rivlin? you will not remember, but many years ago i ran into you walking down the street, and you were very, very kind to me. you spent literally 10, 15 minutes just talking to me on the street about some, a couple also esoteric issues so i have always been very appreciative of your time. >> thank you. glad you have that memory. i think asset bubbles are a real problem for the fed, but not because of the balance sheet effect. because monetary policy is not a good tool for dealing with asset bubbles. it's a good tool for dealing with general price inflation. so the fed needs different tools. credit, specific credit controls, and controls on excessive leverage to deal with bubbles, and the dodd/frank act does put them in that business, and i think that's good. >> well, could current fed action and even dr. galbraith's opinion, could the current fed balance sheet, the mechanics there, could it also be leading to a bond bubble right now? if we start to move towards more normalized interest rates,

rivlin, and also for dr. klein. i don't want to get so much in on the cause but an assessment on how serious you think the world financial crisis is? a lot of us, you know, put a lot of blame on monetary policy and federal reserve and the dollar reserve standard and excessive debt in these issues. we're not going to resolve that today. who is to blame, but do you consider the world financial situation to be a mess or just something that will be taken care of soon and there's not that much to worry about? >> i'm very worried about europe. i think the austerity policies are the wrong policies at the moment, but they have, they'll make the situation worse, and that could be bad for us. the long-run debt situation in europe is serious, but at the moment i would focus attention on their getting out of the recession. for us, i think we've got to get out of this recession, too, but we've got to get our long-run debt under control. i think we can, but we haven't. >> all right. could you follow-up, dr. klein? give me your as

rivlin. dr. rivlin, at any time during your tenure on the board of governors, did the dual mandate interfere with the bord's ability to set monetary policy? >> no, i don't believe it did, mr. clay. setting monetary policy is really difficult, and you're always weighing different considerations, but we were very focused when i was there on what was happening to productivity growth, which was something of a mystery. we weren't very worried about inflation because it was falling, and so we continued thinking we were in conjunction with both mandates to the keep interest rates relatively low. >> and inflation was falling because the economy was robust, it was growing jobs, and that was because the administration was working with congress to help the economy along. is that correct? >> well, we had strong growth in the economy. we had a restrictive fiscal policy in that period. we were trying to get back to a balanced budget which sounds like a fantasy now, and we did it. so the fed's job was easier at

rivlin said. and i think that that is my point when i say if tax reform is part of this process, it's very hard to get done in a six-week period because i think that there's going to be great reluctance to make radical changes. i think there's significant things we can do. i also think that there's ways to do it where you're not picking on any one deduction or another. you are taking the marty fell steen approach. i'm not endorsing the specifics of that proposal. the idea is you're not picking on any one kind of deduction. you're redusing the value of the deduction overall. let me give you one fact, nerd to get from 25% to 35% according to the tax policy center that's $4.6 trillion in revenue. that's on top of the $5 trillion of revenue from the end of the 2001 -- making up $4.6 trillion of revenue by reducing the -- eliminating some of the tax expenditures i would suggest is a huge challenge. i have not seen we challenge our republican are colleagues to show us how you do that without reducing th

rivlin. you've been outspoken on fiscal policy and that's always been appreciative to have other voices out there saying we have some great difficulties. has the fact that the fed has been able to grow its balance sheets to many levels has that been a way to help congress avoid fiscal policy? >> i don't think so. i think the congress has not wanted to face up to the hard choices. and the feds buying bonds is a small part of the whole world buying bonds. counter to reality the world believes that we're a very safe investment. >> but u.s. southern debt issues over the last 24 months hasn't the fed represented close to half or -- >> i don't know exactly what the figure is. but right now we can't have a rapid reduction in our national borrowing because it would derail the recovery. so i don't think the fed has much of a choice. i would be cautious about increasing the balance sheet much further. i don't think there's an answer to your question about how big can it get. right now we need a double

rivlin said. and i think that that is my point when i say if tax reform is part of this process, it's very hard to get done in a six-week period. because i think that there's going to be great reluctance to make radical changes. i think there's significant things we can do. i also think that there are ways to do it where you're not picking on anyone deduction or another. you are taking sort of the marty feldstein approach, and i'm not endorsing the specifics of the proposal, but the ideas you're not picking on anyone kind of deduction but you're reducing the value of the deductions overall. but let me just give you one fact. in order to get from 35% to 25%, according to the tax policy center, that's $4.6 trillion in revenue. now, that's on top of the $5 trillion of revenue from the end of the 2001 -- making up the $4.6 trillion of revenue by reducing, eliminating some of the tax expenditures. i would suggest the huge challenge, and i've not seen, we have challenge our republican colleagues to show

