Floor Statements

Mr. President, Senate colleagues, how does one sum up the extraordinary accomplishments of the longest serving Republican Senator in U.S. history? The majority leader has summarized Senator Stevens' career, but I think there is a way to measure it and to summarize it that is even shorter. I think it is safe to say, without any fear of contradiction, there is no Senator in the history of the United States who has ever done more for his State than Senator Ted Stevens. Alaska would not be what it is today----

But for him.

So we say farewell to our friend from Alaska and wish him well in coming years. He can always be proud of the fact that no Senator in the history of this country has ever done more for his State than Senator Ted Stevens.

Mr. President, today I rise to salute the service of a distinguished Kentuckian. This gentleman recently ended a long career devoted to the service of his country and our commonwealth.

His name is Jim Shane, and I am proud to say Jim is a friend of mine. Jim recently stepped down as executive director of the Kentucky Commission on Military Affairs, a post he held since 1997. During his tenure, Jim can point to many accomplishments, but he was particularly instrumental in preparing Kentucky for the rigors of the 2005 Base Realignment and Closure--BRAC--process. The commonwealth, in particular Fort Knox, was a big winner in the BRAC process, and no one was more instrumental in this success than Jim.

Jim had a vision for Fort Knox, one in which the installation would again be a home to combat troops and to a number of major Army commands. He then worked tirelessly with Federal and State officials, the BRAC Commission and the Department of Defense to make that conception of Fort Knox a reality. The result was that Fort Knox emerged revitalized from the BRAC process. Consequently, central Kentucky stands to gain immeasurably from the economic benefits stemming from the installation's enhancement, and our armed forces will be the better for Fort Knox's improved stature.

Prior to his service for Kentucky, Jim served his country with great distinction. He spent 27 years of commissioned service in the Army, rising to the rank of brigadier general. His career highlights include service as Deputy Commanding General, United States Recruiting Command, in which he was responsible for manning the Army's all-volunteer force.

Jim also received numerous medals, awards and decorations for his efforts in the Army including the Distinguished Service Medal, the Defense Superior Service Medal, the Legion of Merit, the Bronze Star Medal, the Meritorious Service Medal, with three Oak Leaf Clusters, the Joint Service Commendation Medal, the Army Commendation Medal, the Army Achievement Medal, the Parachutist Badge, the Ranger Tab, and the Joint Chiefs of Staff Identification badge.

I am proud to say that Jim is also a fellow alumnus of the University of Louisville.

Mr. President, I ask that my colleagues join me in honoring this fine Kentucky patriot for his long and notable career of public service.

Mr. President, it is never too late to honor great heroism and sacrifice. That is why I am proud to say that after 40 years, a brave Kentuckian lost in battle will finally return home with honor to American soil.

On May 12, 1968, MAJ John Lee McElroy of the U.S. Air Force undertook what would be his final mission. Stationed in the Quang Tin province of the Republic of Vietnam, he was the navigator on a C-130 Hercules aircraft when his plane was struck by intense enemy fire and crashed. There were no survivors.

``On this particular day [Major McElroy] was flying a most important mission of aerial evacuation for American and allied personnel,'' wrote COL Marion F. Garuthers, the major's commander, in a letter to his parents. ``His example of Christian living significantly influenced all persons with whom he associated.''

Sadly, while the family of Major McElroy knew his final fate, they did not get to say their final goodbyes. For four decades, his remains went unrecovered. His wife, Regina M. McElroy, and his parents, Oscar L. and Gladys V. McElroy, passed away never knowing if

their loved one's remains would be found and brought back to the United States.

Now, thanks to the work of some dedicated men and women in the Department of Defense, Major McElroy's remains have been identified. Along with the rest of his flight crew, Major McElroy will return from Vietnam and join the honored few who rest in Arlington National Cemetery.

Born in Eminence, KY, in 1932, Major McElroy served his country in the Armed Forces for 12 years. Several months after his tragic death, he was posthumously awarded the Distinguished Flying Cross, the Air Medal and the Purple Heart for his valor in uniform.

At that medal ceremony were Major McElroy's three children--Russell Lee McElroy, Mary McElroy Tucker, and Linda Anne McElroy Starnes. Russell, the oldest, was just 14 years old at the time.

Now every one of them is older than their father ever was. And now it's their turn to take care of the father who cared for them, by seeing him laid to rest this December 18 in a hero's grave.

Our Nation and the Commonwealth of Kentucky cannot be grateful enough for MAJ John Lee McElroy's service and immense sacrifice. We owe the McElroy family a debt that cannot be repaid, because he died defending all of us and our freedoms.

I know the entire U.S. Senate joins me in expressing comfort and pride that this courageous airman has finally returned home. It is never too late to honor our heroes. And it is never too late for one Kentucky family to say their farewells and see a hero rest in peace.

