Floor Statements

Mr. President, I note the absence of a quorum.

Madam President, I ask unanimous consent that the order for the quorum call be rescinded.

Madam President, I rise as a proud cosponsor of the Currency Exchange Rate Oversight Reform Act, S. 1619. We are all aware, in this Chamber and around the country, that China has been manipulating its currency flagrantly and blatantly at the expense of our businesses in Connecticut and New York and around the country at the expense of American workers. This measure is necessary to protect American jobs and American workers.

Chinese currency manipulation is a job killer, very simply. At a time when so many are desperate for work and so many Americans and citizens of Connecticut are seeking good jobs, this

measure will help protect American workers and save American jobs, which is why I am proud to be a cosponsor of this measure.

I am proud to have begun this fight well before I became a Senator and well before I even thought of becoming a Senator, when I was attorney general of the State of Connecticut, because I heard from Connecticut businesses about the effects of Chinese currency manipulation in their efforts to sell their goods and services not only in China but around the world and even in America. Undervaluing Chinese currency puts American businesses at a disadvantage. It is a hidden export subsidy. It is a means of underpricing Chinese goods and services at the expense of ours. That affects not only our exports to China, but it affects our sales of airplanes in Europe, it affects the sales of all kinds of products--both high-tech and others--in this country, and it deprives the United States and its businesses of a level playing field.

The extent of that undervaluation is actually unknown, even as we speak. It is probably in the range of 25 percent. Economists tell us it is anywhere between 20 percent and 50 percent. The Chinese have permitted their currency to rise slowly, perhaps about 6 percent since June of 2010, but the extreme undervaluation before that period of time--in the years that led to June 2010--was relentless and tireless and successful. One of the great success stories of currency undervaluation is the Chinese doing so with theirs. We are at a point where, rightly, we have lost patience.

When I first asked the Treasury of the United States to label and conclude that China is a currency manipulator--months, even years ago-- there was an opportunity to take the kind of action this measure would readily lead it to do, and it must do it now. This bill provides consequences for countries that fail to adopt appropriate policies to eliminate currency misalignment and includes tools to address the impact of currency misalignment on American manufacturers, including the use of countervailing duty law to impose tariffs on imports benefiting from government subsidies.

Very simply, it provides tools that the American Government can and should use when there are misalignments of currency that result from government policies, and it eliminates some of the barriers in our current law that now exist and restrict the American Government from taking action to protect American businesses. So it is a good measure, a commonsense step toward fairness and a level playing field for American businesses, and it means we would protect ourselves, as we have a right to do in an ongoing trade war. It is a war, not a shooting war--perhaps not explicit--but it is a trade war we should acknowledge and recognize as a fact of life for our businesses.

All this talk about currency and renminbi and the abstract and seemingly arcane discussion, in economic terms, may seem far away to many citizens of Connecticut, but it is not arcane or abstract to Steve Wilson at Crescent Manufacturing of Burlington--a company that makes precision fasteners, many of them used in defense of our country, sold in this country as well as abroad. Crescent Manufacturing has hard- working, skilled workers who compete with Chinese manufacturers whose production costs are dramatically lower because of the undervalued Chinese currency. Steve Wilson came to me and said, in effect: Give us a level playing field. That is what this bill does. He said it not only on his own behalf, as a manager and an owner, but on behalf of his workers because the number of those workers was reduced as a result of the lack of a level playing field.

Earlier this year, I worked with my colleague in the House of Representatives, Congressman Chris Murphy, to conduct a survey of Connecticut manufacturers. We gathered data from 151 different companies all across the State of Connecticut, and the information they shared paints a dramatic picture of the business climate for companies in Connecticut and America today and the challenges they face as they seek to create jobs and stay competitive. Of 151 manufacturers that participated in our survey, 73 percent say they have Chinese competition--73 percent are competing with Chinese companies--and 57 percent--almost 60 percent of all those companies--said China's refusal to operate on a level playing field is harming their businesses. The majority of those companies that responded to that survey-- manufacturers in Connecticut--say they want a level playing field or they are harmed by unfair practices in China's undervaluing their currency.

We all know, at this point, China deliberately manipulates its currency to boost its exports, and Connecticut manufacturers know it better than anyone. They have made it clear, if we are serious about keeping American manufacturing competitive, if we want to make it in America, if we want ``Made in America'' to mean what it should, and if we want our economy to grow, we need to stand up to countries that rig the system in their favor--unfairly in their favor.

The Alliance for American Manufacturing estimates our surging trade deficit with China--largely caused by Chinese currency manipulation-- cost 2.8 million American jobs over the last decade, and that is 31,600 in Connecticut alone. These were jobs lost to our workers unfairly.

On March 25, 2011, the IMF declared that China's currency remains ``substantially undervalued.'' That is a serious charge from an international agency that is not biased toward one country or another, and it implies that China, in failing to address the undervaluing of their currency, is in direct violation of the General Agreement on Tariffs and Trade, which it has signed. Far from being contradictory to international law, this bill serves the interests and intent of the General Agreement on Tariffs and Trade. It serves article XXI of the GATT Uruguay Round and allows a member of the World Trade Organization and America to take action which it considers necessary for the protection of essential security interests.