rivlin, you have a lot of experience in this. you want to take that first? >> it's just hard because there may be duplications in programs, there certainly are. but every program has a constituency that it is serving and believes it shouldn't be cut and a subcommittee that is protecting it. so it's very difficult to do a grand design that says these things should be consolidated. it also doesn't save much money. so the motivation to do these difficult tinkering things in defense or domestic spending and there's waste in both is limited because you go through enormous effort and political cost and you haven't saved much. >> i would say there should be an added incentive for a lot of the federal agencies to make some of the changes that the gao's proposed. as part of the budget control act we did put spending caps on discretionary spending which is close to a trillion dollars over ten years. so that will build greater pressure to achieve those savings. these are important recommendations. some of the big drivers in the long-term report the health care costs. i

i also the opportunity to serve with alice rivlin. she was always an effective and thoughtful colleague, and has long been a major voice, what arguably is our country's most fundamental economic problem, or economic policy challenge i should say, and that his reception sound fiscal conditions. jim poterba has what is thought by many to be the most important job in american economic profession, and he has accomplished the enormous challenge of successfully seceding a giant in the profession, marty feldstein, and succeed in a giant is never an easy task. by the way, by terms of the president, said of the national beer of economic research being the most important job in american profession, marty was an marty if that was true, and he said yes. [laughter] finally, michael greenstone do provides outstanding leadership at the hamilton project, and has also provided frequent tutoring for me and so many members of our project, has done a remarkable job as you can tell from this morning's program. today's program will give all of us the oppor

i will begin by introducing alice rivlin to my last. alice may well have the best budget resume in washington d.c. she's been a director of the omb. she's the founding director of the cbo. she served on the president's commission on fiscal responsibility, cochaired the domenici rivlin task force on debt reduction and in addition to all of that commission is vice chair of the fed for several years. i said to my left, we have john engler who served three terms as michigan and was manufacturers. it's currently the president president the business roundtable. when i was looking at his background last night on the web, i was struck by the statistics that belong to the roundtable have annual cells of not 6 million, not 6 billion, the $6 trillion. i think to speak authoritatively to the business community. to my right, we have john podesta who has had an almost possible number of influential provisions in washington d.c. and the clinton white house with several key positions in what was ultimately the chief of staff. after his time there he fo

plus the anemic recovery and the election with the national journal's major garrett and janice rivlin. i'm candy crowley and this is "state of the union." >>> republican leaders and former rivals are gathering around mitt romney's candidacy, but the coalescing lacks a certain warp and fuzzy feature. >> compared to barack obama i would trust mitt romney 100 times over. >> he's the guy. he called and i called him back. we kind of traded some voice mails. >> he's the person that is going to go up against barack obama. it's pretty clear. and we need to win this race. >> i am joined by the latest candidate to exit the race, former house speaker newt gingrich. thanks for being here this morning. >> good to be here. >> my question is these have not been warm embraces. it was a tough campaign, and i get that that's a tough step to take, but do you think that it's time now to try to bring those who would follow you and say, listen to me, i do embrace this guy in a whole manner, because he needs to move on, doesn't he, to get into the fall campaign? >> i think what he did this weekend is exactl

i think domenici-rivlin was terrific.e end of the day what's got to happen we've got to come together and deal with our long-term debt threat and i believe we've got it a chance to do that, either in a lame duck or the first part of next year, but we've got to do the homework now. >> and you're still -- are you getting any traction on this from the white house? >> you know, i can't speak for them. but i can tell you that the president was very prepared to do the grand bargain last year and i think he is absolutely prepared to do it. but you know, you've dot have both sides willing to come together. and our republican friends are going to have to cross the rubicon and be willing to have more revenue because if you look at current circumstance revenue right now is at or near a 60-year low as a share of our national income. spending is at or near 60-year high. we've got to deal with both sides of the equation. most of the republicans friends, most, not all, say, no, you only deal on the spending side of the equation. thats n

