Making it Worse -- Day Lee Briefing 6/27/2011
Jun 27, 2011
Today’s Agenda
Senator Lee meets with staff to discuss upcoming issues, including the budget and the ongoing conflict in Libya. He also has several media interviews, including PJTV, Politico, and Fox News.
From the Senator’s Desk
“Two years after the official end of the Great Recession, and one year after the Obama Administration declared “Mission: Accomplished” on the economy by celebrating the dawn of “Recovery Summer,” the United States economy remains in dire straits. And on closer inspection, the situation is even worse than the headlines suggest…What the president himself calls “Obama’s economy” and Rep. Wasserman Schultz says her party “owns” is, in fact, the worst economic recovery the American people have suffered through in a lifetime.
Highlights:
Since the start of the recession, total employment has declined 5.0%; the labor force has shrunk by 2.0 percentage points; and long-term unemployment is at 45.1%.
GDP growth (only 1.8% in the 1st quarter of 2011) has failed to keep pace with that of past recoveries.
Consumer spending, personal income, and consumer credit have all lagged significantly behind past recoveries.
The housing market remains depressed. Home prices are down 17.2% from the start of the recession, compared to an average price increase of 22.9% in past recoveries
Around the Water Cooler
Ethanol: “By cutting the ethanol break, senators have done more than many might have expected to show they are serious.”
Debt: “[B]y 2021, if nothing is done, we will owe more in debt than the size of our entire economy. The figures get worse.”
The Week Ahead: “The debt talks move to the next level this week when President Obama and Vice President Biden host the Senate leaders for separate meetings on the matter.”
A Look Ahead
Tomorrow, the Foreign Relations Committee will discuss the legality of the President’s actions with regards to Libya. The committee is expected to take a look at a resolution sponsored by Sens. Kerry and McCain that would authorize the operation for up to one year.
Raising Taxes is Off the Table - Floor Speech 6/27/2011
Jun 27, 2011
Senator Lee announces from the Senate Floor that tax increases are not a solution to our debt crisis. He reiterates the need to cut spending, cap spending, and pass a balanced budget amendment out of Congress.
Cut, Cap, and Balance
Jun 27, 2011
It's been called the most preventable disaster in American history. The coming debt crisis is so predictable it's difficult to find a single economist, expert, politician or American taxpayer who doesn't warn of the consequences of spending and borrowing ourselves into oblivion.
Cut, Cap, Balance in a time of sluggish growth | Day Lee Briefing -- 6/24/2011
Jun 24, 2011
Today’s Agenda
Senator Lee continues to work on promoting the Cut, Cap, Balance plan in Congress – a deal that would allow a vote on increasing the debt limit only after Congress has agreed to significantly cut the deficit, cap spending, and pass a balanced budget amendment to the Constitution.
From the Senator’s Desk
“Higher debt leads to slower economic growth. Empirical studies show that high levels of government debt inhibit economic growth by creating uncertainty, displacing needed private investment, and placing upward pressure on interest rates. For example, Reinhart and Rogoff found that, in advanced economies with gross government debt above 90 percent of GDP, median economic growth tends to be between one and two percent lower (depending on the time period analyzed) when compared to countries with lower debt-to-GDP ratios…
“Slower economic growth results in dramatic job loss. Christina Romer, former chair of the White House Council of Economic Advisers, equated one percentage point of GDP with one million jobs.
“Successful debt-reduction measures relying on spending cuts—not tax increases—have consistently resulted in stronger economic growth. Research from Harvard economist Alberto Alesina, as well as a Goldman Sachs report, found that fiscal consolidations that focused on cutting government spending—including on subsidies, transfer payments, and government worker pensions—were successful in cutting fiscal imbalances, typically boosted growth, and were followed by improved equity and bond market performance. Examples of successful spending reductions include Canada and New Zealand in the early 1990s…
“Yet the nation has operated without a budget plan for more than 780 days. The Democrat-led Senate has not even allowed the Budget Committee to meet this year to begin work on a resolution, and has refused to pass a budget at all since April 29, 2009. Over that time, the nation has spent $7.1 trillion and added $3.2 trillion in gross federal debt. Majority Leader Harry Reid recently said it would be “foolish” for Democrats to produce a budget. But nothing could be more foolish than refusing to provide the nation’s job creators, investors, and taxpayers with a blueprint for our fiscal future.” -- Memo to Senator Lee from the Senate Budget Committee
Recent Votes
On Senator Vitter’s amendment to end the appointments of presidential Czars who have not been subject to the advice and consent of the Senate and to prohibit funds for any salaries and expenses for appointed Czars, Senator Lee voted YEA.
Around the Water Cooler
Libya: “The House is expected Friday to vote to strip funding for offensive military operations in Libya, leaving only money for U.S. forces carrying out support activities for the NATO-led mission such as aircraft refueling, intelligence-gathering and reconnaissance.”
Cut, Cap, Balance: “Sen. Jim DeMint (R-S.C.) warned lawmakers they won't be reelected if they vote for a debt ceiling increase without a balanced budget amendment and serious across-the-board spending cuts.
