Floor Statements

Mr. President, I rise today to recognize the outstanding Olympic and Paralympic athletes from Maryland who proudly represented our country in the 2008 Summer Olympic and Paralympic Games in Beijing, China.

Michael Phelps II, a swimmer from Baltimore; Katie Hoff, a swimmer from Towson; David Banks, a rower from Potomac; Jun Gao, a table tennis player from Gaithersburg; Scott Parsons, a canoe and kayak racer from Bethesda; Freddie Adu, a soccer player from Rockville; Gary Russell, Jr., a boxer from Capital Heights; Tatyana McFadden, a wheelchair racer from Clarksville; and Jessica Long, a swimmer from Baltimore, made all Marylanders proud as exemplary members of Team USA.

In particular, I especially would like to recognize the three athletes from Maryland whose exceptional performances were rewarded with Paralympic and Olympic medals.

Jessica Long won four gold medals, one silver medal, and one bronze medal in the 2008 Paralympics. Jessica not only won six medals; she set the world record in the Women's 100-Meter Freestyle event.

Perhaps more extraordinary than her performance in this year's games are the challenges she had to overcome just to get to Beijing. Jessica was born with an abnormality in her lower legs and spent her infancy at an orphanage in eastern Russia before an American couple adopted her when she was 13 months old. Five months later, she had her legs amputated in the U.S. While these obstacles may have broken the spirit of most others, they only strengthened Jessica's resolve and she is now a 15-time world record holder.

Katie Hoff also excelled in Beijing, winning one silver and two bronze medals at the XXIX Olympiad. In addition to winning the silver medal in the Women's 400-Meter Freestyle event, Katie set American records in winning the silver medal in the Women's 400-Meter Freestyle Relay event, in winning the bronze medal in the Women's 800-Meter Freestyle Relay event and in finishing fourth in the Women's 200-Meter Freestyle event.

Last, but certainly not least, is the performance of Michael Phelps-- the greatest accomplishment in Olympic history, and one of the greatest athletic accomplishments of all time.

This summer, Michael Phelps set seven world records and one Olympic record while winning eight gold medals, the most ever by an individual athlete in a single Olympics. He now has won 14 gold medals over the course of his Olympic career, also an Olympic record, and a total of 16 medals. To put this astonishing feat into perspective, Michael won more gold medals in Beijing than all but eight countries! And he won more medals in total than all but 24 countries!

Who will ever forget the incredible come-from-behind victory Michael and his teammates Garrett Weber-Gale, Cullen Jones, and Jason Lezak achieved in Men's 400-Meter Freestyle Relay event as they edged the favored French team by 8/100ths of a second? That was one of the most exciting and inspirational finishes in Olympic history. Just as exciting was Michael's finish in the Men's 200-Meter Butterfly event when a stutter stroke and lunge at the end enabled him to beat Laszlo Cseh by the width of a fingernail!

Despite the epic greatness of his achievement, Michael spoke modestly after winning his eighth gold, saying, ``Records are always made to be broken no matter what they are . . . Anybody can do anything that they set their mind to.'' Michael proved not only to be a model of what one can achieve with hard work and determination, but also a model of the courtesy and sportsmanship upon which the Olympics were founded. He is a self-effacing young man whose enthusiasm, modesty, cheerfulness, and charm have endeared him to people around the world.

I would be remiss if I didn't mention his extraordinary mother, Debbie, and his coach, Bob Bowman. The obvious affection and respect he has for these two people indicate just how important they have been in his life.

Michael is not content to rest on his laurels. He wants to attract more kids to swimming and to teach them about pursuing their dreams, using his own life as an example. He will donate the $1 million Olympic bonus he received from Speedo to a foundation he has created to promote water safety and youth swimming. ``This is a way for me to really help grow the sport,'' he said in explaining why he gave the prize to the newly-created Michael Phelps Foundation.

Michael knew he wanted to spread interest in swimming but also wanted to convey a message that could apply to other activities, so he is creating a program called ``Dream, Plan, Reach.'' It's designed to help children set goals and take daily responsibility for pursuing them. He is also helping to raise money for charity by autographing photos, USA swim caps, Sports Illustrated covers, and other collectibles in a deal with Grandstand Sports & Memorabilia, offering fans the chance to own keepsakes from the Beijing Games.

The people of Maryland are privileged to have had such an outstanding group represent us at the Olympic Games. All of these athletes sacrificed tremendously in order to reach this pinnacle of athletic success, spending countless hours in grueling and arduous training in order to wear the red,

white, and blue in Beijing. I commend them all for their dedication and valor, and the exemplary way in which they represented the United States of America. They have made Marylanders and all Americans proud.

I am pleased the Senate passed S. Res. 700 yesterday a resolution Senator Mikulski and I introduced along with 12 other cosponsors honoring the achievements of Michael Phelps, Katie Hoff, and the rest of the United States Olympic Swimming Team for their record-breaking performances at the 2008 Summer Olympic Games, where they won 31 medals, including 12 gold medals, 9 silver medals, and 10 bronze medals. While records may indeed be made to be broken, the accomplishments of this team will not be forgotten. It is fitting for the Senate to pay tribute and pass along its congratulations for a job superbly well done.

Mr. President, I want to commend the senior Senator from Connecticut, who chairs the Committee on Banking, Housing and Urban Affairs, for the extraordinary effort he and his staff have put in over the past several days to bring us to the point where we are preparing to vote on an economic stabilization package. While we all regret being in this situation, I think there is widespread recognition that we need to act to get our financial and credit markets operating again.

I have one particular concern I would like to address to the chairman, if I may. One of the problems created by the turmoil in the financial and credit markets is that many of the institutions needing liquidity, or those which normally would provide liquidity to the marketplace, hold illiquid low-income housing tax credit investments, many of which require further funding. These tax credit investments exist at the expense of the Federal Government since the holders of these investments achieve their return by taking credits against their taxes in the form of the section 42 low-income housing tax credit, LIHTC. Among the institutions with substantial holdings and which have historically provided liquidity to this market, but which can and no longer do so, are Fannie Mae and Freddie Mac, as well as several of the banking institutions which have been most adversely affected by the crisis in the markets. The ability of these institutions to use the credits has been severely impaired, and I am deeply concerned that, as with so many other financial assets, the holders will dump them into the market at distressed prices. The buyers at these distressed prices will be the very institutions that would have bought new credits at nondistressed prices. The result will be that instead of investing new money in new affordable housing, these buyers will instead use that money to buy existing credits at distressed prices and much less money will flow into the production of new affordable housing in the next few years. In fact, the turmoil in the capital markets has already severely restricted the flow of new funds into new affordable housing and this market has taken a serious downturn at a time when adding to the stock of affordable housing is critically important.

