SURVIVOR JUSTICE TAX PREVENTION ACT--Motion to Proceed--Continued
Gary C. Peters (D-MI)
Mr. President, in my many years of public service, the biggest lesson that I have certainly learned is that you are only as good as the people around you. I have been blessed to have amazing people on my team over the years, and today I am honored to recognize one of the most exceptional people that I have had the pleasure to work with: Caitlyn Stephenson.
Caitlyn has been a key member of my team for over 18 years, starting out knocking doors with me and my wife Colleen. Over the years, she has worked as a scheduler in my congressional office, helped lead my first Senate campaign, and has been my chief of staff for the past 6 years.
When I first met Caitlyn, she had just recently graduated from Michigan State University. And as a native Michigander and as a very enthusiastic MSU Spartan, she already had two things going for her, but the tenacity and strong work ethic she brought to the job was quite apparent. I think much of that spirit can be attributed to two things: her Michigan roots, certainly, and also the incredible family who raised her.
Caitlyn's mother Jacquie grew up not far from where I did in Bloomfield, MI. Jacquie's parents Elizabeth Florence Murdoch and John Loprete met while working at Hudson's Department Store during the Christmas season in 1939. During World War II, John, who was a chemical engineer, worked on the Manhattan Project, and Elizabeth ended her career working at my local library in Bloomfield Township, where Caitlyn earned her first paycheck as a library page. And although Caitlyn's father Lynn is originally from Texas, he made his way to Michigan, met Jacquie, and raised a loving family.
Lynn's family has a long history in the United States, dating way back to before the country's founding when Thomas Stephenson served as a private in the Continental Army from Virginia. His ancestors settled in Oklahoma, where Lynn's parents Dicy and Max met at age 6. Max joined the Army, serving in the 274th Infantry fighting in eastern France in World War II.
The childhood sweethearts later married and raised Lynn and his three sisters in Stratford, TX, where he served as the longtime city manager, and Dicy worked as a third-grade teacher. Lynn and Jacquie met at a party through mutual friends, got married, and raised three children: Caitlyn, her younger sister Carly, and her brother John.
Over the years, the Stephenson clan have all lent a hand to Team Peters. Campaigning was a family affair. Jacquie and Lynn helped knock doors and put up yard signs while also serving as an election protection worker and precinct delegate, respectively. Carly has been one of my volunteer drivers when I needed help in a pinch, and John joined the rest of the family to help get out the vote for my campaigns.
One of Caitlyn's youngest family members, her niece Malone, helped me navigate some of the difficult, crowded events at the 2024 Democratic Convention by graciously letting me carry her around.
To Lynn, Jacquie, and Caitlyn's entire family, please know I am so grateful for everything you have shared with us over the past 18 years. I still vividly remember when Caitlyn started working for me as a recent graduate from the James Madison College at Michigan State on my first campaign. She spent hours walking blocks and knocking doors in communities all across the district, from Waterford to Bloomfield Township, and helped me flip a seat that had been held by Republicans for over 100 years.
From then on, Caitlyn became enmeshed in my family, and she moved out to DC to help me set up my congressional office as my first scheduler. It certainly was a very exciting time for a recent college graduate to be working in Washington. President Obama had just taken office, and big policy changes to help people's lives were on the horizon.
But it was also a tough time in Michigan and especially for autoworkers and their families in my district where Chrysler was headquartered. My office was relentless in making the case for the auto rescue to help protect those manufacturing jobs and help the economy recover from the financial crisis. And Caitlyn was there every step of the way and became basically the glue for our team. She kept track of every detail. She made sure that we stayed on course and on time to get everything done.
Caitlyn continued through a hard-fought and a hard-won reelection in 2010 and moved back to Michigan to continue managing my schedule and take on additional responsibilities as my campaign finance director.
Michigan had just undergone an extremely partisan redistricting process, and I was stuck running in one of the most gerrymandered districts in the entire country. But Caitlyn not only worked hard at raising the funds needed to win a competitive primary, she also brought our team together, and she provided clear leadership in a challenging environment. Thanks to her, our entire team was able to make the case for our campaign to voters in communities all across Detroit as well as across the 8-Mile divide.
