Senate Session 2011 - 06 - 30 - 12 - 44 - 54 - 13 - 47 - 59

OUR FAMILIES, FOR OUR SMALL BUSINESSES -- OUR BUSINESSES AND FOR JOB CREATION. A SENATOR: MADAM PRESIDENT? THE SENATOR FROM MASSACHUSETTS. THANK YOU, MADAM PRESIDENT. AND THANK YOU, SENATOR KYL, FOR HIS HE WILL SKPWAOEFPBT ON ISSUES -- FOR HIS ELOQUENT SPEECH ON ISSUES OF THE DAY THAT ARE OBVIOUSLY VERY SERIOUS TO THE AMERICAN PEOPLE. I ASK UNANIMOUS CONSENT TO PUT INTO THE RECORD THE ARTICLE FROM THE "WALL REFERRED. STREET JOURNAL" TO WHICH I WITHOUT OBJECTION. I'M HERE TO SPEAK TODAY ON A COUPLE OF ISSUES. FIRST, THE ASSET FORFEITURE ACT OF 2011, AN ACT THAT I HAVE FILED AND WILL SPEAK UPON IN A MOMENT. BEFORE I DO, I WANT TO JUST THANK AND ASK TO SPEAK AS IF WE'RE IN MORNING BUSINESS. I WANT TO COMMENT ON SECRETARY GATES' LAST DAY. THANK YOU. I WAS JUST OVER AT THE PENTAGON DOING SOME WORK AND NOTED THAT HE WAS BEING HONORED THERE TODAY. AND I WANT TO THANK HIM FOR HIS DEDICATION AND SERVICE TO OUR COUNTRY. HE LEAVES BEHIND AN INCREDIBLE RECORD OF SERVICE. OUR MILITARY AND HIS TPAEUPLS, WHILE STRAINED -- FAMILIES, WHILE STRAINED HAVE NEVER BEEN MORE PREPARED TO FIGHT AND WIN IN TODAY'S CONFLICT. I'VE GAINED AN ENORMOUS LEVEL OF RESPECT FOR HIS TIRELESS LEADERSHIP AND COMMITTED RESOLVE ON BEHALF OF OUR MEN AND WOMEN IN UNIFORM AND THEIR FAMILIES. SO, MR. SECRETARY, THANK YOU FOR YOUR INCREDIBLE SERVICE TO THIS NATION, AND YOU'VE MADE US ALL VERY, VERY PROUD. ALSO, MADAM PRESIDENT, TODAY ONE OF OUR FINEST OFFICERS OUR NATION HAS EVER PRODUCED, GENERAL DAVID PETRAEUS, LEAVES BEHIND A DISTINGUISHED RECORD OF MILITARY SERVICE AND MOVES ON TO A NEW JOB. THE WEALTH OF HIS EXPERIENCE AND THE EXPERIENCE HE BRINGS TO THIS CRITICAL POST WILL BE INVALUABLE AS HE AND OTHER DEDICATED PUBLIC SERVANTS AT THE AGENCY WORK TO KEEP OUR NATION SAFE FROM HARM. I HAVE THE UTMOST FAITH IN HIS LEADERSHIP AND LOOK FORWARD TO THE CONTRIBUTIONS HE WILL MAKE COUNTRY. TO THE AGENCY AND TO OUR NOW, MADAM PRESIDENT, GETTING BACK TO WHAT I WAS HERE TO SPEAK WITH YOU ABOUT, AND OTHERS, I RISE TO SPEAK ABOUT OVERREGULATION, SOMETHING THAT'S REALLY PUTTING A WET BLANKET ON MANY BUSINESSES THROUGHOUT OUR COUNTRY AND ESPECIALLY IN MASSACHUSETTS. AND THAT'S WHY I'M INTRODUCING A BILL TO REFORM THE NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION, OR NOAA'S ASSET FORFEITURE FUND. THE FUND IS AUTHORIZED BY THE MAGNUSON FISHERIES CONSERVATION ACT AND ALLOWS NOAA TO RETAIN FINES AND PENALTIES FOR LEGITIMATE ENFORCEMENT PURPOSES. AND AS THE DEPARTMENT OF COMMERCE INSPECTOR GENERAL'S EXCELLENT WORK REVEALED, NOAA HAS MISMANAGED THAT FUND FOR MANY YEARS, WASTING TAXPAYER FUNDS ON EXORBITANT FOREIGN TRAVEL, UNAUTHORIZED PURCHASE OF VEHICLES. AS A MATTER OF FACT, THEY HAVE MORE -- THEY PURCHASE MORE EMPLOYEES. VEHICLES THAN THEY ACTUALLY HAVE SO THAT SPEAKS FOR ITSELF. THEY ALSO PURCHASED A $300,000 LUXURY BOAT WITH THE FUNDS COLLECTED IN THAT FORFEITURE FUND. THE REASON I'M STANDING ON THE FLOOR TODAY IS BECAUSE THE WAY THE FUND HAS BEEN IMPLEMENTED HAS ACTUALLY CORRUPTED THE RELATIONSHIP BETWEEN THE FISHERMEN AND THE REGULATORS. THE FISHERMEN HAVE COMPLAINED FOR YEARS ABOUT THE ARBITRARY FINES, OVERZEALOUS ENFORCEMENT AND VIOLATION OF THEIR DUE PROCESS RIGHTS WHEN IT COMES TO DEALING WITH NOAA. AFTER DECADES OF SUCH COMPLAINTS MOSTLY IN THE NORTHEAST, THE DEPARTMENT OF COMMERCE APPOINTED A DISTINGUISHED RETIRED JUDGE TO SERVE AS A SPECIAL MASTER IN INVESTIGATE -- AND INVESTIGATE FORMAT ACTIONS AND ABUSE BY NOAA. IN ONE CASE, MADAM PRESIDENT, A NEW BEDFORD, MASSACHUSETTS, FISHERMAN LOST HIS LIVELIHOOD AND A FARM THAT HAD BEEN IN THE FAMILY SINCE THE 1640'S, FORCED TO SELL IT DUE TO THE PUNITIVE NOAA PENALTIES. THE COMMERCE DEPARTMENT CONCLUDED THE PERVERSE INCENTIVE TO FILL THE ASSET FORFEITURE FUND WITH FUNDS WAS THE MOTIVATING FACTOR IN HOW NOAA HANDLED TKHAEUS. A GENTLEMAN -- THAT CASE. A GENTLEMAN NAMED LARRY LECUBA GOT NOT ONLY A CHECK BUT APOLOGY ABUSES. FROM WASHINGTON BECAUSE OF THOSE HE WILL NEVER GET HIS HOME BACK. MY ROLE AS RANKING MEMBER OF THE FEDERAL FINANCIAL MANAGER ALONG WITH TOM CARPER OF DELAWARE, WE HELD A FIELD HEARING IN BOSTON ON JUNE 20 TO IDENTIFY A LOT OF THESE LONG-STANDING PROBLEMS AND IDENTIFY THE PROBLEMS WITH THE ASSET FORFEITURE FUND ITSELF. UNFORTUNATELY, THE HEARING REVEALED THAT WHILE NOAA HAS INSTITUTED SOME REFORMS TO ITS MANAGEMENT OF THE FUND, INCLUDING AUDITING THE FUND FOR THE FIRST TIME IN NEARLY FOUR DECADES, IT STILL INTENDS TO UTILIZE THE SEIZED ASSETS OF FISHERMEN TO PAY FOR FOREIGN TRAVEL, WHICH I FEEL IS COMPLETELY INAPPROPRIATE. THE YEARS OF NOAA'S MISMANAGEMENT AND ABUSE OF THE ASSET FORFEITURE FUND HAVE BRED MISTRUST AMONG THE FISHERMEN AND FEDERAL OFFICIALS AND CAN ONLY BE BROKEN BY REMOVING THE FUND FOR NOAA. IT IS FOR THESE REASONS I'M INTRODUCING THE ASIT FORFEITURE ACT OF 2011 WHICH WILL HOPEFULLY END A SAD CHAPTER OF FINANCIAL MISMANAGEMENT BY THIS AGENCY AND REPLACING THE EXISTING FUNDS WITH A NEW FISHERIES INVESTMENT FUND AND THE FUNDS WILL BE KEPT AT THE TREASURY DEPARTMENT FOR THE BENEFIT OF REGIONAL COUNSELS IN NOAA. THE FUND WILL BE AUDITED FOR THE NEXT FEW YEARS. THE FISHING INVESTMENT FUND WILL DIRECT MONEYS FROM THOSE FISHERMEN WHO BREAK THE RULES TOWARDS ASSISTING FISHERMEN WITH THE EVER-GROWING COST OF REGULATORY COMPLIANCE AND TO REIMBURSE THE LEGAL FEES INCURRED BY FISHERMEN WHOSE FINES WERE ACTUALLY REMITTED BY THE RECOMMENDATION OF THE SPECIAL MASTER. CURRENTLY APPROPRIATED FUNDS ASSIST FISHERMEN WITH THE COST OF COMPLIANCE, BUT IN THESE DIFFICULT FISCAL TIMES, THIS FUNDING IS ACTUALLY AT RISK. SO, MADAM PRESIDENT, THIS LEGISLATION WOULD ALLOW A MORE RELIABLE SOURCE OF FUNDS TO OFFSET THE INCREASING COST OF COMPLIANCE WHILE ALLOWING THE FISHING COUNCILS