Mr. President, I understand we have about 2 hours on the Democrat side to debate this important bill. I appreciate the Senator from Massachusetts giving me such time as I might use. It will probably be 15 or 20 minutes, perhaps longer but…
Mr. President, I understand we have about 2 hours on the Democrat side to debate this important bill. I appreciate the Senator from Massachusetts giving me such time as I might use. It will probably be 15 or 20 minutes, perhaps longer but hopefully not.
I want to start by asking my colleague from New Hampshire--I appreciate his work on this important piece of legislation. I actually agree with him. The people who are covered in this bill need relief in the pension provisions which we govern through our laws covering ERISA as well as in our Tax Code. I don't disagree with him that we have provided much needed and extremely important relief. But I want to ask, before I start my remarks, if he could comment on the approximately 9.5 million Americans who seem to be left out of this act and are working in the construction industry. If we seek to create jobs in America, that is one of the sectors we have the potential--as the economy begins, hopefully, to recover--where we could see some people actually going back to work.
I was wondering if maybe the Senator could comment about the multiemployers. I think there are about 9.5 million. Would he care to comment about why they have been left out?
Mr. President, I will leave the question out there. I appreciate the clarification.
As we debate for the next 4 hours, I hope someone might come to the floor who is arguing that this bill is as good as it can get. I happen to believe this bill was pretty good when it left the Senate, and it has come back fairly effective. I would like to leave that question open to any of my colleagues who would care to come to the floor and explain in front of the cameras and for all to review why when it left here everyone was covered--all of the single employers and multiemployers--and as it has come back, why they have only received partial relief.
I have a reason, but I am not sure my reason is correct. I am going to leave that question out there and hopefully my good friend from Massachusetts and I can get an answer to that question before this debate concludes in 4 hours.
I am going to begin by refreshing our collective memory about what the President said. When President George Bush was elected in one of the closest elections ever in our Nation, he said it was time to rise above a house divided and to move together to create economic opportunity and economic hope.
When this bill had as its core very good purposes, when it left the Senate we were united. It had 86 votes, a majority of both the Democrat and Republican caucuses to give relief to every pension. Times have been tough. There were certain rules that were in place that prevented some of these multiemployer pension plans from stashing away money in the good times. They were prevented from doing that by our laws, rules, and regulations. When the market turned down and they started losing some of their investments, they had to kick in extra contributions, which caused them to take money away from employment and put it into their pension plans.
They asked for relief. Our Senate Republicans and Democrats said that large corporations as well as multiemployer pension systems deserve that relief. It left here with 86 votes a couple of months ago. It has come back, however, with only one group included and the other group left out.
I am concerned and worried. I am not confused. The answer is not pretty. I am told by the experts there is no economic justification for this. There is no cost to the Treasury to have those plans included. Although their plans are not run the same way, they deserve the same help and same relief because they are invested in the same stock market. I don't think there are two separate stock markets, one where the large corporations are invested and then another for everyone else. They have suffered the same up-and-down swings of the market.
However, I have to believe, unless my question is answered, the only reason they did not get help is simply because the White House did not want to help them. It would not cost the Treasury anything to give help to these plans. It would not cost the Treasury a nickel. It is a change in the law that buys them additional time that the actuaries and the experts believe would be
responsible and safe, that would still make sure the pensions are safe and the money is there.
The bill left the Senate, with Democrats and Republicans working together. It went to what is seeming to be every day the most politically driven White House, where they were simply eliminated from the bill.
I ask, during the four hours we are discussing this, if any Member would be willing to come to the Senate and state why this has happened to 9.5 million workers, many of whom are union workers but not all, and some businesses that are affected, that are employing people, not minimum-wage workers?
These are workers who wake up early before the sun comes up, construction workers. Even when the temperatures go below freezing, they put their gloves on and an extra jacket and they go out and work. These are the workers we see on tops of buildings. These are the workers we see digging deep holes under the ground, driving electric lines, making sure the infrastructure in this country is what it should be, making sure when buses go over a bridge, the bridge does not collapse.