In 2014, when Senator Carl Levin announced he would retire from the Senate, Caitlyn served as the deputy campaign manager on my Senate race, overseeing our administration, scheduling, and political and fundraising departments. During the course of that campaign, we traveled all across the great State of Michigan, from Metro Detroit to Grand Rapids to Traverse City and the Upper Peninsula.
After being elected to the Senate, I knew that Caitlyn had the experience and the vision to help me set up my Senate office. So 12 years ago this week--12 years ago this week--she came back to DC with me and Colleen to run my transition to the Senate and become my deputy chief of staff. And aside from a brief 6-month hiatus to run Michigan's massive, coordinated campaign organization for Hillary Clinton's 2016 Presidential bid, she has been part of my team ever since.
And in 2021, when Eric Feldman, who had been my chief of staff since 2008, left for a job in the private sector, there was absolutely no question--no question--in my mind that Caitlyn was ready to take on that role. And while much of Caitlyn's work on my team had been very Michigan focused and internal to the office, she flourished as my new chief.
She brought our entire team together--our State offices, our DC office, and my Homeland Security and Governmental Affairs Committee staff--to work as one cohesive team--a team that works hard, plays hard, and, most importantly, gets things done.
For example, when the Air Force announced major changes to their aircraft lease that threatened Selfridge Air National Guard Base, Caitlyn brought together our State staff, our legislative staff, and our committee staff to find every opportunity to prepare for the future for that base and its vital role for Michigan and for the country. In the years since, we have worked to secure a new squadron of KC-46 refueling tankers, a new squadron of F-15EX fighter jets, and establish the Northern Border Mission Center, all at the base. We also secured funding, through my role on the Appropriations Committee and on the Armed Services Committee, to make key investments in hangars and runways to help support the new missions that will keep this premier military installation at the forefront of our national defense for decades to come.
So whether it was working on improving healthcare for veterans, fighting for clean drinking water, or supporting our manufacturing sector, Caitlyn has led our team in connecting real stories that we were hearing from our constituents back in Michigan to our policy team, who passed legislation to help solve the everyday problems facing Michiganders and Americans.
So, trust me, I know that you are only as good as the team around you. And thanks to Caitlyn, her leadership, and our entire team's hard work, I was certainly honored to be recognized as the "Most Effective Lawmaker" by the nonpartisan Center for Effective Lawmaking three Congresses in a row. And let me say, that could only happen with Caitlyn leading our team. She made that happen.
I also had the privilege of serving as chair of the Senate Democratic campaign arm for 4 years. And even though Caitlyn had just assumed her role as my chief, she devoted countless hours of her personal time helping to hold the Senate majority for Democrats in 2022--a historic feat in a midterm when our party also held the White House.
From her extensive campaign experience and her keen political judgment, Caitlyn has always provided me with sound advice. Her tendency to think through every potential pitfall or every possible outcome to every decision has often led me to jokingly refer to her as basically our "fun police." But no matter what challenge we tackled, Caitlyn never got caught up in reacting to the day-to-day news, and she never lost sight of the most important thing for my office: what Michiganders are thinking and what they care about in their daily lives.
She also brought a bipartisan ethos to her work. She built strong relationships with her colleagues across the aisle to help achieve our goals. She has been active in different organizations for chiefs of staff and been a leader in bringing them together to strengthen those relationships to get things done.
So, Caitlyn, Colleen and I are so grateful for all of your hard work over the years and for everything you have done for the people of Michigan. It is hard to imagine our office without you. But as my time here at the Senate comes to a close, I am excited to see you take on some new challenges in your next role, and I know you are going to be equally as successful in anything that you do.
So thank you for being a steady leader for our team over the years, and I wish you the best of luck in your career. It has been a pleasure to work with you, and I can't wait to see what you do in the future. Good luck.
I yield the floor.
Steve Daines (R-MT)
Mr. President, this month is Native American Heritage Month. It has been a meaningful tradition of mine for the past 14 years in Congress to celebrate the rich legacy of Montana's Tribes, and this month is particularly meaningful, as I close out my time in the U.S. Senate.