TO HAVE THE FLEXIBILITY TO ACTUALLY ADDRESS OTHER PRIORITIES SUCH AS PREPARING FISHING IMPACT STATEMENTS AND ADDRESSING OTHER PRIORITIES TO REBUILD OR MAINTAIN THE FISHERIES AND THE FISHING STOCKS. AS I HAVE ALWAYS SAID SINCE I GOT ELECTED AND INVOLVED IN THIS ISSUE, ALL THE FISHERMEN WANT IS TO HAVE A LEVEL PLAYING FIELD AND THE ASSURANCES THAT THOSE CAUGHT. WHO BREAK THE RULES WILL BE AND THEY'LL BE FINED AND FINED APPROPRIATELY. THAT'S WHY I HAVE MAINTAINED FUNDING FOR NOAA'S LEGITIMATE LAW ENFORCEMENT RESPONSIBILITIES. HOWEVER, IN THE END, MADAM PRESIDENT, WE SHOULD BE FOCUSED, QUITE FRANKLY, IN THIS CHAMBER ON BETTERING THE ECONOMIC SECURITY AND ABILITY OF THE AMERICAN PEOPLE TO MAKE AN HONEST LIVING. THIS BILL WILL BRING BACK JOBS TO THE HARDWORKING MEN AND WOMEN OF THE AMERICAN FISHING INDUSTRY WHILE RESTORING THEIR TRUST IN GOVERNMENT. IT'S THE RIGHT THING TO DO. AND ON A SIDE NOTE, MADAM PRESIDENT, I'M HOPEFUL THAT WE WILL CONTINUE TO WORK TOGETHER AND TRY TO GET THROUGH A LOT OF THESE FISCAL CHALLENGES THAT WE HAVE. I, FOR ONE, ALONG WITH MANY OTHERS STILL LOOK FORWARD TO FINDING COMMON SOLUTIONS TO MOVE OUR COUNTRY FORWARD AND STEP BACK FROM THAT FINANCIAL PRECIPICE WE'RE APPROACHING. SO I WANT TO THANK YOU, MADAM PRESIDENT, AND I DO NOTE THE ABSENCE OF A QUORUM. I ASK UNANIMOUS CONSENT THAT TIME DURING THE QUORUM CALL BE CHARGED EQUALLY TO BOTH SIDES. A SENATOR: WOULD THE GENTLEMAN WITHHOLD THAT REQUEST OF ABSENCE OF A QUORUM? I'M SORRY. DIDN'T EVEN SEE YOU THERE. I'M SORRY. IS THERE OBJECTION TO THE SENATOR'S UNANIMOUS CONSENT REQUEST? I OBJECT ONLY FOR PURPOSES OF KEEPING THE QUORUM. I DON'T HAVE TO DO IT -- I WITHDRAW MY OBJECTION. WITHOUT OBJECTION, SO MOVED. THANK YOU, MADAM PRESIDENT. THE SENATOR FROM MARYLAND. THANK YOU VERY MUCH. BE ABLE TO SPEAK AS IF IN I ASK UNANIMOUS CONSENT THAT I MORNING BUSINESS. WITHOUT OBJECTION. MADAM PRESIDENT, I TAKE THIS TIME TO TALK ABOUT THE BUDGET ISSUES AND THE DEBT APPROACHING. CEILING THAT IS FASTLY IT IS A VERY SERIOUS ISSUE. IT'S A MATTER WE NEED TO DEAL WITH. I START BY FIRST SAYING CONTINUING'S IMPORTANT TO KNOW -- BY SAYING CONTINUING'S HERE. IMPORTANT TO KNOW HOW WE GOT WE DON'T WANT TO REPEAT THE MISTAKES WE MADE IN THE PAST. IT WAS TEN YEARS AGO WE HAD NOT ONLY A BALANCED BUDGET, WE HAD A BUDGET THAT LOOKED LIKE WE WOULD PAY OFF ALL OF OUR PRIVATELY HELD DEBT. I WAS PART OF THE CONGRESS THAT MOVED US TOWARDS THAT BALANCED BUDGET AND SURPLUS. IT WAS THE DEMOCRATS WHO WERE PREPARED TO DO WHAT WAS NECESSARY TPO BALANCE THE FEDERAL BUDGET IN THE 1990'S, AND WE GOT THERE. WE DIDN'T HAVE A SINGLE VOTE FROM A REPUBLICAN, BUT WE BALANCED THE BUDGET. WE DID IT; IT WAS NOT EASY, BUT IT WAS THE RIGHT THING TO DO FOR OUR ECONOMY. AS A RESULT, OUR ECONOMY PICKED UP AND WE DID EXTREMELY WELL. WE ALSO KNOW THAT THE PREVIOUS ADMINISTRATION CUT TAXES TWICE FROM 2001 AND 2003. WE ALSO WENT TO WAR IN IRAQ, A WAR THAT WAS ONE BY CHOICE. AFGHANISTAN. WE ALSO WENT TO WAR IN DIDN'T PAY FOR EITHER ONE OF THOSE WARS. IT WAS THESE UNPAID-FOR WARS AND THESE TAX POLICIES THAT LED US FROM A SURPLUS TO A DEFICIT. OUR ECONOMY THEN TURNED, AND WE NOW HAVE THESE LARGE DEFICITS. I SAY THAT BECAUSE WE NEED TO PAY ATTENTION TO HOW WE GOT HERE TO MAKE SURE THAT WE HAVE A CREDIBLE PLAN TO GET US OUT OF THIS DEFICIT. I THINK IT'S VERY IMPORTANT THAT THIS COUNTRY MOVE TOWARDS A MANAGEABLE DEBT. IT'S VERY IMPORTANT FOR OUR ECONOMY AND FOR JOB GROWTH THAT IT DOWN. WE MANAGE OUR DEFICIT AND BRING SO LET ME JUST GIVE YOU WHAT I THINK NEEDS TO BE DONE IN ANY PLAN THAT IS PRESENTED TO US FOR CONSIDERATION. I THINK WE ALL -- I HOPE WE ALL AGREE THAT WE NEED TO RAISE THE DEBT CEILING BECAUSE THAT'S AFTER THE FACT. WE'VE ALREADY SPENT THE MONEY, NOW WE'VE GOT TO PAY THE BILLS. BUT WE ALSO WOULD LIKE TO SEE A CONTROL. PLAN TO BRING OUR DEFICIT UNDER TO DO THAT, WE HAVE TO HAVE A CREDIBLE PLAN, ONE THAT REALLY DOES BRING US WITHIN THE REALM OF A MANAGEABLE DEFICIT. SECONDLY, IT'S GOT TO BE FAIR. I NOTICE THAT MY REPUBLICAN FRIENDS ASKED OUR CHILDREN TO GIVE UP SOME OF THEIR HELP IN COLLEGE EDUCATION AND THEY WANT TO CUT HEAD START PROGRAM AND WANT OUR SENIORS TO PAY MORE IN HEALTH CARE. BUT HOW ABOUT WELL-OFF? PLAN? SHOULDN'T THEY BE PART OF THE I CAN WE HAVE TO HAVE -- I THINK WE HAVE TO HAVE A FAIR PLAN IN ORDER TO ACCOMPLISH OUR GOALS. THIRD, WE NEED TO ALLOW OUR NATION TO MOVE FORWARD WITH ECONOMIC GROWTH. JOBS ARE CRITICALLY IMPORTANT TO DEALING WITH THE DEFICIT. AS WE CREATE MORE JOBS, WE HELP OUR ECONOMY GROW. BALANCE. IT BRINGS OUR BUDGET BETTER INTO SO I'M FOR A CREDIBLE PLAN. TO ME, A CREDIBLE PLAN NEEDS TO GET THE JOB DONE, NEEDS TO BE FAIR INCLUDING ALL ELEMENTS OF GOVERNMENT SPENDING, INCLUDING TAX EXPENDITURES. AND IT HAS TO ALLOW FOR ECONOMIC GROWTH. SO IF WE'RE TO GET THE JOB DONE, MADAM PRESIDENT, WE'VE GOT TO BRING DOWN SPENDING. WE ALL ACKNOWLEDGE THAT. WE'VE GOT TO BRING DOWN SPENDING ON THE DOMESTIC SIDE AND THE NATIONAL SECURITY SIDE. WE CAN DO BETTER IN BRINGING OUR TROOPS HOME FROM AFGHANISTAN AND SAVE MILITARY DOLLARS. THERE'S THINGS THAT WE CAN DO TO BRING DOWN SPENDING, AND WE NEED TO DO THAT. BUT WE ALSO HAVE TO DEAL WITH THE REVENUE SIDE. AND THE REVENUE SIDE, QUITE FRANKLY, YOU CAN'T GET THE JOB DONE WITHOUT DEALING WITH THE TAX LOOPHOLES AND SHELTERS THAT WE HAVE IN THE TAX CODE. AND I AM CONCERNED THAT THE REPUBLICAN LEADER SAID WE COULDN'T CONSIDER ANY REVENUE. WELL, I HOPE -- AND I KNOW I'VE HEARD FROM A LOT OF MY REPUBLICAN COLLEAGUES THAT THEY DISAGREE WITH THAT -- WE NEED TO INCLUDE REVENUES IN A CREDIBLE PLAN. IT CAN'T GET DONE, CAN'T MANAGE THE DEFICIT WITHOUT CLOSING THOSE LOOPHOLES, WITHOUT ELIMINATING THOSE SHELTERS. YESTERDAY, MADAM PRESIDENT, I TALKED ABOUT ONE OF THOSE SHELTERS. I TALKED