3570 CONGRESSIONAL RECORD—SENATE, Vol. 154, Pt. 3 March 10, 2008 SENATE—Monday, March 10, 2008 The Senate met at 2 p.m. and was SCHEDULE opportunities to offer amendments. called to order by the Honorable JIM Mr. REID. Mr. President, following Until the Chair rules that it is a dila- WEBB, a Senator from the Common- my remarks and those of the Repub- tory tactic, that can go on for a long wealth of Virginia. lican leader, the Senate will be in a pe- period of time. I have explained to the Republican riod of morning business until 3 p.m. PRAYER leader—we talked at some length on Senators will be allowed to speak for one occasion on the telephone—that we The Chaplain, Dr. Barry C. Black, of- up to 10 minutes each, with the time fered the following prayer: are going to finish this bill this week. equally divided and controlled between The question is, we would like to do it Let us pray. the two leaders or their designees. Fol- Eternal God, as we begin another on Thursday. It is my understanding lowing morning business, the Senate that all the Presidentials will be here workweek, humble us under Your will proceed to consideration of the on Thursday. They will be here on Fri- mighty hand, that in due time You concurrent resolution on the budget. day if we don’t finish this bill on may exalt us. There will be no rollcall votes today. Thursday. They will be here on Satur- As our lawmakers grapple with to- f day if we don’t finish the bill on Fri- day’s challenges, give them the humil- day. I hope we can work toward fin- ity to cast their cares on You, for You MEASURE PLACED ON THE ishing this bill sometime Thursday. It possess great love for them. Remind CALENDAR—S. 2734 is my recollection that we did it last them that You sustain the universe by Mr. REID. Mr. President, S. 2734 is at year on Thursday. That is what we are Your providential power and that noth- the desk and due for its second reading. facing. As a result, we will work to see ing is too difficult for You to accom- The ACTING PRESIDENT pro tem- if we can have a process that is fair and plish. Let not their hearts be troubled pore. The clerk will read the bill by gives people the opportunity to offer by overwhelming obstacles, but may title for the second time. the amendments they believe are im- they run with patience the race that is The assistant legislative clerk read portant. set before them. Inspire their thinking, as follows: There are a number of issues we strengthen their resolve, and give them A bill (S. 2734) to aid families and neigh- know. I think Senators GREGG and success in their efforts. borhoods facing home foreclosure and ad- CONRAD will agree there are probably We pray in the Name of Him who is dress the subprime mortgage crisis. four main issues that are going to be the author and finisher of our faith. Mr. REID. I object to any further extremely controversial in the budget Amen. proceedings with respect to this bill at this year. We will work toward having f this time. a time that we can complete that. This week marks the 75th anniver- The ACTING PRESIDENT pro tem- PLEDGE OF ALLEGIANCE sary of President Franklin Roosevelt’s pore. Objection is heard. first fireside chat. In his first fireside The Honorable JIM WEBB led the The bill will be placed on the cal- chat on March 12, 1933, President Roo- Pledge of Allegiance, as follows: endar. I pledge allegiance to the Flag of the sevelt reassured the American people f United States of America, and to the Repub- that despite the fear and uncertainty lic for which it stands, one nation under God, BUDGET DEBATE of a banking crisis and a deeply trou- indivisible, with liberty and justice for all. bled economy, working people—or, in Mr. REID. Mr. President, in an hour his words, ‘‘average citizens’’—would f we are starting the budget. Under the be just fine. APPOINTMENT OF ACTING law that governs what we do, there is He said: PRESIDENT PRO TEMPORE 50 hours of debate on this matter. It is You . must have faith; you must not be one of the few items in the Senate that stampeded by rumors or guesses. The PRESIDING OFFICER. The has a time certain. The good news is Let us unite in banishing fear. We have clerk will please read a communication that we have Senators CONRAD and provided the machinery to restore our finan- to the Senate from the President pro cial system, and it is up to you to support GREGG who will be managing this. and make it work. It