My interest in Montana's Tribes began at a very young age. I grew up in the Gallatin Valley, back in the 1960s. In fact, I am a graduate of Longfellow Elementary School in Bozeman. I was a proud Bozeman Hawk in my high school days.
As a child, I lived two doors down from a member of the Crow Tribe. This was on South Bozeman, a long time ago. And he was a code talker during World War II. His name was Barney Old Coyote. He was an American hero.
Barney served our country during World War II by speaking the Crow language in a national "code talk" program. The beautiful complexity of the Crow language allowed it to be used to transmit and receive military intelligence without fear of being intercepted. Because of Barney and his fellow code talkers, countless communications were securely sent overseas. Many American lives were saved.
In fact, in 2015, Barney Old Coyote was awarded Congress's most prestigious honor, the Congressional Gold Medal, along with fellow Crow code talkers Samson Birdinground, Cyril Not Afraid, and Henry Old Coyote.
And for a fun fact, as a little grade school kid in Bozeman, I used to walk to school with Rachel Old Coyote, the daughter of Barney Old Coyote, the cousin of Darrin Old Coyote, who was once the chairman of the Crow Tribe.
As you can see, my roots in Indian Country start at an early age and run deep.
But, today, I would like to reflect on memories from working with Montana's Tribes, from the wins we have had over the years to priorities I hope my successors will continue after my departure.
Montana is home to many Tribes, including the Crow, the Cheyenne, the Blackfeet, the Assiniboine, the Gros Ventres, the Salish, the Kootenai, the Pend d'Oreille, the Little Shell, the Sioux, the Chippewa, and the Cree.
When I was elected to the U.S. House, back in 2012, as the at-large Member from Montana, there were 11 federally recognized Tribes. I made it a priority to introduce the Little Shell of the Chippewa Indians Restoration Act, which granted Federal recognition to the Little Shell Tribe.
In 2019, after years of work, this bill passed and the Little Shell were finally granted the recognition they deserved.
So, today, Montana is the home of 12 federally recognized Tribes, spread across 7 reservations, from Fort Peck in the east to the Flathead in the west.
It has been my honor to visit each reservation and my priority to meet regularly with Tribal leaders and members, both back in Montana or in Washington, DC, to work closely together to improve the quality of life in Indian Country, whether it is healthcare, education, resource development, or increasing law and order. Each one of these communities has helped weave together a rich tapestry of culture in my home State into the place that it is today.
The Battle of Little Bighorn, one of the most significant battles in Montana history, is one such example. In fact, this year we commemorate the 150th anniversary. The battle marked a pivotal moment of the Great Sioux War and the American Indian Wars. It was my honor to pass a resolution commemorating and honoring all who fought so that future generations understand and appreciate the enduring spirit of our Tribes.
Another example is the legacy of Blackie Wetzel, who was a fierce champion of his people, a former president of the National Congress of American Indians, who advocated for Tribes, including in the Oval Office with J.F.K. In fact, in 1971, Blackie worked with Coach George Allen to create the iconic logo that became a powerful symbol of leadership and excellence during Washington's three Super Bowl victories.
Reflecting back in 2002, Blackie Wetzel proclaimed:
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It made us all so proud to have an Indian on a big-time team.
Richard J. Durbin (D-IL)
Mr. President, I was discussing with my staff foreign travel, which I believe is an integral part of service in Congress, and I asked, how many countries have I been to? The calculation was 40 in the last 20 years. But I have been in Congress--the House and Senate--for more than 20 years, so the number is more than 40.
Many of the places that I visited were not resort location spots; they were countries struggling to become more democratic, overcome war, or lift their populations out of abject poverty. They were countries like Belarus, Haiti, Venezuela, Cuba, Ukraine, and the Democratic Republic of the Congo.
I once said that if I could leave advice to Members of Congress that would follow me, I would say to them: In the span of every 2 years, make certain that you do two things:
Take a trip overseas. You can't appreciate America until you leave it, and you can't appreciate another country until you visit it. Make sure that is part of your education as a public figure.
The second part I would say to them may surprise you: Visit a prison at least once every 2 years. So often, we make decisions on crime and procedure without remembering there are human beings on the other end of that equation.
So I encourage Members of Congress to do both of those things every 2 years.