I would like to ask Chairman Dodd if he believes that his amendment to H.R. 1424--specifically, section 3(9)(A) of division A--gives the Federal Government authority under the Troubled Asset Relief Program, TARP, to purchase existing low-income housing tax credit investments from the holders of those investments. Unlike many of the other assets the Government may purchase in other sectors, these investments can be purchased at little or no cost to the Treasury because the Government is already paying for them in the form of tax credits.

I thank the chairman for reassuring me. I think Treasury would bolster the market tremendously if it purchases such credits where necessary to: (1) create liquidity for those financial institutions currently holding these credits; and (2) stimulate the production of affordable housing in a market which has deteriorated substantially--all at little cost to the Government.

Mr. President, I thank the chairman for his assistance on this matter. We are being reminded, in the most painful way, that not all Americans can afford or want to own a home. Therefore, it is imperative that we maintain and add to the stock of affordable rental housing in this country during these difficult times. The LIHTC is the mechanism for doing that.

section 101(c)(1)

Mr. President, we are here tonight to take emergency action to rescue our Nation's economy. Before us is a compromise measure--the product of an intense process that Congress has entered into reluctantly. It is the result of negotiations between Democrats and Republicans, between House and Senate, and between Congress and the Administration. This evening, as we prepare to vote, Americans still have many questions as to how the bill's provisions will be implemented and what the eventual impact will be on our economy. We remain stunned that the greed of a few necessitates sacrifice from all of us. For these reasons, I understand the opposition of so many Americans to the news of this bill, one of whose goals is to restore stability to the markets. I have heard from many Marylanders who have expressed to me their anger, a sentiment that I share.

This vote is one of the most unpleasant I will have taken during my 22 years in Congress, and I come to the floor with anger and sadness, but also with determination to do what is right for this country.

This is not the bill that I would have written, but it represents our collective deliberations. Our economy is in dire straits, and our time is limited. Not because of a pre-determined adjournment date, but because markets across the world are looking to the United States hour by hour for action that will restore the world's confidence in our economy, and every day that we delay diminishes that confidence.

This crisis was created in large part by the Bush administration's hands-off approach to financial institutions. Over the last 8 years, we have seen unemployment rise, real wages and property values plummet, budget and trade deficits soar, and a burgeoning dependence on foreign capital and foreign energy.

At the start of 2001, we had projected surpluses of $5.6 trillion over the next decade. But in the last 8 years, the administration's economic policies have squandered those surpluses and produced annual deficits that now near $500 billion. But what was occurring out of the view of most Americans created the tipping point. Deregulation of Wall Street led to a new paradigm in which greed was rewarded. Financial institutions were incentivized to create complex financial shell games that enriched the few while hiding the true cost to this Nation of too- easy credit and ill-advised mortgages. And so, today, the first day of fiscal year 2009, we are faced with a catastrophic economic situation-- tightening credit, shrinking 401(k) plans and money market accounts, a wildly lurching stock market, a drastic restructuring of major American corporations, banks that will not lend to other banks, and the lowest levels of consumer confidence in our Nation's history.

Nearly 2 years ago, I took the oath of office for the U.S. Senate. It reads in part, ``I do solemnly swear that I will support and defend the Constitution of the United States against all enemies, foreign and domestic.'' In the closing days of this administration, our enemy presents in the form of a severe crisis of confidence in the American economy--one of the gravest that our Nation has ever faced. No nation can continue to thrive without solid economic footing, and so it is imperative that we act in the best interest of the United States and do our best to resolve this crisis. This measure, crafted under the leadership of Majority Leader Reid, Senators Dodd and Gregg, and many others in this body, as well as our colleagues in the House, is the result of that effort. I believe it is an honest and responsible attempt to bring near-term stability to our situation.

If we do not act, we are jeopardizing far more than the future of the financial district. This is not about the balance sheets of a New York brokerage house or even a few national banks. Rather, it is about the balance sheet of every American family. If we do not act, we will endanger Americans' ability to secure an affordable car loan, mortgage, or college loan. We will jeopardize the retirement savings accounts of near-retirees who hope to leave the workforce in the next few years, and families trying to build a secure future for the years to come. More than 50 percent of families have a stake in the markets--either through mutual funds, 401(k) plans, TSPs for Federal employees, or stocks.

If we do not act, we will place at risk our small and large businesses--access to loans is critical to their ability to survive and thrive, and if credit is unavailable, these businesses will be unable to make payroll, stock their shelves, or keep their doors open. With that in mind, many Members, including myself, awaited the administration's proposal, which they submitted to Congress on Saturday morning, September 20. In that three-page proposal, President Bush asked Congress and the American taxpayers to follow him into uncharted territory and restructure our entire financial system. The Treasury Department proposal asked Congress for unprecedented authority to spend $700 billion over the next 2 years to purchase distressed mortgage- related assets to provide stability to financial markets and our banking system. The proposal sought authority, ``without limitation,'' to enter into contracts, to designate financial institutions as financial agents of the Government, and to establish ``vehicles'' for purchasing mortgage-related assets and issuing obligations, among other things. Further, the proposal stipulated that any actions the Secretary takes ``may not be reviewed by any court of law or any administrative agency.''

Brevity may indeed be the soul of wit, as Shakespeare wrote in Hamlet. But it shouldn't be the ``soul'' of a legislative proposal--or the sole legislative proposal--to shore up a badly faltering economy.

According to the administration, the role for Congress--a coequal branch of Government--was to authorize the enterprise and then wait for semi-annual status reports from the Treasury Department. We were also told to pass it right away, without amendment, because each day we delayed, the markets would continue to crumble.

The administration wanted a bill to bail out Wall Street; Congress is poised to pass a bipartisan bill that will protect the American economy, begin to reform financial practices, and require the strong oversight that has been so lacking during this administration.

It is our duty to protect the taxpayer, ensure transparency and accountability in our financial systems, and to make improvements in their interactions with American taxpayers and the Federal Government.

This bill will provide up to $700 billion to the Secretary of the Treasury to buy mortgages and other assets that are crippling financial institutions across the Nation. EESA also establishes a program that would allow companies to insure their troubled assets.

EESA requires the Treasury to modify troubled loans--many the result of

predatory lending practices--wherever possible to help American families keep their homes. It also directs other Federal agencies to modify loans that they own or control. Finally, it improves the HOPE for Homeowners program by expanding eligibility and increasing the tools available to the Department of Housing and Urban Development to help more families keep their homes. I am pleased that this evening Chairman Dodd and I were able to clarify the authority for Treasury to purchase low income housing tax credits under this legislation. This authority will allow Treasury to keep liquidity in the market for these critical tax credits and thus provide for the continued development of affordable housing nationwide, at little or no additional cost to taxpayers. However, I am disappointed that in negotiations, the President rejected our efforts to provide more extensive help for homeowners through the bankruptcy courts. With default rates and foreclosures at the highest levels in our history, I look forward to the next Congress during which we must do more to protect Americans' homes.

