Mr. President, I rise today to support the resolution on which I hope we will have an opportunity to vote. As we hear this debate, it is a good debate that should move forward. I hope we will actually get to vote on the resolution. I am…
Mr. President, I rise today to support the resolution on which I hope we will have an opportunity to vote. As we hear this debate, it is a good debate that should move forward. I hope we will actually get to vote on the resolution.
I am amazed at some of our colleagues who would suggest that this debate shouldn't even take place. The Senate, the greatest marketplace of ideas, the clash of ideas, should be the place in which one of the most momentous issues facing the Nation should have the opportunity for those 100 Senators, elected by their constituencies across the country, to come and not only debate but cast a vote so that the American people know which way the Senate intends to lead on this question of changing the course in Iraq.
What we seek to do is put forward a new direction and a clear plan for Iraq--a clear plan that is very different than the President's current plans to escalate the war in Iraq. We have a plan that, if effectuated, would end the war in Iraq.
Our plan is relatively straightforward and says: One, our troops should leave Iraq by March 31, 2008, with a small number remaining to help with security and counterterrorism.
Those who say we shouldn't have any date because the enemy will outwait us, we see that Sadr's militias have already retracted, that they are already willing to spend the time to wait until it is propitious to strike.
Two, we should start the process of leaving within 120 days.
Three, our troops' mission should immediately change to the priority of training--priority of training--Iraqi security forces, focusing on counterterrorism.
I heard some of our colleagues talk about that element of al-Qaida in Anbar Province. Well, that is 5,000 or so. We have roughly 140,000 troops, and 140,000 U.S. troops could certainly take
care of 5,000 elements of al-Qaida in Iraq and protecting U.S. personnel in Iraq. Or we should take all these steps as part of a comprehensive diplomatic plan, working with Iraq's neighbors and our allies to bring stability to Iraq.
I support this plan. I would like to see it be much more than a goal. I would like to see it move more along the lines of a mandate. I support the plan because it matches the goals of the Iraq Study Group, a bipartisan group that met unanimously, agreed upon all of its recommendations, and who said that U.S. combat forces should leave Iraq by the end of March 2008.
I know some of my colleagues have mentioned comments made by Democrats in previous statements. Well, I would point out that this was a bipartisan group and it had prominent Republicans on it, such as former Secretary of State James Baker, Lawrence Eagleburger, Ed Meese, Sandra Day O'Connor, and Alan Simpson. They all came to the conclusion, as we have in this resolution, that, in fact, our goal should be to have our troops out by March of 2008.
I support the plan because it transitions the mission for our troops, instead of keeping them fighting in the middle of a civil war. I support the plan because it sets a clear timeframe for our troops to leave Iraq. In my mind, unlike the way in which our opponents in this regard pass a negative light on a timeframe, I think a timeframe is the most powerful element to achieve success in Iraq. It is only by setting a clear timeframe for our troops to leave that Iraqis will have to take the responsibility for security in their country and to work out their political power struggles.
Some of these hearings that I have been part of in the Senate Committee on Foreign Relations, you hear how so much of the struggle among Iraqis is about political power. Is it the mission of the U.S. troops, the sons and daughters of America, to sit in the crossfire as people are pursuing political power? I think not.
Unless we have the Iraqis understand this is not an open-ended commitment, they will never make the hard choices, compromises, and negotiations necessary for a government of national unity, if that is possible. They will never get there so long as they believe we will shed the blood and our national treasure in an unlimited fashion. It is only by setting a clear timeframe for our troops to leave that Iraq's neighbors will start to take responsibility for ending the chaos inside of Iraq.
Right now, that violence hasn't reached the tipping point for them to get Iraq's neighbors involved. Ultimately, it is not in their national security interest to have the conflict spill across their borders and have Iraq disintegrate, but they do not yet feel the pressure to do this. By setting a date certain to leave, we create a new incentive for Iraq's neighbors to help quell the violence.
It is only by setting a clear timeframe for our troops to leave that the international community will take its responsible and necessary role in Iraq. Right now, the international community sees this as America's war. Once we make it clear we will not be there permanently or indefinitely, they, too, will have an incentive in getting involved to help preserve security in a region that is incredibly important to them, much closer to Europe than the United States. By setting a clear timeframe for our troops to leave, we actually motivate Iraq's neighbors and the international community to take the steps necessary to stabilize Iraq.
