Page 5401]]

of loopholes for large institutions not to go through an orderly 
liquidation or bankruptcy, are valid. But the fact is I think we can 
fix those in about 5 minutes.
  My point is I think everyone understands what Treasury did. I think 
everyone understands what the FDIC did. I think we can come to a 
conclusion in solving that very quickly. But I wanted to clarify that 
was not part of the title that Senator Warner came up with.
  The focus, then, has been on this $50 billion fund. I think Senator 
Warner eloquently talked about the fact this was a lot of debate. The 
FDIC wanted $50 billion as a debtor-in-possession fund to be operating, 
to figure out what the assets of these firms were worth before they 
sold them off. Treasury wanted no fund.
  My guess is that at the end of the day, on one hand you are 
protecting taxpayers more fully, on the other hand you are not--but my 
guess is, the Senator from Virginia and the Senator from Connecticut 
might drop that in about 5 minutes--not that the Senator from Virginia 
is actually advocating, he is just trying to solve that problem. My 
point is I think that is something that in about 5 minutes could be 
solved.
  So I do think what Senator Warner has said is true; that is, the 
rhetoric around this, an issue that could be dealt with literally in 
about 5 minutes, is probably overheated. The fact is, what we need to 
do is figure out a way to focus on this issue in an intelligent way.
  I think that, as the Senator from Virginia mentioned, people on both 
extremes want to make sure that if a large institution in this country 
fails, it is just like the small institutions in this country--they go 
out of business. And I think we are united on that. Are there some 
flaws that exist? Yes. Did the bill get a little sideways at the end? 
Yes. But do people understand the way we can deal with this in an 
intelligent, thoughtful way and fix that? Yes.
  I wonder if the Senator from Virginia would wish to not maybe get 
into specifics but agree that there are some flaws that need to be 
corrected, but we know what they are, and they can be corrected pretty 
quickly, can they not?
  The PRESIDING OFFICER. The Senator from Virginia.
  Mr. WARNER. Let me just acknowledge that we may--the Senator from 
Tennessee and I may differ slightly on how large some of the things the 
Treasury and FDIC put in at the end--because clearly one of the things 
that I think the Senator from Tennessee--and we can very quickly get 
into the weeds, but the weeds are important on this--the so-called 13-3 
authority of the Fed would no longer be used for specific institutions, 
but the ability to help supplement around a liquidity crisis so that we 
don't have firms move from a liquidity crisis into a solvency crisis 
was an important tool, but it was perhaps misused in the past in terms 
of targeted at specific firms rather than issue-wide.
  There are certain other aspects that I believe can be corrected, but 
the overriding point that I think Senator Corker and I both want to 
make is I think we put together, at least in title I and title II--and 
I think there has been good work done in other parts of this bill as 
well, but in title I and title II, systemic risk, too big to fail 
resolution--we have put the framework in place that while some on both 
ends of the political extremes may be attacking, the overwhelming 
response has been that this is a good framework. Like any piece of 
legislation, it needs some fine-tuning, but the fine-tuning ought to be 
preserving this framework, perhaps moving back from some of the pieces 
the FDIC and Treasury put in place. But we can get there, and this is 
too important to allow this piece of legislation to be drawn by the 
aisle that separates this body into Republican and Democratic camps. We 
need to put a piece of legislation and solution in place that sets the 
financial framework and predictability for the next century, and I 
think we have gone a long way toward doing that.
  Mr. CORKER. Mr. President, I want to speak for 60 more seconds and 
then stop. I thank the Senator from Montana and the Senator from 
Florida for allowing me to do this. I want to be clear and say we have 
had a great partnership, numbers of us have. Some of the claims in this 
bill about preserving too big to fail are legitimate because of some 
changes that occurred about 10 days before the bill came to committee, 
maybe a week. But the fact is, they can be very easily fixed, and I 
think we all know how to fix them, and they can be fixed very quickly.
  The prefunding issue is an issue that, to me, is a legitimate debate. 
If it needs to go to zero, the framework, as Senator Warner just talked 
about, is still intact. It still works exactly the same way. It is a 
debate as to whether you want to absolutely make sure taxpayers are 
protected. But if people think this prefund is something that looks 
like a bailout, let's drop it, let's get rid of it, let's end it. Let's 
let borrowing capacity at the FDIC be the only avenue.
  But my point is, these are all--in the scope of things, they are 
being made into really big things, when, in essence, a couple of 
semithoughtful people could solve these things in just a few minutes 
and we could move on to other aspects of the bill that do need to be 
corrected.
  The one place I think the Senator from Virginia and I might differ 
more greatly is that I do think there are other issues in this bill 
that create problems that need to be resolved, and I hope the spirit we 
have shown with each other will emanate on both sides of the aisle--I 
think it will--and that we will work through those, too, and end up 
with a good bill.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from Florida is recognized.
  Mr. LeMIEUX. Mr. President, I rise to speak today on this extenders 
bill that we will vote on here on a point of order that I will make in 
just a few minutes. The purpose of this point of order is this: Not too 
long ago in this Congress, we passed legislation called pay-go, and 
what pay-go is supposed to mean is that we will pay as we go in this 
Congress; that when we create a new program, we extend a current 
program, we will pay for it; that we will not continue to borrow 
against our children's future. I was here in the Senate when we had 
that debate. It was a debate that came down to a purely party-line 
decision.
  I am new to this body, and I wanted to vote for this because I 
believe pay-go might actually be something that limits the out-of-
control spending of Washington. I talked to my colleagues, and some of 
my colleagues who have been around longer than I said: Look, Senator, 
it is not really going to do anything. They are just going to move to 
waive it every time it comes into effect. They are not going to play by 
the rules. They are not going to pay for things as you go. It is just 
cover.
  I wanted to vote for it. I struggled with it. In the end, I did not 
vote for it. And here we are just a few months--2 months past February 
12 when the President signed this pay-as-you-go legislation--only 19 
days after that, we waived it on a bill very similar to this, and now 
we are going to seek to waive this legislation again to spend $19 
billion and put it on the tab of our children and our grandchildren.
  Let's talk about what this bill is. It would extend unemployment 
compensation and it would extend COBRA, which is health care benefits 
for people who lose their jobs. If we were to vote on this and pay for 
it, I think 100 Senators would vote for it. Shortly before the recess 
for the holiday break, there was an agreement in this Chamber between 
Republicans and Democrats that we would find the money to pay for this 
so that we wouldn't have to put it on the backs of our children, so 
that we would not have to borrow the money from China, so that we 
wouldn't have to increase our growing debt and deficit.
  Our national debt is now nearly $13 trillion. It has gone up $1 
trillion in the short time I have been here in the Senate. To give you 
reference on that, it took until 1980, from the founding of this 
country until 1980 for us to amass our first trillion dollars in debt.
  The system of spending is unsustainable. I spoke on the floor this