Mr. President, the auto industry is an important part of the American economy, I certainly agree with my good friend the majority leader, and an important job creator in my State. We are all aware that one reason Congress is back in session this week is to address the crisis in the

auto industry. Although our friends on the other side have been talking about this issue with increasing frequency, they have yet to indicate how they plan to move forward. There is clearly a deep controversy about using funds designed to strengthen our credit markets to shore up distressed companies and other industries. We all understand that. It is one of the main reasons why there is still a significant lack of support from both sides of the aisle to that particular kind of approach.

It is an understatement to say there is deep concern about the impact of more than $100 billion of new deficit spending in the bill that has been put forward. So let me suggest a bipartisan path forward that has not yet been offered by the majority. It is a compromise being worked on by Senators Voinovich and Bond which reproposes funds already appropriated, money we have already appropriated to fund a $25 billion loan program for auto makers to build advanced technology vehicles-- coupled with new taxpayer protections and Federal oversight about how the money is spent. This is a proposal which I believe has support from both sides of the aisle and that actually has the potential to pass right now, not next year. There is a way forward that will help protect the jobs in the auto industry while also protecting the taxpayers. Senators Voinovich and Bond are working with colleagues across the aisle to protect taxpayers and our long-term economic health. Should this compromise approach be approved by the Congress, it is the only proposal now being considered that we believe President Bush will sign. It could actually become law and become law in the very near future.

As we move forward, we must do so in a bipartisan way on this and the myriad of other issues to come, and a good place to start would be right now.

I yield the floor.

Madam President, I ask unanimous consent that the order for the quorum call be rescinded.

Madam President, it is my sad task today to say farewell to our friend, the Senator from North Carolina, Elizabeth Dole. It is hard to know where to begin with a woman who has done it all and is admired across America.

There is an old saying that all politics is local. That is true even for the Senator from North Carolina, who was the first viable female candidate for President, held two different Cabinet positions, and worked for four Presidents. You see, Elizabeth's first campaign was for the presidency of her third grade Bird Club. She won that race.

Elizabeth began impressing many early on as she earned her bachelor's degree from Duke University and both a master's and a law degree from Harvard. Of the 550 members of her Harvard Law class, only 29 were women.

From there, Elizabeth went to the White House Office of Consumer Affairs, and then the Federal Trade Commission. In 1972, she met a Senator from Kansas when she lobbied him on a consumer-affairs issue.

In 1975, Elizabeth and Bob Dole were married in Washington Cathedral, creating one of the most prominent and successful partnerships in American public life.

Elizabeth later headed President Reagan's Public Liaison Office, and then in 1983 became his Secretary of Transportation. She served for 4\1/2\ years, longer than any previous transportation secretary at that time. And as transportation secretary, she was fond of pointing out that she was the first woman to ever head a branch of the Armed Services: the Coast Guard.

When her husband Bob introduced Elizabeth at her confirmation hearings, he displayed some of his trademark wit by remarking, ``I only regret that I have but one wife to give for my country's infrastructure.''

When Elizabeth had her turn at the microphone, she got him right back. She assured the committee that she knew all about airbags, because she had been driving around with one for years.

In 1989, Elizabeth became one of the few Americans honored to lead more than one Federal department by becoming the first President Bush's Secretary of Labor. Among the highlights of her tenure there was playing a key role in resolving a bitter 11-month coal strike in southwest Virginia.

I would even go so far as to say that Elizabeth was the second-best Secretary of Labor this country's ever had.

Elizabeth went on to become the president of the Red Cross, and revitalized that important institution. And of course, she became a familiar face to all Americans in 1996 when Bob became the Republican nominee for President of the United States, and when Elizabeth blazed yet another trail in 2000 as the first viable female candidate for that same office.

During her time here in the Senate, Elizabeth used the same desk her husband used. From behind that desk, she has been a powerful advocate for her State and her country.

North Carolinians can be proud of her record to strengthen our military and to support military personnel and veterans. She worked to craft a farm bill to benefit North Carolina agriculture. She has done much to address hunger in America, by championing tax incentives to encourage volunteerism and charitable giving, and through grant programs to benefit food banks and relief organizations.

The ``Dole'' in the McGovern-Dole International Food for Education and Child Nutrition Program may be for her husband, Bob, as the program is named after him and former Senator George McGovern. But it was Elizabeth Dole who secured more than $400 million for the McGovern-Dole program to go toward school-feeding and child-nutrition programs in the world's poorest countries.

Let me take this moment to say, on behalf of my wife Elaine and myself, that Elizabeth and Bob have been dear friends of ours for many years. In fact, had it not been for Elizabeth, Elaine probably never would have come to Washington in the first place, therefore I obviously never would have met her, so I feel a special obligation to--and thanks to--Senator Dole for that. We value their friendship, and I know we will continue to do so for many years to come.

