gregg? on the plane, of course, everybody in front, the pope and his entourage thinking of going to malta, because that is where st. paul's ship wrecked and the journalist are thinking about one thing, and what will the pope say about sex abuse and at the end of the day it wasn't what he said but what he died, meeting privately with the 8 victims and they lived in the catholic orphanage and the pope expressing his shame and sore o-- sorrow at what happened and one of the victims speak with tears in his eyes including the pope and the pope apologizing for the main caused to both the victims and their families, and praying with them and saying the church will do all it can to bring justice to those responsible. now, the trip would have been a kind of celebration, of the faith, were it not for the crisis, we got a glimpse of that festivity at a youth rally today, and malta is staunchly catholic and the small island nation has no abortion, no divorce and something the pope says the maltese shoul

gregg. >> gregg: and one would assume they would do that.e'll wait and see. >> we'll see. >> gregg: molly henneberg live in washington. thank you. >> heather: department of the interior will not let border agents patrol a wild life preserve along the u.s. border with mexico. three members of congress are introducing a bill to give agents the power to patrol part of the land that is currently offlimits. congressman bishop, king and hastings are all arguing that the interior department is putting environmental concerns ahead of security concerns. joining me now for a fair and balanced debate, congressman steven lynch, democrat from massachusetts, and mccotter, a republican from michigan. congressman lynch, let me start with you. why is the department of the interior preventing border patrol agents from patrolling 40% of our border with mexico? >> well, i understand that the department of the interior has jurisdiction over some of these areas. they are wilderness preserves and refuges and they are limiting i guess the border patrol agents have

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senator gregg works together. i applaud both of you the way -- not just what we do here in the committee, you handle when we go to the floor and a very professional manner. i want to address a few other things and go back to history just a little bit. there were a few facts that were left out. i opposed a lot of the spending that happened under president bush. i opposed whether it was the prescription drug bill, the farm bill, or some other spending. you do have to go back and look at exactly what happened. it was a republican congress with bill clinton that got us to balanced budgets and surpluses because we held the line on spending as the economy grew. in 2001, we had a devastating -- we were questionable on the economy a little bit at that point, and then we had 9/11. we have to understand that took $1 trillion out of the economy. it does not excuse the increase in spending that we had. i criticized the bush administration and the republican congress at the time for doing that. that is the past. that is still

joining us now to talk about this, senator judd gregg, republican from new hampshire. senator, welcome to "nightly business report". >> well, thank you for having me on, susie. >> susie: if this current financial reform bill were put to a vote today, how would you vote for it? >> i wouldn't vote for the guard bill, but i would vote for the package, which i believe we can work out, and that we need. we do need financial regulatory reform. and we need reform of our financial services industry. but it has to be be the right reform, and i believe there is a very clear path to a bipartisan compromise here. i've been working on the derivative package, and others are working on the "too big to fail." i believe you can get a very strong and positive bill out of the senate. >> susie: so what is it that you need to see that you would vote to get reform right? what is the biggest barrier to an agreement? >> well, there are four big issues here: the first is this question of "too big to fail." no institution in this country, financial or otherwise, should be too big to fail. basic

senator gregg works -- you and senator gregg worke togethe. i applaud both of you the way -- not just what we do here in the committee, you handle when we go to the floor and a very professional manner. i want to address a few other things and go back to history just a little bit. there were a few facts that were left out. i opposed a lot of the spending that happened under president bush. i opposed whether it was the prescription drug bill, the farm bill, or some other spending. you do have to go back and look at exactly what happened. it was a republican congress with bill clinton that got us to balanced budgets and surpluses because we held the line on spending as the economy grew. in 2001, we had a devastating -- we were questionable on the economy a little bit at that point, and then we had 9/11. we have to understand that took $1 trillion out of the economy. and then we have wars. we obviously spend a lot of money on wars. it does not excuse the increase in spending that we had. i criticized the bush administration and the republican con

what senator gregg and i are trying to do is grow the economy. we triple the standard deduction so millions of middle class families get substantial relief. the reality is the tax system is broken today. we are having in these last few days before april 15, millions of families hunched over trying to figure out these forms. we have a one-page 1040 form. time to simplify and grow the economy. >> senator wyden, i thought there was a certain view in washington that companies don't pay enough taxes. you proposed a bill to cut taxes. that is a pretty big cut. >> we do that and pay for it by getting rid of exemptions and credits. the reality is a whole lot of special interest groups have been very effective in navigating the tax system. they get these tax breaks in, drain the revenue base. we should broaden the base and ensure fairness. let's talk about the revenue issue. each here $345 billion is owed to the federal government. this is tax money that is owed but not collected. when people are talking about revenue for essential services, senator gregg