A Look Ahead
Senator Lee has an interview with PJTV’s Tony Katz on Monday about the budget debate in the Senate, and meets with two Utah education groups on Tuesday and Wednesday. The Senate is expected to continue work on the Economic Development Agency Reauthorization Bill.
Day Lee Briefing -- 6/23/2011
Jun 23, 2011
Today’s Agenda
Today, Senator Lee attends a Foreign Relations Committee meeting with Secretary of State Hillary Clinton. In the morning he meets with Utah members of United We Dream and a group focused on finding employment for people with disabilities. He also has interviews with Fox’s Neil Cavuto and CNBC’s Larry Kudlow.
From the Senator’s Desk
“I recently signed a letter calling for the President to honor the pledge he made to begin the drawdown of forces in Afghanistan in July. I am encouraged the President has followed through on that pledge. The progress that has been made justifies a reduction in the number of troops engaged in intensive combat operations. However, success in Afghanistan remains in our national security interest and it is critical the pace of withdrawal not conflict with our capacity to eliminate any new terrorist threats. “ -- Blog post responding to President Obama’s recent announcement
Around the Water Cooler
Afghanistan: “We are encouraged that the overall military strategy will continue to be one of forceful counter-insurgency.”
Debt Limit: “Lawmakers are expressing frustration with the lack of information they have received from Vice President Biden’s debt-limit negotiations.”
Deficit: “Utah politicians sign Cut, Cap and Balance Pledge”
A Look Ahead
Senator Lee meets with two Utah based educational groups next week. The Foreign Relations Committee will meet to discuss the ongoing conflict in Libya on Tuesday, and Senator Lee will participate in a national blogger press conference on the Cut, Cap, and Balance Plan that afternoon.
President's SPR Release a Shrewd Political Move
Jun 23, 2011
Today, the President announced he was ordering the release of 30 million barrels of oil from the U.S. Strategic Petroleum Reserve. Having spent the better part of his administration preventing the development of America's oil and natural gas resources and increasing costs for our domestic energy companies, this announcement can only be viewed as a shrewd political move by the President.
Statement on the President's Afghanistan Announcement
Jun 23, 2011
Last night, the President outlined his plan to reduce our military footprint in Afghanistan. It includes a reduction of 5000 troops starting this summer and an additional 5000 troops by the end of the year. The President expects to redeploy the 33,000 troops that were sent over as a result of the Afghan “surge” by the end of next year.
Lee Disappointed with Google Response
Jun 22, 2011
“I'm very disappointed in Google's response to the request to have Larry Page or Eric Schmidt testify at our subcommittee hearing. I'm committed to work with Senator Kohl and others on the committee to ensure we have the opportunity to investigate these issues thoroughly and receive adequate responses from Google.”
Day Lee Briefing -- 6/22/2011
Jun 22, 2011
Today’s Agenda
Senator Lee will participate in a press conference today at 4:00 pm in the Cannon Caucus Room (Cannon House Office Building) announcing the “Cut, Cap, and Balance Pledge”. The pledge signifies members support for a plan to cut the deficit, cap federal spending, and pass the Hatch-Lee Balanced Budget Amendment before voting to increase the nation’s debt limit. Senator Lee will give remarks along with Senators Hatch, DeMint, Rubio, among others, as well as members of several coalition groups.
From the Senator’s Desk
THE PLEDGE
I pledge to urge my Senators and Member of the House of Representatives to oppose any debt limit increase unless all three of the following conditions have been met:
Cut - Substantial cuts in spending that will reduce the deficit next year and thereafter.
Cap - Enforceable spending caps that will put federal spending on a path to a balanced budget.
Balance - Congressional passage of a Balanced Budget Amendment to the U.S. Constitution -- but only if it includes both a spending limitation and a super-majority for raising taxes, in addition to balancing revenues and expenses.
Recent Votes
On the cloture vote to amend the Public Works and Economic Development Act of 1965 to reauthorize that Act, Senator Lee voted NAY.On the nomination of Leon E. Panetta to be Secretary of Defense, Senator Lee voted YEA.
Around the Water Cooler
Cut, Cap, Balance: I think it works well when people have definite convictions about which way it should go, express those ideas, and make it known what their conditions are."
Land Use: “Ken Salazar is attempting to make an end run around the law and close down all present and future uranium mining operations on the Arizona Strip.”
Afghanistan: “Obama is expected to announce in a televised address a plan that may include the withdrawal by year's end of up to a third of the 30,000 'surge' troops he sent to Afghanistan in 2010, possibly followed by the removal of the rest of those extra forces by the end of 2012.”
A Look Ahead
Tomorrow, Secretary of State Hillary Clinton is a witness at the Foreign Relations Committee discussing Pakistan and Afghanistan.
Lee Signs Cut, Cap, Balance Pledge
Jun 22, 2011
"Cut, Cap, and Balance is the single most significant reform package Congress has seen in decades," said Senator Lee. "It forces Washington to balance its books with strict, enforceable fiscal restraints and will cut spending significantly and immediately to improve our economy and create jobs."
