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tv   Capitol Hill Hearings  CSPAN  September 20, 2013 11:00pm-6:01am EDT

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see my time is up. >> gentleman's time is expired. >> thank you, mr. chairman. i actually think i know where congressman davis was going. i'm curious with respect to the location issues -- i -- as we're looking at reauthorization of perkins act, i'm curious what you think the most important thing the federal government can to do to make sure they have access to the cte program. as mother of a son who graduated high school a couple of years ago, i wished he had done more cte programs. as you mentioned, and then i went -- what i have also been employed at the community college system. my point is going back to more with respect my son, large public high school, and but yet
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cte programs are typically located. they're career center far away from the traditional high school unless row have a fabulous technical high school, which i love that concept. but not every child is going to choose that. as they're exploring careers and ideas, if they leave and go off campus for the half of a day. for the programs, they are missing the other college prep and advance placement-type of courses they need to go to college. i think we have a big disconnect between our academic programs and these academic programs, which people don't call them academic programs. but actually they should be. i think we have huge branding issues, as you have said, cte. we also have the access issues for students who might can't go and explore it. they're getting off the college track. i'm curious what your thoughts are. if you understand what my
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frustration is about career program being located far away from our high school in separate centers. and what should we be doing in the perkins act to fix that? the program of cte offer are fabulous but not enough kids are getting the opportunity explore them because they think they will then get off the college track. anyone -- i would like to hear from all of you. i love the technical high school programs, but we can't have those everywhere to the exclusion of our other traditional high schools. >> in massachusetts, there's over 16 vocational technical schools, and although we are career and technical high schools, we have our academics. it's a different model than around the country. we actually have our students in academiaics one week and in the opposite week the technical program and they go back to the academic. we can have authentic learning
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experience that the project base learning. what we have done to expand that because we have been successful the comprehensive high school are now putting in chapter 74 programs to give the students the opportunity to be part of the experiences for project-based learning. >> okay. outstanding. others? >> -- it's not my -- [inaudible] the data place answer important role in that. dual enrollment plays an important role. recognizing the deliver of cte can take multiple meth any time, anywhere learning. students in many areas hopping on a bus every day. we can make better use of virtual and blending learning.
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some doesn't take place within a wall of the school. really saying this is the 21st century programs they are rich in academic, rich in experience, and have heavily backed by business. >> how would you rename and rebrand it? >> there are 5,000 career academy in the united states. it's a school within a school where there's traditional school and whatever the right term is vocational school. the future model need to be the technology-enabled career and college readiness academy. >> thank you. >> it should be and not or. it's important distinction. and the project-base learning
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model leaders are bringing to life actually make that and not an or proposition. it's an teaching model that allow do you solve problems and begin to not eliminate the separate discipline and really going rethink and brand the market just like the got milk campaign worked. >> your time is expired. the chair recognizes himself for five minutes. continue on, if you will, please. >> do you have anything to add
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to mrs. brooke's question? >> the -- [inaudible] protect the labs whether it be in construction or automotive or health care. and working with the technical college system and other partners, we have laid out a plan which we can go out individually reinvigorate the program. in addition we have a huge bond issue to improve our location of the technical college system. and allowing new construction. the key is bringing it back to the high schools, and. >> i'm going read my question to the record.
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i'm going ask each respond in writing, if you would. i'm going yield the rest of my time so we can get questions in. how can the federal government support more consistency throughout cte programs without overburdening states, school districts, institutions? if you wouldn't mind. your opinion is obviously valued if you can respond to that. i yield the remanner -- remain of my time. >> thank you. one of the questions in writing to issue is -- the impact of sequestration, what -- [inaudible] your high school and what to the program. general question for anybody who wants to answer. >> we look forward to the reauthorization of the perkins
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act. what is the most important thing the federal government can do to help ensure that students have all students have access to high quality cte programs, and what are some of the recommendations some of the ideas you might have as we go through this process. >> my recommendation for the perkins, i think, would be the grant in it is very supportive of career and technical education and vocational school. we are able to use the professional development and buy equipment. it would be more flexible in the spending. it is really hard to stay in the 21st century with the equipment and technology constantly changing. and it would be very supportive would be in support of having some more flexibility in with regards to the funding stream and where we can spend the money.
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to be flexible and innovative. we follow data. many times the data only reflects existing industries. we really need look at the horizon as to what is emerging? that really takes a concerted wefort business industry, higher ed and all sector of the economy. >> the department is particular -- [inaudible] because of your testimony. everybody agrees the importance of work base training with cte. i'm curious what your thought about strengthening in the process the role of option for for the students and the program? >> i'm sorry, sir, can you repeat that? [inaudible] >> the use of the apprenticeship program in the course of -- [inaudible] for students. >> we have currently our program
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at the associated contract include four-year apprenticeship program. and we also have training programs on the acceleration of these learning experiences is brought on by the demand from industry in the need for training skill construction work force. >> my time is up. thank you. >> gentleman yields back. they have called votes. i see one of the members asking to be recognized. with that, we're going wrap up this hearing. no long speech from me other than just to say a sincere thank you for your leadership in the field. definitely want to continue working with you. i think on a bipartisan basis, we believe in the value of what you do. these programs, and how
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intergrail you are and important you are to education. the 21st century to the success of the nation in the 21st century. so again, thank you football for being here. thank you for the witnesses and the leadership in expertise. we look forward to see your answer to the question posed for the record. with that seeing no further business before the committee, the hearing is adjourned. [inaudible conversations] you're watching c-span2 with politics and puck will -- public affair.
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today the house debated and passed a bill through mid december. it included language that defund the health care law. the final vote was 230 in favor, 189 against. the measure moves to the senate which is scheduled to gavel back in monday. next an hour and a half of the debate from the house floor. i asked unanimous consent that all members may have five legislative days in which to revise the extend remarks and include extraneous material on the consideration of at and they include tab lure material on the same. >> without objection. >> i yield myself five minutes. >> gentleman recognized for five minutes.
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>> miami speaker, the continuing resolution that we bring up to today will keep the government operating in to the next fiscal year. the base cr is straightforward. it's clean, it's short term, it continues reductions in federal discretionary spending. but most importantly, miami speaker, it will prevent a government shut down. the legislation also include an amendment to the base bill, which adds the text of hr2682 to defund obamacare act of 2013. and the text of hr807 the full-faith, and credit act. hr residence will fund the government for the first 76 days of fiscal year 2014. until december 15th, 2013. it provides 986.3 billion in
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funding. approximately the same rate as the current post sequestration level with some minor adjustments. the it's extremely clean. additional provision were only added in a very limited number of cases where adjustments were needed to prevent catastrophic shortfalls or unintended disruption to critical program or services. it simply keeps the lights on. in our government. i would like to remind my colleagues that a government shutdown is a political gain in which everyone loses. it shirks one of our most basic duty as member of congress.
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it puts our national security at stake. to be clear, if this legislation is not enacted, and we embark on a government shut down, the consequences are severe. our brave men and women in uniform don't get paid. our recovering economy will take huge hit. and our most vulnerable citizens including the elderly and the veterans who rely on critical government programs and services could be left high and dry. the government shut down even the illusion of the threat of a shut down says to the american people that this congress does not have their best interest at heart. it keeps the congress moving in
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the right direction. it give us time to solve the urgent fiscal issues. finding a balanced and attainable plan that eliminates sequestration, implement careful reform for both discretionary and mandatory spending, and keeping our economy growing. it is my hope that the house will pass this bill today and that the senate will act in short order so that this matter will be wrapped up well before the deadline on the 30th. so i urge my colleagues to do their jobs, as member of the house, and to do what is best for this country and vote yes on this bill today. i reserve the balance of my time. >> gentleman from kentucky reserves. the gentlewoman from new york is recognized. >> thank you, ma'am speaker.
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i yield myself as much time as i may consume. >> the gentlewoman is recognize. >> i'll oppose the continuing resolution. on september 10, chairman rogers -- his statement noted this bill is free of controversial writers and doesn't seek to change existing federal policy. how things have changed. unfortunately the new package will attach not one but two politically motivated, ill conceived doomed provisions. one districts the president to pay certain debts, but not others in case house republicans are determined to default on american's obligations. the other would defund the affordable care act. defunding the affordable care act has far reaching consequences for all americans.
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if the house cr is enacted, no funds could be used to administrate calculated on the basis of aca provisions. patients, doctors, hospitals, medical suppliers, and other health providers would all experience significant disruptions. many of the improvements to medicare may -- made by the aca would also have to be suspended. such as better coverage for preventive services, lower costs for drug benefits, stronger tools to cut back health care fraud. most importantly, undermining the implementation of the aca only gives our medical choices back to the insurance companies, and keeps health insurance costs much too high for too many
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families. the house republican default plan is flawed as well. the majority proproses if they force default on federal debt, the u.s. should prioritize payment to treasury bondholders of which 47% of foreign-owned. so while we pay back china, the following americans would be pushed to the back of the line. 1.4 million active duty troops. 780 troops in reserve. 3.4 million disabled veterans who serve their country with honor. 1.1 million doctors, and others who provide health care to seniors with medicare. 32 million children in schools said the payments don't serve nutrition lunches.
