mr. domenici was chairman and bill hogan was the deputy and it hurt us to have to write that language. that was the first time that we had sequester as far as i know, as a legal term in the budget lexicon. i didn't approve of it then. i don't approve of it now. i don't think congress needs it coming down because it can't do its work. we give them, and i've been in 11 campaigns in addition to doing more on budgets. we elect them for a reason, we elect them to vote and we elect them to get things done, and when someone says and is willing to say publicly as united states senator or united states congressman, we can't do this, we need something to force us to do this or to do it for us and then you know something really important has gone wrong. our report is very simple. we have jim jones that used to be nsa director, pete dom nichy and dan glickman who was the chairman of the house intel committee. the white paper says three things. one, it's stupid fiscal policy. two, it's stupid defense policy. three, it's stupid economic policy. why? >> if the sequester goes through both on defense a

mr. domenici was chairman. mr. bill hoagland was made deputy nfl just have to write that language.hat was the first time we had sequester, as far as i know as a legal term in the budget lexicon. i didn't approve of it then. i don't approve of it now. i don't think congress needs a coming down because they can't do its work. we get them and i've been on 11 campaign in addition to doing work on budget. we elect them for a reason. we elect to the and we elect them to get this done. when someone says in this bunch say publicly publicly if united states editor congressman, we can't do this. we need something to force us to do this or to do it for as, then you know something really important has gone wrong. our report is very simple. jim jones used to be nsa direct air. pete domenici, dan glickman who among other things was the chairman of the house intel committee. the white paper says three things. one, fiscal policy. two, defense policy. three, stupid defense policy. understand the nondefense it doesn't change are approaching 100% to 200% of gdp -- debt to gdp ratio except two years.

mr. chairman. dr. bernanke, welcome to our committee again. i just want to pick up, senator domenici is the word quagmire. senator coats used the term stall speed. i have to admit i am concerned about some of the same things. the vice chair of the said yesterday of the dice and economic clout described adverse shocks that could push the economy into territory where it's self reinforcing downward spiral of economic week this could be difficult to arrest. i am not an economist, but that sounds bad. is that right? >> the concern she is expressing is that it produces not sufficiently strong to it wouldn't take too much to put us back into a recession or a significant slowdown. >> so i wanted me went admit to having trouble sleeping every night, but what does bother me as lehman brothers and when i wake up at 3:00 in the morning come and that is what i'm worried about. i don't know what lehman brothers looks like. i don't know whether it's in this country or perhaps in europe, but i think she summed it up pretty well and this is reported on the cnbc's squawk box this morning. when they pl