[[Page 5402]]

morning about it. But don't just take my word for it; take Ben 
Bernanke, the Chairman of the Federal Reserve, who testified today 
before the Joint Economic Committee of Congress and said this 
government must begin to make difficult choices to address its deficits 
and warned that postponing them will only make them more difficult. So 
here today we are going to spend another $19 billion and put it off on 
our children, and they will have to pay for it because we are going to 
have to borrow this money.
  We are not supposed to be able to waive this rule, this legislation, 
unless it is an emergency. This is no emergency, and that is the basis 
of my point of order I will make here in just a few minutes.
  What is an emergency? Well, most of us think it is what Merriam-
Webster says it is: an unforeseen combination of circumstances 
resulting in a state that calls for immediate action--an unforeseen 
combination of circumstances. Has it been unforeseen that we were going 
to have to extend unemployment compensation? Was it unforeseen that we 
were going to have to extend COBRA? Of course, it is not. We knew we 
were going to have to do this, but there is an unwillingness in this 
Congress to pay for things. There is a willingness to put the debt upon 
our children and our grandchildren.
  The Budget Act of 1974 that we operate under says that an emergency 
is necessary, essential or vital, sudden, quick coming into being and 
not building up over time, urgent, pressing, compelling, unforeseen, 
unpredictable, not permanent, temporary in nature. None of those 
requirements are met by this attempt to waive the pay-as-you-go 
requirements. Why do we have pay-go if we are just going to waive it 
every time we think we need to spend more money?
  This is no emergency. This is just part and parcel of the problem we 
have in Washington of continuing to spend in an unsustainable way. And 
when, 5 years or 10 years from now, we are in the same situation Greece 
is in; when we have failed this country for our children; when we have 
$900 billion in interest payments alone in 2020 on our current course, 
which will not allow us to spend money on anything else because that 
plus mandatory spending will be all there is in the budget; when our 
economic system fails because we have failed to make the decisions to 
control our spending, you will know why--because of the decisions that 
are being made today, in 2010, in April, decisions to add another $19 
billion to our national debt.
  I yield the floor. I reserve my right to speak shortly before the 
vote is called at 12:30.
  The PRESIDING OFFICER. The Senator from Montana is recognized.


