mr. hensarling. >> good morning, mr. chairman. >> good morning. >> we i believe have seen the greatest fiscal and monetary stimulus thrown at our economy in history of our country. perhaps the history of the world. regardless of where we were in september of '08, to round down some of the analysis in your testimony, we now are at 29 consecutive months of unemployment, and being above 8% when the president told us if we pass the stimulus bill it would not exceed 8%. we know we have had three months now where unemployment has been on the rise above 9%. since the president has taken office, there's been a for you% increase in the number of americans who receive food stamps, one in seven. the average number of weeks it takes to find a job, according to the bureau of labor statistics is 39.9 weeks. the longest in recorded history. and there has been now entrepreneurship or new business starts apparently are at a 17 year low. so, after the largest monetary and fiscal stimulus in history, and if i had my figures right, and i be

mr. hensarling. the speaker pro tempore: the gentleman from texas is recognized. mr. hensarling: i thank the gentleman for yielding. mr. speaker, this nation has a debt crisis, not because we are undertaxed but because washington spes too much. and here we are days before the president's august 2eadline and the prident of the united states has yet to submit a plan to deal with the debt crisis. here we are days away from the president's august 2 deadline and the united states senate has yet to pass a single plan. days before the president august 2 deadline not only have house republicans passed their first plan, in a matter of hourwe will vote on another plan to deal with the debt crisis that we must remember is spending driven. it's the president's spending that brought us here. now, the bill that we're bringing to the house floor, mr. speaker, is not the ultimate solution. but, mr. speaker, it assures that this nation pays its current bills like families, like small businesses have to. it gives us the opportunity to actually cut spending. you know, the amounts are not

mr. hensarling. the speaker pro tempore: the gentleman is recognized for three minutes. mr. hensarling: mr. speaker, this nation suffers from a surplus of deficits. first, our seniors have a health care deficit, because in the last congress, democrats cut medicare by half a trillion dlars, hastening its bankruptcy d creating a new board called the ipab in order to ration the access in quality of health care. next they brought us a jobs deficit, millions are unemployed and remain unemployed, the highest duration of long-term unemployment since the great depression. next, mr. speaker, we have the financial deficit. after the president's trillion dollar stimulus program which has failed, $1.4 trillion take over of health care, after increase of base governmen 24% in two years, three -- $3 trillion-plus deficits in a row, we now have a debt crisis and the president says we need a balanced plan, want you republicans to raise taxeso pay for my spending. well, mr. president, one of the greatest impediments we have to job creation today is the threat of taxes to pay for your spending

mr. hensarling, mr. price, mrs. biggert, mr. manzullo, mr. bachus, many others, they made it clear they didn't want the whole agency. so this notion that they're just trying to improve it is belied by the fact that they tried to kill it. even then mr. bachus sometimes has trouble sticking to his own line. here's what he said this morning on cnbc. we're not trying to kill it, that's been totally misrepresented. republicans stand strongly behind consumer protection. we however think that safety and soundness has to be considered so that we don't worry about a federal reserve or an fdic but we do worry about a consumer protection agency whose sole goal is to benefit consumers without considering how that benefit affects the stability of our financial institutions. well, it doesn't go the other way, they don't worry about what the financial institutions do to consumers, but let me read again what he says. we do worry about a consumer protection agency whose sole goal is to benefit consumers without worrying about the poor banks and what the bill

mr. hensarling, our vice chair. the chair: the gentleman from texas is recognized for three minut. mr. hensarling: i thank the gentlelady for yielding. i thank her for her leadership on this issue. mr. chairman, already we know that in america we are looking at 9.2% unemployment. since the president told us if we would pass his stimulus plan, $1 trillion, unemployment would never go beyond 8% and now he is preding over the longest period of high unemployment since the great depression. we just got the statistics since they've been keeping them, it now takes almost 10 full months for somebody unemployed to find a job. one in seven on food stamps. the fewest new business starts in 17 years. this economy is not suffering so much from a lack of capital, it is a lack of confidence and a lack of confidence primarily in the policies of our president and the previous congress. part of that lack of confidence is attributable to dodd frank and this -- dodd-frank that cfpb which, yes, does have some wonderful consumer protection powers but als has historic dracian powers to ration and ban consumer

mr. hensarling. the speaker pro tempore: the gentleman from texas is recognized. mr. hensarling: i thank the gentleman for yielding. mr. speaker, this nation has a debt crisis, not because we are undertaxed but because washington spends too much. and here we are days before the president's august 2 deadline and the president of the united states has yet to submit a plan to deal with the debt crisis. here we are days away from the president's august 2 deadline and the united states senate has yet to pass a single plan. days before the president's august 2 deadline not only have house republicans passed their first plan, in a matter of hours we will vote on another plan to deal with the debt crisis that we must remember is spending driven. it's the president's spending that brought us here. now, the bill that we're bringing to the house floor, mr. speaker, is not the ultimate solution. but, mr. speaker, it assures that this nation pays its current bills like families, like small businesses have to. it gives us the opportunity to actually cut spending. you know, the amoun

mr. hensarling, our vice chair. the chair: the gentleman from texas is recognized for three minutes. mr. hensarling: i thank the gentlelady for yielding. i thank her for her leadership on this issue. mr. chairman, already we know that in america we are looking at 9.2% unemployment. since the president told us if we would pass his stimulus plan, $1 trillion, unemployment would never go beyond 8% and now he is presiding over the longest period of high unemployment since the great depression. we just got the statistics since they've been keeping them, it now takes almost 10 full months for somebody unemployed to find a job. one in seven on food stamps. the fewest new business starts in 17 years. this economy is not suffering so much from a lack of capital, it is a lack of confidence and a lack of confidence primarily in the policies of our president and the previous congress. part of that lack of confidence is attributable to dodd frank and this -- dodd-frank that cfpb which, yes, does have some wonderful consumer protection powers but also has historic draconian powers to ration and ba