ABOUT THE ETHANOL SUBSIDY. IT'S ABOUT $3 BILLION WE CAN SAVE IF WE ACT FAST ENOUGH. THE ETHANOL SUBSIDIES ARE NOT NEEDED. THE MARKET'S THERE. ECONOMY. WE'RE DAMAGING, IT'S HURTING OUR I HAVE THE HONOR OF REPRESENTING THE PEOPLE OF MARYLAND IN THE DEL MARVA PENINSULA. THE POULTRY INDUSTRY IS SUFFERING BECAUSE OF THE ETHANOL POLICY OF THIS COUNTRY. IT'S COSTING THEM MORE TO PRODUCE POULTRY, MAKING THE INDUSTRY LESS COMPETITIVE. WE CAN SAVE AND CREATE JOBS BY ELIMINATING THE ETHANOL SUBSIDY WHICH WILL HELP US IN BALANCING THE BUDGET. BUT TODAY I WANT TO TALK ABOUT ANOTHER ONE OF THESE TAX SHELTERS AND LOOPHOLES THAT WE COULD DEAL WITH, AND THAT IS THE SECTION 199 TAX BREAKS THAT ARE USED BY THE OIL AND GAS INDUSTRY. VERY INTERESTING, MADAM PRESIDENT, WE'VE SEEN GASOLINE PRICES RISE. WE'VE SEEN THE NEGATIVE IMPACT OF THOSE GASOLINE PRICES ON OUR ECONOMY. BUT GUESS WHO'S BENEFITED FROM THE INCREASE IN THE GASOLINE PRICE STPH-S YOU'RE RIGHT, IT'S THE OIL AND GAS INDUSTRY. THEIR PROFITS ARE UP AS OUR ECONOMY HAS BEEN SUFFERING. IN THE FIRST THREE MONTHS OF THIS YEAR, THE GAS AND OIL INDUSTRIES, THE FIVE LARGEST COMPANIES, HAD PROFITS, RECORD PROFITS OF $35.8 BILLION. IN THE FIRST THREE MONTHS OF THIS YEAR. SECTION 199 SUBSIDIES THESE AMOUNT TO $5 BILLION. WE'RE PROJECTING THAT PROFIT BY $4 BILLION OF TAXPAYER CONTRIBUTION. IT'S NOT NEEDED. THESE FUNDS COULD BE USED TO HELP REDUCE OUR DEFICIT. THE WORST PART ABOUT IT IS THAT THE SECTION 199 CAME ABOUT AS A RESULT OF OUR FOREIGN SALES ACT. WHAT WAS THAT ABOUT? WE WANTED TO PUT AMERICAN MANUFACTURERS AND PRODUCERS ON A LEVEL PLAYING FIELD ON INTERNATIONAL COMPETITION. WE TRIED TO DO THAT WITH A DIRECT SUBSIDY TO HELP EXPORT BUT THE WORLD TRADE ORGANIZATION HELD THAT TO BE ILLEGAL. THEN WE CAME BACK WITH THIS GENERAL MANUFACTURER'S CREDIT, SECTION 199, TO TRY TO HELP OUR EXPORTERS. THE GAS AND OIL INDUSTRY ARE NOT EXPORTING A PRODUCT. THEY SHOULD NEVER HAVE QUALIFIED FOR THIS $4 BILLION OF TAXPAYER SUBSIDY. I ASKED THAT QUESTION IN THE SENATE FINANCE COMMITTEE WHEN WE HAD THE C.E.O.'S BEFORE US. NOT ONE COULD JUSTIFY THE FAIRNESS OF THIS SUBSIDY GOING TO THE OIL AND GAS INDUSTRY. THEIR ONLY ANSWER WAS, WELL, EVERYBODY ELSE IS GETTING IT. WELL, MR. PRESIDENT, WE NEED TO REDUCE UNNECESSARY GOVERNMENT SPENDING, WHETHER IT'S IN THE APPROPRIATIONS SIDE OR THE TAX EXPENDITURE SIDE. IN THE OIL AND GAS INDUSTRY, THIS IS $4 BILLION THAT CAN HELP US BALANCE THE BUDGET. NOW, THE MINORITY LEADER SAYS WE CAN'T EVEN CONSIDER THAT. HE SAID WE CAN'T CONSIDER ANY OF THE REVENUES. WELL, TO ME, IT'S -- IT'S NOT A FAIR PROPOSAL, NOT A CREDIBLE PROPOSAL UNLESS WE TELL OUR MOST WEALTHY AND THOSE COMPANIES THAT DON'T NEED THE SUBSIDIES THAT THEY'RE GOING TO BE PART OF THE PLAN TO BRING OUR BUDGET INTO BALANCE. THERE ARE MANY MORE PROVISIONS IN THE TAX CODE THAT WE CAN LOOK AT, THAT WE CAN GET THE SAVINGS. I JUST MENTIONED TWO. YOU'RE GOING TO HAVE A CREDIBLE PLAN THAT'S GOING TO ALLOW US FOR ECONOMIC GROWTH, THAT WILL ALLOW US TO CREATE JOBS, AND THE BEST WAY TO DEAL WITH THE DEFICIT IS TO CREATE MORE JOBS, APPROACH. THEN YOU HAVE TO HAVE A FAIR I WOULD URGE MY COLLEAGUES THAT LET'S GET TOGETHER ON THIS. LOOK, MR. PRESIDENT, I UNDERSTAND IT'S NOT GOING TO BE THE BUDGET THAT THE DEMOCRATS WANT, BUT IT'S NOT GOING TO BE THE BUDGET THAT THE HOUSE REPUBLICANS WANT EITHER. WE HAVE GOT TO WORK TOGETHER, DEMOCRATS AND REPUBLICANS. GROUND. I THINK WE CAN FIND A COMMON EARLIER THIS YEAR, I THINK 62 SENATORS SIGNED A LETTER SAYING LET'S USE THE FRAMEWORK OF THE DEBT COMMISSION. SO I THINK THERE WAS THAT -- THAT -- THAT WILLINGNESS. LET'S GET BACK TO THAT. LET'S GET THE DEMOCRATS AND REPUBLICANS WORKING TOGETHER IN TRUE COMPROMISE. PRINCIPLES. WE DON'T HAVE TO COMPROMISE OUR WE CAN GET THE JOB DONE. AND THE JOB MEANS LET'S GET OUR DEBT IN A MANAGEABLE STATE. LET'S DO IT IN A WAY THAT'S FAIR TO THE -- SO THE WELL OFF ALSO ARE PART OF THE SOLUTION THAT INCLUDES REVENUES. LET'S DO IT IN A WAY THAT ALLOWS AMERICA TO DO WHAT PRESIDENT OBAMA SAID, OUTEDUCATE, OUT INNOVATE AND OUTBUILD OUR COMPETITORS SO THAT WE CAN CREATE THE JOBS THAT WILL NOT ONLY HELP US BALANCE OUR BUDGET BUT WILL KEEP AMERICA'S PROSPERITY. THAT'S OUR CHARGE, THAT'S WHAT WE NEED TO DO. LET'S GET ON WITH THE WORK. WITH THAT, MR. PRESIDENT, I WOULD YIELD THE FLOOR. A SENATOR: MR. PRESIDENT? THE SENATOR FROM TEXAS. MR. PRESIDENT, BEFORE I START MY REMARKS, I WOULD LIKE TO SAY THAT IN ABOUT AN HOUR, WE WILL START VOTING ON THE NOMINATION OF SENATOR -- EXCUSE ME, GENERAL PETRAEUS TO LEAD THE C.I.A. AND I AM GOING TO ENTHUSIASTICALLY SUPPORT THAT NOMINATION BECAUSE I DO THINK THAT GENERAL PETRAEUS HAS SHOWN THE KIND OF MILITARY LEADERSHIP THAT MAKES OUR COUNTRY PROUD. HE HAS COME IN AT SOME OF THE AFGHANISTAN. HARDEST TIMES, IN BOTH IRAQ AND I HAVE MET WITH HIM IN IRAQ TO SEE EXACTLY WHAT HE WAS DOING, HOW HE WAS IMPLEMENTING HIS COUNTERINSURGENCY PROPOSALS, AND I THINK HE IS A GIFTED LEADER. I ALSO BELIEVE THAT IN THIS WAR THAT WE ARE IN, THE WAR AGAINST TERRORISTS, THE C.I.A. AND THE MILITARY HAVE SUCH A NECESSARY LINK, AND IN MANY WAYS THE -- THEY ARE CODEPENDENT FOR THE INFORMATION, FOR THE CAPABILITIES THAT EACH UNIQUELY HAS. SO I THINK THAT HE WILL DO THE SAME GREAT JOB THAT HE HAS DONE IN PUBLIC SERVICE IN A DIFFERENT ARENA BUT ONE THAT HAS BECOME MUCH MORE CLOSELY LINKED TO THE MILITARY FOR SURE, AND I WILL SUPPORT HIS NOMINATION. MR. PRESIDENT, TODAY SO MANY PEOPLE HAVE BEEN TALKING ABOUT THIS DEBT CEILING ISSUE, WHICH SHOULD BE WHAT WE'RE TALKING ABOUT, BECAUSE WE HAVE PERHAPS AS MUCH AS TWO MONTHS. WE'RE NOT EXACTLY CLEAR WHEN WE'RE GOING TO REACH THAT OVER OVER $14 TRILLION DEBT CEILING, BUT THIS IS THE MOST SERIOUS ISSUE FACING CONGRESS AND THE PRESIDENT TODAY, AND WE