tv U.S. Senate Sen. Cornyn on Inflation the Economy CSPAN July 28, 2022 8:48pm-9:05pm EDT
the house judiciary committee hosted, watch tonight at 9:30 eastern on c-span2. you can also see this on our free mobile video app c-span now or online at c-span.org. next, senator john cornyn of texas spoke on the floor about inflation and the economy. he also talked about a credit proposal called the inflation reduction act which addresses climate change, taxes and healthcare. this is about 15 minutes. >> mr. president, a few weeks ago the fate of the chips act, our collective effort to shore up a vulnerable semi conductor supply chain, was in limbo. republican said we would not move forward with what was thenh known as the u.s. innovation and
competition act. while democrats were crafting a partisan reckless massive tax and spending bill, behind closed doors. then, senatorni manchin, the center from west virginia it made a decision that angered most of his democratic colleagues. he slammed the door on the climate and tax provisions and reconciliation. he said until we see the july inflation figures, which we have not seen yet, until we see thehe july federal reserve interest rates, then let's wait. eight noted families are struggling to buy such essentials as gasoline and groceries and added i cannot make that decision basically on taxes of any type. that was what i will call the old joe. after we received assurances privately from senate democrats and clean the staff of the
senate majority leader that they tax and climate provisions were off the table, we were able to move forward. indu the funding of this vulnerable semiconductor supplys chain that's an important part of a build a house is voting on today. so, republicans and democrats went to work. negotiatinge in good faith to reach an agreement because we crecognize the vulnerability of her semiconductor supply chain wasn't economic and national security existential threats. because 90% of the advanced silica doctors in the world the power everything from your cell phone to the f35, to the stinger of the javelin missiles that are being used in ukraine today, 90% of those come from overseas. the united states make 0% of them. that was the vulnerability and the risk we were exposed to.
so that is why we work so hard on a bipartisan basis to pass what used to be called endless front tears and i guess it's had four or five different name so far. but it started in my mind with the chips for america act that senator warner, the center from virginia and i introduced in june of 2020. a so, we all celebrated with a bipartisan press conference, just in the lbj room over here. but then, shortly after that bipartisan announcement we learned some astonishing news. the climate and tax provisions apparently were never off the table. despite what we had been told, apparently democratsch specifically the majority leader in senator manchin just move those discussions out of the public eye into a secret back
room. and i pretty much believe that other democratic colleagues were not clued in on their negotiations, that is my impression. it was a secret deal between the majority leader in senator manchin. well, as i said the chips act as part of this larger china competitiveness bill passed around 1:00 o'clock and it was just four hours later senator manchin sent out a press release announcing build back was now on track. after saying repeatedly he would not support such reckless policies, he has done in olympic worthy flip-flop. and there is simply no denying it. let me talk about the new joe. it simply cannot be overestimated, overstated how
dramatic this reversal is. democratic senators called me and text to me yesterday senator manchin's announcement. one said i am so shocked and upset. another said i am appalled. a member of the president's cabinet said i hope you know and trust that i had absolutely no idea this was going on. just two weeks ago senator manchin said he would not support the climate policies and tax increases out ofan fear it would fan the flames of inflation. last month, as we will recall inflation hit a new four decade high. every day expenses for food, groceries, other necessities of life were up more than 9% from just a year ago. or collect from west virginia said he told the democratic leader it would be wrong, not prudent to move forward while
inflation was at a record high. unfortunately it did not take long for that sense of fiscal responsibility to fade. i do not know the details about the secret deal between senator manchin in senator schumer that resulted in this reversal, but i have to say it was ugly. now, senator manchin not only supports the build back bulk bill, he now said it is his proposal, he in fact eroded. it includes thet, same policies that he previously opposed. tax hikes on working families and small businesses. green new deal climate policies, socialist price controls on prescription drugs, things like subsidies for wealthy purchasers of electric vehicles. forget the fact somebody who cannot afford an electric
vehicle, who has to drive an old clunker or buy a used car, they are the one subsidizing wealthy people buying electric vehicles. there. and democrats could not have picked a worse time to push this reckless irresponsible bill. onthis morning's news on the ste of the economy confirms thatfo millions of americans have known for months, the biden recession is officially here. our economy is not just stuck in the mud, it is sinking. families and small businesses deserve better than a toxic combination of higher prices and feeble economic growth. instead of helping the people survive this recession, our democratic colleagues want to push them deeper into the hole. and 2008, senator schumer himself, the majority leader said raising taxes during a
recession was a bad idea. president obama said exactly the same thing. 2009 president obama in the aftermath of c the great recession, due to the financial crisis in 2008, president obama said virtually the same thing senator schumer said. the last thing youo want to do s raise taxes in the middle of a recession. and that is exactly where we are. the following year, in 2010, senator manchin agreed with senator schumer and president obama. y he said i do not think during a time of recession you mess with any of the taxes or increase in taxes. that is the old joe.