I ask anyone in the Senate to tell me why these workers have been left out. The only reason I am given is it is a political directive from the White House. These are evidently Americans who the President either does not like, does not want to help, does not think they deserve it, does not think they need help. If this is the kind of administration we are a part of, then I don't want to be a part of this kind of administration. I want to be part of an administration that helps everyone when everyone can be helped unless there is some real good reason not to.
I can understand we cannot afford to give everybody the same kind of tax cuts when there is money coming out of the Treasury. I understand about making priorities. It is my understanding that does not cost the Treasury a penny. It is my understanding, having served as State treasurer of my State for 8 years and served on my pension boards, and having some knowledge of the way pensions are made and the estimates and assumptions actuaries make in terms of pensions that control how much contributions are put in and taken out of a pension plan, it is my understanding the experts agree everyone could use some help.
One plan is helped, which is included in this bill, making a temporary adjustment to the rate of return to give them some relief. Another group said, We do not operate exactly that way, but we could use some help just stretching out our payments for 3 years so we could create more construction jobs. This White House, for some reason, said no to 9.5 million Americans.
Maybe we are getting to a point--I hope my colleagues will come down here and correct me--maybe we are getting to some ridiculous point in this Capitol where before you can get relief you have to show your voter registration card. When Democrats are in control, if you are a Republican, if you do not show a Democratic card, you do not get relief. Most of the people who were left out were union members. Not all of them, but most of them were union members. Again, there are businesses that were affected.
If it was the White House's intention to punish this group of people because they are not overwhelmingly supportive of administration policies, this is not an administration I want to be a part of. I would not for 1 minute walk to the Senate and say some of the corporations that are getting help in this business, because they are not overwhelmingly supportive of Democrats, do not deserve a fair shake by this body. They got a fair shake when it left the Senate.
We had Democrats and Republicans come to the Senate and say, yes, these large corporations that have suffered terrible losses in the stock market--and we all did; whether you were a little or big investor, everyone took a big loss--yes, we want to create jobs. Yes, they deserve relief. Democrats came down. Senator Baucus from Montana argued passionately for this bill and 87 Members voted for it. It comes back with 9 million people missing, and they just happen to be part of multiemployer pension plans, most of whom are union but not all, and some small businesses have been cut out with no explanation.
It is a very ugly way to do the people's business and it flies in the face of what this administration promised: to unite us and not divide us, to give help to everyone who needed it when it was in our power to do so, whether they were a little fry or a big fry, whether they were a little fish or a big fish, whether they were a union company or not.
I don't know how others feel, but people in my State, whether they are for or against unions, are for jobs. We have lost almost 3 million jobs since this administration took office. I remind my colleagues that people want good jobs. They do not want jobs that pay $5.15 an hour. You cannot feed your children, pay rent, and put gasoline in your car for $5.15 an hour.
We want to create construction jobs. My construction workers make good money. They usually build darn good buildings and they build them for little towns and big cities in Louisiana. They came up here asking for help--not a lot of help. It does not cost a dime. Not a dime. They are turned away because they might be Democrats? They might be union members?
I have been to the Senate before on a number of other issues in my disappointment with this administration. Across the hall in some other building, Condoleeza Rice is testifying. We have marines being killed in Iraq. If the President were leading in the right direction, I think he would use every opportunity, even small ones such as this. This is not a huge deal, but it is a big deal to the 9.5 million workers who have been left out.
I would think he would be using every opportunity to unite this country, to create jobs at home, to create goodwill so we can get through maybe one of the toughest times in recent history. But, oh, no, the bill leaves the Senate with 87 votes--of Republicans and Democrats--and comes back with Republican-only fingerprints all over it, taking 9.5 million workers out because they dared to ask for help in times of tough economic downturn.
I have to hear the rhetoric coming out of the White House: They are trying to create jobs. Well, let me tell you, here is a good chance to create jobs, to help save those pension plans people have contributed to, to give them a little help that does not cost anything--and they were sent away emptyhanded.