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44,000 national institute of health conducting life saving medical research and providing an estimated 500,000 jobs. we, my colleague, should be focused on jobs. putting people to work instead the republicans want to play games of bringmanship on the budget and the debt limit, even though the foreseeable consequence will be plummeting stock markets and businesses freezing their hiring. the republican budget plan itself shortchanges american jobs in infrastructure, results in education and defense layoffs, closes head start and after school programs, and invest in health research. the sequester cbo tells us will cost the united states economy
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up to 1.6 million jobs over the next year. i hope at some point we are able to agree on a bipartisan cr that correct -- that can be enacted. the one before us unfortunately is not it. fortunately we'll be back here next week facing the same prices. i yield back. i reserve the balance of my time. gentleman from kentucky is recognized. >> i yield two minutes to the chairman of the energy and water subcommittee on appropriation. the gent theman from new jersey. >> gent lman is recognized for twon't miss. . i rise in support of the kc. i do with so no small amount of frustration. we worked hard on our energy and
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water bill putting months of work in to it. it's pass the house and now filled up. ours was a tough but balanced bill. we made difficult choices to get under the 960 billion cap set by the house, well, still funding our nation's critical priority. strong national defense. the work of the army corps. of engineers, and yes, the work of the department of energy. it will be thrown away unless we deal with sequestration and get book what we call regular order. coming up with an approach to manage or perhaps -- [inaudible] eliminate sequestration is going to take some time. as those additions are being made, our nation must be kept open for business and government must provide critical services. if the government shut downs many will be not funded. military personnel will not be paid and their families will suffer. this would be a breach of trust to our men and women in
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uniform. under the jurisdiction of our committee, energy, and water bill, many army corp. engineers activity will would quickly grind to a halt. it include the dredging of waterways and work on control structure such as levies. and in our national laboratory critical time sensitive work to maintain the reliability for our nuclear weapons would also slow down. it would be unconsciousble. and nuclear weapon materials are kept out of the hands doing our country harm. colleagues, the continuing resolution before us is limited temporary measure which includes no objectional and keep the obligation to the american people. deserves so the senate can quickly begin the consideration with a measure. i thank you and yield back the balance of i had time. >> the gentleman yields back.
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the gentlewoman from northbound is recognized. >> i'm very pleased to yield five minutes to the ranking member of the ways & means committee. gentleman from michigan is recognized for five minutes. without objection. >> bill defunds still more than the affordable care act. it undermines medicare. it would end improvement in new prescription drug benefits. increases costs for those with medicare advantage. and hurts children covered by chip as well as the disabled. this measure has still more peril for our country we in the
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house are like two ship passing in the night. house republicans will pass this bill. it will sail off to the senate surely to return after the senate has stripped off the effort to defund the affordable care act. so then it will be squarely up to the speaker of this house. will he act as the captain of the entire house of representatives or remain a captive of his right-wing republican mates? will he, as he acts, worry mainly about the risk to his speakership or the risk to our entire nation? house republicans taking the ship over the cliff would take the nation's economic well being with it.
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this is the inevitable danger of the course being chosen today by house republicans. and only those blinded by rigid ideology can fail to see it. i yield back the balance of my time. >> gentleman yields back. the gentlewoman from new york reserve. the gentlewoman from kentucky is recognized. i yield two minute to the chairman of the homeland subcommittee on appropriations. gentleman from texas, mr. carter. >> recognized for two minutes. >> i would thank the gentleman for yielding. >> for years i pushed for the regular order. the short term cl are allow us do that. getting the budget process back
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in regular order. our appropriation process matters. it matters for the oversight of the industrialing federal biewrng. it matters to control our government spending and it is a basic duty of the congress spelled out in the united states institution. this is necessary so cr a disastrous government shut down that no one wants and harm men and women in uniform. i urge the senate to pass this and the president to sign in to law as soon as possible to avoid a devastating and avoidable government shut down. further more, the bill responds to the clear will of the american people by defunding obamacare. a tremendously flawed law casting havoc upon businesses and citizens alike and must be
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repealed. i thank you for the leadership you have giving us on this bill. i thank you for your commitment to regular order and ensuring that in the next few weeks we wrap up fy14 the right way. by conferencing all 2012 appropriations bill. i urgent the members to support the cr and look forward to a quick passage by the senate and to keep the government run and avoid a shut down. reserve. and the gentlewoman from new york is recognized. [inaudible] the gentlewoman from new york is recognized. i'm pleased to reserve and yield my good friend chairman rogers. >> i yield two minutes to the
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chairman of military construction and veterans affair subcommittee and appropriations. gentleman from texas. >> thank you, mr. chairman. >> gentleman from texas is recognized for two minutes. >> today the institution of conservative in the house are keeping their word to our constituents and our nation. to stand true to our principle, and protect them from the most unpopular law passed in the history of the country, obamacare that intreedz on the privacy. we have also kept our word today in this continuing resolution to ensure that our government continues to operate while we negotiate in good faith with the president and the senate to find a way forward. our short term continuing resolution fully funds every aspect of the government. in fact, it's important remember the senate has had the military construction for over three months. they scrolled passed it a long
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time ago. the senate had the defense appropriations bill since late july so they scrolled passed that bill a long time ago. and put it on the president's desk. we scrolled ensured that our military would be paid. the senate had the department of homeland security bill since early june. they have done nothing. we have done our job. we in the house, the constitutional conservative majority have kept our word to our constituents and to the nation to do our job, to fund the essentials aspect of the government and ensure we have done everything in our power to protect our constituents from the most unpopular piece of legislation ever passed in the history of the congress, obamacare, permanently and totally defunding it while protecting the core function to the government. it's essential we pass this continuing resolution today from the perspective of our veterans to ensure that we have the funding available to handle the
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dainlt claim -- disability claims backlog. we have the resources necessary for the military to continue to build the facility they need around the world to ensure that our men and women have the everything they need to protect this great nation and our freedom and every corner of the planet. i urge my members to join me in supporting this continuing resolution keep our word to defund obamacare. >> the gentleman from new york is recognized. >> i'm pleased to yield five minutes to the outstanding ranking member of defense subcommittee of appropriation. >> the gentleman from indiana is recognized for five minutes. >> i appreciate the gentlewoman yielding. at the begin of my remarks, i want to acknowledge that i have made mistake and have been wrong
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for the nearly three decades i served in the united states congress. i cigarette to have to admit that. this morning in anticipation of today's debate, i took a look at article one of the constitution. and realized in article one, section ix, paragraph vii i have been misreading it all of this a years as a member of the appropriations committee. the paragraph reads no money shall be drawn from the treasury but in consequence of a continuing resolution. the constitution says nothing about appropriations apparently. fiscal year 2007. this chamber and the united states senate the congress
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collectively should have enacted made discreet decision, thought about legislation, 84 appropriation bills. we have individually enacted nine. i'm appalled that in late july both aid of the aisle senior and new. if we can only do a continuing resolution question prevent the shut down of the united states government. today in the united states congress, we consider it a success if all we do is pass a continuing resolution to do what we did in fiscal year 2013. if we did what we did in fiscal year 2012, if we did in phis cat year 2007.
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we are governing this country by looking backwards we have a responsibility make decisions. and i want to remind my colleagues just on the defense portion of the bill, some of the initiatives the initiatives that will not take place because of the continuing resolution. under the leadership. one of our initiatives is to cut, cut 153.3 million for unjustified cost of the join strike fighter. for the ea we want to cut $13
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1.4 million from careover and cost growth. what we would like to do if we can legislate in the body is for the team. we would like to trim 104 until. imagine cutting the defense budget by 104 for cost growth and funding that is not needed coming fiscal year. the next generation jammer 99.the million we would like to reduce. why? poor program execution. and contract delays. within the last couple months, we had a failed ballistic missile defense test. we would like to reduce that account. take the initiative to cut it by 110 million. but let's do a continuing resolution. let's not make a decision how we can fund the national park
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service, what about the u.s. copyright office? cat trorveg fight we're having. they're going under a continuing resolution. food safety administration, national institute of allergy and infection diseases, i'm concerned and want to make it clear that i profoundly appreciate the leadership chairman rogers and ranking member lloyd were trying to be responsible and get the job done. if this continuing resolution is passed as is, until december 15th, i have a profound fear that our colleague will be so exhausted from lurk to another crisis next month.
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we will do a cr and never going back to doing a govern mans of this country. i yield back. >> the gentleman's time is expired. the gentleman from kentucky is recognized. >> i yield two minute to the chairman of the financial services appropriations subcommittee. gentleman from florida. >> gentleman from florida is recognized for two minutes. thank you very much, speaker. thank you for using the time. chairmt rogers, thank you for your leadership in this very difficult appropriations process. one of the most important function of the congress if not the most important. and while we -- [inaudible] having finished all the of the appropriations bills the just wasn't quite enough time. all we're asking today is for the member to adopt this continuing resolution it will
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continue funding the government for the next three months at the same level it was funded last year. that will give us the time and the body to finish all of the appropriations bills. some have passed the subcommittee and the full committee. some have passed this house. i know, that the subcommittee i chaired financial services we have hearings, members work hard to rye too to set priority pass the subcommittee, pass the full committee. and ready to go before the house. and there's some very important thing in the bill. i think we have heard the story about the irs and how they single out individuals and groups based on their political philosophy, then subjected them to intimidation and bullying, and we're all outraged. if your bill, we make provisions to say we're going hold you
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accountable. we're going use the power of the ask you to come clean. no more of this. we actually condition some of the funding to the irs as to whether or not they will put in place the safe guards recommended to make sure they don't continue the outrageous behavior and make sure it doesn't happen again. so i think we should pass this continuing resolution, fund the government for the short period of time, put in place the spending bill that set priorities that make the tough choices that we have to make in the difficult times. i urge all of my colleagues to vote yes on the continuing resolution. i yield back many my time. >> the gentlewoman from new york is recognized. >> the gentlewoman from new york reserves. the gentleman from kentucky is recognized. >> i yield two minute to the chairman of the interior subcommittee. gentleman from idaho,
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mr. simpson. >> gentleman from idaho is recognized. >> thank you. i appreciate that. i have to tell you, i agree with him. most people sitting on the floor are on the appropriations committee and agree with him. we need get back to the ranking order. i can tell you our chairman and regular order where we pass individual appropriation bill and get them down. so far we haven't been to be do that. it's necessary to do a short term cr. it. >> i can tell you we've heard over the last couple of days about republicans dry trioing it shut down the government. the last thing we want to do. if we want to do that we wouldn't be doing a short term cr. we need to allow the appropriations democratic national committee do their work. to finish the bill and work with the senate and get conference report done and do our individual bills.
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we were able to get to the short term cr336 million to fund the forest service and the firefighting cause. we do a long-term cr we lose the $636 million. if we do individual bills we'll be able to keep it. we need get to a long-term or a where we do individual appropriations bills so we can have our priorities met. some people think doing a long-term cr reduces spending. i will tell you that if you look at where we were going do last year with our bills we almost got done.