REALLY SHOULDN'T BE DOING ANYTHING ELSE EXCEPT TALKING ABOUT HOW WE ARE GOING TO BRIDGE THIS GAP THAT WOULD ALLOW US TO GO FORWARD WITH SIGNIFICANT REFORMS. I WILL NOT VOTE TO RAISE THE DEBT CEILING IF THERE ARE NOT SIGNIFICANT REFORMS THAT ASSURE THAT WE WON'T HAVE TO DO IT AGAIN, THAT WE WILL BEGIN TO BRING DOWN THE DEFICIT THAT IS CAUSING THIS HUGE DEBT TO ACCUMULATE, SO I AM LOOKING FOR THE LEADERS THAT ARE MEETING IN THE DIFFERENT MEETINGS AND I'M PRIVY TO SOME OF THOSE, I THINK IT IS ESSENTIAL THAT WE COME TO AN AGREEMENT SO THAT WE SEND A MESSAGE. PEOPLE HAVE TALKED ABOUT THE MESSAGE THAT WOULD BE SENT TO THE WORLD IF THE DEBT CEILING ISN'T LIFTED. I'M CONCERNED ABOUT THE DEBT CEILING MESSAGE THAT WOULD BE SENT IF WE DO LIFT IT WITHOUT REFORMS. I WANT TO SEND A MESSAGE TO THE GLOBAL MARKETPLACE THAT WE ARE GOING TO DEAL WITH OUR FINANCIAL SITUATION. WE ARE GOING TO DEAL WITH IT RESPONSIBLY. WE ARE GOING TO CUT THE SPENDING THAT HAS CAUSED THIS DEBT TO ACCUMULATE TO SUCH ALARMING LEVELS. AND THE MESSAGE I WANT TO SEND TO THE WORLD IS WE'RE GOING TO TAKE THIS PROBLEM AND WE'RE GOING TO SOLVE IT TOGETHER. WE'RE NOT GOING TO JUST DO ANOTHER PRO FORMA LIFTING OF THE DEBT CEILING AS IF IT WAS BUSINESS AS USUAL. BUSINESS AS USUAL IT IS NOT. WE DON'T HAVE A TAX PROBLEM IN THIS COUNTRY. WE HAVE A SPENDING PROBLEM, AND WE MUST ATTACK IT IF WE ARE GOING TO HAVE CREDIBILITY. SO THAT BRINGS ME TO A BILL THAT I HAVE INTRODUCED BECAUSE I THINK IT IS IMPORTANT AS WE ARE LOOKING AT THIS LOOMING DEADLINE TO HAVE A PLAN B, THAT IF, IN FACT, WE ARE NOT GOING TO BE ABLE TO COME TO AN AGREEMENT WITH BOTH HOUSES OF CONGRESS AND THE PRESIDENT THAT WOULD CUT THE SPENDING LEVELS SUFFICIENTLY, THAT MANY OF US WOULD BE COMFORTABLE ENOUGH TO PASS THE DEBT LIMIT LIFTING, IF WE DON'T MEET THAT TEST, WE SHOULD HAVE A RESPONSIBLE PLAN B, PLAN THAT SAYS IF, IN FACT, WE CAN'T AGREE ON WHAT IT WILL TAKE TO LIFT THAT DEBT CEILING, HOW ARE WE GOING TO TREAT THE MONEY THAT WILL BE COMING IN? BECAUSE AT THAT POINT, OUR GOVERNMENT WILL BE LIMITED IN EXPENDITURES BY THE REVENUE THAT IS COMING IN. NOW, WE CAN ALLOCATE THAT REVENUE, AND THAT'S WHERE I THINK WE MUST HAVE PLAN B. WE MUST MAKE SURE THAT CERTAIN THINGS ARE DONE. THE NUMBER ONE THING THAT WE ALL KNOW IS GOING TO BE PAYING THE INTEREST ON THE DEBT. THAT IS OUR NUMBER ONE RESPONSIBILITY BECAUSE THAT WILL KEEP US FROM GOING INTO DEFAULT, WHICH NONE OF US WANT TO DO. THE SECOND THING RIGHT AFTER THAT IS TO PAY OUR MILITARY, THE PEOPLE WHO ARE DLOID OVERSEAS IN IRAQ, AFGHANISTAN AND THE PLACES THAT ARE SUPPORTIVE OF THOSE EFFORTS. WE MUST ASSURE THAT WE ARE PAYING THOSE PEOPLE ON TIME SO THAT THEIR FAMILIES WHO ARE THOUSANDS OF MILES AWAY IN OTHER PARTS OF OUR COUNTRY WILL KNOW THAT THEY CAN PAY THE RENT AND THEY ARE NOT GOING TO GO INTO EXTREMIST POSITIONS. SO I WANT TO TALK ABOUT A BILL THAT I HAVE INTRODUCED THAT HAS 80 COSPONSORS, AND I WANT TO ASK UNANIMOUS CONSENT TO ADD SENATOR HELLER FROM NEVADA TO BE A COSPONSOR OF SENATE BILL 724. WITHOUT OBJECTION. SENATE BILL 724 IS THE ENSURING PAY FOR OUR MILITARY ACT OF 2011. THERE ARE 80 COSPONSORS OF THIS LEGISLATION. IT'S VERY SIMPLE AND STRAIGHTFORWARD. IT ENSURES THAT IN THE EVENT OF A GOVERNMENT SHUTDOWN, OUR NATION'S MEN AND WOMEN IN UNIFORM WOULD CONTINUE TO ALLOWANCES. RECEIVE THEIR MILITARY PAY AND THAT'S WHAT IT DOES. THIS LEGISLATION WILL PROTECT ALL ACTIVE DUTY MEN AND WOMEN, INCLUDING THOSE IN THE COAST GUARD AND RESERVE COMPONENTS. I INTRODUCED THIS BILL BECAUSE WE WERE IN THE PROCESS OF HAVING A MELTDOWN LAST YEAR WITH OUR APPROPRIATIONS. WELL, WE NEED TO HAVE A BILL ON THE BOOKS, A LAW ON THE BOOK THAT ASSURES THAT IF THERE IS A SHUTDOWN, WHETHER IT'S ON AN APPROPRIATIONS ISSUE OR ON A BUDGET ISSUE OR ON A DEBT CEILING ISSUE, IF OUR GOVERNMENT IS FORCED TO SHUT DOWN, WHERE WILL THE MONEY GO? WHERE ARE THE PROTECTIONS? I THINK OUR MILITARY SHOULD BE FRONT AND CENTER. I ALSO THINK SOCIAL SECURITY RECIPIENTS SHOULD BE FRONT AND CENTER, BUT THIS BILL IS FOR THE MILITARY BECAUSE THEY ARE IN HARM'S WAY AS WE SPEAK MANY PLACES ACROSS THE GLOBE, AND WE DON'T WANT TO DISRUPT THEIR FAMILIES OR HAVE THEM WORRY FOR ONE MINUTE ABOUT THEIR FAMILIES WHILE THEY ARE DOING THEIR DUTY. THESE MILITARY FAMILIES HAVE FACED STRESS FROM REPEATED DEPLOYMENTS SINCE 9/11. THE LAST THING THEY SHOULD WORRY ABOUT IS NOT RECEIVING THEIR PAYCHECK ON TIME BECAUSE CONGRESS AND THE PRESIDENT HAVE NOT BEEN ABLE TO DO THE JOBS THAT THEY NEED TO DO. IMMEDIATELY AFTER -- AFTER INTRODUCING THIS BILL, I WAS CONTACTED BY A MILITARY SPOUSE. HER HUSBAND WAS ON HIS TENTH DEPLOYMENT IN SUPPORT OF OPERATIONS IN THE MIDDLE EAST. THE SPOUSE WAS AT HOME RAISING THEIR 1-YEAR-OLD SON. SHE WAS VERY CONCERNED ABOUT WHETHER SHE WAS GOING TO BE ABLE TO PAY HER BILLS. JUST MULTIPLY THAT STORY BY THOUSANDS. WE CAN ONLY EMERGENCY THE STRESS OF FAMILIES ACROSS OUR NATION WAY. WHO HAVE LOVED ONES IN HARM'S THIS SHOULD NOT BE COMPOUNDED BY ADDING AN UNNECESSARY FINANCIAL STRESS THAT IS THE FAULT OF A CONGRESS THAT IS UNABLE TO PASS AN APPROPRIATIONS BILL OR CONGRESS AND THE PRESIDENT UNABLE TO REACH AN AGREEMENT TO CUT OUR DEFICITS SO THAT THE DEBT CEILING WILL NOT HAVE TO BE RAISED AGAIN. AT A TIME WHEN OUR NATION HAS 100,000 TROOPS IN AFGHANISTAN AND MORE THAN 45,000 IN IRAQ, IT WOULD BE UNCONSCIONABLE THAT WE WOULD ASK OUR TROOPS TO SERVE ON PAY. THE FRONT LINES WITHOUT ON-TIME FOR MY HOME STATE OF TEXAS, THERE ARE MORE THAN 28,000 SOLDIERS, SAILORS, AIRMEN AND MARINES CURRENTLY DEPLOYED. THIS IS SECOND ONLY TO CALIFORNIA IN THE HIGHEST NUMBER OF DEPLOYED TROOPS FROM ONE STATE. I WOULD LIKE TO REGULAR THE SOLDIERS ESPECIALLY FROM THE 36th INFANTRY DIVISION FROM THE TEXAS NATIONAL GUARD. THEY ARE CURRENTLY SERVING IN THE