senator gregg, great talking to you.or your time. >> thank you, becky. >>> coming up, the stock of the day and our guest host, former fed insider mark olson gives us a few more minutes on the markets and the economy. first, though, let's check on the dollar as we head to break. "squawk box" will be right back. with fidelity, you can take your trading around the world, because now you can trade u.s. and foreign stocks online, in 12 markets, 24 hours a day, all from the same account, and settle in u.s. dollars or the local currency. plus, we'll guide you with international research and realtime quotes, so you can diversify your portfolio, wherever -- whenever. and we'll be on call around the clock, while you trade around the globe. fidelity investments. turn here. >>> tomorrow on "squawk box," new jersey governor chris christie and his crusade to get the garden state back on track. also talk about those nice, friendly union types that had that nice little jingle about the governor. it was just despicable. anyway, i'll show

you want to ask somebody about ginobili, just ask gregg popovich. >> he does the things that kobe and michael did, and what kobe does. he doesn't have the ability as far as the athletic ability that they have, but he does the same things. he goes and gets an offensive rebound to win a game. he'll make a save to win a gape. he'll shoot the three that you need to have, make a steal. it doesn't matter. he figures out ways to win basketball games. >> mike: bryant blocked, but a goaltend. it's the timing of his plays, like here in the fourth quarter early, lakers start make a little run, hits a big three. then, drives to the basket. he seizes the moept. >> jeff: he played a guam earliear game earlier this year in oklahoma city where i don't think he made a shot, but he saved the ball, he made this incredible hustle play in the last 24 seconds to help seal the victory. and that's why i think the spurs have such a difficult decision. he hasn't been healthy. he is getting older. and yet when he is healthy, he's a top flightal sent sill in this league. >> mike: he's 32. he played over in europ

senator gregg? >> i want to associate myself with the proposal.p, as was the chairman, when we were facing such a climate. we do not need it anymore. your statement is accurate. it has actually worked out for the tax payer fairly well relative to the money put out to the banks -- not so much for automobiles or aig, but the banks were making money on it -- we are making money on it. there is no reason to continue this program and certainly no reason to carry into the next budget cycle the authorization of this account. we should make it clear this is over, and i think that is what the american people want, and i support the amendment. >> other debates on this amendment? >> first, and support the amendment as it was presented. -- i support the amendment as it was presented. something that seems to as give the people that voted for tarp is the fact that the banks that received tarp money made billions and billions of dollars which that money -- billions -- and i do not think that was the intent of tarp, at least on the committee i serve on end user v

>> no, judd gregg and i worked on issues over tile. and kit bond and i wrote the family medical leave together. george voinovich. these are decent good people. and there are other people as well. richard shelby and i worked together, we met the other night to work on this some more. the door is open to get a compromise on the bill, if we can. i'm not interested in just scoring points, i'm interested in writing a good bill. this is not about washington. it's about the $8.5 million who have lost their jobs and seven million who have lost their homes. the millions who watched their retirement accounts evaporate overnight because of the tricks that went on in the financial sector. this is about a country that came to the brink of financial collapse and whether or not we're going to take the steps to correct the system so it doesn't happen again. >> going back to complete the circle, the republican leadership, mitch mcconnell keeps reciting this mantra. endless taxpayer bailouts. just to get you on the record, mr. chairman, that's a dishone

republican senator judd gregg went on the record.ess we should admit it doesn't get any more beautiful than capitol hill. >> just a beautiful scene, beautiful weather. the capitol looks fabulous. >> greta: it is sort of fun. goldman sachs and they are being charged civilly by the fcc. you think the -- sec you think the other party is using it because -- >> i think it is unfortunate. the timing isn't good in my opinion it is an anecdotal event. it does not have a lot to do with financial restructuring. the financial restructuring should be proceeding on a bipartisan path. there is agreement here in the senate between a number of us on major issues suches arrest lose authority, derivatives how you protect consumers, reorganize regulatory agencies.÷ there's basically agreement. but we have all this high perpably going on. -- high purposeably going on. >> greta: 41 senators signed a bill, one aspect consume area are you for a consume area genesse of some sort? >> absolutely. -- >> greta: some of the people -- some of the consumer advocat

now it is gregg and frasor.of the series. >> gary: he has 86 career saves. 23 out of 70 last year with the cub in the saves' department. he is the set up man this year. he is getting another save chance here. first strike. bottom of the 9th inning. the orioles trailing it by a score of 5-2, as the jays look to sweep this three-game set. four home run in the ball game to take the lead. wieters inside. wigginton and lugo are due up. and the orioles have stranded 7 in the ball game. and that is going to be down low. and the 2 ball, 1 strike out. >> mike: i guess you go back to the thick. back to the 3rd inning, really. >> gary: and a base hit. that is what the orioles need right now, runners. 2-4. single lead off the 9th inning. let's update you in the voting for the at & t player of the game. it is still millwood on top. you can still cast your vote, illinois, jones artejada. and that will bring up ty wigginton. wigginton with a single, grounded out and strikeout. and off the 5th short. 1 over the first double pla