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so if you think that is a way to save money, it's not. we need to do our job. while i was talk abouting forest firefighting service. i have to tell you since i have the floor for a minute. how proud i am of the work of the forest service did. the hotshot crews from across the country. i met with some of them from tennessee. i knew they were tennessee. they spoke funny. they did an amazing, amazing job. we ought to be proud of the work and make sure they have the resources to fight the wild fire. >> the gentleman's time is expired. >> keep the government operate and let the appropriation finish their job. >> the gentleman's time has expired. the gentlewoman from new york is recognized. >> the gentleman from new york reserve. the gentleman from kentucky is recognized. >> ma'am speaker, i yield --
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the affordable care act is arveghting my family. i'm a single mother and raised five boys on my own. i currently work this is because my primary employer would not hire me to work more than 29 hour per week thanks to walker. iwhile i'm thankful i have the jobs and unable to provide super vision and guidance. i feel my son needs and deserves to be successful. i had to make a tough decision that i did not want to make. my son is now living with relatives in another city. i'm depressed that obamacare has begun to tear my family apart and ask also as put an unhealthy burden on me. ma'am speaker, real person, real
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tragedy. the jebt lman from new york is recognized. reserving. gentleman from kentucky is recognize. >> i yield two minute to the chairman of the foreign officer subcommittee. the gentlelady from fx. >> recognized for two minutes. >> thank you, mr. chairman with, for allowing know speak. thank you for the hard work you put to the bill in our committee. i rise in support of the continuing resolution to keep the federal government operating through december of the 15th. we hope this resolution will give the congress and the white house time to come together on a comp hennive budget agreement. i chair the state foreign operations appropriation subcommittee, and funding the
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bill directly supports u.s. national security. the world has never been a more dangerous place in the cut back our diplomatic activity. this would mean dramatically reduced influence in key regions like the middle east and asia. military assistance our allies could be affected if payment are not made as planned. poacialtly jeopardizing the readiness of our partner. it be impact the job of men and women producing american made equipment. one year ago terrorist attack killed american in benghazi. failure to pass the cr could delay implementation of the benghazi accountability review board recommendation and jeopardize the safety of our diplomatics who continue to
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serve abroad. it's the important we pass the cr today and the senate consider it as quickly as possible. the bill simply does that. i encourage my colleagues on both sides of the aisle to vote yes. and i yield back my time to the chairman. >> we reserve. >> name speaker, i yield two minutes to the -- gentleman from virginia, mr. wolfe. >> gentleman from virginia is recognized for two minutes. >> thank you. i want to thank chairman rogers for moving this bill. it is very important. i rise today in strong support
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for it. providing continuing appropriations for the initial week and fiscal year 2014 through december 15th. this bill is needed to keep vital government services and programs operating past the end of the current fiscal year on september 30th. the gentleman from kentucky stated, the committee on appropriations has made significant progress to move the annual appropriation bill. however, additional time is needed to allow for the prompt completion. this resolution continues for the discretionary current prosequestration level including critical program under the jurisdiction of the subcommittee . the operation of the prison system. you can't shut down. the fbi counterterrorism activity. the fbi team working with with regard to benghazi as the former spokesmen said working on counterterrorism. the weather forecast we have
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seen major storms hit this nation all the way in the past year to shut that down in a warning and satellite programs that depend upon. and also for the continued development nasa spacex mirror ration program. our nation is as serious financial trouble.
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gentleman from kentucky. i yield two minutes to the chairman of the agriculture subcommittee on appropriations. subsequent lman from alabama is recognized for two minutes. >> thank you, ma'am speaker. thank you chairman rogers for giving me the opportunity to speak in support of hj residence 59 which is the fy14 continuing resolution. of course i think it's obvious by the comment the republicans have made on our side this morning that we need to keep the government open. at the current sequester funding level. and continue to provide the vital services that our constituents have grown to expect and from government and certainly make sure we don't have a government shut down.
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as chairman rogers mentioned, i share the appropriations subcommittee on agriculture. and some may ask why is it important we keep the government open? can't we go with another yearlong cr? i would like to provide some reasons why the fy14ing a approach bill that passed the committee provide the great benefit to the taxpayer. why we don't need to go to yearlong cr. and certainly why we don't need to do a government shut down. in the ag appropriations bill, we direct states to be in full compliance with wic and snap eligible standards. we increase oversight of venders to reign in the cost. we require the usda to report on strategies implemented to help weed out fraud, waste, and abuse in the snap program. one thing i hear a lot about is
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about the new school regulation. we will provide more flexibility for local school district as they implement these new school regulations for mills for the students. we require the commodity future trading commission to develop cost-benefit analysis of several dodd-frank provisions that are aimed to be due politictive and costly. we encourage the usda to finallyize an inspection rule that has proven to decrease illness causing pa then and reduced federal cost. i can tell you representing that district that grows a lot of poultry and produces it. it's very important. i fully support and for my colleagues to do the same. >> the gentleman's time is expired. the gentlewoman from new york is
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recognized. >> yield two minutes to the gentleman from california. >> recognized for two minutes. >> thank you. and i thank ranking member. and maim speaker, i rise in strong opposition to this radical, right-wing effort to walk our economy off a cliff and cause a government shut down. i invite my colleagues on the other side to wake up from this radical ideological wet dream and come back to reality. it's time for us to come to the negotiating table and talk about what we can do to avoid -- take health care coverage away from millions of people by blocking funding for obamacare. this is the 42nd attempt do so. there's zero of chance of it happening. make sure we obtain china first before we pay people in the
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country. force a failure to pay the own bill. we know how it should end. there's a way to fund the government. which would pass the chamber from boats with both sides of the aisle. i can only hope the republican leadership will eventually listen to the plea from the learn americans in my district and the whole country and pursue this bipartisan effort. until then, i urge all members to oppose the bill. i yield back the balance of my time. >> gentlewoman reserves. >> i yield one on in the the gentleman from louisiana. >> thairng. i rise in support of the bill to continue to fund government while also defunding the president's health care law in ensuring that the country doesn't default on the debt. while so might criticize this effort, this is not a republican idea.
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i've talked to union leaders within james hoffa said it's destroying the middle class family and the 40-hour workweek. the president himself acknowledged that the law that senate called a train wreck when the president said he wants to delay exoabt of the law but only for the privilege class for the people getting access to the white house. we're fighting to give the same relief to all american family. it's skilling jobs in america. our families are facing over 50% increase in the law because of the law descraifting our economy. t not ready for prime time. the president acknowledged it. he signed seven bill to defund repeal exoabt of the law himself. it's time the house takes action and the senate does their job and takes action as well. i yield back the plan of i had time. the gentleman from kentucky reserve. the gentlewoman from new york is
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recognized. >> i'm please to yield two minute to the distinguished gentleman from oregon. >> recognized. >> i appreciate the courtesy. i appreciate the hard work of the appropriations committee placed in impossible situation. we have spending the bill. people are serious about cutting spending. and enforcing the republican budget. we would be having appropriations bill on the floor, and dealing with them. we're not because the appropriation committee was given an impossible challenge. they were given funding level that the house -- the house will never approve. that republicans in the house will never approve. and sitting here obamacare as
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sort of a side light. it's going forward. everybody in the chamber knows the president wouldn't sign it. it's not going through the senate. the train left the station. we need to be doing. i heard them talk about real things. the appropriations committee, if they were given real spending limits, and time on the floor these are distinguished people who care about the integrity of government. they can work it out. the quickest way to do it is if the republican leadership would allow a conference committee on the budget. this is -- the appropriations democratic national committee.
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with can work with the senate that passed a budget and can work out something that is agreeable. and then we won't have the -- we won't have the hard work of the appropriations committee and their staff to the netherlands. and we can get down to cases. it doesn't have to be this hard. let regular order work, stop the side show. >> expired. for what purpose does the gentleman from kentucky speak recognize. >> i spieled two minutes to the gentleman from colorado. >> recognized for two minutes. >> thank you. i rise to engage the chairman of the appropriations committee in the colloquy. i like to thank him for his dedication and working with the house of representatives when the state are impacted by natural disasters. you have been receptive. i appreciate your effort.
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right now in colorado we're experiencing a major flood it's impacted 15 counties cross over approximately 2,000 square mile. certain areas received over 120 inches of rain. 19,000s have been damaged or destroyed and the destroy count is above 2,000 homes. many areas are still in crisis. because of the devastation the fema will be unto be provide an accurate damage assessment for at least 30 dates. additional the colorado department of transportation estimates the cost could exceed the $100 million cap which would exceed the state cap on highway funds in the disaster relief effort. i ask the chairman consider working with me and other member of the to help our state recover and rebuild from the strategy. i yield to the gentleman. >> first, i want to thank the gentleman from colorado for all
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of his efforts to help colorado through all of this turmoil, terrible disaster. and to recover from the flooding especially. i'm aware of the dire need to help colorado and provide access to emergency resources, including access to emergency transportation dollars. and i look forward to working with the gentleman too address the important funding matter as quickly and expeditiously as possible, and i know i speak for all of the house when we say to the people of colorado our hearts are with you and our prayers are with you. thank you for the great service. i yield back. >> thank you. >> the gentleman from kentucky reserves. the gentlewoman from new york was recognized. >> i am pleased to yield three minutes to the distinguished member of the appropriations committee from connecticut. >> gent thewoman from
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connecticut is recognized for three minutes. >> i rise in strong opposition to cynical and misconceived funding bill designed to push us to a government shut down. including children, senior, and veterans. this resolution before us would only further punish american family. and accelerate the majority race to the bot want bsh bottom. the majority leadership has been explicit about their intentions. they want to lock in the cuts that we have seen to education programs, health programs, they want to make those cuts permanent. that is their opening position.