SOUTHERN REGION OF IRAQ AND ARE DOING A GREAT JOB. THESE BRAVE TEXANS ARE WORKING LONG HOURS IN THE EXTREME HEAT FACING A DANGEROUS ENEMY. THE MOST REMARKABLE ASPECT OF THEIR SERVICES THAT THEY ALL RAISE THEIR HANDS TO VOLUNTEER TO DO IT. THE VERY LEAST WE CAN DO IS PAY THEM ON TIME. IT WOULD BE TREMENDOUSLY DAMAGING FOR MORALE TO TELL OUR TROOPS TO GO ON LONG DEPLOYMENTS, MAYBE MULTIPLE DEPLOYMENTS AWAY FROM THEIR FAMILIES AND THEN NOT PAY THEM AT THE NORMAL TIME. I KNOW THAT IF THERE IS ONE THING THAT THIS CONGRESS CAN AGREE ON, IT IS OUR TREMENDOUS PRIDE AND SUPPORT FOR THE BRAVE MEN AND WOMEN IN UNIFORM. I THINK CONGRESS HAS SHOWN THAT TIME AND TIME AGAIN. WE ALL LEARNED A LESSON FROM WHAT HAPPENED IN THE VIETNAM WAR AND AFTER THE VIETNAM WAR WHEN THE DISAGREEMENT ABOUT THE POLICIES OF THE WAR WERE ACTUALLY IMPUTED TO THOSE PEOPLE WHO WERE FOLLOWING ORDERS TO IMPLEMENT THAT WAR. WE WILL NEVER LET THAT HAPPEN AGAIN. IT HASN'T HAPPENED SINCE AND IT WON'T HAPPEN. WE ALL IN CONGRESS, THERE IS NOT ONE WHO DOESN'T RESPECT OUR MILITARY AND THE SERVICE THEY ARE GIVING. EVEN IF THEY DISAGREE WITH THE POLICIES, WHICH MANY OFTEN DO. SO I WASN'T SURPRISED WHEN I INTRODUCED THIS BILL TO GET 80 COSPONSORS IMMEDIATELY. MR. PRESIDENT, IT'S BECOMING CLEAR THAT NEGOTIATIONS ON A LONG-TERM DEFICIT REDUCTION PLAN MAY GO DOWN TO THE WIRE. THE PRESIDENT SAID YESTERDAY THAT HE WILL INSIST ON TAX INCREASES TO PAY FOR CONTINUED FEDERAL SPENDING SPREE. REPUBLICANS ARE CLEAR, WE MUST LOWER GOVERNMENT SPENDING TO AFFORDABLE LEVELS AND THAT THERE MUST BE FUNDAMENTAL CHANGES IN HOW WASHINGTON SPENDS AMERICAN TAXPAYER DOLLARS. NOW IS THE TIME FOR CONGRESS TO VOTE TO ASSURE THAT OUR TROOPS WILL NOT MISS A PAYCHECK DUE TO GRIDLOCK IN WASHINGTON. NOW, NOT AT MIDNIGHT ON AUGUST 2 OR AUGUST 6 OR WHENEVER WE ARE ADJOURNING FOR A -- HOPEFULLY A RECESS FOR PEOPLE TO GET HOME AND WORK IN THEIR DISTRICTS. IF THE SENATE CANCELS ITS JULY FOURTH HOLIDAY RECESS, WHICH IS NOW ON THE BOOKS, I THINK IT IS TIME FOR US TO SPEND THAT TIME ON NOTHING ELSE BUT THIS ISSUE, LONG-TERM DEFICIT REDUCTION. WE SHOULD START OUR WORK BY MAKING SURE THAT WE HAVE PLAN B, THAT OUR TROOPS AND THEIR FAMILIES WON'T BE POLITICAL PAWNS IN THE STRUGGLE BETWEEN RAISING TAXES AND CUTTING SPENDING. IF WE ARE HERE, IT SHOULD BE FOR ONE PURPOSE, ONE PURPOSE ONLY, AND THAT IS DEBT REDUCTION AND THE PREPARATION FOR WHAT HAPPENS IF THAT DEADLINE PASSES, AND THERE IS NOT AN AGREEMENT. AND I CAN'T THINK OF A BETTER WAY TO SAY WE ARE PREPARING FOR THE WORST WHILE WE'RE HOPING FOR THE BEST. AND THAT IS THAT WE MAKE SURE DONE. THAT CERTAIN ESSENTIALS ARE OBVIOUSLY, INTEREST ON THE DEBT IS OUR FIRST OBLIGATION. THE SECOND ONE IS TO PAY OUR MILITARY PERSONNEL WHO ARE OVERSEAS, WHO ARE DEPLOYED, AND TO MAKE SURE THAT THEY'RE NOT WORRYING ABOUT THEIR FAMILIES AT HOME HAVING THE MONEY TO PAY THE MORTGAGE AND THE BILLS THAT MUST BE PAID ON TIME. SO I HOPE THAT THE SENATE WILL TAKE THIS BILL UP, AND I'M GOING TO ASK THAT WE CONSIDER THE ENSURING PAY FOR OUR MILITARY ACT OF 2011 IS ON THE AGENDA IF WE ARE IN SESSION NEXT WEEK. THAT SEEMS TO BE WHAT IS IN THE WORKS RIGHT NOW, AND IF THAT'S PRODUCTIVE. THE CASE, LET'S DO SOMETHING AND I CAN'T THINK OF SOMETHING MORE PRODUCTIVE AND MORE REASSURING TO OUR MILITARY THAN COSPONSORS. TO PASS SENATE BILL 724 WITH 80 IF IT COMES TO THE FLOOR, IT'S GOING TO PASS. IT WILL GO TO THE HOUSE AND I ASSURE YOU IT WILL PASS. SO LET'S START THAT PROCESS, IF WE'RE GOING TO BE HERE NEXT WEEK, AND A LOT OF PLANS ARE GOING TO BE DISRUPTED. WE'RE WILLING TO DO THAT BUT LET'S MAKE IT WORTHWHILE BY PASSING SIGNIFICANT LEGISLATION, LIKE ENSURING THAT OUR MILITARY ARE PAID ON TIME. IF FOR ANY REASON WE ARE LOOKING AT A GOVERNMENT SHUTDOWN. THANK YOU, MR. PRESIDENT, AND I YIELD THE FLOOR. A SENATOR: MR. PRESIDENT? THE SENATOR FROM FLORIDA. MR. PRESIDENT, WHILE THE SENATOR FROM TEXAS IS STILL ON THE FLOOR, I JUST WANT TO SAY HOW PERSONALLY THIS SENATOR IS GOING TO MISS HER AFTER THE CALENDAR YEAR 2012, SENATE. SINCE SHE IS RETIRING FROM THE AND I SAY THAT WITH THE UTMOST RESPECT AND AFFECTION FOR THE SENATOR FROM TEXAS BECAUSE, WHAT A GREAT PARTNER SHE HAS BEEN IN SETTING POLICY FOR THIS NATION'S SPACE PROGRAM, AND HAD IT NOT BEEN FOR THE SENATOR FROM TEXAS, WE WOULD NOT HAVE THAT POLICY ETCHED INTO LAW IN THE NASA BILL THAT WE PASSED LAST YEAR AND WHICH NOW IS THE SKELETAL STRUCTURE THAT WE HANG ALL THE APPROPRIATIONS ON GOING FORWARD, GIVING A CLEAR PATH, A CLEAR DIRECTION, A CLEAR ROAD MAP FOR OUR NATION'S SPACE PROGRAM. SO I JUST WANTED IN FRONT OF THE SENATE TO THANK THE SENATOR FROM TEXAS. MR. PRESIDENT, COULD I RESPOND? I APPRECIATE SO MUCH THE WORDS OF THE SENATOR FROM FLORIDA BECAUSE, OF COURSE, HE IS NOT MENTIONING THE GREAT LEADERSHIP THAT HE HAS PORTRAYED. HE IS TODAY THE ONLY MEMBER OF THE UNITED STATES SENATE WHO HAS ACTUALLY GONE GONE INTO SPACE IS AS AN ASTRONAUT, AND HIS LOVE FOR AND ZEAL FOR OUR SPACE EXPLORATION IS REALLY UNSURPASSED. AND I APPRECIATED WORKING WITH HIM. IT WAS OUR JOINT BILL THAT PASSED LAST YEAR THAT ASSURES A WAY FORWARD FOR NASA, THAT ASSURES THAT THERE WILL BE MANNED SPACE EXPLORATION, THAT WE WILL USE THE SPACE STATION IN WHICH WE HAVE INVESTED HUNDREDS OF MILLIONS OF TAXPAYER DOLLARS FOR NOT ONLY HEALTH BENEFITS FOR OUR COUNTRY BUT ALSO ENERGY. THE ENERGY RESEARCH THAT'S BEING DONE RIGHT NOW I WITNESSED MYSELF LAST WEEK WHEN I VISITED THE NASA FACILITY, THE JOHNSON CENTER IN HOUSTON, TEXAS. AND WE ARE NOW GETTING THE COSMIC RAYS THAT ARE COMING INTO THE SPECTROMETER THAT HAS JUST BEEN PUT ON THE SPACE STATION BY COMMANDER MARK KELLEY AND HIS CREW, AND WE ARE GOING TO POSSIBLY LEARN THE GENESIS OF EARTH BY THIS FACILITY THAT WAS PUT IN THE SPACE STATION AND THE RESEARCH