i want to thank all judd gregg -- i want to thank judd gregg when he comes in.s leadership. i was wanting to take you back. i feel compelled to take us back to 2001, when i first joined the budget committee. we were talking about the largest surpluses in the history of the country, because of the republican -- because of the president and the democrats, focusing on innovation and investing in people and families. we have balanced the budget and created 23 million jobs by focusing on priorities the middle class families care about. at that time, we heard from the other side that deficits do not matter. we heard that the tax cuts, that we were concerned about, killing to the most wealthy americans, it was all right to put those in place without paying for them. i remember that you propose an alternative, and if we had done that, we would not be here today. you suggested that we take the surplus and that we divide this into a third. 1/3 to invest in middle-class tax cuts, business, and the growing economy, to invest in the people with innovation and education, heal

i've been working closely with senator gregg, but to this point, i can only speak for myself.t's been put into legislative language. i was hoping for one before the banking committee convened. that didn't work out and was still open, but we had to get this bill to the floor. >> and are you making headway with senator judd gregg? >> we've had a very good series of discussions over several months. some issues have been more difficult to resolve such as placing as many derivatives on a trading platform, but we're not at that point yet. we've got all is dotted and ts crossed. until you have that, you don't have a deal. >> can i ask you about what the democrats are crafting here because according to latest reports, this bill will do little more than make a buying and selling of these derivatives more open. it would provide transparency, but not prevent this complex bundling that many people believe was at the heart of what caused this collapse. why is that? >> well, one thing that i've been talking about in fact, have proposed legislation and emphasized is transparency so that ever

diana gregg from the bnd report. susan anderson, the wife of the speaker.e chair of the speaker's committee. skipping over our speaker, paul, the bureau chief and jennifer, from the fiscal times and ryan, from bloomberg ms.. -- from bloomberg news. [applause] our guest is in the second year of his five-year term as commissioner of the internal revenue service. he is responsible for collecting 2.4 trillion dollars in tax revenues. but with more than 100,000 employees and a budget of about $11 billion, he has resources at his disposal as tea, and you, prepare for that april 15 deadline that is just 10 days away. dionne of tax collection, he also faces issues such as the plane crashed into an irs building in texas his agents are on the front lines of revenue collection and sometimes public outrage. he came to the irs from the financial industry regulatory authority. he served in the same role as the security dealers before the consolidation of the new york stock exchange member regulation. early in his career, he was involved in several startup organizations.

leanne gregg, nbc news. >> arizona's immigration laws expected to take effect 90 days after the current legislative session ends. opponents are promising a constitutional challenge in court. >>> 11 men from somali were indicted in norfolk, virginia, today on charges of piracy. charged in connection with a tax on two u.s. naval officers off the coast of africa. both attacks happened within the past month. the suspects have been held on u.s. ships foreeks off somali's coast while authorities sorted out legal issues surrounding that case. >>> at least ten bombs tore through baghdad today. 60 people at least were killed. appear to be a coordinated attack. all of bombings took place in a two-hour time span. seems to be aimed at seeite worshipers for the most par. deadliest attack took place as friday players ended near the headquarters of the well-known shiite cleric add sadr. the attacks -- the baghdad residents are so frustrated with their government's inability to secure the city, they threw stones at iraqi security forces who arrived on the scene. >>> coming up on "news4 at 6:00," spirit

so likely target susan collins of maine, bob corker of tennessee, judd gregg of new hampshire. although judd gregg has been very critical of the bill that is being talked about right now because he says there have been real attempts at bipartisan negotiations with different groups of senators working on specific language. he says that's not what this bill is. democrats counter and say this is an opportunity to really change the way some things happen on wall street, to end too big to fail, that concept that caused so much trouble. one of the issues, a sticking point between the two party is what democrats call a bailout fund that would be using money from financial institutions, $50 billion. if some firms got into trouble, they would be liquidated with that money, shareholders would take a hit and assets sold off. there are real serious negotiations going on behind the scenes to see if they can get it to the floor because majority leader harry reid would like to see it move forward quickly. the president going to new york, democrats anxious to get this going. they would like to

senator gregg and i insisted that any tarp money that remains be applied to the deficit.ficit. that is the law. but i do think before this markup ends, we want to make certain that is fenced. >> this money should be taken off the table. they are just holding it there as a piggy bank. there is no purpose for it other than they might come up with some great idea of how to spend it. >> this is a pretty good rule for washington, just generally speaking. they did not know what they are going to do with the money. they are going to spend it if we let them keep it. let's take it away so we know it will not be spent on something we do not know where it is going. i am not sure that have a good plan to spend it, so let's just take it off the table and use it for something we all know we need. >> i am sympathetic with the notion of making certain that those moneys that are not going to be expended for park purposes are taken off the table. i have reservations about this particular amendment, but hopefully before we are done here today, we can take off the table the $148 billion that

