though interestingly, hank paulson, the bush treasury secretary when he recommended financial regulation couple years ago had a consumer protection component to it as well. elizabeth warren has been a consumer advocate for years as a college professor and someone who has spoken out and been on the congressional oversight panel for the tarp program, trying to see how that's been administered. and she's somebody who is going to stand up that agency. they face a huge fight. republicans are fighting the administration across the board on major and controversial appointments of this kind so the administration's choice is do we go ahead and have that fight, might have political benefit in the election, or do we get the agency going and tell our base we've won by going around the senate and doing it? that's what they did. gwen: it felt to me like for both parties this was a week which crystalized something interesting, which is they're all runninging a fast as they can to catch up with the oncoming train before it rolls them over but neither party mainstreams or figures out how to do it. >> i t

habitat on the hill to take on any of those. >> this is michael mundaca, assistant treasury secretary for tax policy. he worked in the treasury during the clinton administration, during the bush administration, and now during the obama administration. his specialty in some regards is international taxation. he has several degrees, a bachelor's in philosophy and physics from columbia, a master's in philosophy from the university of chicago. he got a law degree from uc berkeley. and he has an llm for taxation from the university of miami. this is michael mundaca, assistant treasury secretary for tax policy. thank you for being on "new makers." we will be back to assess what we just heard. we are back with martin vaughan of dow jones and kim dickson of reuters. we have been talking about tax policy with the assistant treasury secretary. martin vaughan, did he say anything that was off message? >> not a lot. i think his answers underscored the dozens of uncertainties that there are out there in terms of whether -- of where the tax cut is going. we asked him what was going to be done about the estate tax? what will be done about the top rates? how will you handle the dividend tax?

. >> those who are afraid of your arrival, for instance, assistant treasury secretary in the bush administration who said that cracking down on wall street means some people won't get a loan. there are jobs that won't be created. cars that won't be sold. >> can we just refrain what that seems to be saying? if he's really saying if we can't trick them we won't lend money to them, surely that's not what he means, but that is sure what the statement seems to suggest. >> did the president side-step a fight by appointing you this way? >> i don't think so. we could spend a year talking about the confirmation process. now, i actually would never be allowed to talk during this and more importantly, i wouldn't be allowed to work during it. the alternative is he said you can get to work tomorrow if you don't care much about titles. i said, mr. president, that's the job i want. >> what about your family? what are you going to be thinking about? >> you mow, i have two little granddaughters and we got a baby on the way, the third one. those are the ones i do this for. this is what i've worked on. this is wha

the assistant secretary for tax policy. he's worked at the treasury department during the clinton administration, during the bush administration and now during the obama administration. he spent several years at ernst & young young -- and his specialty is international tax. he has several degrees, a masters in philosophy from the university of chicago. he went west for his law agree from u.c. berkeley. and he has a l.l.m. in taxation from the university of miami. michael mundaca, assistant secretary for tax policy. thank you for being on "newsmakers." >> peter, thanks for the invite. >> we will be right back to assess what we've just heard. >> we are back with martin vaughn of dow jones and kim dixon of reuters. we have been talking about tax policy with the assistant treasury secretary. martin vaughn, did he say anything that was off message? >> not a lot. i think his answers really underscored the dozens of uncertainties that there are out there right now in terms of where the tax cut is going. we asked him about what's going to be done about the estate tax what is going to be done about the top rates. how are you going to h

hank paulsen, secretary of the secretary, and he was not president obama's secretary of the treasury but ha3 wooulmortgageing r ves=of ing rent. yeeasury but president bush's secretary of the treasury who came before this committee and laid out the dire consequences if we did not act. when you measure this deal, let's be honest. you have to figure out how you got into a problem before you can fig how to get out. not a matter of calling names, it's a fact. this did not happen under president obama. he was a state senator trying to become president. this happened under paulsen's watch, who was the treasury secretary for president bush. fact. close. now, there is still a need out here for help and assistance for middle and moderate-income people to be able to get their homes. let me add one thing, i hope when we pay attention, that we will to these community banks, our community banet t own 85% o the lenders who own stock in the g.s.e.'s. when you talk about doing all of that, it ain't just as simple as that. this is a complicated area and the need is still there. >> the gentleman's time has expired. all time has expired. we'll now hear from the panel of witn