But when it comes to travel, I just completed my last official trip abroad as a Senator from Illinois when I visited the Western Balkans, including Bosnia, Herzegovina, Albania, Montenegro, Croatia, and Kosovo. It was my third time traveling to the Balkans as a Member of Congress.
I was honored to share this journey with my colleague Senator Jeanne Shaheen, the ranking member of the Senate Foreign Relations Committee and a champion of stability in the Balkans. Jeanne was honored in these countries that we visited because she has made it her singular effort and singular purpose to bring peace to the Balkans--a part of the world that has been at war more often than not in modern times. But Jeanne Shaheen did so much so often to try to help them that in country after country, she was given the highest award they had to give to a visiting official. I was honored to be with her on that trip.
Many here have forgotten the horrific war that engulfed that region in the early 1990s after the breakup of the former Yugoslavia. Bosnia in particular suffered a devastating conflict with the siege of Sarajevo, the ethnic cleansing, and massacres in places such as Srebrenica, which we visited.
Few could have imagined the cosmopolitan city of Sarajevo that had hosted the winter Olympics just 10 years before would be turned into a deadly war zone. It was. During this horrible conflict, I supported President Clinton's decision to launch airstrikes to bring the war in Bosnia and Kosovo to a close. Those airstrikes led to what is known as the Dayton Accords, which finally ended the war in Bosnia in 1995.
While several nations that emerged from the former Yugoslavia have prospered--joining the European Union and even NATO--others have struggled and still merit U.S. and European attention.
Bosnia is still governing within the framework of the Dayton Accords--an agreement that was not meant to establish a governing structure for three decades and continues to be tested by ethnic divisions and opportunism.
Such a path forward for Bosnia is also undermined by continued effort by some of the Bosnian Serb community to secede from the country, including through aggressive lobbying for support by the Trump administration. But amid all of this, I was reminded of so much courage and hope that emerged from those terrible Balkan wars.
We visited a moving memorial in Srebrenica to the more than 8,000 Bosnian Muslim boys and men who were killed there.
We spoke with their brave mothers who shared their stories to make sure that their lives would never be forgotten.
Nearby, we saw a program that brought the next generation of youth from all backgrounds together through music.
And in Sarajevo, we went to an incredible museum around the Tunnel of Hope that served a critical lifeline in the city during the years of deadly siege.
My visit reaffirmed my belief that we must continue to support efforts to draw these new nations into the EU and NATO and encourage the accompanying governance and economic reforms.
It is our duty to continue to defend the larger peace, prosperity, and democracy that emerged from so much conflict in Europe--a peace that is now threatened again by none other than Vladimir Putin.
Mr. President, this leads me to the ongoing war in Ukraine--a war President Trump said he would end on his first day if he was reelected to the White House. Of course, that didn't happen.
I don't begrudge President Trump's attempts to seek diplomatic solutions to this conflict, but it is long overdue that he realizes that you can't coddle Vladimir Putin and compel him to reach an accord.
In fact, what is left of American dignity for Trump to give away in this regard? The President has rolled out the red carpet for Putin on American soil. He held endless phone calls that led to nowhere.
Trump publicly scolded Ukraine for fighting for its life and its existence. And most recently, President Trump eased Russian oil sanctions and waived other sanctions overwhelmingly passed in Congress.
While President Trump belittles our allies and befriends our enemy, he is also trying to entice Putin with business deals as if this is some kind of a real estate scheme that we are talking about.
That effort is doomed to fail. Vladimir Putin is a former KGB agent motivated not by money, but by warped historical grievances and perceived slights.
He is the same Russian leader who provided targeting information to Iran to destroy American assets and kill American troops in the Middle East--the same leader empowering a nuclear-armed North Korean regime that also threatens the United States.
Attempts to pacify Putin are both fantasy and folly by an American President who seems forever enamored by this autocratic Russian leader who is endlessly playing President Trump for a fool.
So as I wind down my time in Congress, let me implore the President and this new Congress: Don't give up on Ukraine.
We must help it restock its air defenses, make sure bipartisan appropriated funds are finally delivered instead of being delayed, sanctions waivers are ended, and that the Ukrainians have what they need to force Putin to a real negotiating table.
