Statements by Sen Mark Kirk and Rep Robert Dold, on Blagojevich Beginning Prison Term

Washington, DC - As former Governor of Illinois Rod Blagojevich begins serving his sentence in a federal prison in Littleton, Colorado today, Senator Mark Kirk (R-IL) and Representative Robert Dold (R-IL) encourage implementation of bipartisan, bicameral ethics legislation that would curb public corruption.

"Let the sentencing for Governor Blagojevich be a clear warning to all elected officials that public corruption of any form will not be tolerated. Illinois families have long suffered from an estimated $500 million hidden corruption tax," a Kirk spokesperson said. "We need to make sure our laws help federal prosecutors crack down on public corruption and restore integrity to Illinois."

Congressman Robert Dold, from Illinois' 10th District, released the following statement: “Today we are seeing justice served for Governor Blagojevich and the people of Illinois. I am pleased that the final version of the STOCK Act included a provision that Senator Kirk, Congressman Quigley and I worked on in the Senate and House to ensure that taxpayer-funded Congressional pensions do not go to convicted felons in the future like the former Governor. Now we need to continue to focus on the important issues of the day and work together to spur the economy and stop wasting hard-earned taxpayer dollars.”

Gov Quinn Comments of FEMA's Rejection of Funds for Tornado Damaged Harrisburg

SPRINGFIELD - March 12, 2012. Governor Pat Quinn today issued the following statement regarding the state’s efforts to secure federal assistance for people affected by the Feb. 29 tornado.


“Today I spoke with Department of Homeland Security Secretary Janet Napolitano and informed her that we intend to appeal FEMA’s denial of our request for much-needed individual assistance for the people of Southern Illinois. I urged Secretary Napolitano to reconsider FEMA's decision. We are doing everything possible at the state level to help these devastated communities, but some of the assistance that our residents need to begin rebuilding their lives is only available through a federal disaster declaration.



“I met with local officials, spent time with residents and saw firsthand the devastation and damage caused by the tornado in Southern Illinois. FEMA underestimated the impact this deadly tornado had on small towns like Harrisburg and Ridgway. We have already begun work on our appeal of this decision in order to secure federal assistance.



“I am grateful to Senator Dick Durbin, Senator Mark Kirk and the Illinois Congressional Delegation for their vigorous support of our efforts to bring assistance to the people whose lives were ripped apart by the Feb. 29 tornado. We are hopeful our joint efforts will help FEMA understand that a full recovery from this disaster cannot happen without their support.”



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Sen Kirk's Office Issues Statement on Harrisburg Tornado

VIDEO COURTESY OF WSIL-TV





CHICAGO – The Office of United States Senator Mark Kirk (R-Ill.) today released the following statement in response to the severe storm that devastated parts of Southern Illinois Wednesday morning:

"Our thoughts and prayers go out to the thousands of people in Southern Illinois, and throughout the Midwest, who experienced the devastation and destruction brought on by this morning's storms. The Office of Senator Kirk expresses deep appreciation and tremendous gratitude for the hundreds of emergency response personnel and volunteers who have taken rescue and cleanup efforts upon themselves. We are working closely with the members of the Illinois delegation, will be following all future developments, and stand ready to do anything we can to assist in this difficult time."

If you or someone you know has been affected by Wednesday's storms, you can apply for assistance from FEMA here, or contact Senator Kirk's Office directly at 217-492-5089 or 312-886-3506.

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Sen Mark Kirk's Condidtion Upgraded to "Fair"

Dr. Fessler provided the following update on Senator Kirk’s condition this morning:

“Senator Kirk’s recovery is continuing. He is alert, talking and responding well to questions. He has been upgraded to fair condition and we are very pleased with his progress,” said Richard Fessler, MD, PhD, neurosurgeon at Northwestern Memorial Hospital and professor of neurological surgery at Northwestern University Feinberg School of Medicine.

Update on Sen Kirk's Condition

“Senator Kirk continues to progress as expected and we continue to be hopeful about his long term prognosis. He remains in serious condition and is being monitored closely,” said Richard Fessler, neurosurgeon at Northwestern Memorial Hospital and professor of neurological surgery at Northwestern University Feinberg School of Medicine.

Statement by Sen Kirk's Family Following His Stroke

CHICAGO - The office of Senator Mark Kirk (R-Ill.) tonight released the following statement at the request of Senator Kirk's family:

"We are overwhelmed by the outpouring of support we've received over the last couple of days -- from President Obama, Leader McConnell, Senator Durbin, Governor Quinn, Mayor Emanuel, the Illinois delegation and so many others across the state, the nation and beyond. Words cannot describe how much Joe Manchin's friendship and support means to us and especially to Mark. We are truly blessed to have such amazing family and friends."