nbc's leanne gregg reports. >> reporter: european air space is coming to life again slowly. the process of moving millions of passengers who have been waiting for days is now under way. >> i got a flight out today, was on the phone for about an hour last night, and got a colleague, though, that's still stuck in paris. hopefully he'll get home on thursday. >> reporter: the first passengers flying out of heathrow airport since the volcanic eruption left london with mixed emotions. >> i think we're just a little nervous that we're the first flight flying out and just hope we make it back to the united states, san francisco, oklahoma. >> reporter: there's been heavy pressure on airlines to fly after already losing more than a billion dollar. the airline industry estimates losses at nearly $200 million a day. in lifting the ban, officials try to reissue air travelers. >> despite the ash in the atmosphere, it's possible for safe routes through areas where there are low levels of ash to be expected. >> reporter: experts agree volcanic ash can jam engines but they don't agree on how

kelly gregg is our nose guard. we expect a great year from caylee.arol suggs is our rush linebacker. i think adding no great player is disappointing when you bring another great player in to play with them. great players make each other better. >> as horrifying as the oriole'' record, it is easy to forget the games that they play almost good enough to win. new life on the team after the arrival of rhyne hughes. a to run shot over the monster. the game was tied at 4. picking up the top 10, there he is, rhyne hughes. new blood is flowing well. the second straight to a head game. this was the go-ahead run with the bases loaded, a 5-4 orioles lead. a base hit to right. up the middle, and that was helpful. a three run lead at fenway. bill hall, a single off jim johnson. johnson pitching his third inning, and he gives way to meredith. it is a memorable first. the game is over, the orioles went 7-6. they are taking the day off monday and then hose the yankees' starting tuesday. the yankees facing angels, bottom of the seventh. he intentionally walked to ral

judd gregg from his home state today. >> my pleasure. martha: we all a remember, 168 people were killed 15 years ago when a bomb ripped through the murrah federal building in oklahoma city. we're going to take you to the amazing memorial scene there that will be commemorating the lives of those lost. it gets underway a little while from now and we will honor those who died. bill: another fox news alert, news breaking in baghdad, the iraqi prime minister is now saying that two leaders of al-qaeda have been killed by u.s. and iraqi forces in iraq. the u.s. military for its part has not confirmed this, but word out of baghdad, the iraqi prime minister indicating that iraqi forces killed two leading terrorists in rock. -- in iraq. we're running this over with baghdad anding with the u.s. military to see if they confirm it but for the moment it comes from the iraqi government and if true is deals a major blow to the struggles that al-qaeda has tried to lead in that country. this could be yet another setback for that terrorist group. more when

the gregg bill had a reduction. maybe i'm wrong, but i doubt there is a person in the room who wants to say it's a good thing we are higher than anybody else on the earth. the other thing is that john mccain in the last presidential election, i know this wasn't the key variable in that election, proposed a 10% reduction in the corporate rate. when he went around and talked about that in town halls, people were receptive. my impression not on senator mccain but politicians germly is that they stop talking about things when they propose things and get a cold reception and the continued conversation about the corporate rate throughout the campaign was kind of a metric of how well it played in town halls as the people in this room are nodding their heads saying we ought to do something about that, americans are savvy as well. is it possible to do anything bipartisan anymore. we agree that this is something we ought to do and maybe we ought to agree that nobody should get credit for it and then just do it. >> the america

among many others, senators kent conrad and judd gregg of the senate budget committee have said that we can solve our social security problem. as someone said, after all, it is just math. >> but of course, it is also politics. water some reasonable ways to address social security's solvency? a slick at the revenue side. we could raise the taxable -- let's look at the revenue side. it was last attained in 1983, up from about 85% of wages today. it would eliminate about half of the 75 year it shortfall. we might impose a new tax on wages and salaries above the maximum taxable amount. there are a variety of ways to come at this. right now, some 90% of eight millionaires earnings are exempt from the social security tax, whereas 94% of all workers' pay taxes on every dollar of their earnings. we could cover all new state and local workers. some 25% of state and local government employees who have other pension systems are not in social security. shouldn't that the system be universal for all americans? including those who change jobs. if we think that, we could cover newly hired workers i

host: gregg robb spent several years covering the sec. what is marketwatch.com? >> it is a free website that covers wall street and financial news. it is a good place to follow stocks. it is a good place to follow the u.s. economy and the global economy. host: it is to be a part of cbs? >> we will lead this recorded segment and take you live to charlotte, north carolina. he will be speaking at a lithium battery manufacturing company. it is about jobs and the economy. live coverage on c-span. [applause] >> thank you, guys. hello, everybody. hello. good to see you. everybody, please, have a seat. thank you so much for the warm welcome. to bob, thank you for the terrific introduction. i want to thank brian morehead for the great war -- for the great whotour. we have the governor that is to win a best -- a great job on the behalf of all the people of north carolina. please give her a round of applause. [applause] >> i think it is important to note that the state of north carolina has provided enormous support for expansion here at celgard as well. it is the combinati