We need to pick sides in the Ukrainian war, and there is only one side that is consistent with America's values, and that is the side of the Ukrainian people.
After my recent visit to the Balkans--and many other trips to the Baltics--reminded me, we have to stay steadfast in our commitment to mutual defense in NATO. That historic alliance has kept the world at peace for decades, and we can't walk away from it. Anything else threatens to undermine American and allied security for decades to come--a potentially devastating legacy that no ballroom or arch will ever erase.
I yield the floor.
I suggest the absence of a quorum.
The senior assistant legislative clerk proceeded to call the roll.
Patty Murray (D-WA)
Mr. President, last week the American people used their voices, and they used their votes, and they did their job, and now it is time for Congress to finally get back to its job. We are here to be a voice for the American people, not a rubber stamp for the President.
Look, Congress is a coequal branch of the government, not Donald Trump's customer service line. Republicans may have forgotten that, but the American people just sent them a reminder that will echo for years to come. And now Democrats are going to try something Republicans seem to have forgotten about, keeping our promises. We are going to hit the ground running by fighting to lower costs, to stop corruption, and to end Trump's war with Iran. That is what America voted for, and that is what we will work to deliver.
A Democratic Congress means pressing to put an end to Trump's stupid tariffs and trade wars. Nobody in America wants to pay more for groceries just so Trump can pick a fight with Canada.
A Democratic Congress means real accountability for ICE. Republicans wrote ICE a blank check. We are going to be writing them subpoenas.
A Democratic Congress means cracking down on corruption--insider trading, selling pardons and access, crypto scams, no-bid contracts, war profiteering, all of it. If you thought Trump was your ticket to get rich quick by breaking laws and abusing power and defrauding the American people, you thought wrong.
When the gavels change hands, the days of rampant consequence-free grifting will come to an end. Bet on that.
And, of course, when it comes to healthcare, a Democratic Congress means reversing healthcare cuts--just for a start.
Every time Republicans take power, they make a mess out of healthcare. We have got to reverse the Medicaid cuts that are shutting down our hospitals. We need to restore the ACA tax credits that make healthcare far more affordable for American families. And we need to stop Trump's plan to use AI to cut seniors off from their Medicare benefits.
But we can't stop there because if Republicans' healthcare strategy is death by a thousand cuts, Democrats have to be more than the party of a thousand bandaids. We need a robust public option and universal coverage, and we are going to have that conversation in the next Congress.
We are also going to have a conversation about undoing all the damage that R.F.K., Jr., has done to our health in this country. A Democratic Congress means putting science back in public health.
Right now, measles cases are at record levels and instead of solving the problem, our Nation's highest health official is covering it up.
Instead of championing vaccines, R.F.K., Jr., has been championing conspiracies. He should be fighting viruses, not vaccines. Americans don't want viruses, that we eliminated, roaring back and killing babies. Americans don't want lettuce to give them diarrhea. They don't want promising clinical trials cut off or respected researchers sacked. They don't want FDA's gold standard overruled by Secretary Kennedy's wildest conspiracies or Trump's biggest donors.
Chaos and corruption may have spread like a plague under Trump and R.F.K., Jr., but you know what they say? Sunlight is the best disinfectant.
Accountability is coming. And R.F.K., Jr., is far from the only person we will be holding accountable.
A Democratic Congress means Russ Vought's days of breaking our laws and extorting our communities without consequence are coming to an end.
As incoming chair of the Appropriations Committee, you better believe I am going to be demanding answers and accountability for the brazen robbery and illegality we have seen from Trump's OMB Director.
I am going to have hearings, and I am going to use our funding bills to rein in the abuses and corruption of this administration while we invest in our American families.
I will expose this administration's corruption and the games Russ Vought and OMB have been playing with our American tax dollars.
I am going to drag this administration's crooked schemes into the light of day for every American to see, and you had better believe I am going to stamp this President's very ugly and very un-American brand of politics and corruption into the dust.
Now, let me just say I am going to make certain a Democratic Congress means getting serious about the childcare crisis. Childcare is too hard for parents to find. It is too expensive for families to afford. It is too tough for providers to keep their daycare facilities open. And this is all crushing our families and our economy.