that is the same senator who is now proposing to raise taxes on families in the middle of a recession. now, here's the real joke but i guess the joke is on all of us. they are calling at the inflation reduction act. what an insult to the inintelligence of the american people. do they think anybody will be fooled? do they think the american people are so stupid that they would believe this is an honest attempt to address inflation? there is not a chance. this proposal is a wolf in sheep'see clothing. our democratic colleagues can try to rebrand the build back bill they tried to pass earlier this year all they y want. but it is filled with the same rotten policies that will hurt families, small businesses, and energy producers.
while the president by the way it goes to saudi arabia hat in hand asking the leader of the kingdom of saudi arabia to produce more oil overseas rather than encourage domestic production here in america. this bill were to pass it would eliminate any chance we have ofo escaping the recession policies that democrats have landed us in. families are being crushed by the worst inflation in four decades. for every dollar you have it's worth 91 cents in purchasing power because of the broken policies of the biden administration. but it is not the politicians who pay theoi price. we are doing just fine. it is the working families all across this country who are paying the price for democrats or war on american energy for
example. and they are sick and tired of being told by washington democrats that you can tax-and-spend our way out of mthis mess. i got some bad news, the democratic leader kim managed to keep all 50 democrats on board, it is going to get worse. our only hope is a single democratic senator will oppose this massive, irresponsible bill. and it only takes one and a 50/50 senate. not only will this bill have a devastating impact from the american people it will absolutely paralyze this chamber. there's been recent discussions about amidst polarization there is possibility for bipartisan cooperation. i have been proud to be a part of some of that bipartisan cooperation. i think we've done some
important things for the american people. but the senate functions on trust. there are only 100 of us in their relationships and the confidence we have that when someone looks you in the eye and tells you something, that they are going to stick with it is important to negotiating in good faith and building consensus that is necessary to pass legislation. and that is the only way we can pass legislation, work in a bipartisan, candid, goodd- faith way to get things done. like our mental health and school safety bill recently. trs eviscerated yesterday. senators manchin and schumer did not draft this 725-page bill in the four hours between the passage of the chips act and senator manchin's press release.
they've been working on this the entire time when they told us it was off the table. how is this chamber supposed to function if we don't have at least some m colleagues tell trust. us after we negotiate in good faith and compromise necessary to get things done after the majority leader and the senator from west virginia pull a stunt like this. they are left to wonder whether ourtu institutions including ths one can work anymore. this betrayal is an absolute declaration of political warfare. for years many of our democratic
colleagues claimed the senate is broken because of the filibuster. they actho as though a procedurl vote with the 60 vote threshold is an end of democracy as we know it. but look where we are now. the democratic leaders have secret deals in back rooms keeping members of his own political party in the dark so that they have to apologize to people like me who've been willing to trust that what people say that their word is the bond. if somebody can't agree with me, i prefer they tell me outright. now the majority leaders trying to abuse the rules of the senate
to pass a 700 billion-dollar partisan spending bill in the next week and in the next matter of days. a bill that was only announced at a press release yesterday. the senate is not broken, mr. president. but i am afraid this stunt pays off democrats are about to break it. democrats are about to break
senate majority leader chuck schumer talks to reporters about house passage of a bill to boost computer chip production which now heads to the president for his signature. senator schumer also spoke about a compromise to deal in the senate to address prescription drug prices, climate change and the budget deficit.
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