THAT'S GOING TO BE DONE ON DARK MATTER AND WHAT HAPPENS WHEN IT MEETS MATTER. AND IT'S REALLY EXCITING, AND I BELIEVE THAT THE WAY FORWARD THAT SENATOR NELSON AND I HAVE PUT ON THE PATH, I BELIEVE, IS GOING TO ENSURE THAT WE HAVE PRIVATE-SECTOR INVOLVEMENT, THAT THERE WILL EVENTUALLY BE PROBABLY A TRANSITION TO THE PRIVATE SECTOR, BUT IN AN ORDERLY WAY SO THAT WE DON'T LOSE THE EXPERTISE IN WHICH WE HAVE INVESTED SO MUCH. AND I HOPE LATER, BEFORE I LEAVE, WE'LL GET A CHANCE TO REALLY TALK ABOUT THAT, AND I'M LOOKING FORWARD TO GOING TO THE LAST LAUNCH OF A SPACE SHUTTLE THAT AMERICA WILL PUT UP. THE SYSTEMS THAT WE HAVE HAD WILL END PROBABLY AFTER THIS LAST SPACE LAUNCH THAT WILL HAPPEN IN EARLY JULY, AND THEN WE WILL BE IN THE PROCESS OF BUILDING THE NEW VEHICLE, WHICH WE HAVE PUT IN PLACE IN THE LAW TO BEGIN AND TO SHORTEN THE SPACE BETWEEN THE TIME THAT WE CAN PUT AMERICANS IN SPACE WITH OUR OWN VEHICLE, WE'RE GOING TO TRY TO MAKE THAT A SHORTER TIME FRAME BY THE LAW THAT WE PASSED. SO, MR. PRESIDENT, I THANK THE SENATOR FROM FLORIDA AND LOOK FORWARD TO HAVING MORE OPPORTUNITIES TO TALK ABOUT THE IMPORTANCE OF SPACE EXPLORATION AND AMERICA'S PREEMINENCE IN THAT FIELD, AND WE'LL DO IT. THANK YOU, MR. PRESIDENT, AND I YIELD THE FLOOR. AND I WANT TO, MR. PRESIDENT, THANK THE SENATOR AGAIN. WE STOOD SHOULDER TO SHOULDER AND WE WERE ABLE TO GET THESE TWO ADDITIONAL FLIGHTS, OF WHICH THE SENATOR FROM TEXAS JUST CHRONICLED, THAT NO SOONER HAD MARK KELLEY AND HIS CREW PUT THE ALPHA MAGNETIC SPECTROMETER UP ON THE SPACE STATION, BUT IT RAYS. STARTED COLLECTING THESE COSMIC THESE ARE SUBATOMIC PARTICLES THAT ARE FLYING AROUND IN SPACE THAT WE TRIED TO DUPLICATE DOWN HERE ON EARTH BY SMASHING ATOMS TOGETHER IN ACCELERATORS TO UNDERSTAND SUBATOMIC PARTICLES, AND WE'VE GOT THEM OUT THERE BEING COLLECTED OUT THERE RIGHT NOW ON THE SPACE STATION IN THE A.M.S. AND IT WAS ON THE STATION ONE DAY AFTER THEY PUT IT THERE. IT'S COLLECTING THIS. IT'S GOING TO HELP US LEARN ALL THE WAY BACK TO THE ORIGIN OF THE UNIVERSE. HUFF HUTCH WILL THE GENTLEMAN -- YIELD, BECAUSE -- WILL THE GENTLEMAN YIELD, BECAUSE -- OF COURSE. WHEN I WAS THERE LAST WEEK, THE GNAW NOBEL LAWYER RAT FROM M.I.T. WHO BUILT THE SPECTROMETER AND CONVINCED US OF THE IMPORTANCE OF PUTTING IT ON THE SPACE STATION, HE WAS THERE WITH MARK KELLEY AND MYSELF AND HE SAID THEY HAVE A HAD A BILLION HITS NOW OF THOSE COSMIC RAYS. AND HE WAS ON A CLOUD LITERALLY ABOUT WHAT THEY ARE LEARNING ALREADY. AND MARK KELLEY SAID IN A PRESS CONFERENCE THAT WE HAD FOLLOWING THAT MEETING THAT IT WAS THE MOST SIGNIFICANT ACHIEVEMENT THAT HE HAS EVER MADE IN HIS ENTIRE CAREER AS AN ASTRONAUT. AND I BELIEVE THAT HE WILL BE PROVEN RIGHT, AND I THINK DR. SAMUEL TINGH WILL BE ELIGIBLE FOR ANOTHER NOBEL PRIZE IN PHYSICS, IF THIS -- IF WE CAN REALLY FIND THE GENESIS OF MATTER AND ANTIMATTER IN SPACE, WHICH HE SAID WE WOULD; THAT YOU CANNOT DUPLICATE ON EARTH EXCEPT BY TRYING TO PUT THESE ATOM SMASHERS AND ELECTRON SMASHERS ON EARTH BUT AT MUCH BIGGER EXPENSE THAN BEING ABLE TO DO IT IN SPACE, WHERE IT JUST HAPPENS; BILLIONS ALREADY, HE SAID. SO, THANK YOU. I WILL LEAVE THE FLOOR. BUT I KNOW WE DIGRESS, BUT IT IS VERY, VERY EXCITING. THANK YOU. WELL, AS THE -- MR. PRESIDENT, AS THE SENATOR IS LEAVING, I JUST WANT TO SAY THAT SHE AND I DID HAVE TO STAND SHOULDER TO SHOULDER, AND WE HAD SOME FIGHTS, AND OF COURSE IN THE PROCESS WE HAD SOME CRITICS, TOO. NOW, SOME OF MY CRITICS WISH THAT WHEN I WENT INTO SPACE THAT IT HAD BEEN A ONE-WAY TICKET. BUT THE FACT IS THAT IT WAS TWO WAYS, AND WE STOOD ANOTHER DAY, AND THE PROOF IS IN THE PUDDING OF WHAT'S HAPPENING UP THERE. AND I'LL HAVE SOMETHING LATER TO SAY, MR. PRESIDENT, ABOUT THE WIND DOWN OF THE SPACE SHUTTLE PROGRAM, BUT WHILE THE SENATOR FROM TEXAS WAS HERE, I JUST WANTED HER TO KNOW MY PROFOUND GRATITUDE FOR HER COLLEGIALITY, HER FRIENDSHIP, HER EXPERTISE. AND WORKING IN THE WAY THIS SENATE OUGHT TO WORK, WHICH IS IN A BIPARTISAN WAY. AND I THANK HER PROFOUNDLY FOR THAT EXAMPLE THAT SHE SET FOR THE SENATE AND FOR THIS COUNTRY. MR. PRESIDENT, I CERTAINLY -- PETRAEUS. WE'RE HERE ABOUT GENERAL I'M A MEMBER OF THE SENATE INTELLIGENCE COMMITTEE. I HAVE HAD A CHNS CHANCE TO VISIT WITH HIM ON A NUMBER OF OCCASIONS IN HIS CAPACITY AS GENERAL AS WELL AS NOW THE NOMINEE -- SOON TO BE THE NEW C.I.A. DIRECTOR. AND I WOULD JUST SIMPLY SAY THAT I DON'T THINK FOR OUR NATIONAL SECURITY'S SAKE THAT YOU CAN HAVE TWO BETTER NOMINEES NOMINEES. THE FORMER C.I.A. DIRECTOR WHO HAS BEEN CONFIRMED BY THIS SENATE AS THE NEW SECRETARY SECRETARY OF DEFENSE TAKING OVER FROM AN EXTREMELY GOOD AND COMPETENT SECRETARY OF DEFENSE, SECRETARY GATES -- AND OF COURSE THOSE LEON PANETTA -- AND THEN FOR HIS SHOES AS THE LEADER OF THE C.I.A. TO BE FILLED BY GENERAL PETRAEUS. AND WHAT IS HAPPENING TODAY IS ILLUSTRATED BY THE MOTIS OPERANDI OF THE TAKEDOWN OF BIN LADEN. IT IS A MARRIAGE BETWEEN THE MILITARY COMMUNITY AND THE INTELLIGENCE COMMUNITY. PAINSTAKING YEARS OF EFFORT TO GET THE INTELLIGENCE SINCE BIN LADEN WENT DARK, AFTER HE SLIPPED THROUGH OUR FINGERS IN TORAH BORETORA BORA WAND WE KNEW HE WAS COMMUNICATING THROUGH A COURIER, SO THE QUESTION WAS, HOW DID WE FIND THE COURIER, AND ONCE WE IDENTIFIED WHO IT WAS, WHERE WAS HE, FIND HIM AND FOLLOW HIM. AND THAT OF COURSE LED US TO THE COMPOUND. AND THEN MARRIED UP WITH ALL OF THAT INTELLIGENCE ON WHAT WAS GOING ON AT THAT COMPOUND, THEN IN CAME THE U.S. MILITARY, ALTHOUGH IT WAS A C.I.A. OPERATION, AS REPORTED BY THE NEWSPAPERS, LED BY LEON PANETTA. IN FACT, IT WAS A THREE-STAR ADMIRAL, A NAVY SEAL, THAT CONDUCTED THE ACTUAL RAID FROM HIS HEADQUARTERS AND, OF COURSE, THE SEALS TOOK CARE OF BUSINESS. AND THEY DID IT IN JUST SUCH A PROFICIENT, EFFECTIVE AND MAGNIFICENT