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Sen Mark Kirk (R-IL) Warns of Growing Danger of European Nations' Debt Crisis Affecting US Banking System

 


WASHINGTON - Following the failure of European leaders to build decisive consensus on managing the growing European sovereign debt crisis, U.S. Senator Mark Kirk (R-IL) wrote to Treasury Secretary Geithner about the ‘systemic risk’ this crisis poses to U.S. banks and other financial institutions.

Under the 2010 Wall Street Reform and Consumer Protection Act, a new ‘Financial Stability Oversight Council’ must review and mitigate ‘systemic risks’ that could threaten U.S. banks or other financial institutions. Sen. Kirk, a junior member of the Senate Banking Committee, called on Secretary Geithner, the Chairman of the new Council, to conduct a “thorough analysis of the risk posed to U.S. financial institutions by the European sovereign debt crisis”.

According to the non-partisan Congressional Research Service, the European countries in crisis (Greece, Portugal, Spain, Ireland and Italy) directly owe U.S. banks $180.9 billion and are exposed to a further $586.6 billion in indirect risks posed by this crisis. Senator Kirk wrote, “events are moving so quickly that real-time, dynamic oversight of the European sovereign debt crisis needs to be a FSOC priority right now”. The letter also referenced Fitch Ratings warning that the U.S. banking industry faces “serious risk” and the Federal Reserve Bank of San Francisco warning that, “a European sovereign debt default may well sink the United States back into recession.”



The full text of the letter appears below:




December 12, 2011



The Honorable Timothy F. Geithner

Secretary

Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, D.C. 20220



Dear Secretary Geithner:

The Financial Stability Oversight Council (FSOC) was established to monitor emerging threats to the stability of the financial system and identify risks in U.S. financial institutions. Additionally, the Office of Financial Research (OFR) was created to assist the Council in collecting the necessary data to assess systemic risk. I believe the European sovereign debt crisis could now pose a systemic risk to the U.S. financial system and warrants enhanced monitoring by FSOC. I request a thorough analysis of the risk posed to U.S. financial institutions by the European sovereign debt crisis.


In recent months, U.S. financial markets experienced significant volatility. Many shocks in equities and bond valuations were related to developments in the Euro-zone. We have already witnessed one firm, MF Global Inc., file for bankruptcy as a result of over-exposure to European sovereign debt. Fitch Ratings warned that the U.S. banking industry faces “serious risk” from the European sovereign debt crisis. The Federal Reserve Bank of San Francisco tells us, “a European sovereign debt default may well sink the United States back into recession.”


With multiple signals that the crisis in the Euro-zone does indeed present a risk to the U.S. economy and financial sector, what monitoring and research is FSOC undertaking or requiring covered financial institutions to conduct to assess this systemic risk? Certainly, the Bank for International Settlements and the Depository Trust & Clearing Corporation provide data that can be compiled to show U.S. financial exposure on a static basis. However, events are moving so quickly that real-time, dynamic oversight of the European sovereign debt crisis needs to be a FSOC priority right now.


In 2011, FSOC reported on concentration limits on large financial companies, secured creditor haircuts and the Volcker Rule. The S&P Credit Watch warning against European sovereign debt has the potential to eclipse the risks of the other subjects examined by the Council. This is the type of research and analysis that I believe FSOC must undertake and make publicly available.


Sincerely,



Mark Kirk

United States Senator

Blagojevich Sentenced to 14 Years in Federal Prison, Fined $20,000.

Judge Zagel sentenced former Gov Rod Blagojevich to 14 years in federal prison. In his sentencing remarks, Zagel told the courtroom that many good fathers are bad citizens. But Zagel appeared to take into account Blagojevich's apology and acceptance of guilt, as he sentenced him. Giving him 14 years in Federal prison, which means Blago will have to serve at least 11.9 years in jail, but the thinking was Blago would have had more time, but for his apology before the court prior to his being sentenced.

Reporters in the courtroom say Blago was red-eyed as he sat with his wife Patti, awaiting his sentencing. In addressing the court, Blago said he was sorry for his actions, including trying the case in the media. Blago also apologized to his brother Rob, who was a defendent in the first trial, but was found innocent.

Judge Zagel in his remarks prior to sentencing noted that the position of Governor is more important than any other position, aside from the President, and said Blago's actions undermined the confidence of citizens in their government.

In a statement just prior to the announcement of sentencing, Sen Mark Kirk (R) said that this is a big victory for US Attorney Pat Fitzgerald, who now has sent a second IL governor to jail.

Just prior to being sentenced, Blagojevich told the court, "My life is ruined. My primary reason for living now is my daughters."

The Blagojevich's have two daughters, a 8 year old and a 15 year old. This sentencing today will mean that Blago will miss his daughters' teenage years, and possibly miss a wedding.

