mr. cummings: one additional minute. mr. hoyer: we also ought to be humbled by the fact that during the 30 years that i have been in office, for 20 of those years the republicans have been in charge of the executive department of government. just recently they were in charge. as a matter of fact, from 2001 to 2008. when we saw the deepest recession start and flourish and continue into this next administration, since the great depression. so let none of us on this floor point the finger at one another. the american peek want to see solutions, not angry rhetoric. the american people want to see this economy grow and create the jobs that they need. all of us ought to be committed to that objective. and we ought to project to the american people that we are going to come together and work together and legislate together to achieve that end. as i said, i will vote for this resolution but the hard work is ahead of us. the 9 1/2 hours of debate that we have devoted to this bill -- mr. cummings: i yield the gentleman an additional 3

mr. cummings said this in the hearing and they were exponential in their growth and then you find out 80% of those profit increases came from foreign operations you realize america's beginning to be left behind in job creation and that's what today's hearing was about. we look forward to hearing from all parties on this issue. we're certainly not making conclusions. we're just asking questions. >> woodruff: we're just asking the question about some of the difficulties republican leadership? the house are having with tea party backed members who want deeper cuts. these freshmen members who are backed by the tea party, are they the driving force among house republicans? >> i certainly think when many of my members-- including these new members-- are asking us to do better, we got to a hub billion in sensible cuts on an annualized basis, they say they want the cuts in seven months and we're working together to find them. that's the tip of the iceberg. we have a $1.5 trillion deficit so we're only talking about one fifteenth of the deficit being carved away. we have to do more with the presid

mr. cummings, you're recognized for 5 minutes. >> i thank you, and the ranking member and thank you for workingin a bipartisan way to address the problem. it's interesting after listening to the vice chairman of our subcommittee speaking just a moment ago, i find it interesting that the national governor's association that is republican and the democratic governors through their chairman and vice chairman said this on february 4, 2011, "allowing states to declare bankruptcy is not an authority any state leader asked for nor would like likely use. states are sovereign entities where trust is elected to their public leaders and a bankruptcy court is better able to overcome political differences, restore fiscal stability, and manage finances of a state. these are false and serve to threaten the local finances." do you agree with the governors that the state bankruptcy proposal threatens the fabric of state and local financing? be brief. i have several questions. >> yes, i agree. states have all the tools they need to manage their finances. occasionally one state doesn't, but they have the tools th

mr. cummings, you're recognized for five minutes. >> i want to thank you and are ranking member for working but are simply to address this problem. ms. lav, it is interesting after listening to the vice chairman of our subcommittee, that the national governor's association -- that is the republican and democratic governors to their chairman and vice-chairman -- said on february 4, 2011, "allowing states to declare for bankruptcy is not an authority in the state leader has asked for or would likely to -- or would likely use. the reported bankruptcy proposals suggest that a bankruptcy court is better able to overcome political differences, restore fiscal stability, and manage the finances of the states. these assertions are false and brendan state and local finances -- and that threaten state and local finances." de you agree that the state bankruptcy proposal threatens the fabric of state and local finances? >> if yes, i do agree. states pass all of the tools they need to manage their finances. occasionally, one state does not, but they have the tools they need. >> what you would you recomme

mr. cummings, you're recognized for five minutes. >> i want to thank you and are ranking member for working but are simply to address this problem. -- working in a bipartisan way to address this problem. ms. lav, it is interesting after listening to the vice chairman of our subcommittee, that the national governor's association -- that is the republican and democratic governors to their chairman and vice-chairman -- said on february 4, 2011, "allowing states to declare for bankruptcy is not an authority in the state leader has asked for or would likely use. -- any state leader as ask for nor would likely use. the reported bankruptcy proposals suggest that a bankruptcy court is better able to overcome political differences, restore fiscal stability, and manage the finances of the states. these assertions are false and that threaten state and local finances." de you agree that the state bankruptcy proposal threatens the fabric of state and local finances? they give mr. chairman and thank you chairman bernanke. >> chairman reilly, ranking member van hollen -- >> can you pull your mic closer to

mr. chairman. good morning to you, ranking member, cummings, all the members of the committee. i want to commend you, mr. chairman, for holding this hearing and the committee. it is a good opportunity for us to discuss our high-risk list that we keep updated and unvail at the beginning of each new congress to oversight the agenda not only for the congress, but to give the administration a road map as well as to what areas they should be working on. the 30 areas we have on the high-risk list represent tremendous opportunities to save billions of dollars, and if the actions are taking appropriately to improve the performance and accountability of the federal government for the benefit of the american people, so they represent tremendous opportunities. i'll highlight a few areas that app propoe this area. first is the mid -- medicare and medicaid programs, programs that are highly susceptible to billionings of dollars in improper payments. when we first put these programs on the high-risk list, there were no improper payments, and thanks to legislation, the amount of improper payme

mr. amey's magna cum laude at the baltimore law school. i think you all understand the staff understands they do a lottery, they each put a buck or something together and to try to predict how long it will be before professor tiefer mentions the university of baltimore law school. so whoever has the shortest tenure on that lottery is the winner, but we now have two distinguished alumni from there. our participants with the school. admiral gilbeau, i found your testimony, or your testimony, your statement very helpful in certain areas. you lay out that you begin using cpars -- i want is a couple of weeks ago, but january 2011, 30 days. and is currently consider inputs for two logcap task orders for the period of performance, july '09, july 2010. you took the initiative, but then he went on, and there's a question about why did it take so long and want to ask that question, and i realize someone maybe should have come to you and you took the initiative. but then you say we've not been requested to input cpars for logcap iii or for contractor