Nothing is more essential to our security than jobs. Nothing is more critical than dealing with our trade deficit. Nothing is more important than stopping the undervaluation of the Chinese currency that consistently, unfairly, and unacceptably works against our exporters. We must fight these fundamentally unfair trade practices of China. American manufacturers deserve this level playing field, and this bill will help to assure that for them.

I will continue to fight to protect Connecticut manufacturers and businesses against any unfair trade practices anywhere in the world, and this bill stops China and any other country that would misalign its currency to the detriment of our security as a country and Connecticut's manufacturers and businesses as well as those in the country as a whole.

I thank the Chair, I yield the floor, and I suggest the absence of a quorum.

Mr. President, are we in morning business?

I will proceed, then, as in morning business.

First, I thank and commend the Senator from Ohio on his very important efforts on Chinese currency manipulation. I am proud to be a cosponsor with him on his legislation. I intend to introduce my own. He has been a very stalwart advocate and champion of U.S. trade interests and deserves the thanks and commendation of this body and the American people. I thank the Senator from Ohio.

Israel

I rise today to restate at this crucial juncture my unwavering commitment, as stated so eloquently by many in this body over the years, to the United States-Israel relationship and America's unshakeable commitment to Israel's security.

I thank the President of the United States for his address to the United Nations, which very powerfully and courageously stated that commitment. The President's strong message shows again that our shared interests, as well as our friendship with Israel, are deep and enduring.

As my colleagues know all too well, the Israelis and Palestinians must reach agreement through negotiations on the issues that divide them, not through the United Nations. Israel has repeatedly endorsed a two-state solution that will sustain it as a Jewish and democratic homeland. To be achievable, any lasting peace and any plan for peace must acknowledge the real security concerns that Israel faces day in and day out and has faced throughout its history.

The President's powerful remarks at the United Nations were inspiring in a forum that has been repeatedly hijacked by dictators and despots for the purpose of delegitimizing Israel and fomenting anti-Semitism. The Palestinian Authority's bid for United Nations recognition is a distraction from the hard work, the really hard work needed to achieve peace and find an equitable solution.

As the President said, ``The fact is peace is hard.'' To succeed, ``peace depends upon compromise among people who must live together long after our speeches are over.''

Tough compromises will have to be made by both the Israelis and the Palestinians. The United States is ready to assist both peoples in taking necessary risks for peace, and Israel is willing to sit down and commence those talks immediately with the Palestinians.

The bid for United Nations recognition is also a distraction from the deteriorating situation in the Middle East, where governments of the region, both old and new, seem all too willing to use Israel as a target and as a scapegoat, rather than face the legitimate needs of their own people.

In Turkey, for example, the government has stretched to seek a confrontation with Israel rather than address the humanitarian disaster on its doorstep in Syria. In Egypt, the government honored those who attacked the Israeli Embassy in Cairo, rather than release from detention their citizens arrested for advocating for democratic reforms and freedom. Most concerning to this Chamber, Iran's Government has doggedly pursued nuclear weapons and threatens to destabilize the entire region. Nobody is fooled about the military dimensions of Iran's nuclear program.

On this day we do not yet know how the Palestinian Authority's bid for statehood recognition at the United Nations will be resolved. I do know my colleagues on both sides of the aisle will not be sidetracked from advocating for the hard work toward peace. By encouraging the Palestinian Authority to return to the negotiating table, which they have refused to do, and by continuing strong United States-Israel defense cooperation our Nation will deter those who would seek to achieve victory over Israel by either using the force of arms or manipulating international institutions such as the United Nations.

By sending the Iran, North Korea, and Syria Sanctions Consolidation Act of 2011 to the President for his signature, we can do our part to call attention to Iran's use of denial and deceit to advance its nuclear program. By passing a foreign operations appropriations bill for fiscal year 2012 that aligns our assistance with our international commitments--including over $3 billion in aid to Israel--this body will, again, demonstrate its leadership in striving for peace.

Finally, I would be remiss if I did not call attention to the fact that while each of us was free to hear the President's remarks, yesterday was and today remains another day that Gilad Shalit is held hostage by Hamas. As a nation founded on the unalienable right to liberty, we must repudiate those who seek to forge a nation while continuing to collaborate with his captors. I urge his release.

I look forward to working with my colleagues and the President on all of these efforts. They are truly bipartisan. They unite us as a body and they unite the American people. I thank you.

I yield to the distinguished Senator from Virginia.

Madam President, over the past 2 weeks, I have traveled the State of Connecticut, as the Presiding Officer has done in the State of New York, and she has described eloquently the damage she has seen in her State. I have seen much the same in mine. I have seen the destruction of small businesses, of homes; rivers swelling, flooding of historic dimensions causing significant destruction; the wind and rain striking Connecticut with a fury, its ferocity virtually unmatched in recent memory.