                    Amendment No. 3721, as Modified

  Mr. BAUCUS. Mr. President, pursuant to the previous order, I have a 
modification to my amendment at the desk, and I so modify my amendment.
  The PRESIDING OFFICER. The amendment is so modified.
  The amendment, as modified, is as follows:

       Strike all after the enacting clause and insert the 
     following:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Continuing Extension Act of 
     2010''.

     SEC. 2. EXTENSION OF UNEMPLOYMENT INSURANCE PROVISIONS.

       (a) In General.--(1) Section 4007 of the Supplemental 
     Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 
     note) is amended--
       (A) by striking ``April 5, 2010'' each place it appears and 
     inserting ``June 2, 2010'';
       (B) in the heading for subsection (b)(2), by striking 
     ``april 5, 2010'' and inserting ``june 2, 2010''; and
       (C) in subsection (b)(3), by striking ``September 4, 2010'' 
     and inserting ``November 6, 2010''.
       (2) Section 2002(e) of the Assistance for Unemployed 
     Workers and Struggling Families Act, as contained in Public 
     Law 111-5 (26 U.S.C. 3304 note; 123 Stat. 438), is amended--
       (A) in paragraph (1)(B), by striking ``April 5, 2010'' and 
     inserting ``June 2, 2010'';
       (B) in the heading for paragraph (2), by striking ``april 
     5, 2010'' and inserting ``june 2, 2010''; and
       (C) in paragraph (3), by striking ``October 5, 2010'' and 
     inserting ``December 7, 2010''.
       (3) Section 2005 of the Assistance for Unemployed Workers 
     and Struggling Families Act, as contained in Public Law 111-5 
     (26 U.S.C. 3304 note; 123 Stat. 444), is amended--
       (A) by striking ``April 5, 2010'' each place it appears and 
     inserting ``June 2, 2010''; and
       (B) in subsection (c), by striking ``September 4, 2010'' 
     and inserting ``November 6, 2010''.
       (4) Section 5 of the Unemployment Compensation Extension 
     Act of 2008 (Public Law 110-449; 26 U.S.C. 3304 note) is 
     amended by striking ``September 4, 2010'' and inserting 
     ``November 6, 2010''.
       (b) Funding.--Section 4004(e)(1) of the Supplemental 
     Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 
     note) is amended--
       (1) in subparagraph (C), by striking ``and'' at the end;
       (2) by inserting after subparagraph (D) the following new 
     subparagraph:
       ``(E) the amendments made by section 2(a)(1) of the 
     Continuing Extension Act of 2010; and''.
       (c) Effective Date.--The amendments made by this section 
     shall take effect as if included in the enactment of the 
     Temporary Extension Act of 2010 (Public Law 111-144).

     SEC. 3. EXTENSION AND IMPROVEMENT OF PREMIUM ASSISTANCE FOR 
                   COBRA BENEFITS.