Elizabeth, I want to thank you for always bringing wisdom, grace and integrity to this chamber. Over decades of accomplishments in many prominent posts, you have served the people of America and of North Caroline extremely well.

I know your constituents are proud, and Bob is proud, of your service. Elaine and I wish you both well in whatever the future has in store for you. And we look forward to hearing all about it.

Madam President, you just witnessed the classic Elizabeth Dole. I came out here to do a tribute to her, and she turned around and did a tribute to me. This is, I would say, indicative of the way Senator Dole has conducted herself in public life throughout her service. We are going to miss her in the Senate, but I know she will continue to make important contributions to our country.

We revere your legacy and look forward to continuing our friendship in the coming years.

Madam President, I rise with sadness to say goodbye to our friend the Senator from Oregon, Gordon Smith. For 12 years, he has made the people of Oregon proud by serving as a model legislator: thoughtful, independent, and focused on getting results for our country and his State.

Gordon heard the call to serve others early in life, becoming an Eagle Scout as a boy and taking a 2-year mission to New Zealand for his church. He earned his bachelor's degree at Brigham Young University and his law degree at Southwestern University.

He then bought back the family business, a frozen vegetable company, and transformed it into one of the largest and most profitable in the country. With Gordon's departure, we are losing the Senate's only member of the Frozen Food Hall of Fame.

Gordon's desire to serve led him to run for the Oregon State Senate in 1992. His peers recognized the star in their midst when they elevated him first to minority leader, then to Senate president during his first term in office.

Gordon then entered a special election to fill a vacant U.S. Senate seat. Election day fell in January 1996, and Gordon lost that race--the winner was our colleague, his fellow Senator from Oregon.

But then Gordon did something no one else has ever done, and proved to the people of the Beaver State how much he cared about making sure every Oregonian's voice was heard in Washington.

He ran for the Senate again in the regularly scheduled election later that year, making him the only American in history to run for two Senate seats in the same year. The people of Oregon gave him their trust and Gordon has never let them down.

Oregonians can rightfully be proud of his conservation record, as he championed legislation to successfully secure the protection of 170,000 acres of wilderness on Steen Mountain and the Bull Run watershed.

While protecting our natural resources, he also understands the importance of the many working Oregonians who depend on his State's natural resources for their livelihood. The foremost example of his work in that regard is his tireless effort to protect the farmers of the Klamath Basin area, and keep their agricultural lands in production.

He has fought to lower the number of uninsured and drive healthcare costs down, and has been a tireless advocate for the disabled and mentally ill.

He has sponsored legislation to strengthen the prosecution of child- exploitation cases, fought for new protections against Internet predators, and led the effort to increase funding for programs that help victims of rape, sexual assault and domestic violence.

Gordon has also been a leading voice on issues of education, and has fought to secure rural schools throughout Oregon. And he has fought for lower taxes, so more Oregonians can keep more of what they earn.

But there is one issue in particular where Gordon led the way in a very personal manner for a cause close to his heart. In 2003, Gordon's son, Garrett, committed suicide just one day before his 22nd birthday.

The torment a parent must feel after losing a child must be the worst horror imaginable. No amount of sympathy, no words, nothing any of us could do could possibly ease the pain in Gordon's and his family's hearts.

Yet even in his grief, Gordon showed us the strength of his character when he wrote about his loss in his moving memoir, ``Remembering Garrett.'' And he channeled his sadness into successful legislation, the Garrett Lee Smith Memorial Act, to create screening programs to identify and help youths at risk for suicide.

I'll never forget his powerful words on behalf of that legislation in this very chamber. He said:

[There's] no owner's manual to help you bury a child,

especially when the cause is suicide. So I've committed

myself to trying to find meaning in Garrett's life.

Gordon, with that brave act you prevented the tragedy of suicide from befalling countless other families. I can think of no more profound example of strength and leadership than that.

Every Senator knows what a pleasure it is to work with Gordon. He believes we were sent here to find solutions, not confrontations. And for every day he has served in public office, finding solutions has been his goal.

Gordon, it has been a privilege to work with you these many years, and to spend time with you and your wife Sharon. America is a stronger Nation thanks to your dedication and spirit of public service. Please don't forget you have many friends here, and we all wish you well in your bright future.

Madam President, may I just add a word to my friend from Oregon. He has had an extraordinarily successful tenure here. In my view, I would say to my friend from Oregon, you can always look back on these 12 years with a sense of accomplishment. You have been a major player in this institution on a variety of different, extremely important matters that will affect each generation to come. So on behalf of all of our Republican colleagues, and I am sure on behalf of everyone in the Senate, I thank you for your extraordinary service.