I met with families and community leaders, farmers and small businesses, about the help they will need to rebuild their homes and their businesses and their lives and their livelihoods. It is a powerful and moving struggle. The citizens of Connecticut, similar to the citizens of New York and others struck by this storm, have acted with determination and resolve, not with desperation or despair. They are determined and dedicated to rebuild and recover from this storm, but they need the help that is provided by FEMA. We are here, hopefully in a bipartisan effort, to make sure these communities and others like them throughout the Northeast and throughout the United States have the help and the real consequential aid they need to make this recovery in rebuilding their lives.

The early estimates suggest that the damage caused by Irene could reach more than $10 billion, making it one of the 10 costliest disasters in U.S. history. The suffering and real sadness of Connecticut citizens gives us a bond and a cause in common with millions of other Americans who have suffered from hurricanes, tornadoes, floods, and other natural disasters across the country. This year alone, we have seen flooding on the Mississippi and Missouri Rivers and other rivers in the Midwest, devastating tornadoes in the South, wildfires in the South and West, and now Hurricane Irene and Tropical Storm Lee.

In times of natural disaster, Americans come together. In times when they face crises, Americans rally as neighbors, as a community. Regardless of specific States where they live, they come together to rebuild their homes, to make common cause, to recognize our bonds as a nation. The spirit of our Nation is that we put people above politics every time, without exception; that we provide disaster relief for victims, such as Connecticut residents now, and with the resources they need to rebuild.

Currently, FEMA is funding disaster relief for over 550 disasters, including 29 in Oklahoma, 21 in Kentucky, 17 in Texas, 19 in Mississippi, and 18 in Kansas. Yet 2 weeks ago, House majority leader Eric Cantor stated that relief funds for Hurricane Irene would need to be offset by savings found elsewhere in the Federal budget. I reject that contention and so should this body and my colleagues from those States I have just named and all the other States in the Union. In fact, all but a handful or less have received and are receiving disaster relief just since January of this year.

We need to do everything we can to put Connecticut and America back to work, to make sure our economy moves forward again, to create jobs, and to reduce the deficit. Yes, we need to reduce the deficit and the debt and cut unnecessary and wasteful spending. However, we cannot permit Washington politics to create a legislative logjam and gridlock that bogs down these efforts for disaster relief. The need is too urgent for thousands of families and businesses in Connecticut and around the country that have been devastated by these unprecedented floods and other natural disasters, such as hurricanes, wildfires, floods, and tornadoes.

Turning disaster assistance into a political football is unacceptable and unconscionable. It is a recipe for gridlock and it is just plain wrong. It is wrong and a disservice to the men and women whose homes and businesses have been hit by the forces of nature that are unpredictable and unpreventable. Now they are attempting to rebuild their lives, and we owe it to them to match their courage and resilience with efforts from FEMA.

We can't prevent those hurricanes or tornadoes or wildfires, but we can step forward when these disasters occur and lend a hand to our neighbors, as we have done throughout our history, and we can provide these communities with the real resources they need to recover, without distinguishing between what State or what part of the country.

There is one story from Connecticut which I think tells a lot about the choices we face right now. Mel Goldstein and his wife Arlene, whose home was completely destroyed by flooding caused by Hurricane Irene, are being told their homeowners insurance will not cover the damage. Their only hope of recovery is FEMA flood insurance and other FEMA assistance. Right now, they are using their savings to stay in a hotel while they rebuild their lives. Mel is one of the best known weathermen in the State of Connecticut. He is an icon in the broadcasting world and a hero to many of us for his struggle against cancer. His treatment in this unstable environment at this point in his recovery adds an unnecessary toll and stress to their lives. As we have in the past, we must come together to help folks such as Arlene and Mel Goldstein move on after the unthinkable happens in their lives. The unthinkable happened to them and to many of their neighbors in East Haven along the shores of Connecticut.

I have heard their voices and seen their faces throughout our State, in communities big and small, where flooding has put a small business out of business and where homes have been destroyed and people are living in shelters or with their neighbors or were for awhile. These kinds of human stories are part of the fabric of the larger story we need to recognize. I hope my colleagues will come together, as we did on the vote yesterday, to approve this measure. The vote yesterday signaled perhaps a return to the bipartisanship that should prevail when the Nation confronts crisis and disaster. Our No. 1 goal, which should be a bipartisan goal, must be to deliver help to our fellow Americans as quickly as possible.

Thank you. I yield the floor and note the absence of a quorum.

Mr. President, I rise to speak in favor of Rich Cordray's nomination as Director of the Consumer Financial Protection Bureau and to urge a vote on his nomination.

The enactment of the Dodd-Frank law last Congress is a triumph for consumers. This landmark law reins in the abusive and predatory practices of bad actors in the financial industry and protects consumers through the creation of the Consumer Financial Protection Bureau.