Let me be clear, for my friends who are saying we shouldn't vote for this resolution. They say we shouldn't try to micromanage the war. No one is trying to micromanage a war. There is a constitutional responsibility by Members of the Senate to act as a legislative body. I say the era of blank checks, both in lives and national treasure, is over. They say don't micromanage the war. Well, you have had a blank check under this administration. You have rubberstamped everything they have wanted, with virtually no oversight, until this new Congress started. That is not the responsible exercise of the Senate. They say slow bleed. How about the endless bleeding going on now?
Let me take a moment to talk about the President's plan to escalate the war and stay there without any timeframes that bind. First, let's be frank. I simply don't believe the recent escalation of troops in Iraq is a temporary surge. I believe it is a long-term escalation. Even General Petraeus has said we are in it for the long haul, and that, to me, is undefined.
I wish this administration would be honest with the American people and the Congress about the total cost of the escalation and the total number of troops needed for the escalation. I sit as a member of the Budget Committee, and we had the Deputy Secretary of the Department of Defense, Mr. England, testifying in a hearing. I said to him: If the chairman would put you under oath, would you say that the $5.6 billion that you want in addition for the escalation of the war would be the total amount; the total cost? He told me: Yes, even if I was under oath it would be roughly that amount. Of course, depending on the needs of the commanders. And then that weekend--that weekend, after the hearing--the administration said they needed another $2 billion. They needed $2 billion more over a weekend? That is not a small amount of money that he didn't know about. We are also told the administration will need more troops, and there may be additional billions added to the supplemental. Each time we ask, we get a different answer. I, for one, would like a clear and honest answer for the total number of troops and the total cost of the troop escalation.
Staying indefinitely in Iraq isn't in the national interest or the national security interest of the United States. Our troops are caught in the middle of a civil war they can't solve. Adding more troops will only put them more directly in the middle of an Iraqi fight. Keeping our troops there or adding more troops is trying to solve a political problem with a military solution.
I have heard General Pace and others in the past say: You know, we have to get the Iraqis to love their children more than they hate their neighbors. That is a powerful truism. We have to get the Iraqis to love their children more than they hate their neighbors. That, however, cannot be accomplished by military might. That is accomplished by reconciliation measures. That is accomplished by confidence- building measures. That is accomplished by revenue sharing. That is accomplished by power sharing. It cannot be accomplished at the point of a gun. It cannot be accomplished at the point of a gun.
Staying there would only continue to empower and embolden Iran, a country that has turned out to be, by many experts who have testified before the Senate Committee on Foreign Relations, one of the biggest winners in our war with Iraq. Staying in Iraq actually keeps the Iraqis from making the hard choices, compromises, and negotiations necessary to achieve a government of national unity.
Frankly, what we hear from the other side doesn't make sense to me. They talk about victory. What is the definition of victory? Is it when the President landed on the aircraft carrier, fully decked out, and said, ``Mission accomplished''? Is it the many times we have heard the administration say, victory is right around the corner? How many lives, how much national treasure, what victory are we talking about? They talk about benchmarks for the Iraqis, but they set no consequences. Benchmarks without consequences are simply aspirations, nothing more.
Victory. How many lives must we lose? How much more money must we spend? How long will we be in this war under a plan without end of the President? I believe it is long past time to change the course in Iraq. That is why this vote to allow us to move forward, to allow us to have a final vote on changing the course in Iraq and laying out a plan that can create the best possibility for victory in Iraq is essential, and that is what I hope we will do between today and tomorrow.
Finally, in the time it takes me to finish my remarks this afternoon, the United States will have spent over $2 million on the Iraq war today. Our Nation spends over $8 billion a month in Iraq. We spend $2 billion a week in Iraq. We spend $280 million every day. And the loss in money pales, pales in comparison to our Nation's loss of our best and our brightest, with almost 3,200 lives lost in the conflict and over 24,000 who have been wounded.
