Congressional Record, Senate, Page S4835 (September 20, 2022)

Summary

Page S4835 of the Congressional Record, Senate, September 20, 2022 opens with the end of remarks on the situation at the southern border. Capito, the Senator from West Virginia, speaks under the heading Inflation, saying inflation rose to 8.3 percent in August, that the cost of eggs has gone up 40 percent, and that mortgage rates have risen from 3.2 percent to 6.3 percent this year. Ernst asks unanimous consent that the vote occur now. Under the heading Vote on Pan Nomination, the result is announced as yeas 52, nays 42, and the list of yeas begins.

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“Congressional Record, Senate, Page S4835 (September 20, 2022).” Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2022-09-20-crec-2022-09-20-pt1-pgs4835-4256698ca9/, SHA-256 ab31e6d0096755949ded96299a7ee96ae2aec0776493bdb191ee3f4afbaaa3c1.

Full text

September 20, 2022 CONGRESSIONAL RECORD — SENATE S4835
the House, the Senate, and the White way into the teens, that Chairman Downturn: Further to Fall,’’ warns
House, and, to my knowledge, they Powell has plainly stated will bring that higher mortgage rates and re-
have not attempted to bring an immi- ‘‘pain to households and businesses.’’ duced affordability will continue well
gration reform bill to the floor of the We can’t forget that the Democrats into 2023. For first-time home buyers,
U.S. Senate. Furthermore, the Presi- alone passed a bill last year that they that spells a death knell for their
dent reversed all of the policies from called the American Rescue Plan, dream of owning their own home.
the previous administration that af- which rescued nothing and, instead, en- Again, what we are seeing in
fected the border when he took office. dangered our fragile economy coming realtime are direct consequences of in-
Now we have got a situation at our out of COVID by hypercharging infla- flation fueled by spending. The in-
southern border that is just nothing tion. Democrats alone drafted and crease in the price of groceries is unbe-
short of appalling, and if the President pushed forward their most recent bill, lievable. It is unbelievable when you go
really had any interest in making the bypassing the normal committee proc- to the grocery store. Over the past
process at the border ‘‘safe, orderly, ess, and Democrats alone passed it, re- year, the price of basic pantry staples
and humane,’’ as he said the other day, jecting every Republican amendment has continued to increase. The cost of
he would make securing our southern along the way. eggs has gone up 40 percent; butter, 24.6
border a priority, and it is not. Unfor- In short, these policies continue to percent; luncheon meats, 18.2 percent.
tunately, given his record so far, I destabilize every single corner of our Fresh milk has increased 17.7 percent.
think it is more likely that we will see economy. Well, how do we know this? Sugar, flour, bread, pasta, peanut but-
the scenes of chaos and human suf- We see some of the statistics that I ter, and cereals have increased between
fering continue. talk about. Well, I know it because 15 and 23 percent. These are the things
I yield the floor. West Virginians have lived it, and I that families buy weekly to meet their
The PRESIDING OFFICER. The Sen- hear from them frequently about their grocery bill and to provide their chil-
ator from West Virginia. legitimate concerns. A retiree from dren’s breakfast, lunch, or dinner.
Mrs. CAPITO. Mr. President, I ask Clarksburg, WV, wrote to me recently
Simply put, elected Democrats in the
unanimous consent to speak for up to saying that she and her husband are
Biden administration celebrated the
15 minutes prior to the scheduled roll- ‘‘struggling every month’’ despite hav-
so-called Inflation Reduction Act on a
call vote. ing done their due diligence to save
day when the Consumer Price Index on
The PRESIDING OFFICER. Without well for their retirement. She says
inflation increased. For the many con-
objection, it is so ordered. they are trying not to dip into their
stituents whom I talk to on a daily
INFLATION 401(k)s or their TSP retirement ac-
basis, inflation remains the No. 1 con-
Mrs. CAPITO. Mr. President, since counts but that it is getting ‘‘harder
cern.
the Biden administration really likes and harder’’ not to do that.
As inflation drags on, the lifespan of So this irony is not lost on me nor is
to celebrate things, I rise today on the it lost on the American public. It is not
1-week anniversary of their party last retirement savings will continue