I also rise today to say farewell to the Senator from New Hampshire, John Sununu. Although John is the youngest Senator, he is one of our brightest. A reporter once wrote that one of John's fellow Senators said that if we were ever to lose John, the rest of us would have to argue over who would be the smartest person in the Senate. But as long as we had John around, there was no argument.

John impressed people at a young age, earning both a bachelor's and master's degree in mechanical engineering from MIT and an MBA from Harvard. He received real-world experience working as an engineer in jobs I daresay few of our colleagues could try to explain, myself included.

Then one day a seat from New Hampshire in the House of Representatives opened up, and John took a good long look at it. John has never been the kind of man who felt he deserved a job on the public payroll. He did not crave the power and respect that came with holding office. Yet we are certainly thankful his great State has sent him here.

Now, 12 years later, I think we can say with confidence that New Hampshirites could not have had a more dedicated and principled public servant.

After 6 years of service in the House, New Hampshire sent John to this Chamber in 2002. To reach the Senate, he had to face an incumbent Senator in the primary and then a sitting Governor in the general. Since then, John has compiled a record of which every citizen of the Granite State can be proud.

A student of the free market, John strongly believes lower taxes promote growth and expand opportunities. That is why he fought so hard to extend the ban on taxes to access the Internet. That tax ban was signed into law, and it protects consumers from taxes on Internet access, e-mail, and instant messaging for 7 years.

Just think, if online communications and commerce grow as rapidly over the next 7 years as they have over the past 7, John's tax ban will not only have promoted economic growth, it will have spared countless small businesses and families from a tremendous burden. For that, he deserves all of our thanks.

John's voice was one of the loudest to say that we must tackle tough issues now, such as entitlements and the future of Social Security. He stood up time and again, calling on Congress to reduce Government spending, expand telecommunications service to rural areas, and clean up air pollution.

He also learned firsthand the principle that has made America great, our commitment to personal freedom. It is what this country was founded on. John understands what makes America work is not what we do in this Chamber but what millions of Americans do every day for their families and communities.

John is a kind and compassionate man who is a joy to know. I remember well when the senior Senator from Pennsylvania underwent chemotherapy in 2005 as part of his treatment for Hodgkin's disease.

Like many chemotherapy recipients, the Senator from Pennsylvania's hair fell out. In a generous act of solidarity with his colleague, John shaved his head. That certainly took more commitment than sending a get-well card. But that is John Sununu.

John, I am going to miss you. It has been an honor to work by your side over these past 6 years. It has been a joy to know you, your lovely wife Kitty, and your family.

I want them and you to know that we in the Senate admire the depth of your convictions and the strength of your heart. I am sure that whatever the future holds for you, you will be a huge success.

Madam President, let me just say to my friend from New Hampshire, it has been a real privilege to serve with somebody of your intellect and ability. I know you are going to be a huge success. You have, as we discussed, a lot of your life left. I know you are going to be a huge success in the coming years, and I am looking forward to seeing more of you in the future.

Madam President, reserving the right to object, this is a spending measure of $37.8 billion which has not been considered by the Finance Committee. We should be asking the States to pay it back. We should require the States to agree to not raise taxes. For all of those reasons, Madam President, I object.

Madam President, I would ask my friend, the majority leader, now, if consent is not granted, this vote would be on Friday?

Madam President, I say to my friend, I will be working on my side to see if it is possible to move that vote forward to tomorrow. Hopefully, he will be doing the same.

Mr. President, first, I would like to congratulate President-elect Obama on his victory. It is a rare honor for the Senate to send one of its own to the White House. In fact, I think it has only happened two other times, Warren G. Harding and John F. Kennedy, who went directly from the Senate to the White House. Regardless of party, every one of us, I am sure, feels a certain institutional pride in the event.

I called the new President shortly after his victory to offer my congratulations, and he was gracious in congratulating me on my own victory when he returned the call. As it happened, when he returned the call, I was grocery shopping in the local Kroger and enjoying the people passing by saying ``Congratulations.''

There I was in front of the cereal talking to the new President on my cell phone. What I told him was we would all be here to work with him once he takes office. I think both of us are eager to confront the challenges ahead. I told him he can expect cooperation on the confirmation of qualified nominees to key Cabinet posts. Faced with two wars overseas and a complex financial crisis at home, the American people should not have to worry about a power vacuum at places such as the Pentagon, the State Department, Treasury or the Department of Homeland Security.

Now, history offers a fairly clear path to success or failure for new Presidents. It is there for every new President who comes in to observe. The path I have discussed with the President-elect is one that can lead to success. As I see it, we face a simple choice: We can either work together to confront the big issues, the big issues of the day that neither party is willing to tackle on its own or the majority can instead focus on narrow partisan issues that appeal to a tiny sliver of the populace but which lack the support of the American mainstream.