we need to invite these reforming democrats, you know, erskine bowles, alice rivlin, the medicare ideas we've talked about, john bro, alice rivlin, ron wyden, they're all saying this is the best way to save this program. so we these to invite those democrats into our coalition, work with them so we can fix this country's problems not by cramming our vision of saving the country down their throat like they did, but by bringing the country together. tax reform and medicare reform, perfect examples, two of the biggest ideas that we have to do, and there are plenty of democrats who agree with what we're saying. so what we need to do is win, be magnanimous and include them in a coalition just like ronald reagan and tip o'neill did, and i think that's the secret to success. that's not the kind of democrats you have right now running congress or in the white house. but they do exist be, and so we need to invite them into the coalition. [applause] >> kind of a specific question here regarding banking regulations. what type of regulations do do u favor for banking? >> well, i'm a big opponent of

rivlin on those issues.i would only say that everything needs to be on the table in order to solve this. revenues, spending, mandatory, it all means to be addressed in order to come up with a solution that will put us on a sustainable path. >> the gao has been goodthey art of a much larger older population and their health care. >> those are really the two main drivers. it affects state and local governments. we have fiscal challenges. it compounds the problem as the federal government deals with these issues. there will be important consequences. they need to be factored them. >> -- without being factored in. >> they have only recently began to return to pre-recession levels. what the effects of the 2009 stimulus winning can ensure policy makers that they do about the state? >> what makes sense? what is the discussion? >> i will take a stab at that. back to the recovery bill. much aligned by colleagues. they help create up to 4 million jobs. he saw a direct correlation between the end of the stimulus packag

this event also includes former fed vice chair al ins rivlin and ranking democrat chris van hollen who vitt sized the budget put forward by house republicans. this is just over an hour. >> -- with that we'd like to get the show on the reeoad and begi with tail winds and head winds and my colleague dan moss is going to be moderating that panel discuss, and if he and his guest koss come up here onstage right now, a quick introduction and they'll get this show on the road. let me tell you first of all about his first, dan xeblttive editor of bloomberg news responsible for government and economics at bloomberg and we have, here you can see two of our panelists robert f ingles and michael railroad molino, professor's management at financial services director of volatility ins student at the sterns school of business in new york university. a nobel prizelaureate, author of the pulitzer prize winning author and author of "the quest." which as i saw this morning in the "new york times" said is necessary reading for ceos, conservationists, lawmakers, tech geeks, thriller writers, among others.

alice rivlin is a senior follow in academic studies at the brookings institution and former vice chair of the federal reserve board of governors. without objection, your written statements will be made part of the record. you will now be recognized for a five minute summary of your testimony and we'll begin with dr. herbener. >> chairman paul, ranking member clay -- >> keep the mike up close. >> and distinguish members of the committee, it is an honor to appear before you. left to the market the production of all goods including money, passes the profit and loss test to socially beneficial production. like all private enterprises a gold mining produces if the revenue from the sale of its output exceeds the cost of its inputs and beneficial because the value of inputs to satisfy its customers exceeds the value of those inputs in producing those goods to satisfy other customers. in the market money production is regulated by profit and loss. changes and demands bring forth more production. if the demand for money increases making the value of more gold coins rises, minting companies woul

the simpsons-bowles fiscal commission plan, the domenici-rivlin plan, the gang of six proposal offer bipartisan bliewnts for -- blueprints for how to address it. it would restructure entitlement teng sperng. entitlement spending the the main source of our dangerous federal debt. do those reforms so seniors can count on medicare and social security and taxpayers can afford them. mandatory entitlement spending which is 58% of the federal budget is growing at nearly three times inflation and bankrupting our country. discretionary spending which funds our national defense, our highways, our national, a and parks and national laboratories is only 36% of the federal budget and is growing at the rate of inflation. focusing our budget cutting on discretionary spending is just a way for congress to use the president's words, to kick the can down the road. the real work is reducing the growth of mandatory spending. although the senate's not debating its own budget resolution going 113 dates without passing a budget, we're gate dwaitding several proposals, i do support the house-passed budget b

