[Congressional Record (Bound Edition), Volume 158 (2012), Part 12]
[Senate]
[Pages 16740-16741]
[From the U.S. Government Publishing Office, www.gpo.gov]




                            THE FISCAL CLIFF

  Mr. COATS. Mr. President, the clock continues to tick away while we 
wait for the descent from the summit, when the President and Speaker 
Boehner walk out, with tablets in hand, saying we have a deal. Many of 
us are beginning to wonder if that is going to be achievable. We are 
holding our breath. But as we near the end of the year, clearly as has 
been stated repeatedly on the floor, the necessity of putting something 
together to avoid the so-called fiscal cliff, the disastrous 
consequences of our not acting, is clear. Tax increases for every 
American taxpayer, massive cuts to defense at a time when the threats 
around the world are as varied and as great as we have seen in a long 
time, other essential programs of the Federal Government being affected 
by that--that is the last thing we need. In this tepid economy with a 
lot of people out of work we are hoping for some consensus to come 
together to provide a long-term solution to our fiscal problem that 
continues to have a negative effect on our economy and, more 
importantly, keeps people out of work.
  As that clock ticks, some are saying partisanship is too great in 
Washington; the country is too divided; we are not going to be able to 
reach a consensus here in terms of how to address this problem.
  I disagree with that. Over the last 2 years and more, we have had a 
number of proposals brought forward on a bipartisan basis. It started 
with Simpson-Bowles; Bowles, the former Chief of Staff to President 
Clinton, and Al Simpson, a Member of this body for a long time, 
recognized as two individuals who can take a look at the situation we 
are in and make a proposal. That has been running 2-and-some years now. 
That was presented, the President's own commission, yet that was 
rejected by the President.
  Then of course there was the Gang of Six, later the Gang of Eight, 
which met on a bipartisan basis for a number of months, both sides 
contributing to an attempt at a package put together to submit to the 
Congress and to the White House. That was a bipartisan effort. The 
supercommittee of 12, 6 Democrats, 6 Republicans--they were 
unfortunately unable to come to an agreement.
  That has brought us to this particular point in time because failure 
of our effort to do this ended up in a procedure which drives us here 
at the end of the year toward this so-called cliff. I have been talking 
to a number of my colleagues, Republicans and Democrats and others, and 
there is a majority consensus here for putting together a credible 
long-term package to deal with our fiscal situation. That would send a 
message to the world and send a message to our citizens that the 
Congress and the government are serious about addressing our fiscal 
situation and putting us on a path to fiscal health. In doing so, it 
would restore the confidence of the American people. It would restore 
the confidence of investors around the world that America is getting 
its act together at a time when Europe is struggling, at a time when 
Japan is struggling, when China's growth is slowing down. The world is 
looking to the United States to take the lead as it has so many times 
and in so many crises before. Yet all they see is a standoff and the 
inability to do what I think we all know we need to do.
  The choice is very clear. We have come to the point where I think 
most people looking at this understand that if we do not act now, the 
so-called kicking the can down the road no longer is a viable 
opportunity. It no longer is something we can afford to do. There is a 
group called The Can Kicks Back. I can see why the American people are 
frustrated over our inability to come to some agreement on this.
  Obviously we hope the President and Speaker Boehner will bring us 
that grand bargain which we can evaluate and address before the end of 
the year. I have frequently said from this podium and back to the 
people I represent in Indiana, if we do not start addressing the 
spending problem, it doesn't matter how much we raise in taxes or 
revenue, it doesn't matter how much else we do to address our problem--
if we do not address the out-of-control Federal spending, we cannot get 
from there to here. We cannot put forward a credible package.
  It is no secret that over the years--without laying the blame on one 
party or another--our spending has exceeded our revenues now to the 
extent that we are plunging into serious debt and serious deficit; over 
$1 trillion a year accumulated over the last 4 years, and a significant 
amount of money before that. It is unsustainable. Whether you are a 
liberal economist or conservative economist, whether Democrat, 
Republican, Independent, or Libertarian, just do the math--and it is 
simple math; it is not calculus, it is third-grade math. You cannot 
keep spending $1 trillion a year more than you collect without having 
severe consequences.

[[Page 16741]]