. >> there is a chance that they can shake loose enough republicans like judd gregg, lindsey graham, and some other people. and the liberal democrats, some of them are furious, but i suspect they will get over if they can get an actual crime bill. >> that is the point -- if they can get an actual climate bill. >> that is the point, this is a political move. they could get some conservative or republican support on cap- and-trade -- >> shocking. >> but the logic of the proposal is -- and the president himself made the case -- if we put our own oil, we will not be importing it and sending dollars into the treasury of saudi arabia, venezuela, russia, to be a, other unfriendlies. we will be keeping it at home. it will help our economy, creating jobs, and in terms of the environment, they will consume oil one way or the other. it is safer for the planet it is done under our strict control and high-technology in america as opposed to in nigeria. the niger delta is polluted, the amazon basin off the coast of ecuador real new guinea -- a equatorial new guinea. in every argument, we ought to

if we have an opportunity to start that process, i say we should do it. >> senator gregg. >> i think he should say that they shall reduce, rather than that they may. you agree to modify that? >> absolutely. >> amendment so modified. >> i would want to look that more closely. i may not be able to support the amendment with that. i do not know. >> i want to congratulate senator warner on this step in the right direction. i would also ask for his consideration going forward with some legislation that i previously introduced, creating in effect a sunset commission that would look more comprehensively at the federal government, federal agencies' spending. we have had successful efforts by sunset commissions to look at agencies and programs that no longer work, that actually have a process to go back and start with zero based budget. what we know in the federal government is, once the program is created, it develops a constituency. that constituency invariably comes in and ask for a cost-of- living increase or some growth in order to justify its existence. i am absolutely convinced that we

now, among many others -- and we heard this from leader hoyer, senators kent conrad and judd gregg said we can handle our social security problem. after all it's just math. true, it is math. but, of course, it's also politics. so what are some reasonable ways to address social security solvency? first let's look at the revenue side. we could raise the taxable wage base. restoring the fica revenue base to about 90% of wages, which was last attained in 1993 up to about 85% of wages today. it would eliminate about half of the 75-year shortfall. we might impose a new tax on wages and salaries above the maximum taxable amount. now, there are a variety of ways to come at this. but right now some 90% of a millionaire's earnings are exempt from the social security tax. whereas 94% of all workers pay taxes on every dollar of their earnings. we could cover all new state and local workers. some 25% of state and local government employees who have other pension systems are not in social security. now, shouldn't that system, our social security system, universal for all americans? including those wh

senator gregg, always good to have you with us. thanks, sir. bill: while you were talking, breaking news on the attorney general's testimony, what eric holder is now saying about khalid sheikh mohammed and possible trials in new york city. those headlines in minutes, here. martha: plus, thousands of teachers in one state calling out sick to school in protest, should a teacher's salary be linked to how well their students do? this is a big debate in the sunshine state. we'll bring it do you. bill: he once said that is one small step for mankind -- one small step for man and one giant leap for mankind and neil armstrong has something to day to president obama about the future of the space program. that's next. @u÷ >> three significant headlines now out of the hearing already with eric holder, opening statement there and now the questions have begun. with regard to usama bin laden, the previous statement he said, he would not be and toured alive and here's what -- captured alive and here's what holder is saying, with regard to ubl, a target for u

if i go to the store, it is an annoyance if i have to choose between gregg: and other brands -- betweenrego and other brands. >> let's stop there and find out what you are talking about. >> the gentleman is recognized for one minute. >> let's get our be on. ♪ >> it is time to stand up and say that we get to choose. >> mediocrity. >> it is our choice to do what we choose. will we choose liberty or will we choose to read a? >> -- tierney -- will we choose liberty or will we choose to remaityrany? >> no, no, no, no. >> [unintelligible] >> i have determined to transfer the authority of governor to the jenin governor cornell. -- lt. gov. parnell. >> the people like her. >> what about like a den and purpose that? -- what about vicodin and percoset? >> wake up. wake up. one day [unintelligible] >> wake up, wake up, yeah. >> waking up, waking up, waking up. waking up in a strange arena to die. >> there is a lot on your screen -- on that screen. if you don't pay attention, you will miss it. what is the point? >> there is actually zero. , there. the reason that that is there, we used the same bac