In my view, the choice is rather simple, but the work that follows will not be. So I hope President-elect Obama will go after the big things and go after them early. If he does, our chances of achieving a positive result for the American people will be greatly increased.

We can start with some of the things President-elect Obama spoke about on the campaign trail, such as cutting spending, paying down the national debt, providing speedy tax relief, committing to a long-term strategy for energy independence, and reining in our out-of-control entitlement spending that threatens to consume 70 percent of the Federal budget in 9 years. Let me say that again: Our out-of-control entitlement spending will consume 70 percent of the Federal budget in 9 years.

These are the challenges on which Senator Obama campaigned. They also happen to be issues upon which Republicans and Democrats should be able to reach some agreement. The American people are looking to us to resolve these issues, and Senate Republicans are eager to get that work done.

I thank my friend, the majority leader.

Mr. President, will my friend yield for a question?

I was wondering: I came to speak on behalf of my good friend, our senior Senator from Colorado. I wonder if he would object to my going ahead and making my comments about him prior to his speech? Or would that create a scheduling problem for the Senator from Colorado?

Mr. President, I thank my good friend from Colorado. I am here to talk about his distinguished career.

Mr. President, I thank my good friend from Colorado.

Mr. President, with the end of a session fast approaching, it is time once again to say farewell to some of our favorite colleagues in the Senate. And today that includes our friend, the senior Senator from Nebraska.

Chuck Hagel's long record of service is well known to many. What some may not know is that that record of service long predates his time in Washington.

Responsibility was thrust upon Chuck at an early age. A fourth generation Nebraskan, Chuck became the man of the house at the young age of 16 after the death of his father.

And he accepted the responsibility head on, working hard to support his mom and younger brothers.

But even then working hard was nothing new to Chuck Hagel, who had taken his first job delivering papers at the age of 7.

As a young man, Chuck answered the call and volunteered to serve in Vietnam, and Chuck's fellow soldiers turned to him for leadership.

One of the soldiers who served right alongside Chuck was his younger brother Tom. By coincidence, the Hagel brothers ended up in the same unit and rode together in the same armored personnel carrier.

In a defining act of heroism, Chuck once dragged his brother out of that carrier after it had struck a landmine and burst into flames. The blast left Chuck badly burned and ruptured both his eardrums. Yet despite serious injuries to himself, he brought his brother through enemy fire to safety.

After returning home from Vietnam, Chuck worked his way through college and got his first taste of Washington working for Omaha Congressman John McCollister.

Later, Chuck would show his drive and his leadership in the business world. Taking a risk, he sank his entire savings into a business venture that eventually paid off.

And then, 12 years ago, he took another gamble. And we are glad he did.

A political newcomer, Chuck defeated Nebraska's sitting State attorney general in a primary, and then a popular incumbent governor in the general election for a seat in the U.S. Senate.

I will note, Mr. President, that the governor he beat is now the junior Senator from Nebraska. And in a sign of Chuck's character and commitment to the people of Nebraska, the two former rivals have worked in tandem on many issues for the good of the people of their State.

I know Senator Nelson would agree that Senator Hagel's departure is a great loss for this Chamber and for the people of the Cornhusker State.

Chuck's advocacy for the people of Nebraska was reaffirmed 6 years ago when the voters sent him back to Washington for a second term.

In a sign of his effectiveness and his popularity, he won reelection to the Senate by the biggest margin Nebraska has ever seen.

The one-time political newcomer trounced his opponent, winning 83 percent of the vote--and all 93 counties in the State.

In two terms in the Senate, Chuck has earned the respect of his colleagues and risen to national prominence as a clear voice on foreign policy and national security. He has consistently fought to expand free trade, particularly with Vietnam.

Chuck's stature as a leading voice in foreign affairs has earned him a reputation, in just 12 years in the Senate, as one of Nebraska's great statesmen. This is a tribute to his intelligence, hard work, and devotion to a country that he has served his entire adult life.

Elaine and I have enjoyed getting to know Chuck, Lilibet, and their family over the years. I know Chuck's a proud dad. And his kids should be proud of their dad.

Chuck, it has been an honor, and a pleasure, to serve with you. We all wish you well in whatever future endeavors you choose to take on.

I am confident that, even though Nebraska is known as a flat State, whoever succeeds Charles Timothy Hagel in the U.S. Senate is going to have a very steep hill to climb.

Larry Craig

Mr. President, one of the great sticking points for the framers of the U.S. Constitution was how small States would be represented in the new Government.

In the end, the compromise that gave small and big States equal representation in the U.S. Senate broke the logjam, paved the way for ratification, and became one of the most distinctive--and best-- features of our democracy.