So I am going to sit here for 4 hours. I may have to leave for a few minutes, but I want my colleague from Massachusetts to know I am going to sit on this floor until I get an answer to my question: Why were 9.5 million workers left out, when it does not cost us a red penny to help them? If it was not done for political retribution reasons, I would like a good explanation as to why it was done. If I can get a good explanation, then I will change these remarks and I will acknowledge perhaps I was mistaken about the reason.
But I know the way pension funds work. I know what they asked for was not much to ask. I know it would not cost us any money to do it. I know the experts said we could help them, if we had the will to. But we just willed a different way. We made other choices.
Finally, I am going to tell you, these choices--we all make these choices. Choices have consequences. The choices the White House made to leave these 9.5 million workers out--and the businesses that employ them--are going to cost us jobs. They are going to make people more cynical. They are going to raise the anger level in this country, when we need to be pulling people together and not tearing people apart. For the little it would have cost to keep them in, I think there is going to be a big price to pay for taking them out.
I yield the floor.
Mr. President, I suggest the absence of a quorum.
Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.
Mr. President, until some other Members come to the floor, I want to add for the Record that, for
Louisiana, there are 56 electrical contracting companies that participate in the National Electrical Workers Plan that will receive no relief in this bill. There are 18 Louisiana sheet metal contracting companies that have joined the Sheet Metal National Plan that will have their pensions in jeopardy, perhaps. But whether their plans are in good shape, they came here to ask for relief that would not have cost a penny, and they were turned away.
There are 1,200 Louisiana workers who belong to the grocery store workers plan. They perhaps need to start worrying about when they will be able to retire because they were left out of this plan.
Mr. President, 32,000 construction workers in Louisiana who have multiemployer pension plans have been excluded.
Let me repeat, all of these workers--the thousands--the 18 Louisiana sheet metal contracting companies that employ thousands of people; the 32,000 construction workers; the 1,200 grocery store workers; and the 56 electrical contracting companies, which probably together employ, I am going to estimate, at least over 5,000 workers--all of those workers were included, along with these multinational corporations and large businesses. They were all included because they all need help. They all have legitimate requests that could be given by the Senate. When we debated this in the Senate, they were all included. And 87 of us-- Republicans and Democrats--voted to keep them in.
So I am going to be on the floor. If someone would come to tell me why these thousands of workers in Louisiana have been left out, I would be happy to know the answer.
I suggest the absence of a quorum.
Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.
Mr. President, I ask unanimous consent that the quorum call be charged to both sides.
I now suggest the absence of a quorum.
Madam President, may I inquire how much time is remaining on both sides?
Madam President, can I simply inquire from the Senator from Iowa, who I know wants to speak in favor of the bill, how much time he may take, because there are other Senators who want to speak on our side.
OK. Madam President, I ask unanimous consent that after the Senator from Iowa speaks, I be allowed to speak for another 10 or 15 minutes. And I understand there are other Senators coming down to speak.
Yes, I will.
Reserving the right to object, I want to make sure that time is not applied to the Democratic side that remains on the underlying bill.
Madam President, I thank the Senator from Pennsylvania. I know the issue he wants to speak about--asbestos--is a very important issue that has great ramifications for workers and businesses in our country. I know he spent a great deal of time on that subject.
We only have, on this side, about 45 minutes to debate this very important pension bill that also affects large, small, and medium-sized corporations and workers, whether they are union workers or not. I wanted to come to the floor after the opening of this debate this morning and answer some of the questions that were raised, or comments made by my good friend, the Senator from New Hampshire, and also the Senator from Iowa.
Before the Senator from Iowa leaves, I thank him for his leadership. He has worked very hard on this bill and there is no doubt, as the Senator from Mississippi came to the floor and said, that there is a great deal of good being accomplished in this pension reform bill that helps us to direct capital in a much more effective and productive way, at a time when our country needs to be creating jobs, not destroying them, and at a time when we need to be strengthening all of our companies, not weakening them.
There is no argument on this side about that issue--none. No Democratic Senator has come to the floor to argue that there are not a lot of good things in this bill for companies in America, particularly the airline industry and steel companies, which are in very precarious situations with a deadline looming. Let me put that in the Record.
