00:00I want to share a couple of comments with my colleagues, including my Republican colleagues,
00:05because I've made these points on the floor, but generally the floor is empty, and some of you are here now.
00:11In 1974, 100 senators agreed on reconciliation as a fast-track, filibuster-free, but only for one purpose, reducing the deficit.
00:20It had three billers, reduce the deficit over a 10-year period.
00:24Second, reduce the deficit in each and every year after that 10-year period, in each title of the bill.
00:29And third, use honest numbers.
00:32In 1996, the Republican team was in the majority and decided on a nuclear option to allow that reconciliation process to be used to increase deficits in the 10-year window.
00:45That was unfortunate, because it destroyed the agreement all 100 senators had agreed to in 1974.
00:51But now, today, if we proceed with this current policy baseline, there's two other pillars that you're destroying of the architecture to create fiscal discipline.
01:04The second pillar was no deficits after the 10-year period.
01:08That's been destroyed.
01:09And the third was to use honest numbers from the Congressional Budget Office on a current law basis, comparing each provision in the bill as compared to the provision not being in the bill.
01:22So here we are, taking a step that is as significant as it was in 1996.
01:31All three pillars will be brought down, not by Democrats, but by Republicans.
01:36It's not necessary to do this to get what you want within the 10-year period.
01:40Why tear down these additional two pillars of honesty about the numbers, no more smoke and mirrors, and creating deficits after the 10-year period?
01:50It's extremely unfortunate if you press forward with that vision in this bill.