It has ensured that the interests of all Americans, including those who live in remote or secluded corners of the country, are felt in the halls of power. And, throughout the life our country, it has meant that men and women who understood those interests and who could communicate them with clarity and purpose would always have a central place in the U.S. Senate.

For nearly two decades, Larry Craig has been that person for the people of Idaho--a fierce advocate and an effective legislator who understands the needs of his State, and always delivered.

The grandson of a homesteader, Senator Craig was born on a ranch north of Boise and attended public schools. He graduated from the University of Idaho in 1969 and may have been its most prominent alumnus before the world got to know the current Governor of Alaska a few weeks ago.

After college, Senator Craig served in the National Guard, worked as a farmer-rancher, and was elected to the Idaho senate in 1974. Seven years later, Idaho voters sent him to Washington.

After a decade in the House, they sent him to the Upper Chamber. And he has been fighting their battles here in the Senate ever since.

One of his favorite targets over the years are the Western lands policies favored by big city environmentalists but opposed by the native Idahoans who cherish and live off the land.

He fought revisions of the Mining Act of 1872, and a Clinton-era proposal to introduce grizzlies into Idaho's Bitterroot Range.

Over the years, he's fought anyone who tried to impose rules and restrictions on land use that natives oppose. Those battles heated up in the wake of the Supreme Court's 2005 Kelo ruling. And over the last 3 years, he's fought hard to protect the private property rights of farmers and ranchers, who have been left especially vulnerable by the Court's Kelo decision.

Senator Craig took a lead role in the Farm Bill debate over the last 2 years, making sure it included funds to support specialty crop producers in Idaho, one of the Nation's top producers of specialty crops, and about one-third of the Nation's potatoes. And he played a vital role in smoothing the way for the bill's final passage earlier this summer.

As chairman of the Public Lands and Forests Subcommittee, Senator Craig fought to reform the Nation's Forest Service, which drastically reduced the timber harvest on public lands during the Clinton Administration, cutting into the livelihoods of Idahoans in small towns across the State.

For municipalities that couldn't recoup the losses from lost timber revenue, Senator Craig reached across the aisle and worked with Senator Wyden to find compensation that helped them cope. It was a characteristic gesture of bipartisan work, and one he's employed repeatedly over the years.

He's been a strong defender of free trade.

As chairman of the Special Committee on Aging, he sponsored a bill that would enable seniors to buy State-approved long-term care policies.

And he has been a good friend to our Nation's veterans, serving as chairman of the Veterans' Affairs Committee.

A new tower at Boise's airport would not have been built without Senator Craig's help. Neither would the new VA clinic that opened in Caldwell just last year. In a long Senate career, Senator Craig has fought with clarity and conviction for Idahoans. Along the way, he has been a friend of veterans, children seeking a home through adoption, and thousands of American farmers and ranchers, particularly those in the Pacific Northwest.

And, along with three other Senate colleagues who've moved on, he entertained us as a member of the Singing Senators.

With Senator Craig's retirement, the last of the Singing Senators will have left the building.

And the people of Idaho will have lost one of their greatest champions.

John Warner

Mr. President, after Monday's vote in the House, the question is not how we got here but how we get out and how to get our economy back on its feet. So after extensive consultation between the majority leader and myself and the leaders in both parties here in the Senate, we believe we have crafted a way to go forward and to get us back on track. This is the only way to get the right kind of solution for the American people. Both Senator Obama and Senator McCain are coming back tonight to embrace this effort and to help us reassure the American people that we are going to fix this problem.

No one is happy with the situation we are in, but it is a situation that we have. And the American people didn't send us here just to do easy things; they expect us to rise to big challenges and to put aside differences and to work on their behalf. So tonight the Senate will vote on an economic rescue plan designed to shield millions of Americans from shockwaves of a problem they didn't create.

We have two problems. We have the equity markets and we have the credit markets, and a way of thinking of it is like this: You could think of our whole economy as the human body, but the credit markets are the circulatory system. Right now, as the distinguished majority leader pointed out, the credit markets are frozen, so the circulatory system is not working as it should. If the circulatory system doesn't work, it begins to choke off the body--the economy. With the step we take tonight, we

are confident we will be able to restore the circulatory system, if you will, and regain health for the economy--the body, if you will--and get the problem fixed for the American people.

I said yesterday that we are going to fix this problem this week. The Senate will speak tonight. We will send to the House a package that, if passed, will address the issue.

We will have demonstrated to the American people that we can deal with the crisis in the most difficult of times--right before an election, when the tendency to be the most partisan is the greatest. But we are in the process of setting that aside, rising to the challenge--both Democrats and Republicans--and doing what is right for the American people.

I yield the floor.