WAY AND SEQUESTERED ALL OF THOSE WOMEN AND CHILDREN, SAVE FOR THE ONE WOMAN, AS REPORTED IN THE NEWSPAPER THAT GOT CAUGHT IN THE CROSS FIRE WHEN THE SEALS WERE FIRING. AND SO IT WAS AN ABSOLUTELY 100% OPERATION, AND IT IS ILLUSTRATIVE OF WHY THIS APPOINTMENT OF GENERAL PETRAEUS IS SO IMPORTANT AND WHY THE APPOINTMENT OF LEON PANETTA, AS SECRETARY OF DEFENSE, WAS SO IMPORTANT. BECAUSE THESE TWO ARE GOING TO BE JUST LIKE THAT. AS WE ARE PROTECTING THE NATIONAL SECURITY FOR YEARS TO COME. SO THAT'S WHAT I WANT TO SAY ABOUT GENERAL PETRAEUS. NOW, MR. PRESIDENT, I WANT TO SPEAK ON ANOTHER SUBJECT, THE BUDGET, AND SO I WOULD ASK CONSENT THAT I SPEAK AS IF IN MORNING BUSINESS. WITHOUT OBJECTION. MR. PRESIDENT, THE NEGOTIATIONS OVER THIS DEFICIT REDUCTION AND THE DEBT CEILING PACKAGE -- ALL RIGHT, IT'*** THE CRITICAL STAGE. IT'S BEGINn -- IT'S BEGINNING TO COME INTO THE CONSCIOUSNESS OF THE COUNTRY AND MOST OF THE PEOPLE AROUND HERE WHO HAVE, IN SOME CASES, WANTED TO PUSH IT OFF; IN OTHER CASES HAVE SAID, OH, THE DEBT CEILING, THAT'S NOT SUCH A BIG DEAL. WELL, IT'S BAFFLING. IT'S BAFFLING THAT PEOPLE WOULD SAY THAT. THE ECONOMIC CHAOS THAT WOULD REIGN IN THIS COUNTRY AND THE WORLD FINANCIAL MARKETS IF THE FEDERAL GOVERNMENT WAS NOT ABLE TO PAY ALL OF ITS BILLS WOULD BE CATASTROPHIC. AND HOW ANYBODY CAN SAY THAT, ANY PERSON IN A RESPONSIBLE POSITION CAN SAY THAT. BUT IT'S ALSO BAFFLING THAT THERE ARE SO MANY PEOPLE -- AND YOU KNOW WHO THEY ARE -- THAT HAVE DECIDED TO DRAW A LINE IN THE SAND ON ANY DEFICIT REDUCTION AND SAY IT'S GOING TO BE MY WAY OR NO WAY. NOW, THAT'S PART OF THE PROBLEM OF WHAT'S GOING ON IN THIS COUNTRY RIGHT NOW, IS THIS IS A BIG, BROAD, DIVERSE, COMPLICATED COUNTRY. THE VERY PRINCIPLE OF A BODY LIKE THIS IS THAT YOU RESPECT THE OTHER FELLOW'S POINT OF VIEW. AND WHEN YOU HAVE DIFFERENCES OF OPINION, YOU TRY, AS THE GOOD BOOK SAYS, TO COME, LET US REASON TOGETHER AND TO HAMMER OUT A WORKABLE SOLUTION. AND, YET, YOU HEAR THE RHETORIC. IT'S GOING TO BE THEIR WAY OR NO WAY. AND SO NO MATTER WHEN YOU TALK ABOUT CLOSING CORPORATE TAX LOOPHOLES -- NO, THAT HAS TO DO WITH TAX REVENUE. IT SURE DOES. BUT THERE'S A CERTAIN AMOUNT OF PEOPLE THAT ARE NOT PAYING THEIR TAX REVENUE ON LOOPHOLES. YOU KNOW, TWO WEEKS AGO WE ACTED ON ONE OF THOSE TAX LOOPHOLES OVERWHELMINGLY. THIS SENATE VOTED TO GET RID OF ONE OF THOSE TAX LOOPHOLES, AND IT WAS FOR CORN ETHANOL, THE BIG SUBSIDY. AND IT WAS MULTIBILLIONS OF DOLLARS PER YEAR THAT WAS A TAX DEDUCTION; IN OTHER WORDS, LOST TAX REVENUE. AND THE SENATE FINALLY REALIZED THAT THAT WASN'T WORTHWHILE. WHY ARE WE SAYING THAT WE SHOULD NOT PUT THAT IN AS A PART OF THE PACKAGE ON DEFICIT REDUCTION? $1 OF DEFICIT REDUCTION IS $1 OF DEFICIT REDUCTION, REGARDLESS OF WHERE IT COMES FROM; WHETHER IT COMES FROM ACTUALLY WHACKING FEDERAL SPENDING OR WHETHER IT IS CUTTING OUT SOME OF THE SPECIAL TAX BREAKS FOR SOME OF THIS COUNTRY'S MOST PROFITABLE MULTINATIONAL CORPORATIONS. SO IF THE OBJECTIVE IS TO BRING DOWN THE DEFICIT -- AND WHAT IS A DEFICIT? AN ANNUAL DEFICIT IS YOU HAVE INCOME COMING IN IN THE FORM OF TAX REVENUE. YOU HAVE OUTGO GOING OUT IN THE FORM OF EXPENDITURES. WHEN THE TWAOR EQUAL, THAT'S A BALANCED BUDGET -- WHEN THE TWO ARE EQUAL, THAT'S A BALANCED BUDGET. WHEN I CAME INTO THE SENATE, WE HAD FOUR YEARS OF THIS. TAX REVENUE WAS ABOVE ANNUAL EXPENDITURES, AND THE DIFFERENCE FOR FOUR YEARS. WE HAD A SURPLUS. BUT THIS IS WHAT HAS HAPPENED, MR. PRESIDENT. THE EXPENDITURES ARE HERE AND THE TAX REVENUE IS HERE. AND IF YOU'RE GOING TO GET THE BUDGET EVENTUALLY IN BALANCE OVER THE COURSE OF A DECADE, YOU'VE GOT TO DO THIS. AND THAT DOESN'T MEAN JUST TAX INCREASES. IT CAN BE DONE BY ELIMINATING TAX EXPENDITURES, WHICH OVER THE NEXT TEN YEARS -- GET THIS -- TAX EXPENDITURES IN THE EXISTING TAX CODE ARE $13 TRILLION OVER THE NEXT TEN YEARS. YOU DON'T HAVE TO GET RID OF ALL OF THEM, AND SOME OF THEM WE DON'T WANT TO GET RID OF BECAUSE THEY'RE GOOD TAX POLICY. POLICY. THEY'RE GOOD POLITICAL PUBLIC BUT YOU CAN SURE GET RID OF SOME OF IT. WE HAVE THE OTHER SIDE OVER THERE THAT WON'T EVEN TALK ABOUT SOME OF THESE TAX LOOPHOLES THAT WE OUGHT TO BE CUTTING. THEY SAY, WELL, THAT'S INCREASING TAXES. THE TRUTH BE KNOWN, IT'S BECAUSE MOST OF THEM, WHETHER THEY LIKE IT OR NOT, ON THAT SIDE OF THE AISLE HAVE TAKEN A PLEDGE TO A FELLOW NAMED GROVER NORDQUIST AND SAID THAT THEY WILL NOT VOTE FOR ANY TAX -- NEW TAXES. AND IT IS BEING INTERPRETED THAT TAX EXPENDITURES -- IN OTHER WORDS, TAX DEDUCTIONS, THAT IF YOU CLOSE THOSE TAX LOOPHOLES, THAT'S GOING TO BE NEW TAXES. WELL, THAT'S TAX REVENUE THAT IS NOT COMING IN TO THE U.S. TREASURY BECAUSE SOME SPECIAL INTEREST IS GETTING A TAX DEDUCTION THAT WE OUGHT TO QUESTION. AND A GOOD EXAMPLE OF THIS IS WHAT WE JUST VOTED ON ON THE REMOVAL OF THE SUBSIDY OF A TAX SUBSIDY FOR CORN ETHANOL. AT THE END OF THE DAY, FOR AMERICANS, THIS DEBATE IS GOING TO MATTER HUGELY. IF WE HAVE TO DO SOMETHING BY JUST CUTTING EXPENDITURES AND NOT DO THE TAX LOOPHOLES, THEN IN ORDER TO ADDRESS THE DEFICIT -- REMEMBER THAT THIS IS THE DEFICIT. THIS IS EXPENDITURES. AND THIS IS TAX REVENUE. AND IF YOU'VE GOT TO BRING THAT INTO BALANCE BY ONLY MOVING DOWN THE EXPENDITURES, WELL, WE'RE GOING TO HAVE TO TAKE IT OUT OF THE HIDE OF RETIREES, OUT OF THE HIDE OF HOSPITALS, SCHOOLS, WHAT SENATOR HUTCHISON AND I WERE JUST TALKING ABOUT -- THE SPACE PROGRAM -- THE COASTAL PRESERVATION PROGRAMS, OUR NATIONAL PARKS, THE FEDERAL PRISONS. ARE WE GOING TO PUT AN END TO THE NARROW TAX BREAKS FOR THE WELL-CONNECTED OR ARE WE JUST GOING TO WHACK ALL OF THOSE PROGRAMS? NOW, THIS SENATOR'S VIEW IS THAT IF YOU REALLY WANT TO GET A PACKAGE THAT IS GOING TO BE SERIOUS AND THAT IS REAL MONEY, THAT IS NOT SMOKE AND MIRRORS AND BUDGETARY