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they also have been quite upfront the only way they mitigate the majority wants to use them as leverage for further negotiations. it is about ideology and it is just a game to them. people's lives don't. it's happening across america. more than 57,000 children are losing access through early learn. over one million of the most disadvantaged children and thousand of schools across america would lose access to the support they need to provide the instruction they need. already over overburdened state, local education, hundred of
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thousand of unemployed adults, veterans, seniors and dislocated workers are losing access to job training programs. the biomedical research that saves lives and cancer, diabetes, autism, that research is being curtailed. i'm a cancer survivor! biomedical research and the grace of god have allowed me to stand here today. they would cut off biomedical research. ..
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>> members of congress have health insurance. people in this nation cannot afford health insurance, but they would cut it off, they would make it impossible. impossible for people to get preventive care, and say to the insurance companies, go portadown, you cannot deny them
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health insurance coverage and people are dying to make health insurance work for them. this is not a game. we are talking about people's lives. we have a moral responsibility. not our own political agenda, not our own personal agenda. we have to do better, so we must vote against this bill, and i yield back the balance of my time. >> the gentleman from new york as 11 minutes and the gentleman from kentucky has six minutes. >> madam speaker, i am very pleased to yield two minutes.
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>> the gentleman from georgia is recognized for two minutes. >> madam speaker, i would like to thank my friends and colleagues for yielding. this is unbelievable. i cannot believe that we are here again with so much to be done. so much good that we could do, this republican congress is denying the people a chance to see a doctor. how many times are we going to do this? what is next? this is not right, it is not fair, madam speaker, the voters have spoken. the supreme court has ruled. the affordable care act is the law of the land. it is constitutional. it is compassionate. it is what is right.
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it is what is necessary. so much progress has been made that young people can stay on their parents insurance. more people will have coverage, coverage to help people when they need it, coverage that covers. the american people, we must adhere to our constitutional responsibility to fund the federal government. we must keep the promise of health care to the american people. we will not go backward. we have come too far, and we cannot turn back. madam speaker, it is a right, not a privilege for the wealthy. every single person should be able to see a doctor when they need to. every single one. this was a resolution. this is not the american way, the american way to we believe
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in. we should ensure the care for each other and look out for one another. we are one family, one house, the american house, and we shall put the roof down on our heads. on her head, we need to have it clear that we need to vote for what is right and what is fair and just. >> the gentleman's time has expired, the gentleman from kentucky is now recognized. >> the distinguished leader, ms. nancy pelosi from california. >> the gentleman from california is recognized for one minute. >> madam speaker, i have come to the floor as a mother. concerned about all of america's
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children, but as a mother that comes stepping into this chamber to say that this place is a mess. let's get our house in order. we have to make the government run for the good of the people. the idea is to limit government and let's work together to do that, without a doubt, let's bring it to the floor today, it's a measure designed to shut down government. it could have no other intent. its purpose is clear. they have no idea of the gravity
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of the situation. to face the music of the trouble that is contained in this revolution today. it is a wolf in wolf's clothing. it is reason enough to object to it. that bill will cost at least a million jobs in the course of the next year. it will cost a million jobs. not only that, it will cost our investment in the future. in biomedical research. the national institute of health has the big local powers to care and cure people. we need to do that with our resources.
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god gives us the foreseeing to make the care and we say no, we cut it. we are doing serious damage to science and health and not only that, but to our competitiveness as a nation. not only that, it is the underlying bill, if the underlying bill was not bad enough and there was is not reason enough to say no, are you kidding to no. then they cloak it in wolf's clothing and staying in their view that they are going to defund the affordable care act. and you know what that is about? that is about putting their friends, the insurance companies back in charge for your families. but as if that were not bad enough, it splashes a strongly bipartisan children's health insurance program by 70%. effectively eliminating an
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initiative for millions of low income children. that bill passed the united states senate in a bipartisan way of with a veto proof majority. a veto proof majority. but that is not good enough for you. you have to have it by dashed/it by 70% to harm those children. we are in the health care by disrupting provider payments for medicare and medicaid. either you don't know what you are doing, or this is one of the intentional situations that you have cooked up. it has cut billions of dollars, again, i say, from the national interest of health, relating delaying important research and denying care for future generations. democrats have a responsible proposal-delaying important resd denying care for future generations. democrats have a responsible proposal that balances and reduces the deficit and the leadership of the ranking member
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on the budget committee. it reduces the deficit in a responsible way. and it demonstrates cuts and it makes investments in the future and keeps government open. as opposed to this bill, intended to shut government down. he keeps government open and working for the american people. i know my colleague has been very vocal on this subject. but what they have said about this. take it from you, mr. chairman, to have the exact quote, but it does not enable us to do the work of government. i urge a no vote on the continuing resolution. it's a terrible proposition for families and communities and our country. and now it's time for us to work together, to not endanger the economic security and prosperity of the american people. i urge my colleagues to vote no
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and i yield back the balance of my time. >> the gentleman from kentucky is recognized. >> madam speaker, i yield to the majority of the house, the gentleman from virginia. >> the gentleman from virginia is recognized and i thank you, madam speaker. i want to thank the gentleman from kentucky. i am in strong support of this measure providing with the continuing resolution lives of americans are struggling across this country. they are struggling to find good paying jobs and the frustration with government continues to grow. these americans, these hard-working, middle-class americans are counting on their
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elected representatives to show leadership during these hard times. this continuing resolution will keep the government funded at its current level without increasing spending on the discretionary spend all. while congress finishes working on the budget. americans are tired to see their government spending more and more of their hard-earned tax dollars. for the first time since the korean war, it will be possible to have two consecutive years of discretionary spending cuts. this resolution will also protect the working middle class from the devastating effects of obamacare. each week we hear stories about how both major employees and small businesses are cutting back benefits and cutting back hours as well. the president's health care law is turning our full-time economy into a part-time economies even
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ahead, the major unions who were once so supportive of obamacare wanted to see this law drastically changed. to avoid further nightmare scenarios, unquote. let's defund this law now. let's protect the american people from the economic calamities from the calamities of obamacare will create. americans are fighting for their families and we in congress were sent to washington by her constituents to fight for them to trust our leaders to do what is right. for this entire congress come in the house is led on storing faith in our economy and government. we should pass this continuing resolution so that the senate can finally begin to do the same. along with the help with the
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gentleman from louisiana, republican kerry steve scali for the hard work on the issue, and i urge my colleagues to support this resolution. >> the gentleman from kentucky yields back and the gentleman is recognized. >> i am very pleased to yield three minutes to the distinguished steny hoyer from maryland to. >> the gentleman from maryland is recognized for three minutes. >> i think the gentlelady for yielding. madam speaker, today we are considering a measure to fund government only if the democratic senate in democratic president will agree to dismantle the health care reform law that will help millions of americans access to quality affordable care. that isn't going to happen. it is a blatant act of hostage
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tactic. the republican pr also lays the groundwork for a default on our debt. still embraces the dangerous and irrational policies of sequester. it confirms in to aid economy destroying the national security undermining an effective rendering of the government that the people need. the majority party with its destructive obsession with the appeal of affordable care act, and it's unrestrained hostility towards government has offered this bill notwithstanding the republicans hollow claims of irrationality of the sequester party that their party adopts
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accurate and trim. accurate description of their sequester, i quote the distinguished chairman as quote, unrealistic and ill-conceived. those are his words, not mine. a policy with chairman rogers himself says, and i quote again, must be brought to an end. those are his words, not mine. chairman rogers votes today and the vote of his college will do just the opposite. it will inevitably lead to an american decline and retreat. i will not be parties to the disinvestment of america's greatest. it undermines the education of our children, the security of our seniors and the present and future health of our people. the spring training and readiness of our armed forces and the growth of our economy and the number of jobs, the quality and viability of our
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infrastructure. the health of our environment, the proper compensation and respect for those who labor in the public sector, and most certainly the honoring of america's debts and obligations. today's bill undermines all of those priorities and more. i will not support it. and i urge my colleagues to oppose it. it continues us on the path so aptly described by the chairman against his words, not mine, as lurking crisis to fiscal crisis. i urge you to oppose this bill. >> to government is recognized. >> madam speaker, i am, going to put this nation on a fiscally sustainable path.
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i have been and continue to be working with my colleagues to adopt such a bill. i take nothing off the table. it will take reason of political courage to achieve an objective. the the americans are hoping and praying that we will have such wisdom and such courage. i urge my colleagues to oppose this bill and commit themselves and affecting alternatives to this destructive and rational path. i yield back the balance of my time. >> the gentleman's time has expired. the gentleman from kentucky is recognized. >> the gentleman from california, mr. mcclintock. >> the gentleman is recognized for one minute. >> thank you, gentlemen, for yielding. >> this measure protects the full faith and credit of the united states by ensuring that our sovereign debt will be paid in full and on time.
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it is imperative that our creditors know that whatever happens in congress, their loans to the government are absolutely secure. our ability to pay all of our ills, this revolution guarantees it. it also addresses to crucial fiscal concerns. i am getting frantic and heartbreaking calls from folks who just received a staggering increases in their health premiums, they notified their health plans being dropped, or having their work plans cut back because of obamacare. this stops the train wreck. and it is for abandoning our nations finance, and they should only be used for measures and this resolution keeps the government open while meeting these vital process. i yield back. >> the gentleman's time has expired. the gentleman from new york is recognized. >> i am very pleased to yield one minute to the gentleman from
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virginia, mr. moran. >> the gentleman is recognized for one minute. >> thank you, madam chairman. this vote is about more than these two throwaway provisions. it should not be taken seriously by the senator or the country. but i'm going to oppose it for another reason. because i used to be very proud of this institution. i used to be able to go through my community and many of those who have served as long as i have, they know what it is like to be proud to be a member of congress and we have improved the lives of our constituents to help them build bridges and buildings and roads that we can walk through the nih campus, proud of what we have done for biomedical research, knowing that we were improving lives, curing illnesses. we know what the government can do.