       (a) Extension of Eligibility Period.--Subsection (a)(3)(A) 
     of section 3001 of division B of the American Recovery and 
     Reinvestment Act of 2009 (Public Law 111-5), as amended by 
     section 3(a) of the Temporary Extension Act of 2010 (Public 
     Law 111-144), is amended by striking ``March 31, 2010'' and 
     inserting ``May 31, 2010''.
       (b) Rules Relating to 2010 Extension.--Subsection (a) of 
     section 3001 of division B of the American Recovery and 
     Reinvestment Act of 2009 (Public Law 111-5), as amended by 
     section 3(b) of the Temporary Extension Act of 2010 (Public 
     Law 111-144), is amended by adding at the end the following:
       ``(18) Rules related to april and may 2010 extension.--In 
     the case of an individual who, with regard to coverage 
     described in paragraph (10)(B), experiences a qualifying 
     event related to a termination of employment on or after 
     April 1, 2010 and prior to the date of the enactment of this 
     paragraph, rules similar to those in paragraphs (4)(A) and 
     (7)(C) shall apply with respect to all continuation coverage, 
     including State continuation coverage programs.''.
       (c) Effective Date.--The amendments made by this section 
     shall take effect as if included in the provisions of section 
     3001 of division B of the American Recovery and Reinvestment 
     Act of 2009.

     SEC. 4. INCREASE IN THE MEDICARE PHYSICIAN PAYMENT UPDATE.

       Paragraph (10) of section 1848(d) of the Social Security 
     Act, as added by section 1011(a) of the Department of Defense 
     Appropriations Act, 2010 (Public Law 111-118) and as amended 
     by section 5 of the Temporary Extension Act of 2010 (Public 
     Law 111-144), is amended--
       (1) in subparagraph (A), by striking ``March 31, 2010'' and 
     inserting ``May 31, 2010''; and
       (2) in subparagraph (B), by striking ``April 1, 2010'' and 
     inserting ``June 1, 2010''.

     SEC. 5. EHR CLARIFICATION.

       (a) Qualification for Clinic-Based Physicians.--
       (1) Medicare.--Section 1848(o)(1)(C)(ii) of the Social 
     Security Act (42 U.S.C. 1395w-4(o)(1)(C)(ii)) is amended by 
     striking ``setting (whether inpatient or outpatient)'' and 
     inserting ``inpatient or emergency room setting''.
       (2) Medicaid.--Section 1903(t)(3)(D) of the Social Security 
     Act (42 U.S.C. 1396b(t)(3)(D)) is amended by striking 
     ``setting (whether inpatient or outpatient)'' and inserting 
     ``inpatient or emergency room setting''.
       (b) Effective Date.--The amendments made by subsection (a) 
     shall be effective as if included in the enactment of the 
     HITECH Act (included in the American Recovery and 
     Reinvestment Act of 2009 (Public Law 111-5)).
       (c) Implementation.--Notwithstanding any other provision of 
     law, the Secretary of Health and Human Services may implement 
     the amendments made by this section by program instruction or 
     otherwise.

     SEC. 6. EXTENSION OF USE OF 2009 POVERTY GUIDELINES.

       Section 1012 of the Department of Defense Appropriations 
     Act, 2010 (Public Law 111-118), as amended by section 7 of 
     the Temporary Extension Act of 2010 (Public Law 111-144), is 
     amended by striking ``March 31, 2010'' and inserting ``May 
     31, 2010''.

     SEC. 7. EXTENSION OF NATIONAL FLOOD INSURANCE PROGRAM.

       (a) Extension.--Section 129 of the Continuing 
     Appropriations Resolution, 2010 (Public Law 111-68), as 
     amended by section 8 of Public Law 111-144, is amended by 
     striking ``by substituting'' and all that follows through the 
     period at the end and inserting ``by substituting May 31, 
     2010, for the date specified in each such section.''.
       (b) Effective Date.--The amendments made by subsection (a) 
     shall be considered to have taken effect on February 28, 
     2010.

     SEC. 8. COMPENSATION AND RATIFICATION OF AUTHORITY RELATED TO 
                   LAPSE IN HIGHWAY PROGRAMS.