The CFPB will empower consumers by giving them the knowledge and tools they need to make responsible financial decisions and will level the playing field by policing and curtailing the unfair practices of some unscrupulous banks and financial institutions. I applauded the creation of the CFPB and have heard from Connecticut residents who want the consumer protections that the CFPB will provide.

Last month, President Obama nominated former Ohio attorney general Rich Cordray to serve as the Director of the CFPB. This is an inspired choice. Rich has dedicated his career to protecting and educating consumers: he has vigorously pursued lenders that employed abusive and fraudulent foreclosure practices like robo-signing and he has repeatedly gone after financial institutions that weakened employees' pension funds by concealing material information from investors.

Recognizing that informed consumers are empowered consumers, Rich has also sought to improve financial literacy among Ohio residents by working to include personal finance education in Ohio schools.

Rich's nomination has been widely praised, even by those he has clashed with. Former Senator Mike DeWine, who ran against Rich for State attorney general last year, called Rich ``very well-qualified for this job.''

As Connecticut's attorney general, I worked alongside Rich, and I know he is a true consumer advocate and an outstanding nominee to lead this critical new agency.

Despite Rich's impressive background and qualifications, some of my colleagues are refusing to allow a confirmation vote on his nomination. They do this not because they doubt Rich's qualifications, but because they resent the agency he has been nominated to lead. Earlier this year, 44 Senators wrote President Obama and threatened to block any nominee for the CFPB until the agency's structure and authority was gutted. Now, they are following through on that threat.

This is a bad precedent. The CFPB was created by the Dodd-Frank law passed by the previous Congress and signed by President Obama. This legislation was not rushed through; it was debated for months and months, with members given plenty of time to criticize the bill, offer amendments, or vote no on the legislation. Eventually, the bill passed. Sixty Senators voted for it, including several who are now seeking to block the nominee for an agency they voted to create.

Some of my colleagues may not like the law or the CFPB. I respect that. But their course of action should be to introduce legislation to change the law, not to shirk their constitutional duty by refusing to allow a confirmation vote.

Mr. President, while this agreement to raise the debt ceiling and cut spending is far from perfect, it averts a financial catastrophe that would stifle job creation and stall our fragile economic growth. Default would have increased interest rates for every American with a mortgage, car loan, student debt or credit card. For these reasons, I voted to support this agreement.

Critically, the deal protects Social Security, Medicaid, Medicare and veterans from benefit cuts and leaves open future opportunities to fight tax loopholes, sweetheart deals and giveaways for special interests. I will certainly continue these fights and seek comprehensive tax reform to guarantee that there is a fair balance and truly shared sacrifice.

Now more than ever, we must move to focus on our number one priority--creating jobs and spurring economic growth. Americans are still hurting, seeking to find work, stay in their homes, pay tuition for schools and keep their families together. We must put Connecticut and America back to work and get our country moving in the right direction.

The Senator from New Jersey.

Mr. President, today I wish to pay tribute to Dr. Melvin Sabshin, a tireless advocate for mental health issues, who passed away on June 4, 2011. I am proud that Dr. Sabshin's family lives in Connecticut and honored to remember a man who spoke out against harmful discrimination, breaking down the stigma of mental health ahead of his time.

As the former director of the American Psychiatric Association, Dr. Sabshin worked diligently to advance the field of psychiatry by strengthening research efforts and advocating for increased mental health funding.

Dr. Sabshin was born on October 28, 1925, in New York City. Graduating high school at age 14 and college at 17, he was a scholar from childhood. After graduating from the University of Florida, he served briefly in the U.S. Army and then enrolled in medical school and completed his residency at Tulane University in Louisiana. Upon graduation from medical school, he practiced medicine at the Michael Reese Hospital in Chicago and eventually became the head of the University of Illinois' Department of Psychiatry.

At the University of Illinois, he became an active member of the American Psychiatric Association. In 1974 he was appointed medical director of the American Psychiatric Association and served as director until 1997. During his time, he oversaw the publication of new editions of the Diagnostic and Statistical Manual of Mental Disorders, which sets standard criteria for classifying mental health conditions.

In fighting discrimination, he worked tirelessly to eliminate homosexuality from the list of psychiatric disorders in the manual, and his work helped to change attitudes toward homosexuality. During his tenure as director, Dr. Sabshin was also a leading voice against the ideological manipulation of psychiatry by communist authorities in the Soviet Union.

Upon his retirement from the American Psychiatric Association, Dr. Sabshin was hired as a clinical professor at the University of Maryland's medical school. He also was an Honorary Fellow of the Royal College of Psychiatrists. He is survived by his wife Marion Bennathan of London, his son Dr. James Sabshin of Woodbridge, CT, and four granddaughters.

Dr. Sabshin has been called ``central to the evolution of modern American psychiatry.'' This characterization could not be more accurate. Dr. Sabshin's death is a great loss to the professional community and especially to all those who have benefited from his many years of great public service. I know my colleagues will join me in honoring the great life of Dr. Melvin Sabshin.