Judge Zagel allowed Blagojevich to remain free until mid-February, which means he can have the holidays with his family and get his affairs in order.

Sen Mark Kirk (R-IL) Says State of Illinois' Debt Worrying Credit Markets

from Sen Mark Kirk's office.. Oct 11,2011


State’s Debt Rising, Credit Rating Declining, Illinois Communities Paying More Than Other States in Interest


Citizens Owe 2x More than People in Indiana, Iowa or Missouri and

3x more than people in Michigan or Wisconsin


Combined State, City, County Government Debts Load For Each Chicago Household: $78,000

CHICAGO - With reports that the State of Illinois faces debt concerns greater than any other state, U.S. Senator Mark Kirk (R-Ill.) today published the Report on Illinois Debt, advising citizens on how much their state owes and the danger of its mounting debt. The report was prepared in consultation with Senator Kirk’s Sovereign Debt Advisory Board, chaired by financial expert Henry Feinberg.


“If Illinois enters an unrecoverable debt spiral, there will be no federal bailout. Therefore, the people of Illinois need to know the dire financial position of our state and what we need to do to fix it ourselves,” said Senator Kirk.

This report shows Illinois directly owes over $30 billion, on top of unpaid bills that increased ten times in ten years. The state’s accumulated health and pension obligations total over $140 billion -- with less than 60% of these promises covered, representing the lowest percentage in the nation. Illinois has the worst credit rating of any state in America and ranks 48th out of 50 states in healthy business climate. By adding the debts owed to Illinois, Cook County and the City of Chicago, each Chicago household owes $78,000.

“Illinois is in a self-perpetuating, destructive cycle of debt resulting from increasingly mismatched revenue and obligations,” said Henry Feinberg, Chairman of Senator Kirk’s Sovereign Debt Advisory Board.

Illinois pays almost $3 billion annually for interest on the money it already borrowed. Spending on interest already totals four times the amount needed to erase the $700 million budget deficit of the Chicago Public School System. The debt picture is not improving because Illinois unemployment is rising. The state employed 190,000 more people in January, 2001, than it does today. For debts and unfunded liabilities, each person in Illinois owes twice as much to the state as people in Indiana, Iowa and Missouri and three times more than people in Wisconsin and Michigan.


Because Illinois has such a poor credit rating, local governments must pay higher interest rates than similar communities in better-run states. For example, Cook County School District 163 had to pay more in interest expenses than similar Midwestern creditors because it was in Illinois: $592,706 more than Brownsburg Redevelopment Authority, Indiana, $893,109 more than Waterloo, Iowa and $1,096,437 more than a school district in Randolph County, Missouri.

Prospects for repayment are difficult. Illinois lost over 190,000 jobs since January 2001. The City of Chicago lost over 200,000 people during the same period.

Lost population means the debts and unfunded liabilities must be repaid by taxpayers who remain in the state. If Illinois had the same population growth rate as Indiana, per household debt would be approximately $400 lower than it is today.

Illinois citizens face higher taxes and larger debts because so many of their fellow citizens have moved to other, more fiscally responsible states. The State lost over 85,000 net taxpayers between 1995 and 2007 to neighboring states. Taxpayer flight between 1995 and 2007 cost Illinois an estimated $2.4 billion in tax revenue.


While Illinois is an American state with substantially stronger institutions than Europe, its debt load per person is higher than for citizens in Spain, Portugal, Ireland or Greece.

While there are many solutions to this problem, knowledgeable Republican and Democratic state legislators joined the Civic Committee to focus on key pension reforms needed to improving the state’s dismal record with borrowed money.

Senator Kirk concluded, “The deteriorating credit rating of Illinois harms our state’s ability to attract new jobs and higher incomes. To maintain the federal credit rating, Congress cannot bailout a few spendthrift states. Therefore, our state’s leaders must focus on pension reform and other anti-spending measures to replicate the growing success of Indiana and other Midwestern states.”

Sen Kirk (R) on Stanard and Poor's Negative Outlook on US Debt and Fiscal Policy

SEN KIRK'S STATEMENT ON THE S&P's Negative Outlook on US Debt

The coming legislation on the Debt Limit offers the chance to save the dollar and our economy. If we miss this chance or if Congress sends the President a blank check, then the following quote from S&P is a stark warning for our future: 'We believe there is a material risk that U.S. policymakers might not reach an agreement on how to address medium- and long-term budgetary challenges by 2013; if an agreement is not reached and meaningful implementation is not begun by then, this would in our view render the U.S. fiscal profile meaningfully weaker than that of peer ‘AAA’ sovereigns.' "

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Sen Kirk's Reaction to State of the Union

Statement from Senator Mark Kirk (R-IL) on State of the Union Address

"The Address reflected an important call for civility after the Arizona shootings. Senator Durbin and I sat together as patriots, not partisans.