shrinking for our seniors in West Vir- lost on millions of Americans making
Tuesday for their so-called Inflation tough choices because of these policies,
Reduction Act. ginia, and those seniors account for 41
percent of our population. and it is painful; it is hard to watch;
Last Tuesday, most Americans and, and in many of my constituents’ opin-
certainly, most West Virginians Another West Virginian wrote to me
about the tough choices her family is ion, it is as if the President and his
weren’t in a celebratory mood. West party are not paying attention.
Virginians started their day with news making:
The economy has crumbled in the blink of I yield the floor.
that inflation rose to 8.3 percent in Au- The PRESIDING OFFICER. The Sen-
an eye. My husband and I have full-time jobs
gust, while President Biden and his and two children. I’m tearful because I sit ator from Iowa.
party and climate activists began set- here looking at upcoming bills and I’m hav- Ms. ERNST. Mr. President, I ask
ting up for their Inflation Reduction ing to decide to pay a bill or buy groceries. unanimous consent that the vote occur
Act party at the White House. A resident from Weston, WV, told me now.
Meanwhile, that same day, the U.S. that his insurance premiums recently The PRESIDING OFFICER. Without
stock market had its worst day since increased and, when he asked the com- objection, it is so ordered.
June 2020, as the White House and its pany why that happened, they told him VOTE ON PAN NOMINATION
fellow Democrats celebrated their pointblank it was due to inflation. In
green spending bill that would only ex- All postcloture time has expired.
the same letter, the constituent wrote: Under the previous order, the ques-
tend inflationary pain, but it does ex- This crazy spending has to stop.
pand U.S. and IRS enforcement on tion is, Will the Senate advise and con-
But it is not just West Virginians sent to the Pan nomination?
Americans who are struggling to afford who are experiencing this inflationary
basic necessities. Ms. ERNST. I ask for the yeas and
problem. The National Defense Indus- nays.
Days after the nonpartisan Congres- trial Association, authored in part by
sional Budget Office published an anal- The PRESIDING OFFICER. Is there a
former Deputy Defense Secretary sufficient second?
ysis that the Inflation Reduction Act David Norquist, released a white paper
would actually not reduce inflation, There appears to be a sufficient sec-
recently that indicated inflation has ond.
particularly in the short term, Presi- cost the Department of Defense $50 bil-
dent Biden announces that he will do The clerk will call the roll.
lion and estimates that it will cost an The legislative clerk called the roll.
student debt cancelation that would additional $110 billion to our Nation’s
add another trillion dollars to the def- Mr. DURBIN. I announce that the
defense from fiscal year 2021 through Senator from Wisconsin (Ms. BALDWIN)
icit. fiscal year 2023.
Today and tomorrow, the Federal Re- and the Senator from Vermont (Mr.
Think about this in the face of what
serve, which is our U.S. monetary LEAHY) are necessarily absent.
we are talking about in terms of trying
watchdog, is meeting to set new inter- to help Ukraine overcome this terrible Mr. THUNE. The following Senators
est rates in a bid to tame inflation. The invasion by the Russians. are necessarily absent: the Senator
body has had to raise interest rates ag- Residential real estate has sky- from Wyoming (Mr. BARRASSO), the
gressively by three-quarters of a point. rocketed 43 percent in the past 2 years. Senator from North Dakota (Mr.
In June, Chairman Powell, who is the In fact, this year, mortgage rates have CRAMER), the Senator from South
Chairman of the Fed, admitted that risen from 3.2 percent to 6.3 percent, Carolina (Mr. GRAHAM), and the Sen-
the rate increase is ‘‘unusually large’’ which is the highest they have been ator from Idaho (Mr. RISCH).

ctelli on DSK11ZRN23PROD with SENATE
and would not be ‘‘common.’’ The Fed since 2008—setting all kinds of records The result was announced—yeas 52,
will likely raise interest rates again by here. So some are going so far as to nays 42, as follows:
the same amount tomorrow, for the predict an additional 17.8 percent rise [Rollcall Vote No. 340 Ex.]
third consecutive time in a row. These in home prices over the next year. YEAS—52
are the most aggressive rate increases A recent paper released by Goldman Bennet Booker Cantwell
since the 1980s, when my mortgage was Sachs, aptly titled ‘‘The Housing Blumenthal Brown Cardin

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