Madam President, less than 2 weeks ago, the Treasury Secretary came to the American people with some bad news. He said he needed Congress to help. And soon, after significant debate, Congress will deliver.

The problem we face as a Nation is urgent and unprecedented. As a result of lax lending practices earlier in the decade, millions of Americans now find themselves either delinquent or unable to cover their mortgages.

If this were the only problem, we could address it individually by helping those who were victims of fraud and letting those who made bad judgments or who lied on their loan applications pay for their mistakes.

But what began as a problem in the subprime mortgage market has now spread throughout the entire economy. And here is where the crisis hits home.

After banks made these risky mortgages, they sold them. The institutions they sold them to then shopped them around the world. And now these troubled assets are frozen on the balance sheets of the businesses that you and I rely on to buy everything from dishwashers to new homes.

At the heart of the rescue plan is a need to lift these assets off the books and to restore confidence in the institutions that hold them. Then, once the housing market stabilizes, we will sell them back.

Many economists, including those at the nonpartisan Congressional Budget Office, predict that once the assets are sold off over the next few years, the net loss to taxpayers could be negligible.

But for now, the practical problem we face is this: credit, the lifeblood of our economy, is frozen. And unless we act, it is expected to remain that way.

This means that the lives of ordinary American families could be severely disrupted, commerce could dry up, and millions of jobs could be lost.

The original White House proposal for addressing this crisis was unacceptable to Members on both sides in its initial form. But both parties have since made sure that the taxpayers are protected once a final deal is reached.

For my part, I came to the Senate floor and put down a firm marker: if Congress was going to help companies that got us into this mess, then executives at these companies would play by our rules. I also said that the Government wouldn't be allowed to use this plan as an excuse to fund new programs: No golden parachutes, limits on executive pay, and no favors for special interests.

Thanks to bipartisan insistence on all of these points, the plan that the House voted on earlier this week included every single one of our initial demands. And so does the plan that the Senate will vote on tonight.

This process hasn't been easy.

For the past week, Members of Congress and their staffs have worked around the clock to craft a rescue plan that is designed to protect American families from the shockwaves of the credit crisis.

When that plan failed in the House, we picked up the pieces, and we put together an even better plan that we think will make it through the House, and onto the President's desk this week.

It is important that we act now, because the crisis is spreading.

Small business owners in Kentucky are writing urgent letters to my office saying that their interest rates are already skyrocketing and putting their businesses--and employees' jobs--at risk.

A woman in central Kentucky wrote that she is afraid she will have to sell off part of her family's farm.

A retired school counselor wrote to say she can't afford to see her small retirement savings vanish.

A small business owner in La Grange told me he might not be able to make payroll because, in just the past week, the interest rate on the loan he took out to finance his building more than tripled.

The current crisis may have its roots in the actions of a few. But its effects could potentially reach into every single home in Kentucky, and every other home in America.

This economic rescue plan is a necessary effort to protect the vast majority of Americans--whose day-to-day lives depend on ready access to credit--from the misdeeds of Wall Street. And at this point, doing nothing to prevent an economic collapse is no longer an option.

Here is what the second largest newspaper in America, the Wall Street

Journal, said about the rescue plan earlier this week: ``It deserves to pass because in reality it is an attempt to shield middle America from further harm caused by the mistakes of Wall Street and Washington.'' ``The current seizure in the credit markets is real,'' the Journal added, ``and it will do far more harm if not repaired soon.''

For lawmakers, failing to pass this economic rescue plan would be grossly irresponsible. The voters sent us to Washington to respond to crises, not to ignore them. To that end, we have acted swiftly. And lawmakers from both political parties have worked hard to protect taxpayers at the beginning and at the end of this plan.

Thanks to our insistence, this rescue plan will have strong Federal oversight. Not only will there be a strong and diverse executive oversight board watching every single transaction, but we will also have the ability to investigate, pursue, and punish any executive who engages in fraud or who attempts to use this plan for personal enrichment.

If the Government is forced to take over the biggest companies, the first thing we will do is wipe out existing compensation packages for failed executives. Then, we fire them.

For most other institutions we assist, failed executives will no longer get million dollar payouts. And those who previously negotiated severance packages will pay one fifth of them in taxes--on top of the standard 30 to 40 percent tax currently in place. This means that executives at these firms will have to hand over more than half of their existing pay packages to the taxpayer.

Moreover, no executive who hasn't already worked out a compensation package will be allowed to get one. At these companies, the days of golden parachutes are over.

As another way of protecting taxpayers, Republicans insisted early on that every dollar the government gets back as a result of this program goes directly to reduce the Federal debt. This plan guarantees it. Every dime we get back will be used to pay our debts.