This bill also requires companies whose assets are purchased by the government to provide warrants so that taxpayers will benefit from any future growth these companies may experience as a result of participation in this program. The legislation also requires the President to submit legislation that would cover taxpayer losses resulting from this program by charging a broad-based fee on all financial institutions. I am disappointed that requirement for the financial institutions responsible for these losses to pay was not included in this legislation.

This bill does include provisions to limit executive compensation. Executives who made catastrophic decisions should not be allowed to unload their toxic assets on working American families and still make high salaries and bonuses. Under this bill, some companies will lose certain tax benefits for salaries in excess of $500,000 and their bonuses and so called ``golden parachutes'' will be prohibited for their top five executives. The bill also requires recovery of bonuses that are paid based on statements of earnings and gains that are later proven to be ``materially inaccurate.''

Rather than giving the Treasury all the funds at once, as the original Bush plan stipulated, this legislation gives the Treasury the authority to spend $250 billion immediately, and requires the President to certify that additional funds are needed--$100 billion, then $350 billion subject to Congressional disapproval. The Treasury must report on the use of the funds and the progress made in addressing the crisis.

I joined Finance Committee Chairman Baucus' push for the creation of a special inspector general to oversee this effort. The magnitude of both this bill's pricetag and the task assigned to the Treasury Department are such that rigorous, independent efforts are necessary to prevent waste, fraud and abuse. This provision is a necessary element of the bill, and it will lead to a better, more responsibly executed program.

Over the past week, as anxiety about our economy has heightened and banks have collapsed, Americans have begun to openly consider the so- called ``Serta Option'' for hiding their cash. That's why I am supportive of the provision added this week to increase temporarily the FDIC limits from $100,000 to $250,000. It is more important than ever, during these times of uncertainty, to instill confidence in every American who has a savings account that their hard-earned deposits are secure.

As I said at the outset, Americans are angry that we are in this position. The vast majority of Americans acknowledge that something must be done. They want action from this Congress, and by last Tuesday morning, after the largest 1-day point drop ever in the Dow Jones average, most recognized that our inaction is not an option.

I will vote for this bill, and I urge my colleagues to join me in answering the call for urgent action. In three short months, the 111th Congress will convene. I will continue to push for the types of reassurances that America's communities are looking for, not just those that our financial markets seek. This is a time of crisis for our country, but it is also a time of opportunity; an opportunity to ensure that we never again leave our Nation's families vulnerable to economic meltdown while corporate executives walk away with millions of dollars; an opportunity to protect working Americans' investments in their homes and communities; an opportunity to ensure that small businesses can access the credit they need to prosper and expand. I ask my colleagues to join me tonight in this vote, and in January, when we take on the longer and even more challenging task of getting our country back on track.

Mr. President, I ask unanimous consent that the Senate proceed to the immediate consideration of H.R. 6849, which was received from the House.

I ask unanimous consent that the Harkin-Chambliss amendment, which is at the desk, be agreed to; the bill, as amended, be read a third time and passed; the motions to reconsider be laid upon the table, with no intervening action or debate; and any statements be printed in the Record.

I ask unanimous consent that the time during recess count postcloture.

Mr. President, I am very pleased that the Senate stands poised to approve H.R. 2095, a bill that provides for a new generation of rail safety improvements, the reauthorization of Amtrak, and the critical Federal funding for the Washington Metro system.

All three elements of this legislation are essential to bringing America's rail into the 21st century. There are many reasons we need to do that. We need to do that because it is important for quality of life, we need to do that because it is good for our environment, we need to do that for energy security, we need to do it because it should be an important priority for our Nation.

Now we are ready to move forward. I wished to focus my comments on title VI, which is the National Capital Transportation Amendments, a section that incorporates legislation I sponsored to reinvest in the Washington Metro system.

At the outset, I wish to thank my cosponsors, Senators Mikulski, Warner, and Webb. This has been a bipartisan regional effort, where we have worked together in an effort to come up with the right proposal.

I noticed a little earlier today that Congressman Tom Davis of Virginia was on our floor. I wish to acknowledge his hard work on this legislation. He was critically important in getting this legislation through and the strategies in order to be able to accomplish an opportunity to finally vote on this legislation.

Along with my colleagues from Maryland and Virginia, Congressman Hoyer was very instrumental, and others. Our collective thanks also go to the chairman and ranking member of the Homeland Security and Government Affairs Committee, Mr. Lieberman and Ms. Collins. They were very helpful in moving forward on this bill. I would like to thank also the Commerce Committee, Senator Inouye and Senator Stevens and Senator Smith for accommodating the strategies so we could actually vote and pass the bill during this session.

A final word of thanks goes to Senator Lautenberg. He has been the champion on Amtrak. He has been the real champion to keep us focused on modernizing Amtrak and how important passenger rail is to our Nation. I wish to thank him for his persistence and for being able to marshal this bill through the Congress of the United States.

The record on the interest of the Federal Government in the Washington metropolitan area and transit goes back to 1952, when Congress directed the National Capital Regional Planning Council to prepare a plan for the movement of goods and people. That plan became the basis for the National Capital Transportation Act of 1960, which clearly states the Federal interests. From that legislation I quote:

That Congress finds that an improved transportation system

of the Nation's capital region is essential to the continued

and effective performance of the functions of the Government

of the United States.

In 1966, Congress created the Washington Metropolitan Area Transit Authority, WMATA, to plan, construct, finance, and operate a rapid rail system for the region. By any measure, Metro has succeeded beyond anyone's expectations. Metro is the second-busiest rapid rail transit system in the Nation, carrying the equivalent of the combined subway ridership of BART in San Francisco, MARTA in Atlanta, and SEPTA in Philadelphia. Metrobus is the fifth most heavily used bus system in the Nation. In all, the Metro system moves 1.2 million passengers a day. In the fiscal year which ended 3 months ago, 215 million trips were taken on Metrorail. That is 7 million more than in 2007.

In fact, 22 of the 25 Metrorail top ridership days have occurred since April of this year. And 133 million trips were taken on Metrobus in fiscal year 2008, which is the highest year total ever, an increase of 1.4 million relative to 2007.

But let me get to the Federal Government for one moment, our responsibility. Federal facilities are located within footsteps of 35 of the Metrorail's 86 stations; that is by design. Nearly

half the Metrorail rush hour riders are Federal employees, nearly 50 percent during peak time are Federal employees.

Approximately 10 percent of Metro's riders use the Metrorail stations at the Pentagon, Capitol South or Union Station. In other words, 10 percent of the ridership is directly related to the Capitol and the Pentagon, obviously our responsibility, serving the military, serving the Congress.

GSA's location policy is to site Federal facilities in close proximity to Metro stations. It is in their RFP. They put it there. They want it to be within walking distances of the Metro. Metrobus is available at virtually every Federal facility. Every weekday, 34,000 bus passengers either arrive or depart from the Pentagon.