gregg's >> dozens of cyclists gathered today for a ride to remember a cyclist killed by a car out on a ride last week. but there was also another purpose. they wrote in to annapolis to show support for -- they rode into annapolis to show support for a measure. >> it is a small measure to give us a little bit of space. we're fathers and mothers and just people that need to get home safely. there's no reason for hostility toward the cyclists. >> mr. bentsen was killed last week while lawfully riding his bicycle on the shoulder of the road. >> in tonight's medical alert, young women who regularly drink alcohol are increasing the chances they will develop a condition that often precedes a breast cancer. researchers from harvard university study 9000 girls ages 16 to 23 and looked at their alcohol habits and then followed them a few years later with their health history. those who drank six to seven days per week or five times more likely to develop a benign breast disease, a condition of non cancerous lesions and tumors that increases risk for cancer. spanking children at the age of thre

judd gregg and bob corker, both of whom are into this issue of financial reform, but on the tea partyt's a level of a mix here with the president. he's sort of frustrated on one hand that he hasn't seemed to give traction after the big victory on health care and doesn't get credit enough on the economy. at the same time, it's the base of his party, the donors. he's trying to whip them up a little bit. i think there's some frustration in this white house, that they feel like what they've done is not yet somehow been public opinion hasn't really caught up to it in their minds. >> like all presidents. he doesn't think he is appreciated enough. by the way, chuck, just briefly. i was talking to mark earlier about the safety of air force one flying to poland. >> they're going to wait. he wasn't supposed to leave until late tomorrow night, but you know, considering how -- you would find it hard to believe that if there was any risk of flying, that they would do this considering where they're going and what happened to the polish president who we're now learning -- they may have been pushed a

i want to thank senator gregg for cosponsoring. it states around the healthcare reform activities -- like the more hate them, one of the challenges is that this will be the mother of of implementation issues. this puts together an effort from this community and reserve funds. it puts in place specific metrics and milestones on healthcare implementation not only around coverage, affordability and quality, but to make sure there is an appropriately when to recognize how the jurisdiction spreads. there is an ability to have these measurements in place. it is so we can gauge and see where necessary tweaks may be needed. >> i want to join in this amendment. this is a big hole in the health care bill. they are trying to push deliver services to be based off of quality and cost. we really do need to come back. and do hope the amendments will be to that. >> i very strongly agree with senator gregg and senator warner. senator gregg and i had written the cbo during the debate. we ask them what to the most effective things to do. one of the t

these are the guys led by people like senator gregg who deregulated wall street. should be able to do anything they want. and when wall street ended up acting under incredible greed and recklessness and illegal behavior, now they're worried about government bureaucracy that will reregulate wall street. what a pile of nonsense. of course, we've got to reregulate wall street. judd gregg talks about getting capital out to entrepreneurs. what world is he living in? every small businessperson that i'm talking about is saying we can't get the affordable loans we need. that is precisely what is choking our economy today. to my view, of course we have to have that debate. dodd is right and we have to pass under line real wall street reform. >> austan goolsby, does this bill as republicans are claiming institutionalize a culture of bank bailouts in the future? >> no, of course, not. we've talked about this before, joe. you know, the bill specifically outlaws bailouts. you can only -- there's only money for funeral expenses and it requires any company that gets in trouble t

gregg: i see where the senator from louisiana wants to speak. but the point here is pretty obvious. this is not a bipartisan issue. we can resolve the issue of financial regulatory reform if we sit down and do it in a constructive, thoughtful way. step back, be mature, and take an approach that's thoughtful versus wrapped in hyperbole and populism of the moment, and i certainly hope we'll take that process and go forward. i yield the floor. mr. vitter: madam president? the presiding officer: the senator from louisiana. mr. vitter: thank you, madam president. madam president, i join my colleagues in urging the senate to come together, republicans and democrats, around a strong bipartisan approach to financial regulatory reform. we need to address the critical causes behind the financial crisis of the last several years, and we need to do it right and in a bipartisan way. unfortunately, madam president, we're not on that path yet. the dodd bill which the president and chairman dodd and others are trying to push to the floor is a purely partisan approach, and unfortunately it gets a lo

judd gregg was same thing, conrad, we trusted each other.a tough order in the coin of the realm and legislating adheres trust, not more bs, but say, that's where we are. so i've only ask for your honest participation, your intelligence, your wisdom, your honesty, your goodwill and as corny as it sounds, your patriotism. no one will ever do this fitful exercise again because it seriously messes up what we, you and me, politicians were trained by our handlers to do and that is to get reelect ted at all cost and whatever cost. there are no easy answers that we will be better served, we build a better served by our natures of each and every one of us knows deep down in our gut that this might eat the last best hope to write this listing ship state of ours. and i thank you, each and every one of you, for your willingness to pitch in to see if we can make a difference. i believe we can and i feel we must. thank you very much. >> you stated the obvious and i make a couple of suggestions. just again, why do we care about deficits? obviously, deficit