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this bill doesn't allow the government to do what it can to improve the lives of our people. we need to believe in this government again. we need to do with this congress was meant to do. we need to fund the government adequately. to compete with a first-class society that can compete and beat anyone. we can't do that on the cheap, that's why we have to vote against a. >> jonah's time has expired. >> i yield to the hard-working member of the appropriations committee. >> the gentleman from this is that he is recognized. >> thank you, madam speaker. the people sent me to help in congress preserve liberty for future generations and grow the economy. there is not a single lot worse for limited government and
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limited growth in obamacare. we must get rid of obamacare and replace it with a system that provides choice, lower costs and puts patients in charge of their health health care decisions. today we are standing up for our principles and our constituents and then for americans. i encourage my conservative colleagues in the u.s. senate to take up this right and stand with us. to make sure that we defund obamacare. i yield back the balance of my time. >> the gentleman from kentucky, the gentleman from new york is recognized. >> i am pleased to yield one minute to the distinguished gentleman from the district of columbia. >> from the district of columbia, you are recognized. >> i think my friends and all of us want to keep the government open. yet the federal government is engaged in contingency plans. in case of a shutdown.
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following the district of colombia. because the budget is here. this local budget, this balance, this billion dollars in local funds. right here because congress requires that. 3000 hours in $131,000 is what it costs us in 2011 to prepare for a shutdown. when speaker newt gingrich was the speaker of the house, he worked with me to keep the district of colombia open even as the federal government closed down. because one thing is clear. the only thing worse than closing down the united states government is closing down an innocent bystander with not a dime in this fight. the capital city of the united states through the budget of the district of colombia. do not close down the nation's
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capital. >> the gentleman from kentucky is recognized. >> might i inquire, madam's speaker? scene. >> the gentleman from kentucky has three minutes remaining in the gentleman from new york has two minutes remaining. >> madam speaker i yield one minute to the gentleman from nebraska. >> the gentleman from nebraska is recognized. >> it is clear that obama in obamacare is hurting america. there's a family that recently said that they have they received their notice that they no longer have health insurance coverage. that they are part of paying the insurance will cost 50% to 100% more and have higher deductibles and co-pays. they are not sure what plan they can go on. they are not sure what the totality of the benefits and cost will be. kathleen is on a fixed income and his older and she may have to have a policy with coverage
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is that she doesn't want or need. i hear the heartbreaking stories like this for my constituents and the metropolitan and omaha area. these are just three real life examples of how obamacare is truly hurting people, i want to talk about defining obamacare. let's start over in a real bipartisan way and help folks get the health health care thaty need. >> the gentleman's time has expired. the gentleman from new york is recognized. >> madam speaker, how much time do i have remaining? >> the gentleman from new york has 2.5 minutes remaining. >> madam speaker, i yield my remaining time. >> madam speaker, the american people are counting on us to do our jobs to work together, to
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create jobs and to keep the government open ended to keep the economy warning running. this is not the time for re-litigating health reform are holding up the ability to protect the full faith and credit of the united states of america. with the great suffering in the wake of another natural disaster in colorado, my heart goes out to all of the families who have lost lives and loved ones and this is not the time, my friends, to limit the ability of the united states of america to give relief to those losing loved ones, homes, and livelihood. republicans refuse to work together with the senate. they work refused to bring a
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constructive piece of legislation to the floor today. instead, we consider a bill that we know is destined for failure in the senate and would be vetoed at the white house. for months the majority has failed to lead. they have refused to appoint members to work with the senate on a topline spending number. they can't even pass their own spending bills in this chamber. and we remember how the very important transportation and hud bill has to pulled off the floor because they couldn't find the votes. and today they call upon government services, functions vital to the american people and our economy even when their own appropriations take place.
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my friend said we should find a plan to move forward just days before the end of the fiscal year. they are still playing political games. i urge my colleagues to oppose this bill and was report them responsible replacement of the sequester with a balanced plan to keep our economy moving. i know that we can do it, and i would be pleased to be part of that partnership with the chair, mr. rogers. >> the gentleman's time has expired, the gentleman from kentucky is recognized for two explaining remaining minutes. >> madam speaker, we are doing acr. even though the appropriations on the house side half past 11 of the 12 bills through the committee, four of them across the floor of the house and the
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remaining ones waiting as we have run out of time. consequently, this continuing resolution will continue past the september 30, end of the fiscal year. now, we were unable to pass the appropriations bill singly on the floor. because of lack of time. but also because of the house and senate, they never agreed at on an overall number which we could agree upon. consequently we were not able to bring those bills out because of that limitation. with this cr, until december 15, if we are given a number of common with the senate to which we need to mark the individual
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12 bills, we will do so. this is a hard-working committee. we are pragmatists, we know that we must pass bills to fund the government. does this bill. if we were intending to close down the government and shut it down, we would not be here with this bill. we would just sit there. but this is an effort by the majority party in the house. to continue the government and avoid a shutdown while we work out the differences on these funding bills for fiscal year 2014. madam speaker, this continuing resolution is straightforward. it is clean, it is short-term. it continues reductions in federal discretionary spending. we have actually cut spending the last two years by
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$120 billion, the first time that has occurred since world war ii. so we are trying to be responsible. this bill is responsible. >> congress voted to 30 to 189 by the government until december and be thought a health care law. two democrats voted for the bill, and jim matheson of utah and mike mcintyre of north carolina. one republican voted against it. congressman scott mitchell. following their vote, how speaker john boehner and other house republican leaders called upon the senate to pass the resolution at a news conference at the capitol. this is about 10 minutes. [cheers] [applause] [cheers]
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[applause] [applause] >> good morning, thank you everyone for joining us following this important vote. today the house has acted. the house has acted to keep the government open, to control spending, and to protect people from an unworkable law that is making it harder on them. my colleagues have all voted in favor of this law, because it is going to help moms and dads and families and young people and seniors all across this country. that is who this is all about. when i was home in august, like so many of my colleagues, i heard the stories from individuals and families who are concerned and at panic over the implementation of this law and the impact that it is having on their life. so that is why the house is asking. today we urge the senate to take
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action. we urge our colleagues and our allies and the american people to push the senate to have this important debate on the floor of the senate. because if we are going to take action on behalf of the american people, we need to senate to have this debate on the floor of the senate. [cheers] [applause] [cheers] [applause] >> resort of this health care bill, the president made a very good problems to the american people. if you like the health care that you currently have, you can keep it. today the headline reads, 20,000 americans, that will no longer be the case. obamacare does not allow it. that is why today when we acted, it wasn't just a group of republicans, but a bipartisan vote. let me state that again because i want to make sure that you write it down correctly. it was a bipartisan vote,
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because we are american citizens. [cheers] [applause] [cheers] [applause] >> is a privilege to sit in his office. i will tell you this. as the founders crafted our country, they crafted two bodies. two bodies in which to work. the house has now done their work and the senate has now done theirs as well. [cheers] [applause] >> the house has been fighting to stop obamacare since 2009. we have said over and over again that this law is going to increase the cost for the working middle class families of this country. we are now seeing it. we have said from the beginning that this law will harm our economy and we are seeing our economy turned from a full-time job economy to a part-time job economy. that is why we are doing our
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job, and now it is up to senate democrats to show responsibility and fall of the house's lead. [cheers] [applause] [cheers] [applause] you know, many senate republicans have promised to leave no stone unturned followed a trend following this bill, all of us to support that effort. [cheers] [applause] we are calling upon senate democrats do the same thing. i want to know where the senator stands in protecting the middle class. from the consequences of this ilk. earlier this summer, nonprofit groups in fort smith arkansas announced that they are cutting hours for hundreds of staff members to 20 hours, 28 hours a week. how about ted hagan in north carolina? do they understand the
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consequences that obamacare has in their state? the president has said that it is not feasible or sustainable to extend coverage for all of the 1100 employees that he had. he, too, may have to cut hours for much of the work force. what about mary landrieu of louisiana? [cheers] obamacare is also hurting her hard-working taxpayers in that state. in july, lawrence, owner of a tighter untrained diner said that he'd have to lay off as many as 16 workers and these are working middle class americans just trying to make ends meet. finally, what about mark begich of alaska? to obamacare, americans across the country could be hit with a rate shock. in alaska, it is predicted that the premiums could rise between 30 and 80%.
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what is senator begich going to do about this? will he vote to keep obamacare in place? we want to end this fight and we want the senator to join a. [cheers] [applause] [cheers] [applause] >> we have victory today for the american people, frankly also had a victory for common sense. senator baucus said it right several months ago when he said that this law is a train wreck. and it is a train wreck. the president said if we pass this law, health care costs will go down. now we found out that health care costs are going up for most americans. the president said if you like your health insurance policy that you have, you can keep it. but we found out that that is not quite accurate either.
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in the coming months, millions of americans are going to find out that it's just not quite true. this is hurting our constituents and the american people. at a time when the economy is barely eking along, wages are not increasing and new jobs are not available. what are we doing? we are putting more costs and inconvenience on the american people. it is time for us to say no. it is time for us to stop this before causes any more damage to american families and american businesses. we have businesses all over the country who are not hiring because of the impact of this law. we have other businesses that are reducing the hours for their employees because of this law. so our message to united states senator is real simple. the american people don't want the government shutdown and they don't want to obamacare. [cheers] [applause] [cheers]
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[applause] [cheers] [applause] >> the house has listened to the american people. now it is time for the united states senate to listen to them as well. [cheers] [applause] [cheers] [applause] [inaudible conversations] [inaudible conversations] >> that was awesome. [inaudible conversations] >> everybody was taking turns.
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[inaudible conversations] [inaudible conversations] [inaudible conversations] >> majority leader harry reid released the following statement today regarding the vote of the house and republican calls for the senate to take up the measure when it returns next week. it reads that the senate will not pass any bill that the funds or delay's obamacare. democrats stand ready to work with reasonably unturned reasonable people who want to improve it.
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meanwhile, president obama also spoke about republican efforts to define the health care law to a continuing resolution in the house. he addressed the issue shortly after it took place in remarks in missouri. he also talked about the state of the auto industry and the economy. this event is little more than 40 minutes. >> everyone give jordan a big round of applause. [cheers] [applause] i just want to say, their generation, in turn employee who is going to school during a term on the week. working and we'll will be taking allen's place running the company and about, i don't know, it may take a few years. but we are still proud of her.
