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Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 107 CONGRESS, SECOND SESSION

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Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 107 CONGRESS, SECOND SESSION E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 107 CONGRESS, SECOND SESSION Vol. 148 WASHINGTON, THURSDAY, OCTOBER 17, 2002 No. 137—Part II Senate THE ECONOMY have kept that 60-vote requirement so see their constituents in California, as Mrs. BOXER. Mr. President, I under- we cannot completely destroy the I want to, or the Dakotas, where Sen- stand both leaders are now talking budget, which is what has been hap- ator CONRAD’s people are. about doing some important nomina- pening. The bottom line is, we said we would tions, and some of us are here to make As everyone in America knows, we stay until we got this done, and at sure that those happen. I will cease and went from a period of fiscal health least we got the Republicans to agree desist from speaking as soon as the under President Clinton to a position to do this through April. now where we are deep in debt. If we do leaders return and wish to conduct the This is what Federal Reserve Chair- not put some discipline back into our business of the Senate. In the mean- man Alan Greenspan said about the im- budget, it is only going to get worse. time, I thought it would be interesting portant rules we passed today: to sum up where we are and try to We also have retained, at least until focus some attention on this economy. April, a pay-as-you-go point of order so The budget enforcement rules are set to Today, the Senate did take a first that if, in fact, spending is increased in expire on September 30. Failing to preserve any way or the deficit goes up in any them would be a grave mistake . if we do step in addressing the economy, and not preserve the budget rules and reaffirm that is by trying to restore some dis- way, it can be offset, and that is very our commitment to fiscal responsibility, cipline to our budgetary process. important. years of hard effort could be squandered. Sadly, we had a holdup from the Re- Pay-as-you-go is something I have It is incredible to me that with that publican side which delayed us. As a been working on since my days in the kind of endorsement by Alan Green- matter of fact, the way we resolved it, House of Representatives, and it makes span—and all of us know how hard it as I understand it, is we did not extend a lot of sense. Most of our families these very important budget rules for a have to do that. If they decide, for ex- was to bring the budget into balance, year. We just did it until April. They ample, that they want to send their son to bring the deficit down, to start to have been extended until April, but at or daughter to an expensive college, reduce the national debt. It is incred- least we have some fiscal discipline they have to find extra money, they ible to me that our Republicans until April 15. have to figure out how they are going friends, who claim to be fiscal conserv- It amazes me that our friends on the to pay for it. All of America does it. We atives, were objecting to this. In fair- other side of the aisle talk about how ought to do it here. At least we were ness, we did have some of our friends conservative they are. They are cer- able to get that done through April 15. helping us get this through. There was tainly not very conservative when it I want to read what Alan Greenspan, an objection on that side of the aisle comes to balancing our budget and the Federal Reserve Chairman, has said that caused us not to be able to put the having some fiscal discipline. What we about the importance of putting this budget rules in place until April. were able to do today was to at least discipline back into our budget process. We did take the first step to restore reach an agreement until April 15 that First, I have to compliment Senator some kind of discipline to our budg- we will have a 60-vote requirement in CONRAD, who is the chairman of our eting which is necessary to see an eco- order to waive the points of order in Budget Committee, for leading us so nomic recovery. When we are out of the Senate if somebody wants to dip well, for fighting this battle and for control and we are losing control over into the Social Security trust fund, not giving up. It would have been very our budget, it carries over into the pri- tries to increase spending or increase easy for him to say, ‘‘forget about it,’’ vate sector. Eventually higher interest tax cuts, and completely abandon the and relent. People want to go home, rates will come about because there kind of fiscal discipline we need. So we they want to campaign, they want to will be a squeeze on lending. N O T I C E Effective January 1, 2003, the subscription price of the Congressional Record will be $434 per year or $217 for six months. Individual issues may be purchased for $6.00 per copy. Subscriptions in microfiche format will be $141 per year with single copies priced at $1.50. This price increase is necessary based upon the cost of printing and distribution. Michael F. DiMario, Public Printer ∑ This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. S10631 . VerDate Mar 15 2010 20:40 Jan 09, 2014 Jkt 081600 PO 00000 Frm 00001 Fmt 4624 Sfmt 8633 E:\2002SENATE\S17OC2.PT2 S17OC2 mmaher on DSKCGSP4G1 with SOCIALSECURITY S10632 CONGRESSIONAL RECORD — SENATE October 17, 2002 I will share some situations we are Retirement accounts are down, 401(k) higher interest costs for the govern- facing with the current economic situ- plans. Everyone—I have spoken to so ment. We have to borrow now to pay ation. We have many problems. This is many people—is afraid to open up their for the daily operations of the govern- just one of our problems. We are in a mail to see what has happened to their ment. We pay interest for that—bil- recession. We hope it will not be long 401(k)’s. They believe in this country. lions of dollars of interest that we can- term. We pray it will not be long term. We all know we will come back. But not spend investing in education, in- We know there are a lot of problems. right now it is a problem. vesting in our people, investing to Superimposed over all the economic If you are at retirement age right clean up our environment. Raiding So- problems is the fact that our workers now and you do not have the luxury to cial Security. are having to pay so much more for say, as a lot of people tell me, ‘‘Sen- We see record executive pay. That is their health insurance. By the way, ator, I will just work another 5 years,’’ not healthy for our country to have this goes for the small business people that is all well and good if you are that great disparity. I am all for suc- as well. healthy and can work another 5 years. cess. But I saw this runaway corporate From my family experience, we have But what is the ramification of that? irresponsibility in my State perhaps seen in small businesses the cost of Not only are you delaying this time of before others, a little company called health insurance rising enormously, your life you wanted to enjoy your Enron. Finally we are getting justice. and good employers who want to pay family, perhaps take a trip, you are Today we have the first news of a the premiums are looking at disastrous staying in the job market. That means guilty plea of a fellow very high up in increases in the cost of health care for younger people do not have the oppor- the chain. What did he admit to? Cre- their employees. Family coverage has tunity to move in. There are a lot of ating these scams to defraud the peo- risen 16 percent and single coverage ramifications when we see the stock ple, making phony electricity short- has risen 27 percent in the year 2002. If market down and the retirement ac- ages. He admitted to conspiracy, wire you have a good economy and jobs are counts down. That may not hit you at fraud. The bottom line is, names will plentiful, you can absorb this hit, but first glance. be named. These people receive record if you are seeing a recession, maybe Consumer confidence is down. The your job is not secure, maybe you are executive pay. minimum wage, when you take infla- A stagnating minimum wage. I see working fewer hours, you surely have a tion into account, is way down. On the my friend from Massachusetts, who has problem when you look at your nest other side of the aisle, my Republican egg, which is another problem we are been a lion on this point. Every day he friends do not want to raise the min- facing in terms of investments for re- is here, calling for our friends on the tirement. These increases are hurting imum wage.
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