Kent Conrad

Mr. CONRAD

Mr. CONRAD. After I ask the Parliamentarian a number of questions with respect to the Cornyn amendment, which we set aside so the Parliamentarian could study it. I ask, through the Chair, the Parliamentarian if the Cornyn amendment is germane to the budget resolution.

Mr. CONRAD. I ask further if this amendment was accepted on the floor, if that would be corrosive to the privileged nature of a budget resolution?

Mr. CONRAD. I ask further if the Cornyn amendment came back from conference committee, if that would be fatal to the privileged nature of the budget conference report?

Mr. CONRAD. Therefore, I have no choice but to raise a point of order on germaneness on the Cornyn amendment at the appropriate time. I will not do that now, but I wished to have this conversation in the presence of the Senator from Texas. We had this conversation last year. I alerted him that this issue was raised with us afterwards, and I wanted him to hear for himself the answers of the Parliamentarian.

Mr. CONRAD. Well, first, in terms of the gross debt of the United States, under this President's watch, the gross debt has nearly doubled. The foreign holding of U.S. debt has more than doubled. This is it. It took 42 Presidents 224 years to run up $1 trillion of external debt. Perhaps this is the chart the Senator is referring to. It took 42 Presidents, all of these Presidents pictured, 224 years to run up $1 trillion of debt, U.S. debt held abroad. This President, as you can see, has far more than doubled that amount in 7 years.

Mr. CONRAD. I would not object, but if Senator Ensign can give an idea, for the knowledge of other Members, how long he will take. An approximation.

Mr. CONRAD. That might be helpful to our colleagues who might be listening, in knowing how much time it would take.

Mr. CONRAD. That is correct.

Mr. CONRAD. Well, if his amendment costs another $458 billion, it is not offset. And in a typical bond auction now conducted by the United States, over half of the money, well over half now, is money from abroad. So you can take well over half of the $458 billion, and it would be added to this external debt.

Mr. CONRAD. Well, that is the unfortunate part of, as I see it, the amendment of the Senator from Arizona. What he is doing is saying--he is asking all of us, all Americans, to put our name on the bill. But the money is only going to two-tenths of 1 percent of us. I think that is unfortunate.

Mr. CONRAD. I am happy to yield to the Senator from New Hampshire if the Senator wishes to engage in this debate or any other debate. I yield the floor.

Mr. CONRAD. I thank the gentleman for his courtesy. Madam President, to modify that request, there are a number of Senators wanting to know what the order would be following the Senator from Nevada. I see Senator Gregg here. We have Senator Akaka, Senator Corker, Senator Chambliss. How much time will the Senator from Georgia seek?

Mr. CONRAD. The Senator from Tennessee?

Mr. CONRAD. Maybe we could get him in the train as well so he would know when he was up.

Mr. CONRAD. How much time would the Senator from Kentucky require?

Mr. CONRAD. Yes. For how long at 8:05?

Mr. CONRAD. Well, shall we enter into an agreement: up to 25 minutes for Senator DeMint, followed by Senator Bunning for up to 15 minutes. And then, I say to Senator Specter, how much time would you like?

Mr. CONRAD. Up to 15 minutes there. That would take us another hour down the road. We will do it off the resolution. Is that fair?

Mr. CONRAD. OK.

Mr. CONRAD. Would you be again praising the resolution and the chairman of the Budget Committee or would it not be so favorable?

Mr. CONRAD. It is my birthday. I wonder if we can agree, after the Senator from Nevada, that Senator Chambliss be recognized for 10 minutes, Senator Akaka for 10 minutes, then come back to Senator Corker for up to 10 minutes.

Mr. CONRAD. After Senator Corker, then Senator Menendez have his opportunity for 15 minutes, Senator Grassley at 8:05. I ask unanimous consent that that be the order.

Mr. CONRAD. Mr. President, I thank the Senator for his courtesy and for his work on the Budget Committee. Senator Martinez would like time on a separate matter, not a budget-related matter. This might be a very good time to do that. We hate to have dead time on the floor. How much time would the Senator need?

Mr. CONRAD. Mr. President, we will give him up to 15 minutes off the resolution.

Mr. CONRAD. Next, Senator Gregg will have an opportunity to send up Senator Specter's amendment. Amendment No. 4203