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Congressional Record—Senate S2736 S2736 CONGRESSIONAL RECORD — SENATE May 17, 2018 right woman at the right time. Sen- this train in motion—not one. They RESERVATION OF LEADER TIME ators on both sides of the aisle agree. voted against cutting redtape for The ACTING PRESIDENT pro tem- So I urge each of my colleagues to rise American manufacturers. They voted pore. Under the previous order, the to the occasion and swiftly confirm our against the tax reforms that are grow- leadership time is reserved. next CIA Director. ing paychecks and helping to create f f new jobs. They voted against the newly lowered utility rates that benefit both TAX REFORM CONCLUSION OF MORNING families and employers. BUSINESS Mr. MCCONNELL. Mr. President, on My Democratic colleagues like to another matter, with Republican poli- talk about supporting the middle class. The ACTING PRESIDENT pro tem- cies shaking the regulatory rust off of These days, it is looking more and pore. Morning business is closed. the U.S. economy, American job cre- more like that is all it is—just talk. f ators, entrepreneurs, and working fam- Yet, while they occupy themselves ilies have been thinking big again. with partisan politics, Republicans will CONCURRENT RESOLUTION ON For 8 years, Democrats pushed a one- keep on clearing the tracks and letting THE BUDGET, FISCAL YEAR size-fits-all agenda that heaped out- the American economy roll on ahead. 2019—MOTION TO PROCEED sized benefits on the largest cities and f Mr. PAUL. Mr. President, I move to left the rest of the country struggling proceed to the consideration of S. Con. TRIBUTE TO BRENDAN DUNN to catch up. Now Main Street busi- Res. 36. nesses across America feel the wind is Mr. MCCONNELL. Mr. President, The ACTING PRESIDENT pro tem- at their backs. So they are expanding now, speaking of tax reform, I have to pore. The clerk will report the motion. their operations, buying more equip- bid farewell to an outstanding member The legislative clerk read as follows: ment, and hiring new workers. of my staff. Motion to proceed to Calendar No. 384, S. For too long, taxpayers grappled Brendan Dunn has been a key mem- Con. Res. 36, a concurrent resolution setting with an outdated Federal Tax Code ber of my leadership office team for the forth the congressional budget for the United that seemed to keep more of their last 6 years. He has made an outsized States Government for fiscal year 2019 and hard-earned income every year. Now, impact as a trusted counselor and setting forth the appropriate budgetary lev- thanks to Republican tax reform, friend. els for fiscal years 2020 through 2028. working families are seeing paychecks I, actually, stole Brendan from the The ACTING PRESIDENT pro tem- grow, special bonuses hit their bank Finance Committee in 2012. I am not pore. Under the previous order, there accounts, and will send thousands of sure if Chairman HATCH ever quite for- will be 45 minutes under the control of dollars less to the IRS next year. gave me for it. If you have ever had the Senator PAUL or his designee and 45 Now that Congress and the President pleasure of witnessing Brendan in ac- minutes under the control of the have put a stop to the last administra- tion, you will understand why he is a Democratic leader or his designee. tion’s rampant, top-down Federal rule- sought-after commodity, whether you The Senator from Kentucky. making, U.S. manufacturing is churn- need deep expertise on tax policy or the Mr. PAUL. Mr. President, this year ing back to life as well. The new eco- perfect movie quote for any occasion. there will be no budget presented by nomic climate that is taking hold Brendan has been my trusted adviser the Republicans or the Democrats. I across the country has producers feel- on issues including tax policy, banking, think that is a bad idea. I think the ing more confident about planting trade, and pensions. So I am just glad government should have a budget. deeper roots right here in the United that his last few months in the office There should be a document that says States—new capital investment, new could be a calm and laid-back period. what we are for, what we are against, factories, new American jobs. All he had to do was play a leading role and how we are going to spend our Novelis, a leading producer of rolled in crafting generational tax reform and money. I think it is particularly impor- and recycled aluminum, broke ground help steer it across the finish line. Oh, tant because we are incurring so much