Madam President, as I was doing my exercise this morning, I heard on the news the announcement that 10 years ago today, when President Bush--I could hear his voice celebrating the tax cuts for the wealthy--said: I know we have these huge…
Madam President, as I was doing my exercise this morning, I heard on the news the announcement that 10 years ago today, when President Bush--I could hear his voice celebrating the tax cuts for the wealthy--said: I know we have these huge surpluses, but these moneys are the people's money and, therefore, he was going to do something about it. He did that big time.
He certainly did away with those huge surpluses we had, which amounted to trillions of dollars. He did it in a number of different ways. We had a program developed during the Clinton years called pay- go. That meant if someone had a new program they wanted to initiate, they had to pay for it either with new revenue or take money from an existing program. It worked extremely well. That is one reason, and one of the main reasons, we were able to develop the huge surpluses we did during the Clinton years. We were paying down the debt in the Clinton years. Some said it was too quickly.
Well, another way that the President got rid of that huge surplus was the war in Iraq and the war in Afghanistan. The war in Iraq alone now is estimated to be about a $1\1/2\ trillion--all borrowed money.
We also know how important it is to create jobs. Now, as a result of the President finding himself in a huge hole as a result of the policies of the Bush administration, he decided that something had to be done. We passed the Economic Recovery Act. It created millions of jobs and saved millions of jobs. Was it enough? No, but it was the best we could do. We could only get three Republicans to help us on that. I appreciated their support, and I always will. They were Senators Snowe, Collins, and Specter. They determined what we could spend and not spend within certain parameters, and we believed there should be more infrastructure spending. I wish we could have done more. So we have done some things to help significantly the hole that President Bush created for us.
Now this Congress has also done some things. We focused on jobs. We know how important jobs are. Regarding the FAA bill--Federal Aviation Administration reauthorization--we extended that short term 19 times. I talked to Randy Walker, head of McCarran Airport, the sixth busiest airport in America. They can't let contracts for runway repairs because they only have 1 month to do it a lot of times. They cannot do that.
All kinds of projects that would create thousands of jobs around American airports would happen if we could have an FAA bill. We passed it here. It has been held up in the big dark hole of the House of Representatives. Nothing has been done. We haven't been able to complete the conference on that, and the 280,000 jobs either created or saved haven't been completed. That has been months and months.
We have an antiquated air traffic control system in America. We want to improve it. That is what it is about--saving and creating jobs.
We believed it was important to do something about patents. Senator Leahy has been faithful in reporting bills out of his committee, and we finally said bring it to the floor. After a lot of work, we got it done. More than six decades have lapsed, and we haven't done anything with one of the most important things we can do, which is protect our patent system and make it better. We passed it here and sent it to the House. Nothing has happened. They have not voted on that bill.
That is very unfortunate, that we have not been able to get those two bills. The patent bill is 300,000 jobs and the FAA bill 280,000 jobs. The math is pretty simple. That is a lot of jobs, and that has been held up.
We believed it was extremely important that we do something about jobs, and we did that with something that has worked so successfully in the past. So that is the bill we brought to the floor to help small businesses innovate, invent, and invest in new jobs. What a wonderful program it has been. We tried to get that reauthorized. It was killed here in the Senate by many amendments--amendments that had nothing to do with the underlying bill. So we had to take that bill off the floor after spending I think 6 weeks on the bill and not being able to get that accomplished.
We brought this bill to the floor that would help small businesses innovate, as I say, invent, and invest in new jobs, but the Republicans simply said: No, we are not going to do that. That jobs bill was so important. The electric toothbrush was invented with a small innovation grant, and there are many other examples. That is just one of hundreds. So it is really too bad we haven't been able to do something about that.
The only thing we hear from the House of Representatives, rather than creating jobs, is destroying Medicare as we know it. The American people don't like that, Republicans don't like it, Independents don't like it, Democrats don't like it, young people don't like it, and old people don't like it. It is not a good piece of legislation. Overwhelmingly, it has been just a big zero. But that is what we have from the House of Representatives. That is their main accomplishment this year.
My friend talked about free-trade agreements. I am not a big fan of free-trade agreements. My voting record is
in accordance with that. I think if you asked people in Nevada: Boy, hasn't NAFTA helped us a lot, they would just sneer and walk away. We keep talking about free-trade agreements, but where is the fair part of those trade agreements? Shouldn't we be more worried about our American workers than workers in other places? I think that certainly is the case.
In keeping with the theme of jobs, I thought it was important we do something about creating jobs. I have talked about patents, I have talked about, of course, what we did with the FAA bill, and I talked about what we tried to do with the small jobs innovation bill. What we have decided to bring up now is the EDA, the Economic Development Administration. This has been something that has been in effect since 1965. It has been a wonderful program. In the last 5 years, we have invested $1.2 billion, creating more than 300,000 jobs. For every dollar invested, we get $7 of private capital. That is a pretty good deal. We want to bring that to the floor and have a debate on it, pass it, and put more money in the stream of creating jobs. As I said, for every dollar we invest, we get $7 that comes from the private sector. We plan to work this week on debating and reauthorizing this Economic Development Administration bill, which for more than 45 years has created jobs for the most needy and economically distressed communities--as I have said, in just the last 5 years, more than 300,000 jobs.
This is our first bill of this new work period because creating jobs is our first priority. But Republicans are stopping us from moving to it because creating jobs, it appears, is the last thing they care to do. They are more concerned about what jobs are being created in Colombia or Panama or Korea than what jobs are being created here in America.
The merits of reauthorizing this job-creating administration bill are very clear: EDA works with businesses, universities, and leaders at local levels, so it creates jobs from the bottom up, and it helps manufacturing producers compete in the global marketplace. I repeat, it is a great investment. Seven-to-one is an incredible return rate.
Last night, I had to file cloture on this bill. I hope we don't have to invoke cloture. We have it set up now so we will have the vote in the morning, an hour after we come in. Maybe during the recess we have for our caucus meetings the Republicans will be able to bring in these people who are stopping us from doing this and we will be able to move to it and do something meaningful here on the Senate floor for the rest of this day and tomorrow rather than invoking cloture, waiting 30 hours, and doing nothing. We need to start creating jobs.
Let me repeat. The FAA bill, the House has killed it. On patents, we have done it, and the House has killed it. We tried to do small jobs innovation, but it was killed here in the Senate. We are now trying to do EDA. At this stage, we are not able to move forward.
We are ready to create jobs--we Democrats. We have done it before with programs such as the Economic Development Administration, and we are ready to do it again. The American people are desperate for stable and secure jobs. All they ask of us is that we do our job, and we haven't been doing that because we have been prevented from doing it. Why haven't we passed the FAA bill? Why haven't we completed work on the patent bill? Why were we stopped from moving forward on the small jobs innovation bill? Why are we unable to move on the EDA bill?
Would the Chair announce morning business?