Metro is now a mature system and showing signs of age. That is no surprise; 60 percent of Metro's system is now more than 20 years old. The average age of our bus facilities is 60 years. It is time we invest in modernization of these facilities. Today we act to protect the substantial investment the Federal Government and the region have made in an asset designed to serve the Federal workforce and the national capital region.

Metro is the only major public transportation in the country without a substantial dedicated source of funding. The need to address the shortcoming is urgent. That is what this legislation is about. The legislation we, hopefully, will pass will put WMATA on firm footing. The legislation authorizes $1.5 billion in Federal funds over 10 years. For every Federal dollar, Metro's funding partners in Maryland, Virginia, the District of Columbia will put up an equal match from dedicated funding sources. We finally get the dedicated funding sources Metro needs.

The bill contains important financial safeguards. It establishes an Office of Inspector General for WMATA and expands the board of directors to include Federal Government appointees.

Also included in the bill is a provision that will improve cell phone coverage within the Metro subway system. I am sure that is going to make some of my colleagues happy that their cell phones will work on the Metro. Within 1 year, the 20 busiest rail station platforms will be required to have cell phone access. That requirement will go systemwide within 4 years.

WMATA can charge licensed wireless providers for access. This is a classic win-win situation, providing customers with enhanced service, giving riders an extra level of security in the event of a national or regional emergency, and giving the Transit Authority a much-needed revenue flow.

We have a great opportunity today to advance passenger rail service and safety in America, and transit in the Nation's Capital. Today, the Senate is taking a major step in putting Metro back on track. That is good for Washington, that is good for America and I thank my colleagues and I urge them to support the final passage of this legislation.

I would be happy to yield to Senator Warner, who has been the real champion on this issue. I mentioned earlier in my remarks the tremendous leadership that Senator Warner provided in not only supporting this legislation and what he has done as far as regional issues in Washington but figuring a strategy so we could reach this moment. I congratulate him.

Senator, you have been an inspiration to all of us on these issues and a model for how we should work together on regional issues. I congratulate you for a great record in the Senate.

Mr. President, these are very difficult times for the American economy and America's working families. For most of the past 2 weeks, the headlines have been dominated by news of Wall Street's financial meltdown. But our Nation's economic woes stretch far beyond financial institutions.

The American people are watching the fluctuations in the stock market; they see investment banks failing and the values of their own 401(k) accounts and money market funds decline. Gas is still hovering near $4 a gallon, their grocery and heating bills continue to skyrocket, and yet their wages remain stagnant. Millions of families do not know how they will make ends meet this winter. While they believe that something must be done to fix the problems in the credit markets, they need and expect us to help them too.

It has been a week since the President sent to Capitol Hill a three- page bill asking for unprecedented authority to increase the American people's debt even further--to $11.3 trillion--and to use that money solely to purchase troubled assets from failing financial institutions, while demanding no accountability from their executives. It is no surprise that the American people have solidly rejected that plan. Bewildered, they ask Congress, ``Where is the help for my family, for my community?''

This week bipartisan efforts on the bailout continue in the Senate and House. We are working to craft a responsible plan to guarantee strong oversight of the system that created this disaster, limit exorbitant executive compensation and bonuses on Wall Street, and restore confidence in our markets. But we also recognize that much more must be done.

Senate Majority Leader Reid and Appropriations Chairman Byrd have developed a thoughtful, comprehensive package that will begin to help our entire Nation recover. Regrettably, yesterday 42 Republicans rejected efforts to provide help beyond Wall Street. By voting against the motion to proceed, they denied the Senate the opportunity to even debate a plan for Americans' personal economic recovery.

The most recent statistics on employment and inflation reveal why their choice was wrong and why an immediate and forceful response is needed.

The unemployment rate stands at 6.1 percent the highest rate since September 2003. This bill would have extended unemployment benefits by 7 weeks for all States and by an additional 13 weeks in high unemployment States, and it would have provided $300 million for employment and training activities for dislocated workers. These funds would have helped more than 79,000 people receive training, and job search and career counseling.

Over the past 2 years, food costs have increased by nearly 15 percent. This bill would provide an additional $50 million for food banks and $60 million for senior meals program, increase food stamp benefits by 10 percent and add $450 million for the WIC Program.

Energy prices are up by nearly 40 percent in the past 2 years. This bill would have added $5.1 billion for low-income home energy assistance programs and $500 million to help make low-income homes for energy efficient through weatherization.

The majority of State governments are in dire economic straits. My home State of Maryland faces a $1 billion shortfall for the next fiscal year, and cuts in programs and services are already being planned. This bill would have boosted state coffers by providing a 4-percent increase in Federal help for State health care programs and $1.2 billion extra for the National Institutes of Health, NIH, headquartered in Bethesda, MD. This bill would have allowed NIH to award 3,300 new research grants to help discover new treatments and cures for devastating diseases.

Foreclosure rates are at the highest in our country's history and home values are plummeting. This bill included $37.5 million for the Legal Services Corporation to help families whose homes are in foreclosure, $52 million for the FHA to bolster its staff and resources to ensure that its mortgage fund remains solvent, $250 million to help public housing agencies rehabilitate vacant rental units, and $200 million to help families in rental housing who are displaced by foreclosure find safe, affordable places to live.

The Wall Street meltdown has vastly reduced the availability of credit for our small businesses and endangered the survival of many businesses. This bill would have provided $200 million to support reduced-fee loans to small businesses and $5 million to support microloans.

The defeat of the cloture vote today truly represents a missed opportunity

to answer Americans' call for aid. I want to commend Majority Leader Reid and Chairman Byrd for their work in crafting this much needed bill. I would hope that before this Congress adjourns, we will have the opportunity to debate and pass this necessary measure.

Mr. President, the NATO Alliance is now considering its third round of post-Cold War enlargement. This will be the smallest of the rounds, with only two countries to consider compared to three in 1999 and seven in 2004. It should also be easiest, since the development of Membership Actions Plans allow NATO significantly more preinvitation interaction with aspirants today than took place in earlier rounds. Albania and Croatia were formally invited at the April NATO Summit in Bucharest, Romania. Macedonia did not receive an invitation because of its lingering name dispute with Greece, and several European allies were unwilling to go forward with Membership Action Plans for Georgia and Ukraine.

In March of this year, the Helsinki Commission, which I cochair, held a hearing on the prospects for NATO enlargement which included testimony from expert analysts and contributions from the embassies of these five countries. We have also had hearings on the matter in the Senate Foreign Relations Committee which included administration views. It is important for the Senate to act on these protocols quickly so that ratification by all NATO countries can be completed in a timely matter.

Turning to the records of the two aspirants, Albania has made tremendous strides since 1991, and the country is solidly committed to Euro-Atlantic integration. This is demonstrated by its contribution to numerous peace operations around the world. There are concerns about organized crime and official corruption in Albania, but I believe the country is well aware of these concerns and is continuing to undertake efforts to address them. The country is also aware of the need for further electoral reform before parliamentary elections next June.