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

Mr. President, I wish to join others of my colleagues in thanking and commending the majority leader, Senator Reid, for his tireless and relentless work in extraordinarily difficult circumstances. He has been a model for me as a new Member of the Senate in leading this body, along with many of my other Democratic colleagues in the leadership and some of our Republican colleagues as well.

Senator Johnny Isakson, of Georgia, who spoke to this Chamber yesterday morning, demonstrated his determination, as others on the other side of the aisle have done, to work together in reaching an agreement. As the majority leader said moments ago, the words of the day must be ``cooperation'' and ``compromise.'' Those are the words we are hearing from countless Americans, including my fellow citizens of Connecticut, day after day: We want you to get the job done, put aside the partisan differences. America is speaking with one voice, and Washington must listen.

I am new to Washington. I haven't been here for long. I have just marked my first 6 months in the Senate. But I understand more and more why my fellow Connecticut citizens and other Americans are so frustrated and often appalled by what goes on here. This situation is outrageous. We have an impending crisis--self-created--and devastating possible wounds--self-inflicted--and Washington has been deadlocked.

There is a glimmer of hope, a reason to be cautiously optimistic. The solution is in sight, but still work needs to be done. Washington needs to end the gridlock, the straitjacket that has been self-imposed, and take action to protect citizens from financial catastrophe. Our Nation is really at a crossroads. We need to rein in spending, cut the debt and deficits, make the tough choices necessary to get our fiscal house in order, and we need to do it now.

The fiscal news in the last few days--the anemic and fragile measures of recovery--shows more than ever why we need certainty now, certainty that ending this deadlock will produce. Uncertainty is the enemy--enemy for businesses that are deciding whether to hire, for banks wanting to loan money to those businesses, and for larger corporations sitting on mountains of cash waiting to invest and create jobs.

Jobs and our economy are the main reasons to make these tough choices literally today, to make these tough choices now. We have a historic moment, and we must seize it. We cannot keep kicking these decisions down the road. Families in Connecticut and across the country make these tough choices every day. They rightfully expect nothing less from us. Tough choices are necessary to help get our debt and our deficit under control.

I have heard as late as this morning, Sunday morning, from hundreds of Connecticut residents who are frustrated and appalled at what is going on here, what they see in Washington, DC.

Bernice, from Tolland, CT, cannot believe we don't have an agreement. She is worried she won't receive her Social Security check next month.

Jane, from West Hartford, is wondering why we are protecting sweetheart deals instead of ensuring Social Security is protected and strengthened.

Rod, from New Milford, just wants us to compromise and to get something done and end this nightmare.

I agree with them and hundreds of others from Connecticut and around the country who want to make sure that the troops in Afghanistan are paid, that their families are taken care of. I thank the citizens from Connecticut for calling or writing to me.

I agree that the immediate solution is not only to raise the debt ceiling but also to cut spending, as the Reid proposal makes clear, dollar for dollar to match that increase in that debt ceiling, without tax increases--none--without any cuts in Medicare or Medicare--none. Those basic principles in the Reid proposal are what should be embodied in what the outcome is of this debate.

The markets need a real solution, not a short-term fix, to demonstrate that we are dedicated to achieving real results in cutting spending.

Anne, from Hamden, CT, makes this point. She just called yesterday to say

that a short-term plan would not provide the certainty the markets are desperately seeking. I agree that no short-term plan can provide that kind of certainty. It risks a credit rating downgrade and ensures we will be back here in another 6 months.

As much as we may criticize the rating agencies--and I have been one to criticize them most vehemently as an attorney general of Connecticut and now as a Member of this body--we must deal with that reality at this moment and take action down the road to address the need for reform. Credit ratings agencies' downgrades seem abstract and intangible, but they are hugely consequential. A downgrade in our credit rating would likely cause, in effect, an automatic tax increase in the form of higher interest rates for every American who has a mortgage, a car loan, student debt, or a credit card.

The American people deserve better. Coming together in a compromise is essential now. Majority Leader Reid has proposed a solution to meet all of the criteria House Republicans have demanded for weeks. It doesn't raise taxes or revenues, and it includes enough spending to meet the debt ceiling increase dollar for dollar, and it includes spending cuts that are the very same as our Republican colleagues, our friends across the aisle, have previously voted for and supported over these past weeks.

Most important, Senator Reid's plan makes tough spending cuts, but it doesn't balance the budget on the backs of our seniors and our most vulnerable. It protects vital programs and doesn't make cuts to benefits, to Medicare and Social Security. Again, as I have said repeatedly, I will oppose cuts in Medicare or Social Security.

Time and again, Democrats have shown we are willing to compromise to avert catastrophe and default. Unfortunately, at every turn Republicans in the House have blocked any chance for progress and continue to put us on a very dangerous path.

I am hopeful that the deadline will produce a compromise, that the talks will be productive. But today's filibuster of our efforts to prevent a default is indeed unprecedented. As my colleague, the distinguished Senator from Maryland, pointed out a few moments ago on the floor, since March of 1962, Congress has raised the debt limit 74 times--18 times under President Reagan. During George Bush's administration, Congress passed five stand-alone debt limit increases without a filibuster or delay. And until this point, debt limit increases were routine, usually passed by a simple 51-vote majority without the procedural hurdles my Republican colleagues are using today.