The chief threat to our economy is runaway federal spending and debt. The American people elected a new Congress with a mandate to cut spending, reduce debt and keep taxes low. Unfortunately, I heard more ways to spend tax dollars than ways to cut the budget. Republicans should support the President's efforts to consolidate the federal government and his call for ending congressional earmarks.

Congress must soon answer the President's request to borrow more money. We should say no- unless legislation is coupled with new anti-spending reforms that would make any future additions to our debt increasingly impossible. I am also eager to join in the Administration's discussion towards a simplified tax code and ending regulations that hamper economic growth."

Sen. Kirk Says 15 Financial Reforms Should Go with Debt Limit Vote

Vote on the Debt Limit is a Key Opportunity for Fiscal Conservatives

Potential for Bipartisan Cooperation on Many Key Issues

(Chicago) Illinois’s newest Senator, Mark Kirk, previewed the key issues before the new Congress which begins tomorrow. Senator Kirk highlighted the importance of the upcoming vote on the federal debt limit as a “key opportunity for fiscal conservatives” to enact anti-spending reforms to lower deficits and taxes.

Senator Kirk took office November 29th as a result of a special election to fulfill the remaining month of former Senator Obama’s original six-year term. Kirk will be sworn in again tomorrow for his own six-year term as the junior Senator for Illinois.

The outgoing Congress formally increased the federal allowable debt four times, from $11.3 to $14.3 trillion. As of December 2, federal debt totaled $13.8 trillion. The federal government is expected to reach the current limit on its debt at the end of the first quarter of 2011. If a slow economy yields poor tax receipts and current federal spending continues, the federal government will attempt to borrow another $3 trillion by 2013.

Senator Kirk outlined 15 anti-spending reforms that should be attached to any legislation regarding the debt of the United States. “The most important reform will be to provide only short-term extensions of debt, giving economic conservatives many opportunities during the next Congress to cut back on spending and debt. In addition, the remaining reforms will help end the practice of increasing the federal debt, returning the government to a pay-as-you-go, sustainable operation.”


The anti-spending reforms include:

- Set An Example. Reduce Congressional and White House budgets by 15 percent.

- Realign Public to Private Pay. Freeze federal civilian pay and benefits.

- Stop Expanding Public Employment. Freeze federal civilian hiring.

- Live With Last Year’s Budget. Cap discretionary spending.

- Empower the President to Cut Pork. Enact a reformed presidential line-item veto.

- Prevent One Generation from Burdening Another. Enact a balanced budget amendment to the constitution (similar to Senator Simon’s S. J. Res. 41).

- Create Bipartisan Consensus with Power. Establish a new bipartisan “Grace Commission II” to propose anti-spending reforms, linked to authorities to submit reforms for up or down congressional votes.

- Rationalize Wasteful Federal Holdings Not Being Used. Establish a Federal Real Estate Disposition Commission to identify properties that can be sold, with proceeds used to reduce federal debt.

- Eliminate Unused Buildings/Property. Require the Government Services Administration (GSA) to lease or sell underutilized buildings (GAO reported 22,000 excess and surplus properties in 2007).

- Align Spending to National Income. Set an annual spending ceiling at 21 percent of GDP and require major asset sales to fund expenditures above that level – real estate, spectrum, direct federal loans or operating assets like the Tennessee Valley Authority.

- Lower Health Care Costs. Enact medical malpractice reform and reduce the cost of health care.

- Cut Losses of Big Losers. By reforming Fannie Mae and Freddie Mac, taxpayers may mitigate losses of at least $150 billion and climbing.

- Create Pentagon Incentives to Rationalize Holdings. The Defense Department should be encouraged to sell outdated inventory and vacated properties, applying half the proceeds to military modernization and half to reduce federal debt.

- Reduce Spending in the Private Economy. Eliminate half of the 53 corporate welfare programs listed by the CATO institute.

Senator Kirk also outlined at least six key issues where there was potential for bipartisan progress, including:

- Opening New Markets for American Exports: President Obama supports free trade agreements with South Korea, Colombia and Panama that will open key markets for Illinois exports

- High-Speed Rail for Illinois: Following Wisconsin’s decision to reject high-speed rail funding, Senators Durbin and Kirk support high-speed rail for Illinois.

- Banning Sewage Dumping in the Great Lakes. Senators Durbin and Kirk are working on legislation to ban all sewage dumping in the Great Lakes.

- End to Earmarks: President Obama supports ending the congressional practice of pork-barrel earmarking of federal appropriations.

- Line-item veto: There are indications that President Obama may put forward a line-item veto to cut federal spending.

- Law Enforcement Assistance to Mexico: There is strong bipartisan support to helping the Mexican government win its battle with drug cartels that dominate its border.

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