Assistant Secretary of State for European Affairs Dan Fried credibly asserted before the Senate Foreign Relations Committee that ``countries continue reforms rather than abandon them, when they join the alliance,'' and this particularly applies to Albania given its ongoing EU aspirations. In that spirit, I want to express my support for Albania's NATO membership, which will strengthen the alliance as well as the prospects for further reform in Albania.

Croatia is clearly ready for NATO membership. Its democratic credentials are very strong. Recovering from the violent breakup of Yugoslavia, the country essentially shed its extreme nationalist leanings in 2000 and has been in rapid transition ever since. Croatia is also preparing for EU membership, boosting reform efforts, and it has become an increasingly active and helpful player in world affairs. I therefore want to express my strong support for Croatia's NATO membership as well.

Madam President, I wish to commemorate the wonderful life of my friend, Mary Jane Fisher, a greatly admired journalist and publicist who passed away last Sunday, September 14, in Washington, DC, at the age of 90.

Mary Jane was a dear friend whose life experiences were as varied as the people who knew and loved her. From 1976 to 2001, Mary Jane worked as the Washington correspondent for the National Underwriter, a publisher of insurance and financial services trade publications. Mrs. Fisher, who reported and wrote weekly columns for the company's property and casualty and health and life editions, was a well-known figure on Capitol Hill reporting on insurance activities. She was a frequent presence at hearings in the Ways and Means Committee, where I served for many of those years, and interviewed me often on health care and insurance matters.

A former National Underwriter editor once referred to Mary Jane as the ``Helen Thomas'' of the insurance trade press. Mrs. Fisher had seen Presidents, Senators, Representatives, lobbyists, and reporters come and go during her more than three decades of covering insurance issues in Washington. If a congressional committee debated legislation involving pensions, retirement issues or health insurance, you could count on seeing her at the press table.

During one particularly memorable Ways and Means hearing on Medicare prescription drug coverage, I watched from the dais as she beamed with pride. Sitting next to her on one side was her daughter, Susan, who has been my communications director for 22 years, and on the other sat her granddaughter Jennifer, who interned in the Ways and Means Democratic press office that summer.

Her storied career, however, began on the west coast. Born Mary Jane Johnson in Berkeley, CA, on December 31, 1917, she was raised in Seattle, WA. Mrs. Fisher graduated from Franklin High School in 1935 and attended the University of Washington, where she earned a bachelor's degree in journalism in 1939. After college, she worked as a reporter and editor for the Seattle Times, the Seattle Post- Intelligencer, and the Coos Bay World. In addition to reporting and editing in Coos Bay, in her spare time, Mrs. Fisher also served as forest fire spotter, looking for fires started by Japanese incendiary devices that had been carried across the Pacific via weather balloons.

Mary Jane, as a lieutenant in the Waves in World War II from December 1942 until January 1946, served as a public information officer at the Sand Point Naval Air Station in Seattle. In 1946, she was assigned to the staff handling publicity at the very first meeting of the United Nations in San Francisco.

In 1946, after a whirlwind courtship of several weeks, she married Joel H. Fisher, a Washington attorney, who was then an assistant solicitor in the Commerce Department. They were married in Des Moines, IA, and Commerce Secretary Henry Wallace served as the best man. When her husband became the European counsel for the American Joint Distribution Committee, Mrs. Fisher moved to Paris, where she befriended Alice B. Toklas, a fellow Seattle native.

In 1950, pregnant with twins, Mrs. Fisher returned to the U.S. and settled in Washington, DC. After the birth of her children, Susan and John, she worked on Capitol Hill for 3 years as a staffer for Representative Don Magnuson of Washington State. Later, as a free-lance publicist, she represented the National Ballet, the Institute of Contemporary Arts, and the National Symphony Orchestra, NSO, among many other organizations, and served as the NSO's public relations director.

From 1962 until 1968, she worked as a speechwriter in the Commerce Department and in the summer of 1968, she served as press secretary to India Edwards, the special assistant to DNC Chairman John Bailey, and helped handle press for the Democratic National

Convention in Chicago. In the late 1960s, as a free-lance journalist, she saw several of her articles published in The Washington Star.

A long-time resident of Washington's Cleveland Park neighborhood, Mrs. Fisher was member of the National Press Club, the Women's National Press Club, the American Newspaper Women's Club, Mortar Board, and Theta Sigma Phi, a journalism and communications professional organization.

From Washington State to Washington, DC, from Paris to Chicago to the Halls of Congress and the National Press Club, Mary Jane Fisher was an admired and respected journalist. She approached every assignment with enthusiasm and determination to get the story right. I will miss my conversations with her, and I am certain that sentiment is echoed by hundreds across the Nation this week as we remember her, and offer our heartfelt condolences to her daughter Susan, her son John, son-in-law Brian, and granddaughters Jennifer and Karen.

Madam President, I rise today with a heavy heart to remember Kenneth N. Harris, Sr., of Baltimore City.

Ken Harris was a Baltimore City councilman, community activist, and champion of safe and family friendly neighborhoods. He loved his family, was so proud of his children, and he was my good friend.

Ken grew up in west Baltimore's Sandtown and Park Heights neighborhoods, where the strict guidance of a single mother and afternoons at the YMCA gave him the self-assurance and direction he needed to succeed in an environment where so many others struggled to survive. He graduated from Dunbar High School and worked four jobs to put himself through Morgan State University. After graduation, Ken went to work for Blue Cross and Blue Shield of Maryland and began his professional life in the corporate world, including Comcast Cable. For many, professional achievement and financial security are enough. But not for Ken.

Concerned about his children's school and his neighborhood, Ken soon became a community leader serving as president of the Leith Walk Elementary School PTA and the Glen Oaks Community Improvement Association. Encouraged by his ability to make a positive change, Ken ran for office and was elected to two terms in the Baltimore City Council, representing the 4th District, an elected office he would, no doubt, continue to hold today had he not decided to run for president of the city council.

While in the city council, Ken championed the rights of his neighbors. He sponsored legislation to stop landlords from throwing tenants' belongings out on the street--saving many tenants from homelessness and cleaning up the streets. He pushed for remedial programs in the public schools, such as the Baltimore Truancy Assessment Center, to encourage students to stay in school. He took the police to task for not having enough real community policing but too many reckless warrants, arrests. Last month, when the new Hilton Hotel opened in downtown Baltimore, it was remembered that it was Ken Harris who insisted that if the city was going to financially ensure the development of the hotel, the city and the developer also had to ensure financial support for college students and afterschool recreational opportunities for schoolchildren.

I ask my colleagues to join me in thanking Ken's family, his wife Annette, his daughter Nicol, and his son Kenneth, Jr., for sharing her husband and their father with our city and the State of Maryland. His life, which ended all too soon, made a difference in the lives of many others, and his contributions will not be forgotten.