Hopefully, they will come to the table to work with us to find a compromise for the good of the country and for our economic recovery. I hope my Republican colleagues will join us in achieving that result for the sake of millions of Connecticut families, who are watching and listening, as are hundreds of millions of other Americans, and for the sake of our economy moving in the right direction. It is about jobs, jobs, jobs, the certainty our economy needs at this point in history, affordable interest rates, and moving our economy forward.

I yield the floor.

Madam President, I would first like to commend and

thank Senator Reid for his tireless and relentless hard work, and my Democratic colleagues, but also some of my Republican colleagues-- Senator Johnny Isakson, for example--who have demonstrated their determination to work together to reach an agreement.

You know I am new to Washington. I haven't been here for long, but I understand more than ever why Americans are so frustrated and often appalled about what goes on here.

This situation is outrageous. We have an impending crisis--self- created--and devastating possible wounds--self-inflicted--and Washington is deadlocked. Washington is gridlocked and straightjacketed by self-imposed dysfunction, unable to take action to protect its citizens from a financial catastrophe.

Our Nation is at a crossroads, and we need to rein in spending, cut the debt and the deficit, and make the tough choices necessary to get our fiscal house in order. And we need to do it now.

The latest economic news provides all the more reason for the tough choices and solutions we need now. It shows our economic recovery is anemic and fragile.

Uncertainty is the enemy. It is the enemy for businesses that are deciding whether to hire; for banks wanting to loan money to those businesses; for larger corporations sitting on mountains of cash waiting to invest and create jobs.

Jobs and our economy are the main reasons to make tough choices now.

We cannot keep kicking cans down the road: the time has come to act.

Families in Connecticut and across the country make tough choices every day--and they rightfully expect nothing less from us. Tough choices are necessary to help us get our debt and deficit under control.

I have heard from hundreds of Connecticut residents in the last few days who are frustrated--appalled--at what is going on in Washington,

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

Mr. President, I don't need to tell anybody in this Chamber that our Nation is at a crossroads. We are at a crossroads. We have said for many months that we would be at this point, and now we are here. For months, we have said we will need to make tough choices and difficult decisions, and now we are at that very point when we need to make those tough choices and difficult decisions to rein in the debt and the deficit, and to put our fiscal house in order, even as we raise the debt ceiling.

This decision is difficult, tough, and excruciating for us. But it is hardly different than what American families are doing all around this country, and in Connecticut, because I have seen them and I have heard from them. So have you in this Chamber--families who are struggling to make ends meet, to stay in their homes, to keep their families together, to make those cuts in their spending, which we are now required to do in this Chamber for the Nation.

It is a historic responsibility. We cannot keep kicking the can down the road. That is the analogy that has been drawn countless times in this Chamber, around the country, and by the President of the United States himself. The point is that the time for action is now--not delay or indecision, but real action that achieves a credible solution, which will demand compromise.

Compromise is the essence of the American Republic. It is the way our Nation was founded--through compromise, people coming together, bringing differences to the table and resolving them. Families in Connecticut and all across the country are making these kinds of choices every day when they buy a car, a house, decide to go to school, and even marriage requires compromise. Compromise is the essence of the American Republic and the way we do business in this Chamber, in this city, in State capitals around the country, and in places of business and all places where momentous decisions are made.

The American people expect nothing less of us than they do of themselves. There is no avoiding these tough choices and compromises now that will help us get our debt and deficit under control in a meaningful way.

The markets and the Nation need a real plan, not a short-term or stopgap effort. We must demonstrate that we are committed to finding a real solution. A short-term plan would not provide the kind of certainty and reliability the markets are desperately seeking at this point. A short-term or stopgap solution risks many of the same dire economic consequences that would be triggered by a default itself.

A financial Armageddon now, a catastrophic failure to raise the debt ceiling now, is exactly the same risk 6 months from now if we attempt to address our present issues through a short-term, stopgap measure. That financial Armageddon will affect every American family, every American small business, every American worker, and every job seeker. It is about jobs and economic recovery, because a failure to raise the debt ceiling will increase the cost of borrowing for every homeowner, every car buyer, every small business, and every person who has a credit card or otherwise seeks capital or credit in the market. By raising the cost of borrowing, it will simply crush our fragile economic recovery. It will be a job killer for this Nation. It is time now for compromise that will avoid those dire consequences for the American people.

The Reid proposal is a compromise in the best sense of the term. It is a solution that meets all the criteria our Republican friends have been insisting on for weeks. It does not include revenue increases. It includes enough spending cuts to meet the amount of debt ceiling increase, dollar for dollar. It includes spending cuts that have been approved by many Republicans. Many of those spending cuts have been voted for.

Most important, from my standpoint, and from the standpoint of many colleagues on this side of the aisle, it does not make spending cuts on the backs of our seniors and our most vulnerable citizens. It avoids spending cuts to Medicare and Social Security that would imperil or diminish the benefits of those programs.