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congratulations with everything that she represents. when you see young people like that who are working so hard to make something of themselves and are rooted in the community like this, it it's really wonderful. before i get started, there's a couple of other folks that i would like to introduce that work for you day in and day out. you are outstanding governor jay nixon. [cheers] [applause] i might not have been here if it wasn't for the great work of jay nixon. that is important enough. we have my outstanding secretary of health and human services, kathleen sebelius is in the house. [cheers] [applause] she basically just came because her son and her fiancé are here.
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but we are glad that she is here. one of my greatest friends and just a really tough, smart, and dedicated servant, clair mccaskill is here. [cheers] [applause] you were former mayor, preacher, man who can do everything. he is in the house. [cheers] [applause] >> the current mayor of kansas city, mayor james is your. mayor of kansas city, kansas, mark hollander is your. [cheers] [applause]
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and the mayor right here in liberty. he and his lovely wife, roxanne are here. there they are. [cheers] [applause] now, when i said that i was coming to kansas city to see an incredible success story and action, i didn't think i would be talking about the kansas city chiefs. [cheers] [applause] [cheers] [applause] and before you get carried away, i want to point out that the bears are two and zero. i am just saying. and we are actually able to pass more than 10 yards. [cheers]
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[applause] just a little trash talking. we will see how we are looking at the end of the season. well, i want to give special thanks to the ford ceo. one of our outstanding business leaders, leading to be the number one automaker in the united states of america. we are very proud of him. [cheers] [applause] it doesn't matter if you have eight outstanding ceo, the president of local 249 is here, just right. [cheers] [applause] your launch manager i really
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like because he is a bears and a sox fan. come on, here's a big round of applause. [cheers] [applause] >> i very much appreciate him and some of the other folks showing me around in this plant right here. now, you may not be aware of this, but you and i have a little history together. i'm i may roll in the cadillac these days, but it's not my car. i am just renting it, just like my house. the lease runs out in about 3.5 years. but before that, i was driving around in the 2008 ford escape. [cheers] [applause] it came right off of these assembly lines, some of you
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might have been involved in building it. it was a great car. the problem is i got secret service about a month after i bought the car, so i only have 2000 miles on it. and it is in mint condition. so i'd like to say thank you for building my car. they also came here to talk about what has to be the number one priority in this country. that is growing our economy, creating new jobs, and making sure that everyone who works hard in america has a chance to get ahead. that is our number one priority. [cheers] [applause] now, some of you remember five years ago a financial crisis hit wall street. and it then turned into a devastating recession on main street. it came close to being another
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great depression. by the time i took office, the economy was shrinking at a rate of 8% a year. unprecedented. our businesses were 800 per month. many americans lost their jobs and their homes and they have been working a lifetime to get in savings. but what the recession also showed was the fact that for decades, middle-class families have been working harder and harder just to get by and had seen their incomes or wages go up, manufacturing was moving overseas. so what build are middle class had been buckling and weakening. if you ask most americans when the economic crisis ends, they may not cite lehman brothers collapsing but they could talk to you about when they got a
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pink slip that they didn't expect or they didn't have health insurance. or maybe they were told that the plant was shutting down. those were tough times. by five years ago plans like this one were closing their doors. the day i stepped into the heartbeat of american manufacturing. the heartbeat of american manufacturing. the auto industry was flat landing. ford was standing on its own 2 feet and making some smart decisions, but allen will tell you that if gm and chrysler have gone down, suppliers will go down and dealers would've gone down and all that would've had a profound impact on ford. i refuse to let that happen. we work with labor, we work with management. everyone has to make sacrifices
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and put skin in the game. we bet on the american worker and you. today that it has paid off because the american auto industry has come rolling back. [cheers] [applause] [cheers] [applause] hiring new workers, not just building more cars with better cars, better trucks. look at what is going on right here at the plant. the new f1 50 is tougher than ever and more fuel efficient than ever. [cheers] [applause] we have trouble making them fast enough. you have to bring on a third shift of 900 workers just to keep up. [cheers] [applause] and because ford invested $1.1 billion in this plant, pretty soon 1100 more new
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workers will be joining you on these assembly lines with union jobs building ford trucks. [cheers] [applause] more jobs building cars, that means more jobs to suppliers and more jobs for distributors. it means more jobs for the folks who own restaurants. restaurants here in town. or the bar, depending on that. [laughter] it has an impact on your taxes, on the teacher that teaches your kids come in the first responder to keep things safe. all of those people are impacted by your success. that fundamental idea -- when some of us are doing well, it is
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okay. but when everyone has a stake, that is one thing, that is at the heart of every decision that i have made as president. when the middle class does better, we all do better. shareholders do better. we all do better. everyone does better. [cheers] [applause] [cheers] [applause] so we passed a recovery act. to make sure that we put a floor below which this country wouldn't fall. we put money in tax breaks. we made sure that the people people were rebuilding roads and bridges, keeping teachers and firefighters on the job. three and a half years later, our businesses have added 7.5 million new jobs. [cheers] [applause] we helped responsible homeowners
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stay in their homes. one of the biggest settlements in history on behalf of people who wrongfully lost their homes, our housing market was healed. we took on the task code that was skewed towards about wealthy. the top 2% have been asked to pay a little bit more and middle-class tax rates have reached an all-time low and the deficits are falling at the fastest rate since world war ii. that's what we did. [cheers] [applause] we invested in american technologies to end our addiction to foreign oil. today we are generating more renewable energy than ever before, more natural gas is being produced than anywhere in the world. we are about to produce more of our own oil and we buy overseas for the first time in nearly 20
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years. [cheers] [applause] and we took on a broken health care system. in less than two weeks, millions of americans who have been locked out of the insurance market are finally going to be able to get quality health care. [cheers] [applause] out of every 10 americans who are currently uninsured, six out of those 10 will be able to get covered for less than $100 a month, less than your cell phone bill. [cheers] [applause] >> so we have been working, just like you have been working over these last 4.5 years. we have cleared away the rubble from the crisis and have started to lay the foundation for prosperity. and everyone here, we often make some adjustments, some folks
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have to tighten their belts, get rid of some debts, focus on things that really matter, cut out things you really didn't need. we have shown the world that the american people are tough and resilient. nothing tougher than ford trucks, are american workers. [cheers] [applause] [cheers] [applause] >> okay, that is the good news. but any working person, any middle-class family will tell you that we are not yet where we need to be. the economy is growing, but it needs to grow faster. we are producing jobs, but we need to create more jobs, more good paying jobs. we have to make sure that we are rebuilding an economy that doesn't work from the top down, that it works from the middle
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up. that gives ladders to the people who still don't have a job. we have to make sure that the workers are sharing in growth and productivity. even though businesses are creating jobs right now, the top 1% took him 20% of the nation's income last year. the average worker barely saw a raise. it's not fair, it's not right. in many ways the trends that have taken hold of a winner take all economy, few folks at the top doing better and better and everyone else treading water or losing ground. that is not a model that we want. it has been made worse by this recession. so i have been doing over the last couple of months is visiting towns like liberty, traveling all across the country, talking about what we need to do to reverse those trends and make sure that we have a better bargain for middle-class americans.
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good jobs that pay good wages and education that prepares our kids for a global economy. a hope that is secure affordable health care that is there when you get sick, a secure retirement even if you are you're not rich. all of those things that make for an a secure life so you can raise your kids and have confidence that they they're going to do better than you do. that is what i am focused on. that is what you are focused on. that is what congress should be focused on. [cheers] [applause] [cheers] [applause] which brings me to the current tuition. [laughter] let me talk a little bit about what is going on in washington. right now congress is in the middle of a budget debate.
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there is nothing new about that. every year congress has to pass a budget. it is always a contentious process. but right now our recovery still needs to build more strength and it's important that we get right in washington. because even though our success as a country is ultimately going to depend upon great businesses and hard workers like you, government has to do something. congress has to pass a budget to make sure that our education system works and prepares her kids and our workers for the global economy. we if we are going to rebuild our roads and bridges, government has to be involved in that. we will have scientific research and development, you know, some of the things that allow the efficiencies of this plant
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originated in laboratories and scientists doing work on the government side and that is how we always maintain our cutting edge. these are things that help us grow. these are things that help the private sector succeeded. so when people tell you somehow that somehow the government is irrelevant, no, everything we do has some connection to making sure that we have collectively, as a democracy, making smart investment in the future. that is how it has always been. [cheers] [applause] >> what congress is doing right now is important. unfortunately right now the debate that is going on in congress is not meeting the task of helping middle-class families. they are not focused on you.
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they are focused on politics. they are focused on trying to mess with me. [laughter] >> they are not focused on you. [laughter] [applause] they are not focused on you. >> so there are two deadlines coming up that congress has to meet. and i want folks to please pay attention to this. congress has to meet two deadlines are coming up pretty quick. the first deadline, the most basic constitutional duty that congress has is to pass a budget. that is congress 101. if they do not pass a budget by september 30, what is today? the 20th. so if congress doesn't pass a
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budget in 10 days, a week from monday, the government will shut down. a government shutdown shuts down many services that the american people rely upon. this is not abstract. hundreds of thousands of americans will not be allowed to go to work. our men and women in uniform, even those deployed overseas, they will not get their paychecks on time. small businesses won't get their loans processed. now, none of that has to happen as long as congress passes a budget. number one, pass a budget. number two, in the next few weeks, congress must vote to allow the department of the treasury to pay america's bills. our treasury department, that is
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where we take in money and we paid it. it is very simple. this is usually done with a simple routine vote to raise what is called the debt ceiling. if you do not raise the debt ceiling, america cannot pay its bills. since the 1950s, congress has always passed it. every president has signed. democrats and republicans, ronald reagan, lyndon johnson, it doesn't matter, this is just a routine thing that you must do so the treasury can pay the bill. if congress does not pass this debt ceiling in the next few weeks, the united states will default on its obligation. that has never happened in american history.