I have been fighting for childcare since my first day in politics, and you can bet that next Congress I am going to be loud about beating the drum and pounding the pavement and charting a course toward a future where every family in this country can get quality, affordable childcare. And with so many new colleagues now coming who have young kids joining us, I know we are going to make progress.
That doesn't just go for childcare, though. It goes for defending public education.
A Democratic Congress means Trump's plan to demolish the Department of Education is dead in the water. We have been fighting these efforts since Trump's first day in office. But with gavels in hand, we are going to have even more power to put an end to this nonsense once and for all.
There is no world where this former pre-K teacher will let Trump bulldoze the programs that support our kids because every student deserves to be able to get a great education and afford college, no matter their ZIP Code or the size of their parents' bank account.
And a Democratic Congress means building infrastructure for all Americans instead of letting Trump build monuments to himself.
Republicans have voted to cut off vital investments to create jobs and rebuild America's infrastructure. Well, guess what. Democrats are going to fight to keep investing in the roads and bridges and ports and airports that people use every day.
We are also going to be pushing hard to fight back on abortion. A Democratic Congress means countering Republicans' attacks on abortion and clawing back the rights they have chipped away. Make no mistake, Republicans spent decades on their crusade to overturn Roe and rip away women's rights.
So I will spend every day of this majority fighting to win the battle. Democrats will be relentless and tenacious, and that means putting abortion rights to a vote on the floor and making every Senator say where they stand. It means protecting title X and Planned Parenthood and contraception access from this administration's attacks.
It means elevating the voices of women across the country about being investigated for miscarriages or forced to death's door before a doctor could treat them.
I do not expect quick, easy victories, but I am in this fight for as long as it takes. We will claw back every inch we can at every opportunity we can. And I will keep pushing until we have the trifecta we need to restore abortion rights in all 50 States.
Mr. President, now, when it comes to Trump's war, let's be clear, a Democratic Congress means Donald Trump is absolutely not getting his $1.5 trillion war budget or the nearly $70 billion he wants to bankroll the Iran war.
There is no way on God's green Earth that I am going to let Republicans jam through a funding bill that blows war spending through the roof while at the same time cutting family childcare, housing, and healthcare. This war with Iran should have never started. It is putting our servicemembers in harm's way. It is blowing gas prices through the roof. It is undermining our credibility on the world stage, not to mention weakening our position on other fronts.
This administration is responsible for the deaths of nearly 200 Iranian schoolchildren for God's sake. Trump's war has been a disaster from top to bottom. We are going to push to end this war as responsibly as we can, and we are going to hold Trump and Hegseth accountable for starting it in the first place.
Now, there is going to be a lot more to say on these issues and many other challenges where the Republicans are going to have to accept reality and come to the table to work with us, like how do we develop a responsible framework for AI regulation that makes sure regular people are the ones reaping the benefits of this technology, not the ones bearing the burdens of it? The clock is ticking to get our arms around this. We cannot let the powerful technology and the companies developing it run amuck.
Or how do we preserve Social Security in a way that keeps our promise to seniors and prevents painful cuts to everyone? Social Security is projected to run dry in 2032, meaning every Senator just elected is going to have a say in how we solve this. Those conversations need to start now.
Or, for anyone wondering if I can find common ground with Trump right away, let's pass the Sunshine Protection Act. Let's give people a little bit more sunshine and finally end the tyranny of changing the clock back and forth just to see the Sun set before you leave work.
There is no question, we have got our work cut out for us in the Congress ahead. And I think we all know this is not going to be easy.
I would like to say the overwhelming results sent an undeniable message to the White House, but we all know this President has no problem denying election results or spitting in the face of Congress or flouting our laws. Republicans forgot Congress is not a rubberstamp. Our challenge is to remember it is not a magic wand.
We are a co-equal branch of government. We can check this President. But we still have to contend with his veto power, and we still have to face a conservative Supreme Court. We can bring down prices but not with the wave of our hands. We can fight corruption but not with a strong press statement. And we can end Trump's war with Iran but not with the snap of our fingers.