  The consequence we have had is a very slow recovery from a very deep 
recession that has stifled job growth, stifled innovation, kept people 
out of work. The latest statistics are that over 23 million Americans 
are either unemployed, underemployed, or have simply given up looking 
for a job, frustrated trying to find any work whatsoever, and a 
staggering percentage of those unemployed is young people, people under 
30.
  Robert Samuelson wrote an article a couple of days ago asking, is 
this the lost generation, basically saying that those in the under-30 
category may have lost--we may lose a whole generation, those who will 
not have the opportunity to gain meaningful employment, to realize 
their dreams, to participate in the American dream of getting a good 
job, of marrying and having a family, of buying a house, paying the 
mortgage--doing the things which our generation has enjoyed. We have 
been given that opportunity, but a generation behind us is being denied 
that opportunity, and will it be the lost generation.
  The answer to that question falls on the shoulders of those of us 
here--not only at the White House with the President and his advisers 
but with the Congress, the Senate and the House. We now have an 
opportunity, maybe an historic opportunity--I do believe it is an 
historic opportunity--to right the wrong and to put in place something 
that, yes, will have an impact on us. Yes, it is medicine we will have 
to take for our excessive spending, but it will bring about the cure.
  How many of us are thinking about the future for our children, our 
grandchildren, the Nation's children, the Nation's grandchildren? How 
many of us can stand here and simply say we are doing OK at our level, 
our generation, but we are not willing to make any sacrifice whatsoever 
to ensure that this country can provide for future generations? Most 
agree if we do not have a package that has $4 trillion to $4.5 trillion 
of spending reduction over the next 10 years it will not be a credible 
package. There is also now almost universal agreement that we must 
incorporate long-term entitlement reform. Mandatory spending--over 
which we have no control of spending levels--and interest costs now eat 
up 64 percent of our budget and denies those who come to us about 
improving our roads, providing medical research, supporting education, 
whatever your interest--those interests are receiving less support than 
they have before. They will continue to see less support to the point 
they may receive no support because the mandatories projected with the 
baby boom retirement accelerate to points which our country can simply 
not afford. It will drive us into bankruptcy.
  If the package that is brought down hopefully from the White House 
does not address that, or if we do not address in this body the 
spending issue that incorporates the restructuring for the preservation 
of Medicare, Medicaid, and Social Security but also with a realization 
that unless we do something those programs are going to go bankrupt and 
have severe impacts on those currently receiving those benefits--unless 
we do that, we will not have a credible package.
  Senator Wyden and I have proposed comprehensive tax reform as 
something that needs to be done. Regulatory reform has been suggested 
by others, which I support. But if we do not acknowledge that the final 
package presented to us incorporates those long-term solutions, we will 
simply be back here in the next debt limit crisis. We will be back here 
in the next fiscal crisis. We will continue to see our country languish 
in terms of providing growth and job opportunities for our people, and 
we will not have addressed the problem of kick the can down the road 
one more time--I think to the disgust and displeasure of the American 
people.
  They are cynical enough about our ability to do something as we 
speak, let alone what might happen if we cannot come to an agreement 
that everybody knows we need to come to.
  When I decided to run again in 2010 after being out of the Senate for 
more than a decade, I did not do it just to regain the title of 
Senator. I did not put retirement on hold and more time with my family 
aside because I thought it would be fun to be back here. I did it 
because I want to be able to leave a stronger country for my children 
and grandchildren and for others' children and grandchildren. I did it 
because I want to restore this country so that America's future 
generations can enjoy the kind of life full of promise and opportunity 
that our generation has been able to enjoy.
  I look back over the history of our country and see the sacrifices 
being made--from the Revolutionary War all the way through the two-plus 
centuries--the world wars, the fiscal crises, the Depression--the 
sacrifices that have been made by former generations so that future 
generations can enjoy the promise of America, unique of any country in 
the world in terms of providing opportunities for individuals and their 
families.
  All of us have experienced that moment back home when a man or woman 
looks us in the eye and tells us they are putting their trust in us to 
do the right thing when we get back to Washington. They are putting 
their trust and faith in us to make sound decisions; that the votes we 
take on the Senate floor will strengthen our economy so they can make 
their mortgage payments, get a job, send their kids to college, and 
enjoy the opportunities and benefits that have been beneficial to so 
many of us.
  This is a great challenge. It is a historic moment. It is an 
opportunity to transcend politics, to rise above the petty, partisan 
decisions and join together to do what is right for the future of this 
country. We cannot do this without Presidential leadership.
  The President seems to have an obsession with raising taxes. We have 
not heard much from the White House in terms of addressing the spending 
issues or the issues that are driving our deficit forward. Unless these 
issues are addressed, it will not result in a credible solution to our 
problem.
  We are asking you, Mr. President, to join us in making the tough 
decisions, to do what I think we all know needs to be done and not push 
this into the future anymore. We cannot keep people out of work. There 
are over 23 million Americans who, on average, were considered 
underemployed over the past year. Of those underemployed Americans, 41 
percent were 30 or under. We need to give them hope for the future and 
a light at the end of the tunnel. We are asking that you join us, and 
we are asking you to do a grand bargain and talk more than just about 
tax increases, which we know can impact our job opportunities and our 
economy.
  The Republicans have put forth ideas in terms of the revenue portion 
of that without raising rates and destroying the opportunities for the 
nearly 1 million businesses and others who don't fall in the corporate 
category.
  As David Brooks said recently in the New York Times:

       It's pointless to cut a short-term deal if entitlement 
     programs are still structured to bankrupt our children. 
     Republicans and Democrats could make 2013 the year of the 
     truly Grand Bargain.

  So that is what we are imploring to you, Mr. President, and that is 
what we are asking all of our colleagues to consider. This historic 
opportunity is going to be our legacy. It is not about a vote we made 
in the past, and it might not be about a vote we make in the future. We 
will be judged at a time when the clock has run out, and there is an 
absolute necessity for a package that is grand enough to achieve 
credibility, and go forward to restore the confidence of the American 
people and the investment community and lead the world to recovery.
  This is our chance, Mr. President, and I hope we take that chance.
  With that, I yield the floor.

                          ____________________