[Congressional Record (Bound Edition), Volume 158 (2012), Part 13]
[Senate]
[Pages 18496-18497]
[From the U.S. Government Publishing Office, www.gpo.gov]




                            THE FISCAL CLIFF

  Mr. HOEVEN. Madam President, I rise this evening to once again 
address the fiscal cliff. Clearly, the time to debate has come and 
gone. The simple fact is we need to act and we need to act now.
  Earlier today, we heard from the President, and what I heard from the 
President is that he feels we have the

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framework for an agreement on taxes. Also, the Senate minority leader 
has indicated, after his negotiations with the Vice President, that he 
believes we have the basic agreement on a tax proposal to avoid the 
fiscal cliff. So let's take that step. Let's address the tax piece. 
Let's get it done.
  Granted, the tax proposal is not the big agreement that will fully 
address our debt and deficit--an agreement we hope to be able to put 
together, an agreement I support and one that includes tax reform, 
bipartisan entitlement reform, and finding savings in the Federal 
budget. Clearly, these items all need to be addressed, and they need to 
be addressed on the order of $4 trillion to get our deficit and our 
debt under control.
  That is the type of deal I favor, and it is the kind of deal we have 
to get to. But if we can't do it all at once, let's do it in pieces. As 
the old saying goes, even the longest journey begins with a single 
step. If the first step is this tax deal, let's get going. To break the 
logjam, let's start with this piece--a tax deal that will ensure taxes 
are not increased for middle-class Americans. That is something we can 
and we must do. It does involve compromise. For example, I believe we 
should extend the current tax rates for all taxpayers. Real revenue 
comes from economic growth, not higher taxes. By closing loopholes and 
limiting deductions, we can create a simpler, fairer Tax Code that will 
help our economy grow.
  President Obama, however, has a different view, so we are forced to 
find common ground. In this case, that means extending the tax rates we 
can to help as many Americans as possible avoid higher taxes. We also 
need to fully address sequestration. Sequestration involves automatic 
spending cuts. Those spending cuts hit the military disproportionately, 
and I believe they need to be revised. But the pressure to do that 
kicks in after January 1, and I believe that pressure will serve as a 
catalyst for Congress to come up with and pass better alternatives.
  Also, we must address the debt ceiling, and it must be addressed in a 
way that reduces spending. We have no choice. We are borrowing 40 cents 
of every $1 we spend, and that is simply not sustainable. But, again, 
we have to break the current logjam, and if we can't get all these 
things done in one package, then let's get started with what we can do. 
Let's get this tax piece done for as many working taxpayers as possible 
and immediately move on to the next tax. Quite simply, that is what 
Americans want us to do.
  With that, I yield the floor and note the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Ms. STABENOW. Madam President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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