We are fighting a deeply entrenched administration so it is not going to be easy and quick. The only way to accomplish our goals is the hard way. We are going to have to have roll up our sleeves and grind it out. It is going to take hard work, sustained pressure, and sharp political strategy. Building something is always going to be harder, slower work than burning it down.
But I want to end with the good news. The American people turned out in a very big way last week. They sent a message as loud and clear as I have ever heard in politics. And as a result, next year, Democrats will have more hands to take on that work than at any time in the Trump era. And we are, every single one of us, ready to meet this moment.
I yield the floor.
I suggest the absence of a quorum.
The senior assistant legislative clerk proceeded to call the roll.
Bill Cassidy (R-LA)
Mr. President, I have been working hard for 6 years to try to fix Social Security. I am leaving office at the end of December, and I am still working it now.
Now, when we say "fix Social Security"--let's just make it clear--I mean to rescue Social Security, to save Social Security. Social Security is like a baby which is right now sick and you are trying to rock it to sleep because the pain that is being released by that child may not be heard by people who aren't listening, but if you are paying attention, that pain is there.
What am I describing? The problem with Social Security right now is that the trust fund is going insolvent. I will explain that. In years in which workers paid more in from their paycheck than was going out, the surplus was put in what is called the Social Security trust fund and put into Treasury bills.
We have been in a situation for a while where there is more going out than there is coming in, and the difference between the amount going out and the amount coming in is being filled with the surplus of that trust fund. But that balance in the trust fund is falling. We are looking at an hourglass, and the hourglass is draining in the top, and it is coming down to the bottom. And it is not quite an hourglass, but if you can make the hourglass about 5\1/2\ years from now, that is when that trust fund is all empty on the top; there is no more surplus to supplement the amount coming in.
At that point, by law--by law--by the wisdom of Franklin Delano Roosevelt, who started Social Security, when the trust fund is empty, the amount going out, by law, has to fall to equal the amount coming in. If we wait until the end, that fall can be a cut of 28.5 percent--almost a third of the benefits that someone on Social Security is receiving. And it won't just be those who are currently receiving; it will be all those who in the future would receive. They would also get a 28.5-percent cut.
Now, my good friend John Kennedy, my fellow Senator from Louisiana, says: Don't worry--Congress will just borrow to make up the difference.
Frankly, the Congressional Budget Office just assumes that Congress will not be up to the challenge and will just borrow it. But the Congressional Budget Office also says that if we don't fix Social Security--if we don't fix Social Security--our Nation's fiscal state will be so bad, they cannot model it. The amount of money required to bail out Social Security will make them unable--it is just going to be a disaster for our Nation's economy.
Why do I say that? Why would it be a disaster for our Nation's economy? If you think about how 30-year mortgage rates have been climbing, that is because our government borrows so much money. And the more the government borrows, the less there is to help people borrow money for a mortgage.
If we start borrowing the amounts required to pay for those Social Security benefits when the trust fund runs out, those 30-year mortgage rates will skyrocket, and the hope for home ownership for Americans who are not already in a home will evaporate. There will be no hope whatsoever.
Now, this is an interesting situation. Social Security is so important, but at this point, the needs for the individual, which is to have a secure Social Security program, is the same as the need for our Nation to have a sound fiscal house. We have to come up with policies--we have to come up with policies in which the fiscal house of our Nation preserves the independence and the fiscal viability of the Social Security recipient. The two are one and the same.
It is important for Congress to act, and the longer we wait to act, the worse it gets.
Now, by the way, now is the time to fix it. Everybody always says it is the third rail of politics: You can't touch Social, or else you are going to lose. No. We are talking about rescuing Social Security.
The other thing that people say--the other thing that is said is that Democrats don't want Republicans to get credit, Republicans don't want Democrats to get credit, so neither can rise above petty, partisan politics to come up with a solution in which somehow--somehow--nobody benefits more than the other party.
I will leave aside the lack of statesmanship that is implied by that comment. But this is the perfect time for it. We have a lameduck President. President Trump is not running for reelection. We have a lameduck Congress. People who are leaving are leaving. Now is the time to pass the bill, and we get it done before the next Congress, and we can do it now.
Others say we have to have hearings on this before we proceed. We have had five hearings--four directly about Social Security--in various committees across--two in Budget. There will be another Budget hearing this coming week. We have had two or three in the Senate Finance Committee.