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basically america becomes a deadbeat. as the world sees america not paying its bills, they will not buy debt, treasury bills, from the united states, and if they do, they will do it at higher interest rates. that means someone wanting to buy in at 150 will have to pay much higher interest rates eventually, which means that you will sell less cars. that is one example of how profoundly destructive this could be. this is not an abstract thing. this is important. raising the debt ceiling is not the same as approving more spending. anymore than making your monthly payment adds to the cost of your truck. you don't say that i am not going to pay my bill, my notes for my truck.
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because i'm going to save money. you're not saving money, you are in the bucket truck. you have to pay the bill. you are not saving money. he might have decided at the front not to buy the truck, but once you buy, you can't save your money by not paying the bill. does that make sense? [cheers] [applause] >> raising the debt ceiling, it doesn't cost a dime or add a penny to the deficit. all it says is you have to pay it for what congress party said you've spent your money on. if you don't do it, we can have another financial crisis. the fact is that i know a lot of people are concerned about deficits and our deficits are now coming down so quickly that by the end of this year, we will have cut them in more than half since i took office.
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[applause] so i just want to break this down one more time. i go into a ford dealership and drive off with a new f150. unless i pay cash, i still have to pay on it. i cannot just say, i'm not going to make my car payment this month. that is what congress is threatening to do. just saying that i'm not going to pay the bills. there are consequences to that. the bill collectors start calling. your credit goes south. and you have all kinds of problems. the same is true for our country. so if we do not raise the debt ceiling, we are deadbeats. if we fail to increase the debt limit, we would send our economy into a tailspin.
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do you know who said that quote? the republican speaker of the house, john boehner. he has said that if we don't pay our bill, we will have an economic tailspin. this is not just my opinion but everybody's opinion. now, why haven't we already done this if it's such a simple thing? well, why didn't we already get this done. democrats and some reasonable republicans in congress are willing to raise the debt ceiling and pass a sensible budget. and i want to work with democrats and republicans to do just that. clair mccaskill is ready to do it. jericho. [applause] congressman, he is ready to do it. jericho. [applause] and we just pass the budget and
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raised the debt ceiling and get back to focusing on growing this economy and educating our kids are in all of the things that we have to do. unfortunately there is a faction on the far right of the republican party. it's not everyone, but it's a pretty big faction. those who convinced the leadership that a government shutdown and potentially threaten to not raise the debt ceiling, if they cannot shut off the affordable care act, also known as obamacare. they're not talking now about, you know, spending cuts or entitlement reforms. they are not talking about any of that. they are talking about something that has nothing to do with the budget. they are actually willing to plunge america into default if we can't be funny for boca.
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putting this into perspective, the affordable care act has been in law for three and a half years. it passed the supreme court, it was an issue in last year's election. the guy who is running against me said he was going to repeal it and we won. jericho. [applause] [cheers] [applause] >> so the voters were pretty clear on this and republicans in congress tried to repeal or sabotage this more than 40 times, they have had these repeal votes. every time they have failed. this law that is in place is already providing people benefits. it's not holding back economic growth and helping millions of americans, including some of you and your family members that you may not be aware of. can keep your kids on your own insurance plan, someone is
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raising their hand right here, until they are 26 years old because of the affordable care act. [cheers] [applause] which is one of the main reasons why the number of uninsured among young people has gone down over the last three years. seniors are benefiting right now from discounted prescription drug costs because of the law. jericho. [applause] if you have health insurance, insurance companies cannot impose lifetime limits on you. they cannot use the fine print not pay if you get sick. insurance companies have to spend 80% of your premiums on your health care and not on administrative costs and ceo bonuses. jericho. [applause] and health care costs have
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actually increased at the slowest rate in 50 years. so this is helping to reduce health health care costs across the economy. [cheers] [applause] finally, starting on october 1, it is going to help millions more people, people who don't have health insurance right now, so a worker at fort can benefit from insurance rates rate because you have a lot of workers in one big pool. those who don't have the fortune, working for a company like ford, they can also get a good deal. that is what they are fighting for. they would like to repeal all that and they are saying that we are going to hold our breath. they said we are going to send the economy into default. they will send our economy into
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a tailspin like speaker boehner said. just make sure that tens of millions of americans continue not to have health care. defunding affordable health care brought 25 million americans a chance to get health care coverage. cutting basic health care services for tens of millions of seniors on health care already. and now they have gone beyond this, they are holding everyone hostage. one senator called it shutting down the government over the portal care at the dumbest idea that i had ever heard and i agree with him. but that is the strategy. it was voted on today. the american people have worked way too hard for too long,
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digging out of a real crisis is to let politicians in washington cost this problem. [cheers] [applause] this is the united states of america. we are not the banana republic and we don't live in a deadbeat nation. we are the world's bedrock investment in the entire world looks to us to make sure the economy is stable. even threatening something like that is the height of your responsibility. what i have said is that i will not negotiate over the full faith and credit over the united states. [cheers] [applause] [cheers] >> i will not allow anyone to harm our country's reputation. i will not allow them to reflect
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economic pain just so they can make an ideological point. but i need you to help. i need you to help tell congress to pay our bills on time, pass a budget on time, stop governing crisis to crisis. put our focus back on what should be, on you, the american people on creating new jobs and growing our economy and restoring security for us all. that is what you deserve. [cheers] [applause] ..
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>> and every day all over this country there are bad and with it just like jordan to wake up, maybe pat the lunch and kiss them goodbye and go to work to live up their responsibilities and do their job and pay their bills. should you expect the same thing from people in washington?
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[cheers and applause] >> should you expect the same thing from members of congress? [cheers and applause] just do your job. don't to be the other guy. be the guide to their job. no games no holding the economy hostage if you don't get 100 percent of what you want. nobody gets ledger%. you were that with your privilege -- with your family otherwise you'll be divorced real quick. [laughter] this special leave men. [laughter] i am telling you. [laughter] you should expect the same common sense out of congress some compassion, expects
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some compromise, expect the conviction of leaders that go to work every day not to tear something down but build something better not just today but the world we want to leave our kids. that is my conviction and my commitment to you we start to think about you instead of politics and how zero we can get the base up and get back to where this country is where we wanted to be. if washington had can use the same decency that you do every single day the economy will be stronger not just one year from now or 10 years from now but 28 of 30 and 50 years from now and as long as i have the privilege to be a president that is what i will focus on. thank you very much. ♪
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[applause] >> good evening georgetown it is a pleasure to be here. for those of you that were here last year we had bobo -- bono come id last year and then they said if you want to real rock star bring in warren buffett he can do more than i ever could. so this year we brought your real rock star. [laughter] [applause] so i will ask laurie a series of questions that we
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will take your questions and let the students asked and i will start with the president left off. this is your home town. what do your best memories about being around georgetown? >> george -- george and hospital 66 years ago i developed a affinity because in the hospital people would tip. [laughter] my regular customers never would but i was at the hospital and one of the things they would do is they would tell me if a woman had given birth and they would whisper that number to me and the numbers racket was very big game and they thought they gave me this terribly valuable information and i was supposed to bet on the number in the numbers racket that day so i have a lot of memories.
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[laughter] of georgetown i was here during world war ii that was a fascinating time to be in washington. with my dad being in congress, it was really a window on the extraordinary time at that time we were more united than it anything in my lifetime of a common goal when people like the athletes of the day people did with a high percentage play by the rules with gasoline rationing and all that. we all bought savings bonds at school to help help the troops. >> somewhere in there you started to invest that would change the nature i read
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stories he started to invest at 13. >> 11. [laughter] it took me five years to save $120 every five years to buy one stock or three shares of cities service preferred when i was 11. my dad originally was not very interested but i would go down on saturday morning they had these books in the read every book on investments by the time we move to washington and then with the library of congress i just found it fascinating. incidentally i find it fascinating it is an activity if you are of baseball player it doesn't make a difference what i do.
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i always have had fun working but i have as much fun now as i ever had in my blood -- in my life it doesn't get better. >> so you tap dance to work? >> don't ask me to demonstrate. [laughter] it was nice to get the round of applause at the start that is because i am 83 they are not sure if i will be around at the end of the top [laughter] >> i think shareholders cq have more energy than anybody that i know. to talk about the giving pledge how you come up with the aid deal with bill and how we doing? >> we're doing great. three-year four years ago bill and linda and i were talking i am not sure but we decided to call rockefeller if he would host a dinner
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for 63 steve people just to talk about philanthropy there was oprah winfrey and mayor blumberg and i started to have these people talk around the table how they default -- developed their philosophy it must have taken us to a half hours. so we decided maybe there is a possibility to take this passion and going to other people that had a great deal of money if we could develop something where people would pledge half of their net worth. we now have to do 15 people i have been diving for dollars. i call up the billionaires'. sometimes they tell me they can't do it and i tell them i will write a book how to live off a $500 million.
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[laughter] they cannot figure out how to do it. they need help. it has been very rewarding if i receive the letter from one woman her and her husband had over 100 billion and sent me to ties and said they had not really faced it. it is like to face your own mortality and so they had changed things in over half would go to philanthropy. they do tend to postpone the decision so i tell people the last will counts but if i am talking to a 70 year-old you think your decision making ability will be better at 95 with the blonde on your lap? [laughter] get on board. [laughter] >> tie eight assume that convinces them.
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>> bill gets people of around the world because he travels more than i do but what we're hoping that people pick up on norms you did pick a behavior from those to come before a and we collected letters from every one of these people on our web site. they're worth reading in their pretty remarkable of course, we want to get the younger people like mark zuckerberg and he will obviously appeal to a much wider group then i would. we hope it becomes a gloss -- gospel of wealth party came up with 100 years ago and we have better stories fan that. i just hope i want to
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emphasize one thing. nobody in our group has given away a dollar that affects how they live. i have much more admiration for the person who puts $1 in the collection plate if it makes a difference if they take their kids to a movie or go out tea they actually give up something that has utility. i am giving up nothing. i have everything in the world that i want that can be bought by monday. i have a bunch of stocks that they have no utility to me that they could possibly have the enormous utility to other people. so those that give up something that actually can have a utility and give that to some other person, those of the people that i really think deserve the kudos but it is still bryce to roll
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with the program but if we take polio as a contribution we go after it. >> what you have done that whatever the number will be? >> so talk about the gates relationship by a you chose them? >> originally by a wife and i played real raider 20s we reduce the rest for society. i thought she would out with me. she was younker but she died in 2004 so i had to come up with a different plan. if you read adam smith with a specialization of labor if you're good at one thing you're not good at and other use your talents for it is most useful.