       (a) Compensation for Federal Employees.--Any Federal 
     employees furloughed as a result of the lapse in expenditure 
     authority from the Highway Trust Fund after 11:59

[[Page 5403]]

     p.m. on February 28, 2010, through March 2, 2010, shall be 
     compensated for the period of that lapse at their standard 
     rates of compensation, as determined under policies 
     established by the Secretary of Transportation.
       (b) Ratification of Essential Actions.--All actions taken 
     by Federal employees, contractors, and grantees for the 
     purposes of maintaining the essential level of Government 
     operations, services, and activities to protect life and 
     property and to bring about orderly termination of Government 
     functions during the lapse in expenditure authority from the 
     Highway Trust Fund after 11:59 p.m. on February 28, 2010, 
     through March 2, 2010, are hereby ratified and approved if 
     otherwise in accord with the provisions of the Continuing 
     Appropriations Resolution, 2010 (division B of Public Law 
     111-68).
       (c) Funding.--Funds used by the Secretary to compensate 
     employees described in subsection (a) shall be derived from 
     funds previously authorized out of the Highway Trust Fund and 
     made available or limited to the Department of Transportation 
     by the Consolidated Appropriations Act, 2010 (Public Law 111-
     117) and shall be subject to the obligation limitations 
     established in such Act.
       (d) Expenditures From Highway Trust Fund.--To permit 
     expenditures from the Highway Trust Fund to effectuate the 
     purposes of this section, this section shall be deemed to be 
     a section of the Continuing Appropriations Resolution, 2010 
     (division B of Public Law 111-68), as in effect on the date 
     of the enactment of the last amendment to such Resolution.

     SEC. 9. SATELLITE TELEVISION EXTENSION.

       (a) Amendments to Section 119 of Title 17, United States 
     Code.--
       (1) In general.--Section 119 of title 17, United States 
     Code, is amended--
       (A) in subsection (c)(1)(E), by striking ``April 30, 2010'' 
     and inserting ``May 31, 2010''; and
       (B) in subsection (e), by striking ``April 30, 2010'' and 
     inserting ``May 31, 2010''.
       (2) Termination of license.--Section 1003(a)(2)(A) of 
     Public Law 111-118 is amended by striking ``April 30, 2010'', 
     and inserting ``May 31, 2010''.
       (b) Amendments to Communications Act of 1934.--Section 
     325(b) of the Communications Act of 1934 (47 U.S.C. 325(b)) 
     is amended--
       (1) in paragraph (2)(C), by striking ``April 30, 2010'' and 
     inserting ``May 31, 2010''; and
       (2) in paragraph (3)(C), by striking ``May 1, 2010'' each 
     place it appears in clauses (ii) and (iii) and inserting 
     ``June 1, 2010''.

     SEC. 10. EXTENSION OF SMALL BUSINESS LOAN GUARANTEE PROGRAM.

       (a) Appropriation.--There is appropriated, out of any funds 
     in the Treasury not otherwise appropriated, $80,000,000, for 
     an additional amount for ``Small Business Administration--
     Business Loans Program Account'', to remain available until 
     expended, for the cost of fee reductions and eliminations 
     under section 501 of division A of the American Recovery and 
     Reinvestment Act of 2009 (Public Law 111-5; 123 Stat. 151) 
     and loan guarantees under section 502 of division A of the 
     American Recovery and Reinvestment Act of 2009 (Public Law 
     111-5; 123 Stat. 152), as amended by this section:  Provided, 
     That such costs shall be as defined in section 502 of the 
     Congressional Budget Act of 1974.
       (b) Extension of Sunset Date.--Section 502(f) of division A 
     of the American Recovery and Reinvestment Act of 2009 (Public 
     Law 111-5; 123 Stat. 153) is amended by striking ``April 30, 
     2010'' and inserting ``May 31, 2010''.

     SEC. 11. DETERMINATION OF BUDGETARY EFFECTS.

       (a) In General.--The budgetary effects of this Act, for the 
     purpose of complying with the Statutory Pay-As-You-Go Act of 
     2010, shall be determined by reference to the latest 
     statement titled ``Budgetary Effects of PAYGO Legislation'' 
     for this Act, submitted for printing in the Congressional 
     Record by the Chairman of the Senate Budget Committee, 
     provided that such statement has been submitted prior to the 
     vote on passage.
       (b) Emergency Designation for Congressional Enforcement.--
     This Act, with the exception of section 4, is designated as 
     an emergency for purposes of pay-as-you-go principles. In the 
     Senate, this Act is designated as an emergency requirement 
     pursuant to section 403(a) of S. Con. Res. 13 (111th 
     Congress), the concurrent resolution on the budget for fiscal 
     year 2010.
       (c) Emergency Designation for Statutory PAYGO.--This Act, 
     with the exception of section 4, is designated as an 
     emergency requirement pursuant to section 4(g) of the 
     Statutory Pay-As-You-Go Act of 2010 (Public Law 111-139; 2 
     U.S.C. 933(g)).

