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Public Statements

Transaction Account Guarantee Extension Act

Floor Speech

Location: Washington, DC


Mr. SESSIONS. Mr. President, the way we arrived at this point is the Congressional Budget Office, our chosen authority on budget matters, has concluded that the legislation violates the budget, and they submitted analysis to that effect that has been provided to the chairman of the Budget Committee, Senator Conrad, an honorable chairman of the committee. He and his staff have examined it, and they concluded that it does. They have advised the Parliamentarian.

Senator Toomey has now raised the budget point of order, and based on the report from the chairman of the Budget Committee, the Parliamentarian will rule that this legislation spends more than we agreed to spend under the Budget Control Act limitations and will therefore sustain it. The people who are promoting the legislation will seek to waive the budget, ignore the fact that it violates our spending limits, and pass the bill anyway. I think that is bad.

We have had a series of these votes. It is time for the people who advance legislation in the body to be careful, and when they submit legislation that it stays within the budget. When they block this legislation, it violates it.

In August a year ago, Congress agreed to certain spending limitations. It was not enough in my view, but there were some noticeable limitations. We would still spend more every year but limit the growth. Regardless, it was limited. There was a limit on how much we could spend. Whether it is up or down, it limited it, and this would be in violation of it.

I wish we could get to a point of where the legislation was fixed before it got to the floor and was in compliance with the budget.

I say to my colleagues, as ranking Republican on the Budget Committee, we can get the score. CBO will give us the score. There is plenty of opportunity to have this information before the vote and before the bill comes before the floor.

I thank the Chair and yield the floor.

I suggest the absence of a quorum.


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