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so when my wife had babies we go to the obstetrician with a toothache we go to the dentist we wanted to go to people who were good at giving away many younger, energetic, the smart, with the same objectives that i did. the basic principle is every life as equal human value and with that as a basic assumption then bill and linda as well as foundation for each children if you can read the letters that i wrote them i do not direct them to do anything and i say if they do succeed in everything they're doing the wrong thing because the important things are the top bid you will fail but i have much younger people with common objectives working for nothing. that is not a bad deal.
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>> that stretches the money a long way. >> and you require them to move the money out. >> they have to spend it. when i die all the money has to be spent within 10 years after the state is close. i don't think i could pick a great great grandchild yet to be bored just because they have the right name to be the custodians. there will be plenty of philanthropist to take care of the problems in 50 years but i want the ability to be spent promptly and i don't believe in trying to control things from the grave. i like to think i can think outside the box but not that particular box. [laughter] seven if that may take a lot of philanthropy. recently read an article this week the story i read
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about the development the you helped tom cousins, the talk about that because that is a little different. >> the same theory those that put their own time a and energy to who are successful. tom cousins is a remarkable brigid who lives outside of atlanta. he took against a lot of community opposition it was crime-ridden, nobody did well in school and to he worked about 10 years to develop this entirely new community at of a total disaster then we talked about it then we said
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everybody will say it could only be done because you were tom cousins. so we decided to see if we could replicate in other communities in it seemed to me your lives was great because they have been wracked through issues and then have hundreds of people is a mixed income type of community we don't want everyone to be some subsidized we would do a new kind of community where people of different races and economic conditions work together and play together and it has been successful there.
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he does not know this but he is a fantastic human being and then you can join forces with somebody as high quality as that and energetic and smart you just have to jump at the chance. >> we will switch to the economy. this is his comeback very well what every think about the pick it was worse. i am serious about that. we were on the edge of a cliff and unfortunately i given enormous credit to both ben bernanke and hank paulson and tim geithner but
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that is talked with comparative and vintage in the case talk about animal spirits but president bush came out with the agreed to it you know, when he said if money doesn't loosen up this can go down? get a lot of companies are having record profits. the american populace the
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"forbes" 400 shows aggregate wealth as $2 trillion if you go back 20 years that was 300 billion it is different people to some extent that 300 billion astutely it'd re-read the paper today you see that the the year and income with real purchasing power. the rich are doing extraordinarily well. business is doing well and the profit margins are terrific compared to historically and the natural equity is terrific but it a great many people if you take the bottom 20 percent of households, 24 million and about 60 million with
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housing cover the top level is 22,000. i don't want to try to live on 22,000 with a couple of kids. we have been economy delivering $50,000 gdp per capita in those that are not living well so we have not learned as well. >> to read just grow out of bet? >> even 2 percent per year the population in gross one% so in 20 years just a 20% gain in gdp is not bad in a generation. but how was it distributed? this system were tested in my lifetime i was born in 1930's i was conceived in
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1929 in my dad was a salesman and after the crash he did not have anything to do. [laughter] i look back with great fondness of the 29 crash. [laughter] but since i was born gdp has increased six / 1b with centuries with nothing happening in this country works i am consider the luckiest person of a probable basis that ever lived it is a fabulous country in the market system works but we do have to come in my view major everybody participates to a reasonable degree of least one that is satisfactory for our people. >> you talk about george
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bush in the statement would you think the lessons are of the last couple cycles? you have lived through multiple cycles in the 60 years. >> 70 years very guess what do they take away? to make the lessons are they continue to make the same mistakes. it does not correlate to their iq but when they get greedy and we have a huge bubble it housing. something you to borrow heavily against to run and a margin account instead of stocks in the condition is that very lax so when the bubble pops the people came into that gradually but with circles and is also wants to of people get scared we had
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everyone on the that one time hopefully with a different set of circumstances but the animals will behave the way. so we will have an occasional panic and all recessions don't come for panics but the good news is the key of the 20th century with two world wars the great depression come with the flu epidemic the atom bomb, tranfive went from 66 up at 11,497 when all these terrible things are happening. america works. when i bought my first doctor in the spring of 1942 a couple months after pearl harbor in we were getting clobbered in the pacific in
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the european theater in the blitz of england but the dow was at about 100 a look at it now the country works. the trick is the obligation of a society as prosperous as ours to figure how nobody is left to far behind. >> it is interesting how you can accomplish more hear one of the best speeches you could have been i know you care that optimism so what makes you most optimistic? >> just imagine 1789 just a few years.
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there is a little plaque there that says if you seek my monument look around you this country has all come about in a few hundred years we have less than 4 million people when it became a country in china had 300 million in europe had 75 million they were just as smart as we were they had natural resources it we order up with a quarter of the world gdp we have something that works we want to figure out what we do with this abundance but you'll have periodic recessions and occasional panic brought on by something the and the thing to remember i wrote the op-ed piece in the fall of 2008 that the country will
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come back and is coming back. don't ever worry about americans you are in the right place. >> you have been famous for your investment strategy but that served you well so what is the favorite time you could accomplish that? >> clearly save my favorite time is tomorrow. but it always has been fun. there is a company here in washington called psycho i was first exposed to that in 1950 i got down there and
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the door was locked there was a saturday i pounded on the door and the janitor let me in and day man spent four hours with me to teach me about insurance. he helped me so much. you will get help from wonderful pinnate tonight because nobody does it alone. we all sit in the shade of trees planted wray others. so good look. it is a great ride with it is nice to over this project when did you invest the first time? the was finishing at sphere
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and she brought but i went in a different direction in the 1976 state of our miscalculating in their going broke. said about one-third of the company in a short period of time. in 1995 my a third became one half and i went up tusis who had a bunch of stock in geico and i said if i make an offer for this company for cash you will pay a tax
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to. >> but you have questions? >>. >> okay. let's take a first question tell us who you are a invest the way. >> and then try to make a
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little living? >> but i do remember what i paid bench. paul graham's approach is simple but the friendly you're most likely with the
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end period of five years ago or stocks sell at a silly prices but would does take is a temperament to step up and act. i tell people going into the investment business if you have one of the 60 iq still 30 points to someone else. you will not need it. [laughter] i figured out early eight are simply looking at the facts to decide is this another thing when you don't
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do anything that is my generalized stock tips. >> will make it simple bank of america. you will be set. [laughter] >> it worked all right for them. >> that's right. [laughter] [applause] >> good afternoon chlamys software as well. in the past you invested in china and south korea and israel and recently from brazil does this mean you are attempting to venture into the brazil market next. >> i did not hear the question. [laughter] >> i don't know where i will invest next. that is what makes my job interesting. i am not kidding. if you go out to play golf every time in the whole decade would not be interesting. what is interesting you get the rough but i love the
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fact don't know what i will do next. you mentioned israel. in the 2006 in the fall i got a letter from a fellow i had never heard of him or i never heard the company but he said i want to tell you about my company it was a page and a half and he said if he sold the company the only company they would sell it to his berkshire hathaway and if they were interested they would explain it to me and it just jumped off the page so i e-mail to him and they came over shortly and we bought the business and handed them $4 billion for 80% of the company he kept saying you have to come to israel to see the plants and i said i don't go to council bluffs i was.
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i am doing fine in omaha. [laughter] he said you have to see it. we can make a deal without see if you buy the company will you? so we bought the company and i went over there and it is true for the greatest operation have ever seen and he said that is why i wanted you to come over and cheese -- and then i said i you would have paid more money. [laughter] >> we have a wonderful partnership but i don't know tomorrow at the partnership with the people in brazil they are sensational. i got to know them when i was on the board of gillette but the opportunity to buy a business and to be partners they do the heavy lifting and run the place.
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it is a great opportunity at a know what the opportunity will be tomorrow but last december i was going out to lew boulder colorado but i went out there and as we came back on the plane he explained we was thinking about. and one other thing after i said that's he sent to a one page that would be a fair deal but i do not have to change a word. >> you mentioned people make the same mistakes with the of the cycle but there have been developments such as the creation of derivatives
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in you called them weapons of mass destruction know it is a $700 trillion neither rathbone and. >> we, is hard to tell, if you looked out what happened september event -- a october 8 there were extraordinary things. the federal reserve put $85 billion and if they have and our world would be very different. hank paulson years and. >> 300 billion? almost equal to wells fargo
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or what cody at the time. both of those authorities and essentially, i do think they can do that. i don't think bernanke could do we he did or paulsen could do what he did. when there is a panicked panicked, the only thing to stop it basically is somebody who has the ability and the will to say i will do whatever it takes. that is what bernanke impulse and and finally the congress reluctantly said to the american public nobody knows what section 13 is from the federal reserve for act as a and it was active
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but you have the strong characters who have the ability to print money and they said we will do whatever it takes. the president was behind them and the way i am wondering fact that you are acting with t.a.r.p.. there will be another panic. where it comes from, who knows but when that time comes the question will be are the people who panicked to cause the economic engine to stop, will they believe and come back to fetch it is
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very hard to right regulations that would keep people from acting foolishly especially one that has been proven very profitable. is the way that works. they all think they are cinderella at the ball. as the night goes along and the drinks flow they all think they will leave at two minutes to 12 and there is no clock but they're still dancing. it will happen in again. by wind it does. [laughter] i will buy. >> i am from george's wife lay with his work. >> that is great. >> talking about economic equality but look at class mobility rates and average household income of four middle families of lot i was
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wondering if you have a vice that rising tide lifts all boats. >> the odds have been lifted just from billions to trillions. there is a very structural program -- problem is again were specialized if you go back to the agrarian society would people worked on a farm, the most people don't fit most requirements. as the world has become more and more specialized, i think we keep moving away from that. a market system will not pay
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well for a significant percentage of society. >> government has to address that. . .
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