SLEIGHT OF HAND, THEN YOU'RE GOING TO HAVE TO GET A PACKAGE OF ABOUT $4 TRILLION IN TEN YEARS OF DEFICIT REDUCTION. THERE'S NO REASON IF YOU'RE GOING TO BE SERIOUS ABOUT BUDGET REDUCTION, THAT SPECIAL BENEFITS FOR OIL COMPANIES, PHARMACEUTICAL COMPANIES, HEDGE FUNDS AND OTHER SPECIAL INTERESTS SHOULD BE A SACRED COW NOT TO BE TOUCHED. AND WHAT MESSAGE DOES IT SEND TO THE EVERYDAY AMERICAN ABOUT THEIR GOVERNMENT AND WHO THAT GOVERNMENT REPRESENTS IF WE JUST TAKE IT OUT OF THE HIDES OF PEOPLE LIKE THOSE THAT I JUST MENTIONED, LIKE RETIREES? SO, BASICALLY I WOULD SUGGEST YOU TAKE A PAGE FROM ONE OF OUR ILLUSTRIOUS FORMER PRESIDENTS, PRESIDENT REAGAN. IN 1984 THE FEDERAL GOVERNMENT WAS CONFRONTED BY DEFICITS AS FAR AS THE EYE COULD SEE. I WAS A YOUNG CONGRESSMAN AT THE TIME. PRESIDENT REAGAN UNDERSTOOD THAT IT WAS APPROPRIATE TO CLOSE THOSE TAX LOOPHOLES AS PART OF DEFICIT-REDUCTION PROCESS. AND THE DEFICIT-REDUCTION ACT OF 1984 INCLUDED MORE THAN 60 PROVISIONS AIMED AT SHUTTING DOWN TAX SHELTERS AND ENDING THE ABUSIVE SPECIAL INTEREST TAX BREAKS. AND THAT 1984 BILL, IT TARGTD FOREIGN INVESTORS THAT SOUGHT TO -- TARGETED FOREIGN INVESTORS THAT SOUGHT TO USE OFFSHORE HAVENS TO DODGE U.S. TAXES. AND IT TARGETED WALL STREET'S USE OF FINANCIAL DERIVATIVES TO EVADE U.S. INCOME TAX. AND IT INCLUDED SOME PROVISIONS TARGETING THE WINDFALL TAX, THE WINDFALL PROFITS FOR OIL COMPANIES AND PUT A TAX ON THAT. AND SO THAT BRINGS ME TO WHAT I WANT TO GIVE SOME DETAIL AND AN EXAMPLE OF. FOR DECADES OIL COMPANIES HAVE BEEN ENJOYING THE GENEROUS TAX SUBSIDIES OF THE AMERICAN TAXPAYER BY USING THEIR AMPLE RESOURCES TO GET TAX BENEFITS VERY GENEROUSLY GIVEN FROM THE FEDERAL GOVERNMENT. OIL AND GAS COMPANIES ARE EXPERTS AT FIGURING OUT THE NARROW TAX BREAK, AND IT BENEFITS THEIR INTEREST, AND IT DOES SO PARTICULARLY WITH REGARD TO OFFSHORE DRILLERS. THE LARGEST OF ALL THE DEDICATED OIL AND GAS TAX BREAKS IS THE ABILITY OF THE OIL COMPANIES TO IMMEDIATELY EXPENSE INTANGIBLE DRILLING COSTS. THESE COSTS INCLUDE DRILLING AND DEVELOPMENT WORK COMPLETED BEFORE A WELL BEGINS PRODUCTION. AND OIL COMPANIES ARE ABLE TO DEDUCT OR, IN OTHER WORDS, TO WRITE OFF AS AN EXPENSE THOSE COSTS, AND DO SO IMMEDIATELY. THE TAX BREAK FOR INTANGIBLE DRILLING EXPENSES IS GOING TO COST THE AMERICAN TAXPAYER $12.4 BILLION OVER THE NEXT DEBATING IF IT'S NOT REPEALED. AND THE PRESIDENT HAS PROPOSED ITS REPEAL. SEVERAL OF US IN THE SENATE HAVE PROPOSED THE REPEAL AND HAVE FILED A BILL TO DO IT. AND THE REPEAL FROM THIS TAX BREAK ON INTANGIBLE COSTS FOR OIL COMPANIES OUGHT TO BE INCLUDED IN A DEFICIT-REDUCTION PACKAGE. NOW REMEMBER, IT'S A CHOICE. ARE WE GOING TO CUT PEOPLE LIKE RETIREES AND THE SPAS TRACE AND -- AND THE SPACE PROGRAM AND EDUCATIONAL EXPENSES AND THE ENVIRONMENT AND THE FEDERAL PRISONS? OR ARE WE GOING TO GET TAX REVENUE FROM SPECIAL TAX BREAKS LIKE THIS? FOR SEVERAL YEARS OIL COMPANIES WORKING OFFSHORE HAVE BEEN DEVOTING SIGNIFICANT RESOURCES TOWARD COMPLEX TAX SCHEMES TO AVOID PAYING TAX TO UNCLE SAM. LET'S TAKE A CLOSER LOOK. TRANSOCEAN THAT,'S A NAME THAT OUGHT TO RING FAMILIAR. THEY WERE THE ONES THAT, REMEMBER, OPERATED THE DEFECTIVE BLOW OUT, THE ONE THAT DIDN'T WORK, THE ONE THAT WAS TO CUT OFF THE OIL FLOW WHEN THERE WAS AN EXPLOSION ON THE DEEPWATER HORIZON OIL WELL? WELL, LET'S LOOK AT THE RECORD. IN 1999 TRANSOCEAN MOVED ITS PLACE OF INCORPORATION FROM DELAWARE TO THE CAYMAN ISLANDS. 2008, IT MOVED FROM THE CAYMAN ISLANDS TO SWITZERLAND. THIS TAX AVOIDANCE OPERATION REFERRED TO AS -- QUOTE -- "CORPORATE INVERSION" HAD NO REAL EFFECT ON WHERE TRANSOCEAN DOES BUSINESS. IT CONTINUES TO BE, IN FACT, MANAGED AND CONTROLLED FROM HOUSTON, TEXAS. AND IT CONTINUES TO HAVE A SUBSTANTIAL DRILLING ACTIVITIES IN AMERICAN WATERS. BY CHANGING ITS LEGAL DOMICILE FROM DELAWARE TO A TAX HAVEN IN THE CARIBBEAN, TRANSOCEAN WAS ABLE TO CUT ITS TAX BILL NEARLY IN HALF. MARTIN SULLIVAN ESTIMATES THAT TRANSOCEAN'S OFFSHORE TAX SCHEME SAVED THE COMPANY $1.9 BILLION FROM 2002 TO 2009. NOW, THAT'S AN EXAMPLE OF ONE OF THESE TAX SUBSIDIES THAT OUGHT TO BE ELIMINATED. CONGRESS SHUT DOWN THOSE CORPORATE INVERSIONS IN 2004 BUT ONLY ON A GOING-FORWARD BASIS. AND UNTIL CONGRESS GETS SERIOUS ABOUT TAXING U.S.-MANAGED COMPANIES THAT DECEPTIVELY CLAIM TO BE FOREIGN CORPORATIONS, TRANSOCEAN AND OTHERS WILL CONTINUE TO BENEFIT. AND TRANSOCEAN IS NOT ALONE. WE KNOW OF AT LEAST FIVE OIL COMPANIES INVOLVED IN OFFSHORE DRILLING THAT MOVED THEIR LEGAL DOMICILE TO A TAX HAVEN IN THE CARIBBEAN IN ORDER TO AVOID PAYING U.S. INCOME TAX. AND I WILL CONCLUDE, MR. PRESIDENT, BY SAYING, UNLIKE TRANSOCEAN, B.P. HAS NEVER BEEN AN AMERICAN CORPORATION. BUT IT HAS NO PROBLEM IN REAPING THE BENEFITS OF OUR POOREST TAX CODE DRVE OUR POROUS TAX CODE. WE LEARNED SOON AFTER THE $20 BILLION CLAIMS ENTITY WAS ANNOUNCED THAT B.P. WOULD BE WRITING OFF ALL OF ITS EXPENSES FOR TAX PURPOSES. WRITING OFF AWFUL THAT EXPENSE FOR OWL OF THE OIL THAT WAS SPILLED THAT HURT SO MANY OF OUR RESIDENTS IN FLORIDA AND ALL UP AND DOWN THE GULF COAST. THEY'RE GOING TO WRITE THAT OFF AS A TAX DEDUCTION DEDUCTION AND, THEREFORE, PAY LESS TASSMENTSTAXES.ESTIMATED TO REDUCE THE TAX BURDEN FOR -- BY $9 BILLION FOR B.P. SEVERAL OF US HAVE INTRODUCED LEGISLATION TO SHUT DOWN THIS ABUSIVE TAX BREAK AS WELL, AND IT'S ANOTHER THAT WE OUGHT TO PUT IN THIS DEFICIT-REDUCTION PACKAGE. AND SO, MR. PRESIDENT, I CONCLUDE BY SAYING THAT THESE CORPORATE TAX LOOPHOLES FOR OIL COMPANIES SHOULD BE PART OF ANY DEFICIT-REDUCTION PACKAGE, AND THIS SENATOR IS GOING TO CONTINUE TO STAND UP AND FIGHT TO ENSURE THAT THEY ARE A PART OF THAT DEFICIT-REDUCTION PACKAGE. MR. PRESIDENT, I YIELD THE FLOOR. WHAT'S THE PENDING BUSINESS BEFORE THE SENATE? THE PETRAEUS NOMINATION, THE SENATOR