What is at issue is why 10 million workers are left out--10 million workers and the companies that employ them. Some of those companies are small and medium-sized companies that employ unionized workers. Some of them employ nonunionized workers.
I want to respond to a couple of things. The Senator from Iowa made a statement I would like to correct. He said it could not possibly affect 9.7 million workers. I have the GAO report--and that is where we get this information--which says 9.7 million participants, because of the White House's position and the very partisan Republican approach on the House side that was taken--this is the GAO report that shows clearly there are 9.7 million workers who will be left out. About 13 million workers in the country are unionized, and a great deal of them will be left out.
The second point is, the Senator from New Hampshire came to the floor and said: The Senator from Louisiana could not possibly be right because she claims this bill--the compromise purposely denied help to union workers because the underlying bill protects unions.
For the record, I will say he is correct in part. This is the difference. If you are a union that is fortunate enough to be attached to a big company that the Republican leadership in the House wants to help, you get help in this bill. Let me repeat that. If you are a union that happens to be attached to a very large company that the Republican leadership in the House, with the support of the White House, wants to help, you get relief, and you get relief whether your company is in trouble or not.
Let me submit for the record that General Electric Company will get relief, and they deserve it. General Electric deserves this help. Their pension is funded at 116 percent. Verizon is funded at 104 percent. AT&T pensions are funded at 111 percent. Prudential is funded at 112.1 percent. Edison Electric is funded at 100.2 percent. J.P. Morgan is funded at 102.8 percent. Southern Companies is funded at 112.8 percent. Wells Fargo is funded at 102.8 percent.
These are large companies; some are union, some are not. There is a company that was written in on a special provision, and they may deserve it, but it causes some of us to be cynical about how these conferences, behind closed doors, work. UPS, which is a large company and a union company--and I support their help--gets help. If you are a company that is overly funded, and a company that has union workers, the union is lucky to be attached to you because if they are left on their own, they don't get help. If you are a multiemployer plan, a union, not fortunate enough to be attached to a big company, but you are attached to a little company, or to a medium-size company, the White House and the Republican leadership in the House decided you don't deserve the help.
I have been waiting on the floor for 4 hours to get an answer to the question, why were they denied help? The Record shows--and I will submit for the Record--the fix that Senator Kennedy asked for and that 86 Members of this body voted for--the fix in this bill, which would have given relief to everyone, whether you are a big company or a little company, whether you were union or nonunion, and that passed the Senate with 86 votes.
We are proud of that work. It went over to the House, and under partisan political leadership, the help for 10 million workers was stripped out because they were not lucky enough to be attached to a big enough company. That is the truth. The fix would have given money to the Federal Treasury, not taken money. Again, this fix did not cost anything. I can understand if someone would come to the floor and say: Senator, we simply could not afford it; we just could not afford it; we are fighting a war in Iraq; we have deficits; we cannot afford it.
Let me remind everyone, there is no cost to the Federal Treasury for this particular fix. In fact, as Senator Kennedy spoke about, fixing the multiemployer pension plan adds money to the Treasury.
I have to sit here and listen to people argue that this was a good compromise? I have to go home and explain to my constituents, and I cannot explain it to them. Let me just tell you how it works in Washington these days: Bills that cost money to the Treasury get passed all day long. Bills that add money to the Treasury cannot get passed. I don't know how to explain that to my constituents in Louisiana. I don't know how to go home and explain to my constituents in Louisiana that the big companies, some union and some nonunion, get help, but the small companies that some people purport to represent and union workers got left out for no good reason.
Let me answer another charge. One of the Senators said: Senator, this is just the process; this happens all the time. I remember a time when it did not happen this way. I came to the Senate 7 years ago. When I got here, there used to be a Senate position and a House position, not a Republican position and a Democratic position. We had a Senate position. I am proud to be part of the Senate of men and women, Republicans and Democrats, who can put a fair deal together and will fight for a fair deal and not collapse, capitulate, and give in, and that is exactly what happened in conference.
So when my colleagues ask, Does this give this Senator confidence or any Senator confidence that the conference process works, I would say simply, No, it diminishes confidence. It undermines confidence. It does not build good will. It tears down what little good will is left and makes a mockery of it.