Since Monday's House vote, we have made some significant improvements to the bill. In order to protect bank customers, Congress will allow the Federal Deposit Insurance Corp. to insure deposits up to $250,000 for 1 year, up from the current $100,000.

We also added significant tax relief for American families and businesses, including a temporary patch on the AMT middle class tax that will protect millions of Americans--including 135,000 Kentuckians--from an average $2,000 increase in their annual tax bill.

At the moment, this plan represents the best way to bring stability to the credit markets, avoid a credit meltdown, and put America on the road to economic recovery. But Congress's job does not end there. After completing this bipartisan effort, Members of Congress must recommit ourselves in strengthening America's long-term economic security.

We should refocus our attention on a balanced energy plan that enables us to find more American energy resources and use less, and by refusing to spend money we do not have on programs that we do not need, thus laying a strong economic foundation for our children to inherit.

Soon, Senators will cast this historic vote. And when we do, the American taxpayers should know this: This plan was written with their best interests in mind. Not a dime will be spent without strict oversight. Failed executives will be held accountable. No more golden parachutes. In the end, the American people can expect to recoup most, if not all, or even more of the money that is spent.

The legislation is not something any of us really wanted to consider. Under ordinary circumstances, high-flying businessmen who make bad decisions or abuse shareholder trust should be allowed to fail. But the situation we find ourselves in is serious, it is urgent, and failing to act now would have devastating consequences for our Nation's economy. We must contain the damage. The potential consequences of inaction for our Main Street economy are simply too great.

Madam President, I also wish to mention that as of earlier today, there were--I have a list of 106 groups supporting the rescue package. I would mention two that I think are noteworthy: the AARP and the Heritage Foundation. That pretty well sums up the broad ideological diversity, shall I say, of the organizations that support this rescue package. I ask unanimous consent to have that list printed in the Record at the end of my remarks.

Also, Madam President, I would say to my conservative friends who had reservations about this, the National Review supports this package. I mentioned that the Heritage Foundation supports the package. With mixed levels of enthusiasm, the columnists Charles Krauthammer and George Will would support the package. Larry Kudlow, the conservative commentator on CNBC, supports the package. Of course, the Wall Street Journal supports the package. Even Newt Gingrich, an early critic, said, when pressed a couple days ago, if he were here he would vote for the package.

So, Madam President, with that, I yield the floor.

After that well-deserved applause you have received, Dave, from everyone in the Senate, I think it is appropriate to note that given the fact that Dave is quite visible on C-SPAN, his face recognition is probably a good deal greater in America than many of us. Not that they know your name, Dave, but they do know your face.

I wished to join my good friend, the majority leader, in thanking you for your 31 years of service. We deeply appreciate your fine work, and we wish you well in your retirement. Thank you so much.

(Applause.)

Dodd Amendment No. 5685

Mr. President, the C-SPAN viewers of America rarely have seen the Senate in applause such as they saw it a few minutes ago, but also it illustrates how well we have worked together on a bipartisan basis to try to address the significant crisis confronting our country's financial system.

We have seen, over the last 2 weeks, a coming together. Both of the candidates for President of the United States are here tonight. We had unprecedented cooperation between the majority leader and the Republican leader and our designees, Senator Gregg and Senator Dodd, who did a superb job bringing both sides together to craft a package we could proudly pass

tonight for the American people on a bipartisan basis.

This is a big moment in the Senate. This is the kind of vote we were sent by our people to cast, and I wish to express my pride and my gratitude to Members, my pride in the institution, and my gratitude for Members who wrestled with this very difficult challenge and who have helped us come together with a package we believe will address the Main Street problems facing America as a result of the credit crunch.

Right in the middle of the heat of a Presidential election, we have been able to put that aside and come together and do something important for our country. I think it is one of the finest moments in the history of the Senate. I congratulate all Members of the Senate for participating in this, and I obviously urge that it be supported.

I yield the floor.

I think the majority leader has made it clear that we will be back for a few days in November. I wish everybody well during this recess. This is a fine accomplishment for the Senate. Let's go on and have the next vote and head on to other business.

We yield back.

Mr. President, I think the majority leader set precisely the right tone. I, too, want to reassure the American people that we intend to pass this legislation this week. We will pass it on a broad bipartisan basis, both sides cooperating, to prevent this financial crisis from persisting.

The message from the markets yesterday was clear. The time for finger-pointing indeed has come to an end. As the senior Senator from Tennessee likes to remind us, this is not the time to fix the blame, this is the time to fix the problem. Those also are the words of Senator McCain, with whom I spoke yesterday, who is in exactly the same place as all of us are on a bipartisan basis.

So we will get the job done, we will get it done this week, and I think, hopefully, that will reassure the American people that Congress can rise to the occasion--act like grownups, if you will--and get the job done for all of our people.

I yield the floor.