First Things First -- Day Lee Briefing 7/12/2011
Jul 12, 2011
If you’re creating a budget, what’s the first thing you need to know: How much you have or how much you want to spend? The answer to this question exposes a fundamental difference between how Republicans and Democrats approach the nation’s finances. And it was on full display last week in the Senate.
Lee Proposes Debt Ceiling Solution -- Day Lee Briefing 7/11/2011
Jul 11, 2011
Last week Senator Lee introduced the Cut, Cap, Balance Act as a solution for reforming government spending in exchange for raising the debt limit. Learn more about this act in today's Day Lee Briefing.
Lee Calls on Salazar for Clarification on Leasing Process
Jul 11, 2011
Today Senator Mike Lee (R-UT) sent a letter to Interior Secretary Ken Salazar requesting clarification on new restrictions that serve to further prevent the development of America's abundant domestic resources.
Unemployment Continues to Rise -- Day Lee Briefing 7/08/2011
Jul 8, 2011
Today’s Agenda
Senator Lee has no public events.
From the Senator’s Desk
The President’s policies continue to fail most Americans: Another poor performance on job creation.
Unemployment Rate
- The unemployment rate edged up to 9.2% in June, from a level of 9.1% in May and 9.0% in April.
- The number of long-term unemployed (those unemployed for 27 weeks or longer) edged up to 6.3 million in June, from 6.2 million in May. The percent of long-term unemployed fell to 44.4% in June, from 45.1% in May.
- The labor force fell by 272,000 in June and the labor force participation rate edged down to 64.1% in June, from 64.2% in May. This marks the lowest rate of labor force participation since 1984.
- There were 14.1 million unemployed persons in June, up from 13.9 million in May and 13.7 million in April.
Around the Water Cooler
Debt Deal: “Another trillion of Obama's spending cuts stems from savings on interest payments that may never materialize. “
Debt Ceiling: “There has been a surprising and somewhat disturbing absence of serious proposals on the table (for raising the debt limit).”
Jobs: “The weak economy and slow hiring is causing more people to simply give up looking for work.”
A Look Ahead
Negotiations over a deal to cut spending and raise the debt limit are expected to continue this weekend. Senator Lee will return to Washington on Monday.
Cut, Cap, Balance Act - Floor Speech 7/07/2011
Jul 8, 2011
There is a way forward. The circumstances in which we now find ourselves are, to be sure, threatening. They are intimidating. They are daunting. And they bring about substantial disagreement within this body and within the body that meets just down the hall from us. But there are answers, there are solutions so which we can agree. I believe that the "Cut, Cap, and Blance" Act provides the proper solution and it's a solution that can appeal to liberals and conservatives alike, to democrats and republicans alike, and I call upon all within the sound of my voice to take a careful look at this legislation and to jump on board and become supporters.
Obama's "Recovery" Worst in Modern Times
Jul 8, 2011
The evidence that President Obama's economic policies have failed continues to mount. The unemployment rate notched up to 9.2 percent in June. The Bureau of Labor Statistics reported that the labor force fell by more than a quarter of a million workers, dropping the labor force participation rate to 64.1 percent - the lowest rate of labor force participation in nearly 30 years.
Meaningful Contributions -- Day Lee Briefing 7/07/2011
Jul 7, 2011
Today’s Agenda
Senator Lee will hold a press conference to highlight the failure of Senate Democrats to pass a budget and deal with the nation’s emerging debt crisis.
From the Senator’s Desk
“Sen. Reid’s “Sense of the Senate” resolution (S. 1323), currently on the Senate floor, contains no actual policy. It notes several class-warfare non-sequiturs, and then calls on Americans making more than $1 million per year ‘to make a more meaningful contribution to the deficit reduction effort.’
“In order to help Sen. Reid make a more meaningful contribution to this debate, below are revenue projections for each of several specific tax increases Democrats have proposed or championed during the ongoing debt-limit debate and negotiations, and the approximate amount of time each proposal might plug the federal budget deficit, projected in 2011 to be $1.48 trillion (or roughly $4.05 billion per day).
“The four tax increases Democrats have publicly or privately advanced in the deficit reduction debate would reduce the federal deficit by – at most – $40.35 billion a year, a little less than the United States currently borrows every 10 days.
“Even if fully implemented, and even in the unlikely event that these tax hikes do bring in their full projected amount, they will barely make a dent in the deficit, and almost none in a $14.3 trillion national debt.
“These are unserious deficit-reduction proposals -- but they are very serious jobs-reduction proposals. $40.35 billion is equal to roughly 69,000 average middle class jobs, which cost private businesses about $58,500 each to create.” Memo from the Joint Economic Committee
Around the Water Cooler
Twitterverse: “I wish I could report that Washington is serious about addressing this spending problem, but in the last week we seem to have hit a new low.”
Congress: “The hottest accessory on Capitol Hill is the pocket-sized copy of the Constitution.”
Debt Deal: “If the administration's spending cuts are mostly fake, its desire for tax increases is not.”
A Look Ahead
The Senate is expecting several procedural votes today regarding a resolution in support of tax increases.
Spend What You Have, Not What You Want
Jul 7, 2011
If you're creating a budget, what's the first thing you need to know: how much you have or how much you want to spend?
The answer to this question exposes a fundamental difference between how Republicans and Democrats approach the nation's finances. And it was on full display last week in the Senate.
Senator Mike Lee Introduces the Cut Cap Balance Act
Jul 7, 2011
In a press conference with several of his colleagues, Senator Lee Introduces the Cut Cap Balance Act as an acceptable deal for raising the debt ceiling.
The Promise We Can't Make -- Day Lee Briefing 7/06/2011
Jul 6, 2011
Today’s Agenda
Today, Senator Lee continues to focus on the refusal of Senate Democrats to propose or pass a budget, or deal with most pressing fiscal issues facing the country. He has several media interviews and holds his weekly tele-press conference with Utah media this evening.
From the Senator’s Desk
“The American people understandably, justifiably and very correctly are demanding that before we raise the nation's debt limit yet again, before we extend yet another credit card for the United States of America, we commit to some kind of cuts. Future borrowing requires us to make future cuts. The problem with that is the moment that that debt is actually used up, the moment it's incurred, the American people are under an obligation.
“But if we make a promise today that we're going to cut, let's say $2 trillion or $3 trillion or $4 trillion over the next 10 or 12 or 14 or 15 years, that's a promise that we can't make. That's a promise that we can't really commit to because this Congress, the one that sits right now, will not be the same congress that convenes in January of 2013 or on January of 2015 or in future years.
“We've got to make changes right now. And the only way that we can commit to future cuts, to future structural reforms, the only way we can bind future Congresses is by amending the U.S. Constitution, to change the way we spend money, limit spending as a percentage of GDP and to require a supermajority to spend more than we have or to raise taxes.
“That's what we're demanding. We're willing to work, we're willing to come to the table on the debt limit, but we demand some kind of solution that will put us on course towards sanity. That's why we're here.” Floor Speech, June 30, 2011
Around the Water Cooler
Debt Ceiling: “Senate Majority Leader Harry Reid (D-Nev.) canceled a vote on legislation authorizing U.S. military action in Libya after facing pressure from GOP lawmakers, who warned they would vote the measure down in order to focus on budget matters.”
Spending Cuts: “[W]e’ve heard promises of spending cuts before.”
A Look Ahead
The Senate will continue to debate deficit reduction and the debt through the remainder of the week with a few possible votes on Thursday.