  Mr. BAUCUS. Mr. President, shortly, the Senate will vote on the 
motion to waive the Budget Act for the consideration of my amendment 
and this important bill to extend unemployment insurance benefits and 
other vital safety net programs.
  We need to waive the Budget Act to allow this bill to move forward. 
We need to waive the Budget Act for the people who depend on 
unemployment insurance benefits.
  We need to waive the Budget Act for people like the Montanans from 
whom I have heard.
  We need to waive the Budget Act for Bonnie from Whitefish, MT. Bonnie 
lost her job in property management last year, and has been scraping by 
on unemployment benefits ever since. Bonnie has already sacrificed 
much, but she is still falling behind on her rent. She is unable to 
afford many necessities. Unemployment benefits help her get by from day 
to day.
  We need to waive the Budget Act for people like Richard from Bozeman. 
Unemployment insurance has helped keep Richard afloat as he searches 
for a job. So far, Richard has applied for more than 150--think of it! 
150--jobs and has had only 2 temporary part-time positions to show for 
his effort. Though his financial situation is grim, it would be even 
more so without unemployment benefits.
  We need to waive the Budget Act for people like the single father 
from Missoula. He has been out of work for weeks. He exhausted his 
State benefits, and is now receiving Federal extended benefits. He 
recently called the Montana Unemployment Insurance Claims Processing 
Center for additional help because he does not know how he can take 
care of his daughters.
  Unemployment benefits help these Montanans to pay the bills. 
Unemployment benefits help these Montanans and millions of Americans 
who, through no fault of their own, have fallen victim to this Great 
Recession.
  The average unemployment benefit is $335 a week. These days, $335 
only stretches so far.
  Benefits have lapsed for 200,000 Americans. Since Authority expired a 
few days ago. If we do not pass this bill this week, another 200,000 
Americans could lose their benefits.
  Responding to recessions is the very definition of an emergency. 
Responding to this kind of need is why the Budget Act built in motions 
to waive the budget in the first place. The budget needs to have 
flexibility to address truly unusual circumstances like today's 
economy.
  Extending unemployment insurance benefits is a good investment to 
make now. It is an investment, in our economy.
  Unemployment benefits help our unemployed neighbors. And in helping 
our neighbors, unemployment benefits also help to keep open the 
neighborhood grocery store, and the neighborhood gas station.
  In helping our unemployed neighbors, unemployment benefits also help 
the economy. The nonpartisan Congressional Budget Office says that 
extending additional unemployment benefits would have one of the 
largest effects on economic output and employment per dollar spent 
compared with any other action we could take. CBO says for each dollar 
spent, increasing aid to the unemployed could increase the gross 
domestic product by up to $1.90. That is 2 to 1. For every dollar spent 
on unemployment benefits, that could increase gross domestic product by 
$1.90. Households receiving unemployment benefits spend their benefits 
right away. That is very important. They don't save it; they spend it. 
That spurs demand for goods and services. That boosts production and 
leads businesses to hire more employees.
  Some critics insist that emergency spending to address the recession 
is busting the budget. Some critics blame emergency spending and the 
Recovery Act for the huge budget deficits we face today.
  We do need to address our Nation's fiscal circumstances, of course, 
we do. We are currently laboring to reach an agreed-upon package of 
offsets to pay for much of the long-term extension in unemployment 
insurance and other programs the Senate passed on March 10.
  And on a larger level, we also need to balance the Nation's revenues 
and outlays. The President's fiscal commission will begin its work a 
week from Tuesday. We will need to think about fundamental tax reform 
as part of that exercise. And we will need to make sure that we get a 
dollar's worth of value for every taxpayer dollar the government 
spends.
  But let me set the record straight. Emergency spending like this bill 
and the Recovery Act is responsible for only a small share of the 
deficit.