Let me tell you about this compromise, the Reid proposal. It is not transformational. It is not a grand bargain. It is incremental. It achieves progress step by step by step--the way progress has been made in this great Nation from its founding--step by step by step. It represents, as perhaps one of the columnists might have described it-- in fact, this morning in the New York Times, David Brooks said there has been an outbreak of sanity. This proposal represents an outbreak of sanity in roiled waters of emotionalism, personality conflicts, political acrimony.

I hope my Republican colleagues will join us in seeking and ensuring stability for the markets and our fragile economic recovery, focusing on what concerns the American people now, and should, which is job growth. It is about jobs. We should get on with that historic path of creating jobs and enabling small businesses to borrow at rates they can afford, without hiking those interest rates as a result of a financial crisis that is truly avoidable. Failure would be the result of our own doing and our own failure in this Chamber.

We need to keep our economy moving in the right direction. I am hopeful, even confident, that we can come together with good will on both sides to overcome our differences and achieve that compromise that the Reid proposal represents.

I yield the floor and suggest the absence of a quorum.

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

On my way here, Mr. President, I had the great pleasure of running into the Redway family, a few minutes ago, visiting from the State of Connecticut. Jack Redway is a former public servant in the State, and he is here with his wife Sue and other members of his family. When I told them I was on my way here to talk on the floor of the Senate, they asked me what the subject was. When I told them the Senate is debating the debt, the deficit, and the budget, one of them said: Same old, same old.

We are here on the same old, same old issues. But the American people have had enough. They have had enough of the tax breaks and the special giveaways and the sweetheart deals that go to the special interests and that have driven our deficit to sky-high, intolerable levels. We are now at a turning point and really at a precipice where we simply cannot afford these kinds of tax breaks and sweetheart deals any longer, and the people of Connecticut are saying enough is enough to the same old, same old deals with these special interests. We ought to come together on a bipartisan basis. Not only do we have a right and opportunity, we have a responsibility and an obligation to say enough is enough and to eliminate these kinds of tax breaks that squander and waste scarce resources.

The ethanol subsidies have been voted on by this body, overwhelmingly, by Republicans and Democrats, rejected. And the reason is quite simply that we can save $400 million each month, close to $2.5 billion by the end of this year if we eliminate these subsidies on ethanol. We shouldn't be divided on this issue going forward. We ought to be united on a bipartisan basis because these scarce resources are necessary to make sure we do not burden our children and their children with this kind of debt going forward.

The loophole that enables corporate jets to be depreciated at a faster and higher rate than commercial airplanes adds to the debt and the deficit in hundreds of millions of dollars. If we are serious about debt reduction and addressing the deficit, we should eliminate that loophole. It is about making the Tax Code fair and effective.

Over the last decade the big five oil companies have taken home more than $1 trillion in profits while enjoying tens of billions of dollars in taxpayer subsidies. Those moneys, whether you call them revenues or taxes or breaks, whatever the nomenclature, whatever the rhetoric, they are a loss to the taxpayers and the people of the United States of America without any reason because these five oil companies are among the most profitable and lucrative in the history of the world, and they don't need that money.

It is time to say enough is enough to the kinds of hidden subsidies that go to special interests, and there are others that we ought to scrutinize and eliminate in the name of fairness and effectiveness in our government so that we can be serious about addressing our debt and our deficit.

Budgets are about choices. Some choices are not easy. We face tough choices, but we ought to put to use the common sense of the American people, to say enough is enough to the same old, same old hidden subsidies, tax breaks, special giveaways to special interests. Cutting Medicare benefits or Medicaid will not make us stronger. Firing teachers will not make us stronger. Forcing kids out of college will not make us stronger in Connecticut or across the country. None of these measures will make us stronger or fairer as a nation, nor will rolling back our investments in innovation and research, which are vital to the high-tech jobs of the future, nor will cutting our investments in the essential means of transportation--high-speed rail, so important to Connecticut. None of these cuts will bring back jobs, which has to be our priority.

Economic growth and job creation must be put first, and the way to do it is to eliminate the wasteful tax subsidies, the breaks for special interests. Eliminating them will make us stronger, it will make us fairer as a nation.

I urge us to come together and put aside whatever the labels and the rhetoric and the nomenclature as we call them and do the right thing to make our Nation stronger and fairer.

Thank you, Mr. President. I yield the floor.

Mr. President, I ask unanimous consent that the Committee on Banking, Housing, and Urban Affairs, be authorized to meet during the session of the Senate on June 30, 2011, at 2 p.m. to conduct a hearing entitled ``FDIC: Deposit Insurance, Consumer Protection, and Financial Stability.''

Mr. President, I ask unanimous consent that the Committee on Indian Affairs be authorized to meet during the session of the Senate on June 30, 2011, at 2:15 p.m. in room 628 of the Dirksen Senate Office Building to conduct a hearing on S. 1262, the Native Culture, Language, and Access for Success in Schools Act--Native CLASS.