We have had a hearing related to Social Security in the HELP Committee. We have had our hearings. We have discussed the bill.
Well, then say the critics: But you have got to get cooperation of the parties.
I have got a commitment from John Thune, from Mike Crapo, from President Donald Trump that if we can get a hearing and a markup on Social Security, we can address this issue this month--this month--and, in December, perhaps have a vote. And we would address Social Security and take care of it to preserve it for the individual and to protect it for our Nation.
"So what is the holdup?" you might say. Well, it is not for lack of plans. Senator Bernie Sanders has a plan. His plan would put a 12.4 percent tax on people above a certain income, and it would go up forever. It doesn't really pay for Social Security for 75 years, but it is a significant plan. I credit Senator Sanders.
There are at least three Democratic proposals out there that are serious proposals. They basically involve raising taxes to pay for everything.
There is my plan, which is actually a bipartisan plan, of which both Democrats and Republicans support. I will briefly describe my plan.
My plan builds on something that Congress did under George W. Bush--which I think every Democrat and most Republicans voted for--to rescue the railroad retirement investment fund.
In that time, there were more retirees and fewer workers, and the railroad retirement trust fund was going insolvent. So Congress said: You can invest that money into the stock market or into other investments--not Treasurys, which have very low yield, but others that have good yield. As it turns out, 20 years later, the market has done so well that that fund is paying all the benefits.
So under the plan I am advancing, it is patterned after something that all Democrats and most Republicans voted for under George W. Bush to create an investment fund--an investment fund that bailed out the railroad retirement fund. It has worked fantastically. By the way, they didn't have to permanently raise taxes. They didn't have to cut benefits. They were able to do it just by doing this investment fund.
That is kind of the proposal I have, with several Democrats and several Republicans, to create an investment fund separate from the Social Security trust fund. We put $1.5 trillion in it over 5 years and let it grow--let it grow for the next 70 years. And as it grows, it offsets any borrowing required to pay scheduled benefits. We take that 28.5 percent benefit cut off the table.
And, yes, we borrow money to pay for those benefits. But because we have this money in the escrow account, it offsets that borrowing.
We can take care of as much as 70 to 75 percent of what is needed to pay for these benefits for Social Security beneficiaries just with this investment fund.
And with a tweak here and a tweak there, we can make it 100 percent. If you do a little bit more, we can increase benefits for millions of Americans.
That is the plan we have.
But, you know, neither my plan nor Senator Sanders' plan, right now, is scheduled for a hearing. My good friend the ranking member of the Senate Finance Committee from Oregon--my very good friend Ron Wyden--does not want to take this issue up. And I am just asking my good friend Senator Wyden that we should, that we need to be responsible, that we need to lean into this.
We don't need to search for excuses why now is not the time. We need to understand that now is the time.
Martin Luther King said:
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The time is always right to do what is right.
(Mr. SHEEHY assumed the Chair.)
The clerk will call the roll.
The legislative clerk called the roll.
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Armstrong Banks Barrasso Blackburn Blumenthal Boozman Britt Budd Capito Cassidy Collins Coons Cotton Cramer Crapo Cruz Curtis Daines Fetterman Fischer Gallego Gillibrand Graham Grassley Hagerty Heinrich Hoeven Husted Hyde-Smith Johnson Kennedy Kim King Klobuchar Lankford Lee Lummis Marshall McCormick Moody Moran Moreno Murkowski Ossoff Paul Reed Ricketts Risch Schatz Schmitt Schumer Scott (FL) Scott (SC) Sheehy Slotkin Sullivan Thune Tillis Warnock Whitehouse Wicker Young
Alsobrooks Baldwin Bennet Blunt Rochester Booker Cantwell Duckworth Durbin Hassan Hirono Kaine Lujan Markey Merkley Murray Padilla Rounds Sanders Van Hollen Welch Wyden
Cornyn
Cortez Masto
Ernst
Hawley
Hickenlooper
Justice
Kelly
McConnell
Murphy
Peters
Rosen
Schiff
Shaheen
Smith
Tuberville
Warner
Warren The motion was agreed to.