what we did on rivlin-domenici, it wasn't just a payroll tax cut, we had a payroll tax holiday for a full year. it was a very substantial stimulus. and, you know, maybe that's not the right approach. maybe there are other approaches. but we wanted to emphasize that you could and should be accommodating in the short term, but so long as you were having a longer-term sustainability plan. >> doug, please, go ahead and then -- >> i just want to say i think this is a big point of contrast which is, you know, there's temporary, targeted policy-making approach is not one that governor romney support bees. we have had an economy that's been growing since 2009, june 2009, and it's just going too slowly so that the fundamental problems are not ones that will, in fact, be treated by that set of policy tools. you need to enhance the trend rate of growth in the economy that requires tools of permanent reforms for structural problems, and that will actually help in the near term. they go hand in hand. >> rob? >> well, what this ignores is the miserable job creation record of the last administratio

panelists include form beer treasury secretary robert rubin and alice rivlin, the founding director ofthe congressional budget office and the former head of the office of management and budget. that's here on c-span2 at 9:30 eastern. and on our companion network, c-span, the heritage foundation hosts a discussion of how to help veterans and their families. the forum includes service groups outlining their programs for veterans. that's at 10 a.m. eastern. >>> sunday on q&a -- >> i don't regard this as just the biography of lyndon johnson. i want each book to examine a kind of political power in america. i'm saying this is a kind of political power. seeing what a president can do in a moment of great, a time of great crisis, great crisis, how he gathers all around, what does he do to get legislation moving, to take command in washington, that's a way of examining power in a time of crisis. i said i want to do this in full. i suppose it takes 300 pages in there. so i couldn't, that's why i just said let's examine this. >> robert care row on the passage of power, volume four in the years o

of course, i am all of you are aware of the extraordinary work done by peake indemnity and alice rivlin, client fiscal and economic policy, our so-called debt reduction task force. our conversation this morning is part of the 2012 election series and is organized by our democracy pride project. in a moment, and will introduce our colleagues. he will introduce our panelists and will moderate this event. as the invitation notes, this event will be followed -- i am not sure we have a date for this yet -- june 20? thank you. on the vanishing moderate democrats. [laughter] [laughter]

i will begin by introducing alice rivlin to my left. alice may well have the best budget resume in washington. she was director of the omb, founding director of the cbo and served on the president's commission on fiscal responsibility and was the co- chair of the domenici-redlariv commission and chairman of the fed for several years. >> john enlger served several terms as governor of michigan and is currently president of the business roundtable. when i was looking at his background, i was struck by the following statistic -- the companies said matt leblanc to the business roundtable of annual sales of not 6 million or a 6 billion but $6 trillion. i think you can speak authoritarian to -- authoritatively to this discussion. >> john podesta has had an impossible number of influential positions in washington, d.c. in the clinton white house, he had several positions and was ultimately the chief of staff. after his time there, he founded the center for american press and he is now the chair counselor for the center for american progress. j

all of you are aware of the extraordinary work done by and led by pete domenici and doctor alice rivlin on fiscal and economic policy. our soap called debt reduction task force. our conversation this morning part of our democracy project. i would like to introduce my colleague, john fortier who directs the project and he will introduce our panelists. and he will moderate. as the invitation notes, and as john will describe, this event will be followed, i'm not sure we have a date for this yet, but june 20. june 20, on the vanishing moderate democrat here. [applause] [applause] honestly, secretary glickman has the same passionate interest in not -- do that. we are talking about the last five decades. my role and my crew promised 255 years now has been largely devoted to transportation policy and management. many of you know that i have a personal interest in the subject. several of her colleagues are in this room this point. i welcome you and i am glad that you are is good to see the 50 year anniversary. if that is the right word. our purpose in founding the society was provide vision, in

rivlin and mr.len. >> this week on q&a, our guest is the president of southern methodist university, r. gerald turner. the university will be the site of the george w. bush presidential library scheduled to open in 2013. c-span: dr. gerald turner, president of southern methodist university, is it true you have not spoken the truth shall set you free? >> guest: that was the motto that was identified that accompanied the opening of the school when it was founded in 1911 and opened in 1915 so that is the motto. c-span: what does it mean today to you? >> guest: i think it means to all of us the truth will set you free. that means the basic goal of institution is to try to find truth whether that is in our research efforts in teaching or in the human experiences or whatever. of course ultimately the goal is to find what is really there. c-span: what is the toughest part of being a president today and what is the best part of being the president? >> guest: the toughest part of being a president, i tell pe