just this week on a new factory in then came Dodd-Frank reform, for Guthrie, KY. The company is choosing debt. good measure. We may remember when Republicans the Commonwealth in which to build This Maryland native holds degrees the 400,000-square-foot facility and cre- campaigned against enormous spending from Holy Cross, Fordham, George- by President Obama and $1 trillion an- ate at least 125 new jobs, and they are town, and Notre Dame, but you would not keeping any secrets about what is nual deficits. Now we are faced with not know that this unassuming leader enormous spending and $1 trillion an- helping them make this investment. and reliable source of comic relief Here is a quote: ‘‘A favorable economic nual deficits from Republicans. I think holds a J.D. and a Ph.D. in political it is important that we have a discus- environment,’’ including ‘‘the signifi- philosophy unless you needed to. That cant positive impact of tax reform in sion about this. is the kind of guy Brendan is. Do we have too much debt? Some will the U.S., reinforces Novelis’ decision to His many contributions to my team say: Well, I have debt for my house, expand at this time.’’ have benefited this body, the people of and that is not bad. The country has a This is not just a Kentucky phe- Kentucky, and the Nation. I know ev- lot of debt that they borrow against nomenon. According to new survey eryone who has gotten to work closely capital expenditures—things that don’t data from the National Association of with him is sad to see him depart the expire. I think there is some truth to Manufacturers, more than 93 percent of Senate. I certainly am. Yet I have a that. You can have a manageable U.S. manufacturing firms have a posi- hunch that his lovely wife, Lee, and his amount of debt, particularly if it is tive outlook. Already, 77 percent of children—Patrick, Audrey, and Mary— against something you are borrowing manufacturers are reporting hiring will not mind seeing a little bit more that doesn’t go away. But if you are new workers, and 86 percent say they of him. are investing in plants and equipment. So I offer Brendan my sincere thanks borrowing money for the grocery store Many American communities revolve for a job very well done and wish him or for your apartment, that might be a around these manufacturing facilities. Godspeed for what lies ahead. bad thing. It will not last very long. Sadly, during the Obama years, they I suggest the absence of a quorum. You will do it for a month or two, and were among the most likely to be left The ACTING PRESIDENT pro tem- pretty soon the bank will come calling. behind by the so-called ‘‘recovery,’’ but pore. The clerk will call the roll. So there is a point at which debt is too now that is changing. Today, manufac- The legislative clerk proceeded to cumbersome, and there is too much of turing wages are growing at their fast- call the roll. it. est pace in 17 years. These are just a Mr. PAUL. Mr. President, I ask unan- Carmen Reinhart of the University of few signs of our Nation’s economic imous consent that the order for the Maryland and Kenneth Rogoff of Har- comeback under Republicans’ pro- quorum call be rescinded. vard did a study linking debt to eco- growth, pro-opportunity agenda. The ACTING PRESIDENT pro tem- nomic growth. They concluded that Remember, not one of our Demo- pore. Without objection, it is so or- when a country exceeds 90 percent of cratic colleagues voted with us to set dered. their GDP, when their debt is almost VerDate Sep 11 2014 00:49 May 18, 2018 Jkt 079060 PO 00000 Frm 00002 Fmt 4624 Sfmt 0634 E:\CR\FM\G17MY6.003 S17MYPT1 SSpencer on DSKBBXCHB2PROD with SENATE May 17, 2018 CONGRESSIONAL RECORD — SENATE S2737 equal to their GDP, economic growth will. As economic growth begins to So in the abstract, they are for a bal- begins to slow, and you lose probably 1 pick up, you are going to see an accel- anced budget. They are for a balanced to 2 points just because of the burden eration in interest rates. What happens budget amendment. They will all vote of the debt. This is all of the debt— at 5 percent? Can we even manage our for it. They will all come down here. I what the government owes to the pub- debt at 5 percent? think we had a unanimous vote a few lic at large and to themselves. They People have looked at what the inter- years ago. Republicans all voted for the said that when it exceeds 90 percent, it est will be, even saying interest rates balanced budget amendment. Just a is a problem.
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