Mr. President, I ask unanimous consent that the Ad Hoc Subcommittee on Contracting Oversight of the Committee on Homeland Security and Governmental Affairs be authorized to meet during the session of the senate on June 30, 2011, at 10 a.m. to conduct a hearing entitled, ``Afghanistan Reconstruction Contracts: Lessons Learned and Ongoing Problems.''

Mr. President, I ask unanimous consent that the Select Committee on Intelligence be authorized to meet during the session of the Senate on June 30, 2011, at 2:30 p.m.

Mr. President, I ask unanimous consent that the Committee on the Judiciary, Subcommittee on Administrative Oversight and the Court, be authorized to meet during the session of the Senate, on June 30, 2011, at 10 a.m., in room SD-226 of the Dirksen Senate Office Building, to conduct a hearing entitled ``Oversight of the Financial Fraud Enforcement Task Force.''

Mr. President, I ask unanimous consent that the Subcommittee on Clean Air and Nuclear Safety of the committee on Environment and Public Works be authorized to meet during the session of the Senate on June 30, 2011, at 10 a.m. in Dirksen 406 to conduct a hearing entitled, ``Oversight: Review of EPA Regulations Replacing the Clean Air Interstate rule (CAIR) and the Clean Air Mercury Rule (CAMR).''

Mr. President, I ask unanimous consent that the Committee on Banking, Housing, and Urban Affairs, Subcommittee on Security and International Trade and Finance be authorized to meet during the session of the Senate on June 30, 2011, at 10 a.m. to conduct hearing entitled ``Stakeholder Perspectives on Reauthorization of the Export-Import Bank of the United States.''

Mr. President, I ask unanimous consent that the Committee on Foreign Relations be authorized to meet during the session of the Senate on June 30, 2011, at 10 a.m., to hold a Western Hemisphere, Peace Corps and Global Narcotics Affairs subcommittee hearing entitled, ``The State of Democracy in the Americas.''

Mr. President, I am honored to follow that very articulate colloquy between my colleagues from Arizona and South Carolina and certainly draw inspiration from what they have outlined in that colloquy, the consequences internationally and at home in this very important week. I rise to call attention to developments in an area that is among those consequences--the price of gasoline, the supply of fuel internationally and at home.

I rise to commend the President of the United States for releasing today some 30 million barrels of oil over the next 30 days, which already has brought down the price of oil by about $5 per barrel on the New York Mercantile Exchange. This consequence certainly cannot be the end of the campaign that we must continue to wage. I commend the President for heeding the calls from myself and my colleagues to address the pain felt across Connecticut and the country as prices remain too high, at close to $4 a gallon. The drop we have seen today should be followed by additional reductions. That can happen only if the administration and this body continue to campaign to achieve those lower prices.

This development follows the decision by the Federal Trade Commission to conduct an investigation, again heeding calls from me and my colleagues, that a searching, penetrating, comprehensive investigation is necessary to forestall and prevent manipulation and speculation on the markets. We have seen over these months that supply and demand is not the cause of increases in the price of oil internationally or here at home. It is directly and substantially a consequence of speculation by traders and the hedge funds, as well as potentially illegal manipulation.

The FTC investigation is in response to those calls we have made, based on what we have seen in those markets. Clearly the FTC is reacting, for example, to the fact that U.S. refiners' margins have increased more than 90 percent since the beginning of 2011. Over that same period of time the amount of capacity has been reduced by 7 percent. It is 81.7 percent over this same period of time, a 7-percent reduction from the same period in 2010. Those indicia of potential forces in the market that

have nothing to do with supply and demand are certainly more than sufficient basis for the FTC investigation. Combined with the release of product from the Strategic Petroleum Reserve, they have helped to bring down prices.

But the campaign must continue. We must deter speculation and illegal manipulation. We must send a message to those speculators and manipulators who are on the wrong side of these markets, who are on the wrong side of history: You will lose and you will lose big time This kind of message is what is necessary to protect Connecticut and national consumers. We have seen in Connecticut that the price is still above $4 on average in many places.

This issue is not just one that affects consumers, it is an economic issue with broad and far-reaching ramifications. It affects small business people who have to drive their cars to get to work, to deliver product, to arrive at places where they are working and spending time. It has ripple effects throughout our economy. It is crushing to families and small businesses.

The rise in prices in this country for fuel and gasoline has been crushing families and small businesses. It had ramifications throughout the economy that these two steps, release of product through the Strategic Petroleum Reserve and the FTC investigation, will help to counter.

More is necessary--stronger enforcement and regulatory steps to stop and prevent abusive speculation and manipulation. I will be announcing a number of proposals for my part that I hope will be followed in the next days and weeks.

These two steps are important, but they must be followed by others, they must be the beginning, not the end, of a comprehensive strategy to bring down the price of fuel--not just gasoline but soon heating oil-- for Connecticut families as well as consumers across the country. This pattern must continue.

I suggest the absence of a quorum.