whether it is simpson-bowles, rivlin-domenici, both plants are bipartisan and both plans dealt with what most observers must be the elements of a good compromise. on that spending--- that is restraint on spending, increase system real revenue, tax revenue, and making sure that policies into place so you have economic growth. it is not rocket science. i'd think most of us have gone through this and up, whether it was the super committee or simpson-bowles or the biden group or the gang of six, that we have seen this. you can only do the movie so many times in different ways. and so, i think we can get there. most of the folks who get to make the decisions are not experiencing the pain that those americans who are on the cost of losing their homes or their jobs are suffering. it is like the situation in iraq and afghanistan where one percent of americans are impacted by these two wars, but we don't feel this. most of the folks on capitol hill don't feel the economic pain that today some american families fighting through to make sure that they persevere. if we did, i think it would be a lot

nonetheless, there's a reason why we keep talking about it and about domenici-rivlin and about the gangf six thing. the moving parts of this are not hard to identify, you know, long-term entitlement growth, revenue growth through tax reform and restraint on discretionary spending and defense consistent with the fact that a lot of that stuff we really would support if we had a longer-term solution in place that the markets could have confidence. >> you know, look, let's be a little more fair. you did a little bit of revisionist history there. let's remember that it was the president and john boehner who came pretty close to a deal, probably a deal that i wouldn't have liked, but a deal that they were about to have, and it was boehner who couldn't deliver. >> that's not true. >> that is true. >> no. >> that is very true. [inaudible conversations] >> both sides backed away from that, and we don't know who could deliver. >> that was boehner that backed away from the -- from it. >> that's not true. >> you can't rewrite history, ben. >> simon? >> well, i think some of the things ben is saying

full we third of the current deficit is as a result of the fact the economy is in full employment to rivlin domenici and others that says the only credible way you can get there is through a combination of cuts as well as additional revenues, revenues generated by closing a lot of corporate tax loopholes, revenues generated by asking folks with the very highest income of the latter to return to the pain about the same share they were during the clinton years when the economy was booming and 20 million jobs created so that's what this amendment is all about. it says will stick a balanced approach over the next ten years and, kutz with revenues generated by closing loopholes and ending tax breaks and let's do it that way because if you don't take a balanced approach will you do is end up trying to deal with the budget deficit on the backs of middle-income americans and seniors and it's pretty simple math. if you say you are going to exempt the folks at the highest end of the letter from sharing more responsibly from deficit reduction it means you have to do things that are done in the republi

we now have simpson-bowles and rivlin-domenici.if we can find a way to centered the discussion, i think a responsible media can do that. responsible candidates and those -- i think we can have a campaign that will forecast the governors to make it easier to address these very service problems for future generations. >> i think the middle-class will wake up and they will speak very loudly, whether it is this election or future collection. i think with democracy the ship turns very slowly but i think the middle class, that the heart of america has kept us going will wake us up and make us do things if we ourselves can't. but i think the answers are there, we can do it without having to middle-class pushes into doing the right thing. >> senator sunshine, give us the upbeat. >> listen, you mentioned governor romney has given a speech which i didn't realize, but on tax reform, and again, at the risk of being partisan here, i love the fact that he's talking about programs and tax reform. not tax cuts. will generate more revenue and he's

at today's all-day conference, we'll hear from former white house budget director alice rivlin, housingand urban development secretary shaun donovan and others. this is live on c-span2, it's just getting underway. >> we are laser focused on the one big issue in this presidential election year, and that is the economy. we are looking at it from every single, possible angle. we are looking at it from the perspective of job creation, regulation, taxes, spending, the deaf -- deficit, of course, a whole host of other angles. we have pulitzer prize-winning authors, we have top economic policymakers within the obama administration, people making decisions about the economy right now, the deputy treasury secretary's with us, the chief economist for the president is here, the secretary of housing will be with us as well. we have members of congress, both sides of the aisle, interrupting their congressional recess to share their thoughts with you, a special shout out to them for taking time to be with us today. both sides of the aisle represented. we have some regulators here as well talking abou

people like alice rivlin, people like john brodie of the ways & means committee they think it's doable. the smartest way to do it and away at make in more providers and patients. we obviously agree, disagree on that but i would just say that i think the criticism about this particular provision doesn't match the votes people have taken round here recently, and to hear the talk about disparities. look, wisconsin and minnesota are in the same boat. we have had these debates four years about how our areas getting shortchanged or their area is getting shortchanged. it is really amazing to me and i don't mean this as a criticism of the gentlelady from minnesota we sit in these committees, talking about how we are going to micromanage the formula that doctors in our communities will get for taking medicare. it just isn't working. why not have the system come instead of having money come through the government in raining down through these business formulas that we sit here in congress and decide how it works. why don't we run the money through the individual into a marketplace where we have