Madam President, I yield the floor and suggest the absence of a quorum.

Mr. President, I rise today to introduce a bill, the Giving Incentives to Volunteers Everywhere Act. In today's economic climate, Americans need relief from sky-rocketing oil and gas prices. This applies to everyone, including people who engage in much-needed volunteer work. In July, I introduced a similar bill to help volunteers. It gave the Internal Revenue Service authority to change the mileage rate--currently set by statute at 14 cents per mile--for calculating the deductible cost of operating a vehicle for charitable purposes. We can't let an out-of-date mileage rate exacerbate the pinch at the pump for volunteers who selflessly provide so many vital goods and services in every community across America. After working with Congressman Lewis and Congressman Ramstad on compromise language we have improved the original bill. This compromise legislation will provide immediate relief for volunteers serving our elderly, poor, frail, and at-risk Americans. I am pleased that the

senior Senator from Maine, Senator Snowe, and my other colleagues, the senior Senator from New York, Senator Schumer, the junior Senator from Nevada, Senator Ensign, the senior Senator from Maryland, Senator Mikulski, and the senior Senator from Iowa, Senator Grassley, and the junior Senator from Wisconsin, Senator Feingold, are original cosponsors of this bill and I thank all of them for their support.

The Internal Revenue Code does not fix a rate for individuals who are required to use their own vehicle for work, or for individuals taking a mileage deduction for moving purposes. The IRS is able to increase the deduction amount for these purposes to reflect the current economic climate and dramatically higher fuel prices. This is exactly what the IRS recently did.

As of July 1st, the IRS modified the standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expenses. The revised standard mileage rate for business purposes increased from 50.5 cents per mile to 58.5 cents. For medical and moving expenses, the IRS increased the rate from 19 cents per mile to 27 cents per mile. I think the Nation's volunteers who travel on behalf of charitable organizations deserve an increase in their mileage rate, too.

My bill gives the IRS flexibility in setting the rate so that volunteers for charitable organizations could be given the same tax benefit accruing for moving, medical, and business expenses. It also provides a floor for volunteers, not allowing their rate to be set lower than moving and medical rate. In today's climate of increasing food and fuel prices, this bill will help relieve some of the pressure on charitable organizations and their volunteers. Additionally, this bill will allow the organization to reimburse the volunteer up to the business rate without any tax impact to volunteers.

Take Meals on Wheels, for example. This organization delivers nutritious meals and other nutrition services to men and women who are elderly, homebound, disabled, frail, or otherwise at-risk. The services Meals on Wheels provides significantly improve the recipients' quality of life and health, and often help to postpone institutionalization.

Over the past year, there has been nearly a 20 percent increase in fuel and food prices, coupled with reduced Government funding and fewer donations across the country. Nearly 60 percent of the estimated 5,000 programs that operate under the auspices of the Meals on Wheels Association of America have lost volunteers, in large part because it is too expensive for the volunteers to drive back and forth. Nearly half the programs have eliminated routes or consolidated meal services. About 38 percent of the programs have switched to delivering frozen meals, and about 30 percent are cutting personal visits from 5 days a week to one.

In Maryland, the Central Maryland Meals on Wheels has experienced an increase of 7 percent in food costs and suppliers are charging higher delivery fees. The cost to fill up the vans with gas has increased. Fuel costs averaged $72,538.70 in fiscal year 2007; this year, the costs have jumped to $86,790.63. This is an organization with volunteers serving over 3,100 elderly, disabled, frail and at-risk Marylanders. Its volunteers deserve relief from high gas prices just as much as people who use their car for work or for medical purposes or for moving.

Throughout the U.S., Meals on Wheels served over 3 million people and more than 250 million meals in fiscal year 2006. This is just one of thousands of charitable organizations. We need to encourage and support the Meals on Wheels volunteers and all other volunteers who need their cars to help their neighbors and communities. The Giving Incentives to Volunteers Everywhere bill will do just that, and I hope my colleagues will support it.

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. President, I rise today to introduce a bill, the Giving Incentives to Volunteers Everywhere Act. In today's economic climate, Americans need relief from sky-rocketing oil and gas prices. This applies to everyone, including people who engage in much-needed volunteer work. In July, I introduced a similar bill to help volunteers. It gave the Internal Revenue Service authority to change the mileage rate--currently set by statute at 14 cents per mile--for calculating the deductible cost of operating a vehicle for charitable purposes. We can't let an out-of-date mileage rate exacerbate the pinch at the pump for volunteers who selflessly provide so many vital goods and services in every community across America. After working with Congressman Lewis and Congressman Ramstad on compromise language we have improved the original bill. This compromise legislation will provide immediate relief for volunteers serving our elderly, poor, frail, and at-risk Americans. I am pleased that the

senior Senator from Maine, Senator Snowe, and my other colleagues, the senior Senator from New York, Senator Schumer, the junior Senator from Nevada, Senator Ensign, the senior Senator from Maryland, Senator Mikulski, and the senior Senator from Iowa, Senator Grassley, and the junior Senator from Wisconsin, Senator Feingold, are original cosponsors of this bill and I thank all of them for their support.

The Internal Revenue Code does not fix a rate for individuals who are required to use their own vehicle for work, or for individuals taking a mileage deduction for moving purposes. The IRS is able to increase the deduction amount for these purposes to reflect the current economic climate and dramatically higher fuel prices. This is exactly what the IRS recently did.

As of July 1st, the IRS modified the standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expenses. The revised standard mileage rate for business purposes increased from 50.5 cents per mile to 58.5 cents. For medical and moving expenses, the IRS increased the rate from 19 cents per mile to 27 cents per mile. I think the Nation's volunteers who travel on behalf of charitable organizations deserve an increase in their mileage rate, too.

My bill gives the IRS flexibility in setting the rate so that volunteers for charitable organizations could be given the same tax benefit accruing for moving, medical, and business expenses. It also provides a floor for volunteers, not allowing their rate to be set lower than moving and medical rate. In today's climate of increasing food and fuel prices, this bill will help relieve some of the pressure on charitable organizations and their volunteers. Additionally, this bill will allow the organization to reimburse the volunteer up to the business rate without any tax impact to volunteers.

Take Meals on Wheels, for example. This organization delivers nutritious meals and other nutrition services to men and women who are elderly, homebound, disabled, frail, or otherwise at-risk. The services Meals on Wheels provides significantly improve the recipients' quality of life and health, and often help to postpone institutionalization.

Over the past year, there has been nearly a 20 percent increase in fuel and food prices, coupled with reduced Government funding and fewer donations across the country. Nearly 60 percent of the estimated 5,000 programs that operate under the auspices of the Meals on Wheels Association of America have lost volunteers, in large part because it is too expensive for the volunteers to drive back and forth. Nearly half the programs have eliminated routes or consolidated meal services. About 38 percent of the programs have switched to delivering frozen meals, and about 30 percent are cutting personal visits from 5 days a week to one.