is your problem, my tempore (Mr. BYRD). They are two experts on money within The legislative clerk read the fol- friends, your problem no less than mine. To- this body. They work extremely well gether we cannot fail. lowing letter: together. They disagree on a number of U.S. SENATE, President Roosevelt was right. With issues in the budget, but they approach President Roosevelt’s leadership and PRESIDENT PRO TEMPORE, it in a gentlemanly fashion. They are, Washington, DC, March 10, 2008. the grit and determination of the To the Senate: in my estimation, two of the finest American people, our country not only Under the provisions of rule I, paragraph 3, Senators this body has ever had. As far survived the Great Depression but em- of the Standing Rules of the Senate, I hereby as matters relating to money, they are, braced a new era of prosperity. That appoint the Honorable JIM WEBB, a Senator in my years of service here in the Sen- success was due in no small part to from the Commonwealth of Virginia, to per- ate, really outstanding. They are President Roosevelt’s understanding form the duties of the Chair. friends. They are adversaries. They do that working Americans built our ROBERT C. BYRD, it in a way that should make the Sen- President pro tempore. country and working Americans were ate and the country proud. That is the critical to our continued prosperity. Mr. WEBB thereupon assumed the good news. Seven years ago, President George chair as Acting President pro tempore. The bad news is that other than the Bush inherited a budget surplus for the f time limit on this budget, there are a year of more than $200 billion, the re- lot of changes we talk about needing to sult of a responsible Clinton adminis- RECOGNITION OF THE MAJORITY make, and we have for years, but we tration economic policy. These sur- LEADER haven’t made them, which means we pluses were projected to continue for The ACTING PRESIDENT pro tem- come to a point where we have what is the foreseeable future. pore. The majority leader is recog- called the vote-athon, which means Now 7 years into the Bush adminis- nized. Senators have an unlimited number of tration, we find that tax breaks for big ● This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. VerDate Mar 15 2010 08:20 Oct 21, 2010 Jkt 069102 PO 00000 Frm 00001 Fmt 0686 Sfmt 0634 E:\BR08\S10MR8.000 S10MR8 rmajette on DSK29S0YB1PROD with BOUND RECORD March 10, 2008 CONGRESSIONAL RECORD—SENATE, Vol. 154, Pt. 3 3571 business and the superwealthy have erosity for those doing the best, one tion’s deep cuts in Medicare and Med- combined with $12 billion per month would think the President would take icaid and will expand health care cov- war in Iraq and cuts to investments in care of those struggling the most. But erage for children. It would make our workforce and infrastructure to that is not the case. America safer by embracing our troops create a budget deficit of more than On the housing crisis, for example, and veterans and rejecting the admin- $400 billion and a national debt that the proposal we have put forward calls istration’s plan to underfund antiter- has grown by $3 trillion. The result: an for five simple things. Transparency—if rorism and anticrime initiatives. economy that is failing millions of you are going to buy a home, have it so In stark contrast to the President’s American families. that people understand the terms of continued fiscal irresponsibility, our President Bush said last week that the deal. It is very simple. JACK REED budget would restore fiscal discipline. he doesn’t believe America is headed pushed that. CDBG money to go to It would maintain strong pay-as-you- toward a recession. You have to hunt local governments to buy foreclosed go rules, which were in effect in the hard to find an economist who would properties. Local governments are cry- Clinton years, which really worked. agree with him. The question is no ing for these moneys. Revenue bonds The budget would be fully balanced in longer are we headed for a recession would allow the law to be changed. In- 3 years. but how long and how deep it will be. stead of revenue bonds to buy new Our bipartisan budget sets a path to- For the second month in a row, the homes, you could buy foreclosed or ward a stronger economic future. We American economy lost jobs—22,000 in used homes. And then the loss can make it even stronger by passing January, 63,000 in February.