[[Page 5404]]

  In fact, the cost of the Recovery Act is projected to be less than 10 
percent of the total deficit legacy over the next 10 years.
  The chart behind me tells the story. The majority of the deficit we 
will face over the next 10 years stems from inherited policies. The tax 
cuts enacted under the previous administration, the wars in Afghanistan 
and Iraq, and the economic downturn itself explain nearly $11 trillion 
of our deficit over the next 10 years.
  These policies were enacted before the current administration and 
before this Congress. Because these policies were not paid for, we are 
now facing huge deficits.
  Unemployment benefits are not the cause of the deficit. We should not 
balance the budget on the backs of the unemployed.
  Right now, it is essential we pass a temporary extension of 
unemployment benefits. It is essential we help Americans put food on 
the table. It is essential to pay the bills, while they continue to 
look for work.
  So let us waive the Budget Act for Bonnie from Whitefish.
  Let us extend unemployment insurance benefits for Richard from 
Bozeman, MT.
  Let us extend this vital lifeline for the single father from Missoula 
and for his daughters who depend on him.
  And in this great recession, let us waive the Budget Act to enact 
this temporary extension of unemployment insurance for the hundreds of 
thousands of Americans struggling, through no fault of their own, just 
to get by.
  It is true that very soon we must significantly address the budget 
deficit. The real test will be the degree to which this country, the 
President, and the Congress buckle down and start to reduce the budget 
deficit during times of prosperity; that is, after we get out of this 
recession and when unemployment levels start to reach sensible, lower 
levels. That is when we face the true test of whether we reduce the 
budget deficit. It is our responsibility to do so. We should let 
unemployment benefits be extended. We should not have to pay for those 
now. But soon, when the unemployment rate falls, when the country comes 
out of the recession, then it is up to us to go the extra mile to make 
sure we, in a responsible way, start to address the huge deficits. When 
we do, it will keep interest rates low, and other countries will have 
more confidence in the United States. I daresay they have confidence 
now, but they will have even more confidence. I very much expect and 
hope that this body will exercise that effort responsibly to begin to 
tackle huge deficits.
  Now is not the time. Soon we will face the time. It is not now.
  I suggest the absence of a quorum and ask unanimous consent that time 
under the quorum be charged equally against both sides.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. LeMIEUX. I ask unanimous consent that the order for the quorum 
call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Mr. LeMIEUX. Mr. President, I thank my colleague, the chairman of the 
Finance Committee. I appreciate his comments about the need for this 
body to enter into a discussion about fiscal discipline. I offered 
legislation today to have a requirement that we would have a debate 
every year to talk about bringing spending back to 2007 levels, prior 
to the stimulus, prior to the recession, certainly a time when this 
country had a much better economy than now. If I asked Floridians if 
they could live off of what they had in 2007, they would be happy to 
have that much money. Whatever the architecture is, we need to get into 
that. Our budget deficit and the debt are cascading out of control.
  I disagree with my colleague that we can wait until the recession is 
over. While I am optimistic that we will soon be turning the corner, 
times are very tough in my State. I don't know if it is going to be 
next year or the year after that we are out of this recession. We have 
the worst unemployment we have had since we have been keeping records 
in Florida, 12.2 percent. I don't know that we can wait, especially 
when we hear the Chairman of the Federal Reserve say we must act now.
  Recently, we were in a situation where bonds went out to issue, and 
the Wall Street Journal reported that the yield rate the Federal 
Government had to offer on those bonds, the interest rate was more than 
Warren Buffett had to offer. Warren Buffett was a better investment 
than the United States. Why is that? It is because the world is 
beginning to believe the United States can't manage its debt. Places 
such as Brazil have had their stock market increase 100 percent in the 
last year because they are now seen as a better investment than this 
country.
  We can't wait. We can't wait for 6 months or a year from now. Perhaps 
the time has already gone too far.
  I raise a point of order pursuant to section 4(g) of the Statutory 
Pay-As-You-Go Act of 2010.
  The PRESIDING OFFICER. The time of the Senator has expired.
  Mr. LeMIEUX. I raise a point of order against the emergency 
designation in the pending substitute amendment and note this is not a 
budget point of order. It doesn't kill this provision. It only requires 
that it be paid for by the end of the year. Everybody is for extending 
unemployment compensation. Everyone is for paying for COBRA. The point 
is, pay for it.
  The PRESIDING OFFICER. Does the Senator wish to raise a point of 
order?
  Mr. LeMIEUX. I have raised a point of order. I repeat, pursuant to 
section 4(g) of the Statutory Pay-As-You-Go Act of 2010, I raise a 
point of order against the emergency designation provision in the 
pending substitute amendment.
  The PRESIDING OFFICER. The Senator from Montana.
  Mr. BAUCUS. Pursuant to section 904 of the Congressional Budget Act 
and section 4(g)(3) of the Statutory Pay-As-You-Go Act, I move to waive 
all applicable provision of those acts and applicable budget 
resolutions for consideration of the pending amendment, No. 3721, as 
modified, and the underlying bill, and I ask for the yeas and nays on 
the motion to waive.
  The PRESIDING OFFICER. Is there a sufficient second?
  There appears to be.
  The yeas and nays were ordered.
  Mr. BAUCUS. I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. BAUCUS. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The question is on agreeing to the motion.
  The yeas and nays have been previously ordered.
  The clerk will call the roll.
  The legislative clerk called the roll.
  Mr. DURBIN. I announce that the Senator from Vermont (Mr. Leahy) is 
necessarily absent.
  Mr. KYL. The following Senator is necessarily absent: the Senator 
from Utah (Mr. Bennett).
  The PRESIDING OFFICER (Mrs. Hagan). Are there any other Senators in 
the Chamber desiring to vote?
  The yeas and nays resulted--yeas 58, nays 40, as follows:

                      [Rollcall Vote No. 110 Leg.]

                                YEAS--58

     Akaka
     Baucus
     Bayh
     Begich
     Bennet
     Bingaman
     Boxer
     Brown (OH)
     Burris
     Byrd
     Cantwell
     Cardin
     Carper
     Casey
     Conrad
     Dodd
     Dorgan
     Durbin
     Feingold
     Feinstein
     Franken
     Gillibrand
     Hagan
     Harkin
     Inouye
     Johnson
     Kaufman
     Kerry
     Klobuchar
     Kohl
     Landrieu
     Lautenberg
     Levin
     Lieberman
     Lincoln
     McCaskill
     Menendez
     Merkley
     Mikulski
     Murray
     Nelson (NE)
     Nelson (FL)
     Pryor
     Reed
     Rockefeller
     Sanders
     Schumer
     Shaheen
     Specter
     Stabenow
     Tester
     Udall (CO)
     Udall (NM)
     Voinovich
     Warner
     Webb
     Whitehouse
     Wyden

[[Page 5405]]



                                NAYS--40

     Alexander
     Barrasso
     Bond
     Brown (MA)
     Brownback
     Bunning
     Burr
     Chambliss
     Coburn
     Cochran
     Collins
     Corker
     Cornyn
     Crapo
     DeMint
     Ensign
     Enzi
     Graham
     Grassley
     Gregg
     Hatch
     Hutchison
     Inhofe
     Isakson
     Johanns
     Kyl
     LeMieux
     Lugar
     McCain
     McConnell
     Murkowski
     Reid
     Risch
     Roberts
     Sessions
     Shelby
     Snowe
     Thune
     Vitter
     Wicker

                             NOT VOTING--2

     Bennett
     Leahy
  The PRESIDING OFFICER. On this vote, the yeas are 58, the nays are 
40.
  Three-fifths of Senators duly chosen and sworn not having voted in 
the affirmative, the motion is not agreed to.
  The emergency designation is stricken.
  Mr. REID. Madam President, I enter a motion to reconsider.
  The PRESIDING OFFICER. The motion is entered.
  Mr. REID. Madam President, with the consent of the minority, I 
suggest we go into a period of morning business for 1 hour, and at 2 
o'clock we go back on this bill. As soon as Senator Coburn comes--
Chairman Baucus will be here around 2:15 and he will be ready to offer 
his first amendment. If there are any procedural issues, which there 
shouldn't be because this point of order was not well taken--so if 
there is anything we need to do, staff will be working on that so that 
procedurally we can get to him.
  We all know that at 2:15 we will be back on the bill, and Senator 
Coburn will be offering his first amendment.

                          ____________________