I visited them again this past weekend in New Jersey at the Veterans Hospital at Fort Dix. I listen to the stories they tell me, especially now as they face challenges in this part of their life. I know that may be another subject matter, but it is something for which we have to be responsible. A grateful Nation does not just say they are grateful, a grateful Nation takes care of those who serve their country, in how we treat them in their health care, how we treat them in their disability, and how we treat their families, for those who commit the ultimate sacrifice on behalf of the Nation. The stories I heard from those soldiers do not indicate a grateful Nation.
I didn't vote for the Iraq war when I was in the House of Representatives. I believe that was one of the most important votes I ever cast. I don't support the President's escalation of the war. I was in the minority when I voted against the war in 2002, and there were those who said voting against the war would be political suicide. Even with that knowledge, I put my seat in the Congress on the line because my conscience told me this was simply not the right thing to do.
In a speech about the war, the President said the following:
In speaking of the consequences of a precipitous
withdrawal, I mentioned that our allies would lose confidence
in America. Far more dangerous, we would lose confidence in
ourselves. Oh, the immediate reaction would be a sense of
relief that our men were coming home. But as we saw the
consequences of what we had done, inevitable remorse and
divisive recrimination would scar our spirit as a people.
The President added:
I recognize that some of my fellow citizens disagree with
the plan for peace I have chosen. Honest and patriotic
Americans have reached different conclusions as to how peace
should be achieved. I share your concern for peace. I want
peace as much as you do. I have chosen a plan for peace. I
believe it will succeed.
That plan did not succeed. The man speaking wasn't President Bush but President Richard Nixon, and the war he spoke of was not the war in Iraq but the war in Vietnam. It is painful to hear the similarities between what was said by the President of the United States in that conflict and the one in which our Nation is currently ensnared. It is even more painful to see an administration and a President similarly disconnected from the American people.
In soaring speeches, President Bush, the Vice President, and Republican allies invoke the ``will and courage'' of the American people. They say, if the American people would have the ``will and the courage'' to persevere in Iraq, then we can succeed militarily. This administration fails to understand this war is not just about will and courage, it is also about wisdom and clarity of judgment, traits that have been sorely lacking in this administration.
No one should doubt the will of the American people. In fact, they expressed their will last November, a point that seems to elude many Members of this Chamber. The American people have the will, they have the nerve. What they no longer have is patience with this administration and the continued failed policy in Iraq, and they are losing patience with Members of this body.
It is time for the Senate to take a stand against the President's failed plan in Iraq and to vote for a new plan, a new plan and a new course to end the war in Iraq.
I urge my colleagues to support the ability to move ahead, to have a final vote, and then I urge them to support the resolution that would lead us out of the war in Iraq, that could give us the greatest opportunity for victory, that would give the greatest opportunity for the Iraqis to make the hard choices, compromises, negotiations for a government of national unity, and in doing so would honor those who have served their country with courage, with valor, and with distinction.
I yield the floor.
Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.
Mr. President, I ask unanimous consent to speak as in morning business.
Mr. President, I wish to address one of the largest problems plaguing our home buyers today; that is, predatory lending. Over the past few days, the Wall Street Journal has written a number of articles about abuses in the subprime lending industry prompting a much needed crackdown on dishonest practices and deceitful lending. In addition, on Tuesday, the Mortgage Bankers Association reported that the number of new foreclosures reported during the fourth quarter of 2006 reached the highest level in 40 years. Not surprisingly, foreclosure and delinquency rates were highest among subprime lenders.
Mr. President, enough is enough. The recent scandal at the New Century Financial Corporation, one of the largest subprime lenders, is a final straw. As the Wall Street Journal describes in one instance, an elderly woman was struggling to make her $952 monthly mortgage payments when a mortgage broker called and offered her a ``senior citizen's loan'' from New Century Financial. They told her she wouldn't need to make payments for years. Well, she didn't get years. Instead, her monthly payment skyrocketed to $2,200 per month, more than double her income. With the assistance of a lawyer, she escaped foreclosure, but many others are not as fortunate. This is a prime example of the consumer exploitation occurring in subprime lending, and it is simply unacceptable.