In Maryland, the Central Maryland Meals on Wheels has experienced an increase of 7 percent in food costs and suppliers are charging higher delivery fees. The cost to fill up the vans with gas has increased. Fuel costs averaged $72,538.70 in fiscal year 2007; this year, the costs have jumped to $86,790.63. This is an organization with volunteers serving over 3,100 elderly, disabled, frail and at-risk Marylanders. Its volunteers deserve relief from high gas prices just as much as people who use their car for work or for medical purposes or for moving.

Throughout the U.S., Meals on Wheels served over 3 million people and more than 250 million meals in fiscal year 2006. This is just one of thousands of charitable organizations. We need to encourage and support the Meals on Wheels volunteers and all other volunteers who need their cars to help their neighbors and communities. The Giving Incentives to Volunteers Everywhere bill will do just that, and I hope my colleagues will support it.

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. President, I rise today to introduce the Star- Spangled Banner Bicentennial Commemorative Coin Act. I am pleased that my colleague, the senior Senator from Maryland, is a cosponsor. This legislation will honor our National Anthem and the Battle for Baltimore, which was a key turning point of the War of 1812, by creating a commemorative U.S. Mint coin.

The War of 1812 confirmed American independence from Great Britain in the eyes of the world. Before the war, the British has been routinely imposing on American sovereignty. They had impressed American merchant seamen into the British Royal Navy, enforced illegal and unfair trade rules with the United States, and allegedly offered assistance to American Indian tribes which were attaching frontier settlements. In response,, the United States declared war on Great Britain on June 18, 1812, to protest these violations of ``free trade and sailors rights,'' as well as the violations on land.

After 2\1/2\ years of conflict, the British Royal Navy sailed up the Chesapeake Bay with combined military and naval forces, and in August 1814 attacked Washington, DC, burning to the ground the U.S. Capitol, the White House, and much of the rest of the capital city. However, the American defenders stopped the British as they attempted to capture Baltimore and New Orleans.

As the British Royal Navy sailed up the Patapsco River on its way to Baltimore, American forces held the British fleet at Fort McHenry, located just outside of the city. After 25 hours of bombardment, the British failed to take the Fort and were forced to depart. American lawyer Francis Scott Key, who was being held on board an American flag- of-truce vessel, beheld by the dawn's early light an American flag still flying atop Fort McHenry. He immortalized the event in a song which later became known as ``The Star-Spangled Banner.''

The flag to which Key referred was a 30' x 42' foot flag made specifically for Fort McHenry. The commanding officer desired a flag so large that the

British would have no trouble seeing it from a distance. This proved to be the case as Key visited the British fleet on September 7, 1814, to secure the release of Dr. William Beanes, Dr. Beanes was released, but Key and Beanes were detained on an American Flag-of-truce vessel until the end of the bombardment. It was on September 14, 1814, by the dawn's early light, that Key saw the great banner that inspired him to write the song that ultimately became our National Anthem.

The Star-Spangled Banner Bicentennial Commemorative Coin will honor this symbol of our Nation and our National Anthem. The coin will be minted in 2012 in coordination with the 200th Anniversary of the War of 1812. I hope my colleagues will join me in supporting this measure in this fitting tribute to a seminal event in American history.

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. President, I rise today to introduce the Star- Spangled Banner Bicentennial Commemorative Coin Act. I am pleased that my colleague, the senior Senator from Maryland, is a cosponsor. This legislation will honor our National Anthem and the Battle for Baltimore, which was a key turning point of the War of 1812, by creating a commemorative U.S. Mint coin.

The War of 1812 confirmed American independence from Great Britain in the eyes of the world. Before the war, the British has been routinely imposing on American sovereignty. They had impressed American merchant seamen into the British Royal Navy, enforced illegal and unfair trade rules with the United States, and allegedly offered assistance to American Indian tribes which were attaching frontier settlements. In response,, the United States declared war on Great Britain on June 18, 1812, to protest these violations of ``free trade and sailors rights,'' as well as the violations on land.

After 2\1/2\ years of conflict, the British Royal Navy sailed up the Chesapeake Bay with combined military and naval forces, and in August 1814 attacked Washington, DC, burning to the ground the U.S. Capitol, the White House, and much of the rest of the capital city. However, the American defenders stopped the British as they attempted to capture Baltimore and New Orleans.

As the British Royal Navy sailed up the Patapsco River on its way to Baltimore, American forces held the British fleet at Fort McHenry, located just outside of the city. After 25 hours of bombardment, the British failed to take the Fort and were forced to depart. American lawyer Francis Scott Key, who was being held on board an American flag- of-truce vessel, beheld by the dawn's early light an American flag still flying atop Fort McHenry. He immortalized the event in a song which later became known as ``The Star-Spangled Banner.''

The flag to which Key referred was a 30' x 42' foot flag made specifically for Fort McHenry. The commanding officer desired a flag so large that the

British would have no trouble seeing it from a distance. This proved to be the case as Key visited the British fleet on September 7, 1814, to secure the release of Dr. William Beanes, Dr. Beanes was released, but Key and Beanes were detained on an American Flag-of-truce vessel until the end of the bombardment. It was on September 14, 1814, by the dawn's early light, that Key saw the great banner that inspired him to write the song that ultimately became our National Anthem.

The Star-Spangled Banner Bicentennial Commemorative Coin will honor this symbol of our Nation and our National Anthem. The coin will be minted in 2012 in coordination with the 200th Anniversary of the War of 1812. I hope my colleagues will join me in supporting this measure in this fitting tribute to a seminal event in American history.

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. President, I thank the majority leader for his comments. I agree completely with him that the circumstances have reached a point that we need to change direction, and we need leadership that will move us from the policies of the past to deal with the economic problems that we currently confront.

Mr. President, I ask unanimous consent I can proceed as in morning business.

Mr. President, the problems we have been talking about on Main Street America have reached Wall Street. I have taken the opportunity to speak on the floor on several occasions about the fact that the problems homeowners were facing in losing their homes in foreclosure were not just the problems of those particular homeowners, that it affects each and every one of us, that it was a housing crisis in America that would affect our entire economy. I talked about the fact that we have an obligation to try to do something to help.

Foreclosure rates are now at historically high levels. In August of this year, there were over 300,000 foreclosures in America. In my own State of Maryland, we have had over 3,000 foreclosures each and every month. Maryland is normally a quiet State. Homeowners are wondering whether they are going to be able to hold on to their homes. Homeowners have suffered from a significant reduction in property values. All homeowners have suffered through this. When there is a foreclosure in a neighborhood, it affects every house in that community.

The real estate industry is suffering through declining home sales. We know the numbers are dramatically lower. We know what that means as far as the economy is concerned. Housing starts are at their 17-year low.