this includes alice rivlin and the former head of the office of management and budget. that is here on c-span 2 at 930 eastern p.m. eastern. on our companion network, c-span, the heritage foundation has a discussion of how to help veterans and their families. the form includes service groups and their programs for veterans. both at 10:00 a.m. eastern. spend a weekend in oklahoma city with "book tv" and american history tv. saturday at noon, eastern, check in on literary life with "book tv" on c-span 2 am including governor mary fallin's political books. oklahoma university president and also rare books from galileo, copernicus, and others. sunday at 5:00 p.m. eastern, oklahoma history on american history tv on c-span 3. to rid the oklahoma city bombing memorial codesigner. look into african-american life in 1920s oklahoma and native american artifacts from the special collections at the history center. once a month, c-span's local content vehicles explore history and literary life of cities across america. this weekend from oklahoma city, on c-span 2 and 3. >> benjamin

every group from some symbols to rivlin domenici to the gang of six with tom coburn over to durbin has said we are not going to solve the problem unless we do something about the defense, government spending in general, about the programs like social security, medicare and medicaid and also about revenue and if you don't put all of those things on the table there will be no bargain. >> host: our guests are co-authors of the wicked is even worse than it looks how the american constitutional system collided with the politics of extreme. >> pennsylvania republican line. >> good morning. >> both sites are against each other for the last two weeks is like a comedy showing this guy got this money from facebook, he's leaving the country. there's been an attack on rich people for four years and you go back some of these politicians, harry reid, they've been doing this forever and now they are crying about it and the don't get us. he's worked for $5 million in a two million-dollar house. he puts some skin in the game with a pension in charge of secret service $23,000 a year. when i watch this,

are you optimistic that we can revisit the work of the diminishing and rivlin or of bowls and simpson? >> i remember saying on one of the sunday morning shows, probably "meet the press" that the day after simms and-bolts came out, i said, something of this nature -- i know what it was. i was asked whether or not i thought it would pass the house and senate. i said the answer is, yes, it is only a question of whether it occurs before or after a bond market crisis. i still hold to that view. i think the worst mistake that the president made was not embracing that particular vehicle ride away -- right away. there are very few initiatives that have the wonderful capability of getting republicans and democrats on board with the exact legislative language interpreted differently. what is in the simpson-vols initiative is $1 trillion tax expenditures. to republicans, those are subsidies and eliminating them is an excellent political maneuver. for democrats, it is an increase in taxes on the rich. you cannot get better than that for getting some form of legislative compromise. basically, the

we have enough templates out there to guide us, whether bowles-simpson, rivlin amenity. o plans dealt with what most obrvers say must be elements of a good compromise. restraints on spending, changes, increases to tax revenue, and making sure that the policies are in place so you have economic growth. it is not rocket science. most of us have gone through this enough, whether a was super committee or bowles-simpson or the biden group or the gang of six. we have seen is, and you can only do the movie so many times. i think we can get there. the problem is that most of the folks to get to make the decisions are not experiencing the pain that those americans who are on the cusp of losing their homes or their job or suffering. it is like the situation in iraq and afghanistan we 1% of america is impacted by that two wars in iraq and afghanistan, where we do not feel it. most of the folks on capitol hill do not feel the enomic pain that some american families fighting through today to make sure they persevere. if we did, it would be a lot easier to get this done. the reality i

former treasury secretaries join other fiscal scholars, including alice rivlin, thursday morning at the brookings institution. this discussion is on u.s. tax policy, the expiration of the bush era tax cuts, the national deficit, and raising the debt limit. you can see that live at 9:30 eastern on c-span2. >> an update on the investigation in britain of scandal.rdoch's then university of maryland economics professor discusses the benefits and costs of a college education. later, the effectiveness of the obama administration counterterrorism strategy. join the conversation on "washington journal," each morning at 7:00 a.m. on c-span. newt gingrich said he was returning to the role of an active citizen. he did not formally endorse former governor mitt romney for president. this is about 25 minutes. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] [applause] >> well, thank you all for coming. on may 11, we formally announced our candidacy. i want to thank everyone who helped through the last year. it has been an increasing year