Unfortunately, there are many more examples. Unscrupulous predatory lenders prey upon the innocent and unsuspecting. We know these lenders are more likely to target women, racial minorities, and the elderly. In fact, a recent academic study by the University of Denver found that more than 130 million Americans without prime credit scores--the type you need to get a low-cost loan--are disproportionately African American and Hispanic. How can we sit by while these groups are not only being robbed of their savings but robbed of their dream? For many, home ownership is the key to making the American dream a reality.
I have been a longtime advocate for increasing home ownership in underserved and minority communities. More and more Hispanics, for example, are realizing their dream of home ownership, with more than 50 percent of all Hispanics in the country owning homes. But when an average of 63 percent of Hispanic household wealth comes from ownership equity alone--the highest percentage of any group--it becomes clear the power that home ownership has to bring more families out of poverty, increase safety in our
neighborhoods, and help make the American dream a reality for all.
I have worked to create innovative mortgage products to help more people achieve their dream of home ownership, and I strongly believe we should not act in such a way that we dry up access to capital and mortgage options for those who are legitimately prepared to take on the responsibilities of home ownership. There are legitimate lenders who fill that need, and we should continue to work with them to preserve safe and secure loan options for consumers.
Unfortunately, predatory lending is making a mockery of the home- ownership dream for far too many individuals. Ironically, however, deceitful subprime lenders are living the dream. They are making enormous amounts, often making millions in profits. They do that by undermining the very essence of that dream for so many in our country. Last year, subprime loans totaled about $605 billion, which is one- fifth of the total overall market for U.S. home loans. We simply cannot ignore this segment of the market which serves some of the most vulnerable populations, including women, seniors, and minorities.
Many Americans listening probably think they could never be a victim of these predatory lenders. Judging from their financial success and the significant impact their practices are having on the stock market and the economy as a whole, it is clear that far too many Americans are falling victim, in many instances through no fault of their own. In communities across America, people are losing their homes and their investments because of predatory lenders. Let me take a moment to list their tactics.
Deceptive subprime lenders encourage borrowers to lie about their income, expenses, or cash available for downpayments in order to get a loan. They approve loan applications in which the income fields have been left blank. They knowingly lend more money than a borrower could possibly afford to repay. Furthermore, these lenders tell borrowers they have no other chance of getting a loan or owning a home. For many who dream of home ownership, it is hard to ignore. Home buyers are asked to sign sales contracts or loan documents that are blank or that contain information which isn't true. They sign forms where the cost- of-loan terms at closing are not what they agreed to.
The lenders' tactics are deceptive, and their words are convincing. It is no wonder many Americans have fallen into the trap. That is why I believe those who engage in predatory lending practices must be held accountable. We should no longer sit by while our communities are being targeted by these individuals and companies. We must address predatory lending through vigorous enforcement of safety and soundness standards, consumer protection, financial education programs, and credit counseling. Well-informed consumers are less likely to be the victims of predatory lenders and more likely to make better choices. However, at the same time, there are market forces that absolutely, without a doubt, prey upon the innocent and unsuspecting.
I would have preferred to have the industry fix this situation, but I personally am no longer willing to wait. This has been going on far too long. Time has run out, and I believe we need a legislative solution. As a member of the Banking, Housing, and Urban Affairs Committee, I look forward to working with the chairman of the committee, Senator Dodd, to address predatory lending and to develop a solution that will protect the Nation's home buyers.
I wish to assure the American people, those who are currently struggling to pay their mortgage and those who are looking to own a home, that I will not rest until they are protected against the claws of predatory lenders. Enough is enough. American consumers deserve safe and secure mortgage options and new protections against predatory lending.
Finally, for those across the country who believe this is an issue which affects just homeowners or minority communities or those who should know better, I say ``think again.'' As today's Wall Street Journal reports, this issue has a chilling rippling effect across our Nation's economy, leading to sharp declines in the stock market and a sense that we are ``kind of back to panic mode,'' according to one economist quoted in the article. So don't be fooled. This is a serious issue which has far-reaching effects across our economy. Without prompt action, we put not only more individuals at risk of deceitful predatory lending practices but we put our financial markets and our economy at risk as well. The time to act is now, and I look forward to working with my colleagues to do just that.
Mr. President, I yield the floor.