. >> senator widen and gregg proposed in the senate a way to revamp the tax code.consider it. every member of congress and says we have to do something. you have the power. >> the president said he believes something ought to be done but he's increasing taxes. that's why people are so irate. >> greta: the tax code first of all is insane, no one stands it, maybe somebody does. >> nobody understands it. >> greta: it is dense. why isn't there a movement on the hill to revamp it? >> there's huge movement on the republican side. we've been clamoring to have an opportunity to get in and fundamentally reform taxes. a decade ago there was this big debate over a flat tack or fair tax. that faded away the fact of the matter is, we cannot continue with our current tax structure. you can't tax people enough the way democrats want to and get the money you need run the government at the level it needs to be run. >> greta: if there is no change in the tax code what is going to happen? >> we go bankrupt. you can't spend the kind of money this administration and speaker pelosi and

if you think the health care war was ugly, get ready for another one senator judd gregg is here to tell that the volcano, you think it is a problem for europe? the problem has now become our problem. ambassador done is here about a secret member -- bolton is mere about a secret member knee has been leaked. star jenna elfman is here. >> sean: i will be watching. we'll see greta. when we come back our great, great, american panel. beck in the house. kleinfeld there are engines... and then there's the twin-turbocharging, 365-horsepower-generating, ecoboost engine in the taurus sho from ford. that has the thirst of a v6 with the thrust of a v8. the most innovative full- size sedan in america: the taurus sho, from ford. drive one. it's finally ready. [ female announcer ] just because a counter looks clean, doesn't mean it is clean. but with one sheet of new bounty, you'll have confidence in your clean. in this lab test, just one sheet of new bounty leaves this surface three times cleaner than the bargain brand. want confidence that your surfaces can get really clean? even with just one sheet

. >> we just heard senator judd gregg say congress is by nature great with the next election, but notth the next generation. so, how do we convince a politician to make our deficit reduction a priority? do we have to convince the voters first? pete peterson, who is behind this documentary and what's behind this is awareness. you want to go straight to the people and tell them this is the problem, we've got to get our policy makers to start thinking about it. >> at the present time, it's safer for the politicians to do nothing. we have to change this so that it's safer for them to do something about the problem. only when the public understands the problem and puts pressure on our political system are we likely to get reforms. let's hope to god that it doesn't take a huge crisis because as senator bradley was pointed out, if the foreign powers lose interest in the united states, it has enormous impact on foreclosures, on inflation, on standard of living and so forth. so we have to educate the public about the seriousness of the problem. one of the problems we all have is these numbers

senator gregg and i talked about one try to add about two o'clock-two o'clock 30 time frame.we will conclude on that tomorrow. -- 12:00-pull the plug 30 timeframe. ---12:30 timeframe. we felt that late in the afternoon might work best. we will see how many amendments we have. with that, i want to thank all the members who have participated today and look forward to a day of amendments tomorrow. we will stand in recess until 9:00 a.m. c-span3 c-span2 ♪ [captioning y national captioning institute] [captions copyright national cable satellite corp. 2010] >> today, national security adviser james jones on u.s. policy in the middle east. later, today's "washington journal" and coverage of the u.s. house. they're considering sanctions against iran. here is what we are covering on c-span 3 today. at 10:00 a.m. eastern time, a senate hearing looks at the proposed budget for nasa the head of the space agency will testify. at 3:00 p.m. eastern time, the den britain's party leaders. this one will cover the topic of foreign policy. this year's poll in terror -- parliamentary election sea

gregg: mr. president, i wanted to rise to speak on this bill also.o much technical -- so much of a technical aspect to the bill, but let's start with the purpose, what i believe our purposes should be. our purpose would be, one, to do as much as we can to build a regulatory regime which will reduce the potential for another event, the type of which we had in the end of 2008 where we had a massive breakdown in the system, financial system of this country, and as a result of huge systemic risks being built into the system which wasn't properly regulated and certainly was not handled correctly by either the financial institutions or by the congress. congress maintains a fairly significant responsibility for the meltdown that occurred at the end of 2008 for the policies that we had running up to that period in the area of housing. that should be our first goal. prospectively, trying to reduce systemic risk as much as possible in the system through putting in place policies which will do that and accomplish that. the second goal should, however, be that w

i heard senator gregg on the floor say we were overreacting to the financial problems. and i wonder what planet he has been link on. -- living on. weaving back every problem we have had has stemmed from wall street. somehow directly and indirectly. and my question to you is, where are in your survey that you did -- where do you see the green jobs being created. in a certain part of the country or a specific state? thank you so much. >> host: does the survey speak to green jobs? >> guest: we didn't ask specifically about green jobs. you know, certainly i think as demand for renewable energy and demand for some of these other technologies continues to grow, you'll see jobs in those sectors grow as well. >> host: rockford, illinois, john, you're on the democrats line. hi, john. >> caller: hey, good morning. >> host: good morning, sir. >> caller: i appreciate being able to call in. >> host: sure. >> caller: i'm in the real estate business. and one of the things that i do is i draw a lot of analogies to our current situation. back into real estate. i believe what we've done