We know the impact these economic conditions are having on middle- income families. Their wages have been stagnant--in fact, in real terms, have fallen--and yet their needs have increased; the high cost of energy, the high cost of health care, the cost of trying to afford a college education for their children, even affording their food budget. So we know middle-income families are hurting. We know Main Street is hurting.

But now we see that these problems have gone to Wall Street. We learned a few months ago about Bear Stearns and that the Government had to come to the rescue of Bear Stearns in order to make sure the jitters on Wall Street would be contained. That was followed by the Government coming in and standing behind Freddie Mac and Fannie Mae, putting tens of billions of dollars of U.S. Government potential expenditures at risk. This past week, we saw that Lehman Brothers, an entity that had survived the stock market crash of 1929, went bankrupt. Merrill Lynch was sold at a bargain-basement price. AIG now has Government involvement. This past Monday, the stock market fell by over 500 points--the Dow Jones average--which is the largest single drop since the terrorist attacks of September 2001. The taxpayers are being asked to stand behind these financial institutions. Individuals who depended upon their investments for retirement or for savings have seen a large part of that evaporate.

The administration says the economy is basically sound. John McCain says the fundamentals of our economy are strong. Well, it is the economic policies of this administration that have made it much more vulnerable. It was the former Secretary of HUD, Alphonso Jackson, who said, ``Let's take a hands-off approach.'' The lack of Federal regulation and the lack of this administration's oversight of the financial institutions in our country have certainly led to where we are today.

Our economy is much more vulnerable because of the economic policies of this administration. Let me give you a few examples.

We have seen that during the past 8 years this administration has taken an economy with large budget surpluses to an economy with large budget deficits. This administration took a national debt that was a little over $5 trillion and we are now approaching $10 trillion. They took a surplus of a couple of hundred billion dollars a year and turned it into a deficit of over $400 billion a year. They have grown the trade deficit to over $700 billion a year, costing us jobs here in America. They have had a policy that yielded to the oil companies this oil dependency where we are not energy independent, so gasoline prices approach $4 a gallon. The health care system has seen 6 million more Americans lose their health insurance and become uninsured as a result of the administration's policies. And the unemployment rate that was a little over 4 percent has grown to over 6 percent.

Now, Congress has taken some steps in order to try to deal with this. Quite frankly, we could have taken those steps a little faster if it were not for the Republican filibusters. But we need to do a lot more. We have taken steps to try to help families save their homes. Yes, I think we should be doing more. I was listening to the assistant majority leader talking about ways we could do that through changes in the bankruptcy laws. I think we need to do that. There are things we can do to help homeowners save their homes.

We can certainly do more to help families deal with the consequences of this economy, whether it is the high cost of energy and air- conditioning their homes or, in the winter, heating their homes or whether there are other areas we can help those who are suffering through this economy.

I hope our colleagues will not filibuster those opportunities so we can help those who have lost their jobs. I think we have a responsibility. That is what Government should be doing. The economy is not producing the jobs they need. They cannot find jobs through no fault of their own; it is the economic problems. That is where Government can help.

We could certainly have the right regulatory and oversight system to deal with what is happening with our financial institutions.

But we need to get back to basics. We need to get back to fiscal responsibility. You cannot cut taxes, go to war, and not pay for the war or pay for the tax cuts and get these huge deficits and expect our economy to be strong. Fiscal responsibility starts with balancing the budget, by recognizing that tax cuts have to be paid for and this war spending has to be paid for. Quite frankly, I believe the right course is to get our troops out of Iraq and save those dollars.

We have to help deal with a trade policy, a trade policy that will give American workers a level playing field so they can compete. They can compete with any country in the world, with their workforce, if it is a level playing field. But we need an administration that is going to fight for environmental and labor standards so that we have that level playing field and that will eliminate the tax breaks we give in our own code for companies that take their jobs overseas. That makes no sense at all. We need to fight for those changes.

We need an energy policy that will make this country truly independent. We need to do that not just for our economy--and we know the cost of energy and what has happened because of countries halfway around the world changing their production, and it affects the price here in America. It affects our economy. But we have to do it for our own security so we do not have to go to war because we are in danger of losing oil. We have to do it for our environment because global climate change is real. We can accomplish all three of those goals by energy independence and help our economy.

But we are not going to achieve it through drilling. I know there are a lot of people here who want to drill. We have 3 percent of the world's reserves; we use 25 percent of the world's oil. You are not going to get energy independence through drilling. Yes, we support drilling where it can be done in a sensible way because we need the oil, certainly in the short term, but we need to develop alternative and renewable energy sources. That makes the most sense for this country. That is what we have to do. We have to use less energy.

We can become energy independent if we set our minds to do it. I hope we will take this as the last wake-up call and at least enact policies that will truly make us energy independent. We are going to have a chance to do that later this week--at least move in that direction--and I hope my colleagues will join me in supporting that legislative effort.

We have to take on the health care system. It is too costly in America. We spend too much money on health care. We do not have the results to indicate that. It is a national disgrace that we have 47 million without health insurance in America. And each of us is paying for it. We are paying for it through higher taxes and through higher premium costs. It is time that every American has access to affordable, quality health care, and that means we have to deal with the 47 million who are uninsured. They need to have insurance.

We need to deal with preventative health care. It saves a lot of money to make sure people are able to get the test and lab work necessary to have early intervention into diseases.

It makes sense for us to take on the pharmaceutical manufacturers. Why are we paying three times what the consumers of the industrialized world are paying for the same medicines that are manufactured here? Our taxpayers are paying for that. And those of us who pay our bills are also paying more for pharmaceuticals than we should.

In short, we have to get back to basics. We have to get back to basics. We need to change the economic policies of this administration, get back to fiscal responsibility, get back to energy independence, and get back to health care reform.

Let's do the things that will make this Nation competitive. And if we do, our economy will not be as vulnerable as it is today. That is why what started as a mortgage problem grew into a housing crisis, grew into an economic problem for working families, and now it is affecting Wall Street. It does not make any difference whether you are an employee or employer, company or worker, you are being hurt badly by the economic policies of this administration.

It is time for us to work together, Democrats and Republicans. This is not a partisan issue. It should not be a partisan issue. Energy independence should not be a partisan issue. Health care reform should not be a partisan issue. Balancing the budget should not be a partisan issue. So let's work together, Democrats and Republicans. Let's help those who are looking to their Government in this time of need to be there to help them. Let's do the right thing for the people who need our help. But then let's rebuild our economy so we are never as vulnerable as we are today, so that we have the economic basis to be able to deal with the normal cycles in the economy without so many families losing their homes and so many families being wiped out on their savings. We can do this if we work together. I urge my colleagues to do this.

On behalf of the majority leader, I ask unanimous consent that the period for morning business be extended to 2:15 p.m. today, with Senators permitted to speak for up to 10 minutes each.