I wish for once the Senate would stand up and send a bill over to the House and say there is no reason we can't include everyone; it doesn't cost anything. These poor people who wake up early in the morning and stay up late at night trying to put bread on the table and pay their rent and buy gasoline that is now over $2 deserve a fair shake. It doesn't cost anything. There is no skin off your back. But no, we just cave, all of us just cave. It is a shame.
No, this does not help the process. This does not build confidence. This does not encourage anyone.
The fourth point I want to answer is, oh, there she goes, the Senator from Louisiana and other Senators on the Democratic side, making the perfect the enemy of the good. I am not looking for a perfect bill. I am looking for a square deal. I did not come here looking for a perfect bill. No Senator comes here looking for a perfect bill. There is no such thing. But I am still waiting for one Senator to come to the floor and give me one--one--good reason why 10 million workers and the companies that hire them that came here asking us for help when it is in our power to help, when it does not cost us anything to help, why were they taken out of this bill?
I have not received an answer to that question yet. I will tell my colleagues, we may vote on this bill in an hour or so, and I may end up voting for this conference report. Some Democrats will vote no. But because there are some very good provisions in this bill and there are companies in my State that will be helped--and I want to support large companies because they are hiring, they are struggling; some of them are not; some of them are doing very well. I have no problem. We all need to be pro-business, pro-growth, and pro-jobs.
I am probably going to vote for this conference report. I don't know how the rest of the caucus will vote. Some will and some will not, but that still does not answer my question or solve this problem.
I have to go back and tell 10,000, maybe more, workers in Louisiana: Sorry, you were left out. When they ask: Senator, we didn't cost them anything, why did they leave us out? I want someone to tell me why so I can go back and tell them. I am going to ask that question on every bill, and I am going to put an amendment on every bill, with Senator Kennedy's help and other colleagues, whether this conference report is adopted or not, until we finally get an answer.
I hope it is not the answer I think it is. I will state it again and, until I get my answer, I am going to keep stating it. I think the answer is, because these employers that have multiemployer plans are mostly unions that are not attached to big companies, that have a lot of money invested in lobbyists and others who can be here talking to everybody all day long, and I think the White House decided that because most of these are unions that do not support them at election time, they are not going to support them at this time.
I know that is harsh, and I know it sounds very direct. I don't know any other way to be because that is the only conclusion to which I can come.
Again, it does not cost money. They were in the original bill; 86 of us voted for it. Until I get a better answer, I am going to have to go around and tell people that is the answer. If someone wants to debate me here, in a private debate somewhere else, write me a letter, give me a report, then I will stop saying that, and I will just say I was wrong and here is a good reason, and I will accept that and accept it as the process and just go on and fight another day. But I have yet to hear the answer.
Let me state again for the Record, in case anybody thinks the only businesses that are getting help are businesses that are in trouble, GE is funded at 116 percent; AT&T at 111 percent. So we are not just helping companies whose pensions are in bad shape. Part of the bill is to not put money in a pension that doesn't need it--obviously, these pensions don't need it because they are overfunded--and to get that money back in circulation to create jobs. I am for that 100 percent.
Mr. President, I ask unanimous consent for 1 more minute.
Mr. President, if it works for these big guys, why can't it work for the little guy, the little contractors, for the union guys? We better get past the politics of deciding something is good or bad, whether it helps people who vote Republican or vote Democrat, and start thinking about the country, start thinking about America, start thinking about our troops and get serious about creating jobs.
When this White House says they are serious about creating jobs, I am going to bring this up to the White House at every point. You could have created jobs. It didn't cost you a penny to do it. In fact, it would have added money. But you turned your back, you walked away, and you left them standing there.
I hope those who were thinking maybe they would not get active might get active because of this, because it would sure wake me up if I wasn't paying much attention to what was going on.
I don't want to take any more time. I know the Senator from Pennsylvania has been very patient. I will yield the floor but reserve the time that is remaining for debate on this side, according to the unanimous consent agreement. I think it is the Senator's time to speak.