gregg: mr. president, i wanted to rise to talk about one of the major issues we're about to take up in the senate and which has been discussed at considerable length throughout this country and especially here in washington over the past two years as we've dealt with the financial crisis, and that is the issue of fiscal reform and financial reform. the country went through a traumatic experience of inordinate proportions. we were on the verge in the fall of 2008 of having our entire financial industry implode. not only the big financial systems in new york city and around the country, but main street america was clearly at risk and had the potential to suffer massive damage. that cataclysmic event didn't occur because we as a congress, the administration of president bush and president obama stood up and took some very bold and aggressive action in the area of coming in and stabilizing the financial industry of this country. as a result, we did not have the type of events which were predicted. s

we've got jack reid and judd gregg on our kmid tee. the banking committee as a major, major responsibility in the derivatives area. 13 titles to our bill. one-half of those 13 titles is dealing with derivatives. >> is what they produced too tough? >> i haven't read it yet. i haven't seen it yet. i've been talking to people on the committee. until i have an ability to look at it and respond to it, i can't answer your question is it too tough or not too tough. clearly we need a sense of balance about it. >> let me ask you this. you just said senator shelby, others are talking to you. at the same time the republican national committee has produced a web video still calling what you guys are working on a bailout bill because of that $50 billion fund that would be paid for by the banks. this is what the rnc has put up on the web today. >> journey through our mez mer rising mirror maze to reveal the truth. president obama's bill rewards wall street with a $50 billion permanent bailout fund. watch out for the trap door of taxpayer doom. under

the republicans i talked to -- and i believe that corker eventually called this lewd krousz and judd gregg was a little more politic and says he thinks it goes a little bit too far. so i don't think that qualifies as sort of registers on the truth squad or truth meter very high at all. >> well, mitch mcconnell took it to heart and went with it. >> right. >> and i think got brushed back by his own senate caucus. john harwood, finally, you've been looking at the bill and watching the politics for so long, you've interviewed the president. the derivative piece of this. blanche lincoln has her much tougher version which came out of the agricultural committee. i interviewed chris dodd yesterday and he indicated, certainly signalled that the banking committee is going to write the final version of this by the time it gets on floor. where do you think the white house and treasury come down on derivatives? >> well, i wouldn't be surprised at all if blanche lincoln's language -- and everybody knows blanche lincoln is in a primary getting heat from her left in arkansas -- if it reverts back to somet

to two members in this commission could do with a little over a year and a half ago when senators gregg and conrad approached me with an idea that really sprung this commission and they built that idea into a political force in the united states senate. special credit to kent conrad who can really be a burden your saddle when he gets focused on an important issue and we wouldn't be sitting here today were it not for his dogged determination that we address this issue honestly. so cat, thank you are much for your leadership on that. i think the issue before us is not just an issue of quantifying the cuts we will make in spending and we will do with taxes, but making some important decisions about what we're going to do with this nation and its future. it's true that our largest creditor in the world as china, but it's also true that china is fast becoming our greatest competitor. they have a vision, they have a plan and they are executing it. i would say flawlessly, but with great impact and we need to have the same vision and plan or a better one. and i think we can achieve that goal. i

president, let me also say that my good friend and neighbor from new hampshire, senator gregg, to to the floor yesterday to his expressed his outrage that saw the need to ten centers on the committee voted for amendment offered which lost the debate 12-10 to begin the process, began the process of breaking up too big to fail financial institutions that pose a catastrophic risk to the economy and quite frankly i've been listening to senator craig's statement and wonder the plan that he is living on. apparently he has missed the fact that due to the degree of recklessness and illegal behavior of wall street that the american people continue to suffer through the worst economic crisis since the great depression, the damage done by wall street in bringing this economy to a blinding holt is incomprehensible. millions of people having lost their jobs, their homes, their savings coming young people trying to get the job market to begin a career in their life unable to do that because of the greed of wall street and the fact that just yesterday we could not get one republican vote to proceed

next, judd gregg and johnny isaacson and chris dodd talk about financial regulation legislation. from the senate floor, it is the to 5 minutes. -- 55 minutes. they both addressed the pending legislation in terms of the financial bill that is coming out of the banking committee and the desire for both of them for the bill to be one that is amendable and debatable on the floor. i am here to talk specifically about just one facet of the financial crisis and just one improvement that is to be made by this bill that needs to be carefully address to make sure that we do not make for a repeat a mistake that was made in the 1990's at the failure of the industry. i have a chart that i would like to refer to for a moment. we heard a lot about mortgages. we honor that it was not for fha and ba insurance and the fed buying fannie and freddie, there would not be much mortgage money available. it has all run away from the united states because of the subprime crisis. people are nervous about what happened in the financial markets. during this crisis that we have been in between 2005 and 2006,