talk small business but really coming out with the vice president and the treasury secretary to play let's make a deal with the tax policy relative to the bushicies? >> well, i think the president is drawing a line in the sand and effectively daring republicans to oppose a tax cut that would benefit 95% of the country. i think the optics of that are terrible for the republican party. i don't think republican party cares, to be honest. i mean, given last night's results in delaware and other places, you know, previous elections, i think any republican is just absolutely ter need there will be tea partied in the next election if they do anything, you know, like supporting what the president wants. so, but in terms of, you know what you're going to see, i think, the next five to six weeks, there is going to be, i think, a very strong message from the white house and the democrats that is going to try to pigeon hole republicans as a party that doesn't make fiscal sense on a key policy. that is the tax cuts. the notion of giving the top 5% tax relief, adding $700 billion to an already exploding debt is just idiotic. >> robert litan, how much is t

the george h.w. bush and bought it -- if thought it an extraordinary thing for the economy. as for the tarp, well, one at treasury secretary henry paulson -- when treasury secretary henry paulson went to george w. bush in 2008 and said, "we misjudged the situation and did not understand how bad things are going to get, we need to $700 billion now," and when he then went to nancy pelosi and got down on his knees in front of her and begged her to approve it, he thought that the choice was, as retiring federal reserve, vice chairman donald kohn said, that either we spend this money and keep a relatively small number of financiers who made bad decisions from reaping their just desserts, or put the jobs of millions of americans at risk -- a truce between teaching financiers -- a choice between teaching 2000 financier's a lesson on one hand, but that meeting that an extra 400 million americans lose their jobs, there was really no choice. tarp was the correct thing to do, and the second thing was to make sure that you restructure the regulation of financial markets in such a way that you do not get into the same kind of

the lady calling about medicare and social security? of course they were. $7 trillion in treasury bonds to secure the debt in the social security trust fund. much of that was created under bushevery budget cycle has $180 billion to $250 billion. this is astounding. i do not know how long it was building up for, but i think that nancy pelosi with the health care bill, one of the reasons they have to get past, i do not know if she has gotten rid of some of the debt for medicare, but $37 trillion -- and then, to top it off, we, the people, do not matter. wall street is what matters. $26 trillion, it is a farce. it is almost -- when you have the corporations and big special interests, even though they will not admit that it is quid pro quo. host: getting back to the business week column from online, 2011 will be a triangulating time for obama. " host: vivian has this comment -- hold them accountable, if they do not do what they are supposed to do, throw them out. then you should not vote for the do nothing party. michael, republican line. caller: it is great because i do not want to work with liberals. we have seen the agenda from the obama administration. as one of your earlier

point of view, but the point of view of the former domestic policy adviser to president reagan and treasury department economist to president george herbert walker bush. mr. bruce bartlett, federal taxes are lower by every measure since obama became president. $787 billion stimulus bill enacted with no republican support reduced federal taxes by almost $100 billion in 2009 and $222 billion in 2010. mr. garamendi: if you might yield for a moment, dr. kagen. the stimulus bill was actually a tax cut bill? mr. kagen: biggest tax cut in american history. we were in such a decline economically, no one felt it. we did it economically. we didn't mail people a check. we made sure they got the tax cut on the other end. it was more economical. never before has such a tax cut been enacted and it was the democrats without the republican support that guaranteed middle-class families would pay less in taxes. mr. garamendi: if i might, you and i were talking earlier about a program you have been doing in your district for the last couple of weeks and you have been going to communities. and along the way, you reached out and said, we need to make it in america. you w

michael consistent treasury secretary for tax policy takes about president obamas tax proposals and what may happen with the bush administrations tax cuts. news makers today at 6 profit margins eastern on c-span. presentive joe bonner in his fourth term presents the first district of alabama. he takes questions interest of local residents effected by the oil spill by his local town hall. this is about an hour and ten minutes. [captions copyright national cable satellite corp. 2010] >> i've learned the value of loyalty in the political arena. it's rare. but i want you to know something. congressman bar is my friend. he's my buddy. he's been there for us. not me, but us in every battle i've had and all i had to do was pick the phone up. and he took care of business. it means a lot to me and i hope it means a lot to you guys. he has done that for us. so, without furth a due, i'd like to welcome honorable joe bonner. thank you for being here, sir. >> thank you. [applause] >> thank you, mayor. thanks to the people of orange beach, pleasure island for coming out. i want to return the favor. our world changed in a very