mr. hensarling. the speaker pro tempore: the gentleman is recognized for three minutes. mr. hensarling: mr. speaker, this nation suffers from a surplus of deficits. first, our seniors have a health care deficit, because in the last congress, democrats cut medicare by half a trillion dollars, hastening its bankruptcy and creating a new board called the ipab in order to ration the access in quality of health care. next they brought us a jobs deficit, millions are unemployed and remain unemployed, the highest duration of long-term unemployment since the great depression. next, mr. speaker, we have the financial deficit. after the president's trillion dollar stimulus program which has failed, $1.4 trillion take over of health care, after increase of base government, 24% in two years, three -- $3 trillion-plus deficits in a row, we now have a debt crisis and the president says we need a balanced plan, i want you republicans to raise taxes to pay for my spending. well, mr. president, one of the greatest impediments we have to job creation today is the threat of taxes to pay for you

mr. hensarling. the speaker pro tempore: the gentleman from texas is recognized. mr. hensarling: i thank the gentleman for yielding. mr. speaker, this nation has a debt crisis, not because we are undertaxed but because washington spends too much. and here we are days before the president's august 2 deadline and the president of the united states has yet to submit a plan to deal with the debt crisis. here we are days away from the president's august 2 deadline and the united states senate has yet to pass a single plan. days before the president's august 2 deadline not only have house republicans passed their first plan, in a matter of hours we will vote on another plan to deal with the debt crisis that we must remember is spending driven. it's the president's spending that brought us here. now, the bill that we're bringing to the house floor, mr. speaker, is not the ultimate solution. but, mr. speaker, it assures that this nation pays its current bills like families, like small businesses have to. it gives us the opportunity to actually cut spending. you know, the amoun

mr. hensarling. the speaker pro tempore: the gentleman is recognized for three minutes. mr. hensarling: mr. speaker, this nation suffers from a surplus of deficits. first, our seniors have a health care deficit, because in the last congress, democrats cut medicare by half a trillion dollars, hastening its bankruptcy and creating a new board called the ipab in order to ration the access in quality of health care. next they brought us a jobs deficit, millions are unemployed and remain unemployed, the highest duration of long-term unemployment since the great depression. next, mr. speaker, we have the financial deficit. after the president's trillion dollar stimulus program which has failed, $1.4 trillion take over of health care, after increase of base government, 24% in two years, three -- $3 trillion-plus deficits in a row, we now have a debt crisis and the president says we need a balanced plan, i want you republicans to raise taxes to pay for my spending. well, mr. president, one of the greatest impediments we have to job creation today is the threat of taxes to pay for you

mr. hensarling. the speaker pro tempore: the gentleman from texas is recognized. mr. hensarling: i thank the gentleman for yielding. mr. speaker, this nation has a debt crisis, not because we are undertaxed but because washington spends too much. and here we are days before the president's august 2 deadline and the president of the united states has yet to submit a plan to deal with the debt crisis. here we are days away from the president's august 2 deadline and the united states senate has yet to pass a single plan. days before the president's august 2 deadline not only have house republicans passed their first plan, in a matter of hours we will vote on another plan to deal with the debt crisis that we must remember is spending driven. it's the president's spending that brought us here. now, the bill that we're bringing to the house floor, mr. speaker, is not the ultimate solution. but, mr. speaker, it assures that this nation pays its current bills like families, like small businesses have to. it gives us the opportunity to actually cut spending. you know, the amoun

mr. hensarling: mr. speaker, every day in my district in texas i hear from small business people who tell me, i'm afraid to hire new workers because i think this national debt will end up bankrupting my business, not to mention my country. the american people are saying to washington, quit spending money we don't have. and so today house republicans will bring to the floor the cut, cap and balance plan, cut federal spending at least back to its 2008 levels. who's going around saying government wasn't big enough before barack obama came here? cap it. let's make sure that our government doesn't grow beyond our ability to pay for it. and then balance. small businesses, families, states, everyone has to balance their budget except for the federal government? is there any mystery why we have $14 trillion of debt? there is no other credible plan on the table that avoids default and solves the problem. the senate, 800 days, no budget. the president, he gives us a speech, not a plan. and the only thing he's put

mr. hensarling for five minutes for questions. >> thank you. ms. williams, in your testimony you talk about the examinations produced by your agencies and several in the provincial regulators. i believe there was a sample size of 2800 foreclosure cases, correct? how was that simple chosen? >> the sample was 200 per servicer. it was a judgmental sample determined by the examiners responsible for the particular institution. there was a mix of judicial and nonjudicial states. >> did the agency's continued to be representational? there's 2 million under the descent and decree of the foreclosure cases that the mortgage servicers are going to be required to reach out to come is that correct? >> the samples were intended to be representative of the types of standards and the processing centers. >> on page four of your testimony you state, quote, the generation sound in the sample are seriously delinquent. so i think you are telling me number one, that at least you consider the sample to be representational. i know mortgage servicers have gone out and have

mr. hensarling: my constituents want to know when we're going to celebrate independence from borrowed money. and the other thing they want is more jobs. the president doesn't seem to get this. if his reckless spending and class warfare rhetoric created jobs, we would be the most highly employed country in the history of man kind. instead we are mired in the most sustained unemployment under his policies sips the great depression. we have a plan. make the tax code fairer, flatter, simpler. stop the president's job-crushing tax increases and end the dumb regulations that prevent jobs in america. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from vermont rise? mr. welch: i ask unanimous consent to address the house for one minute and revise and extend my remarks. the speaker pro tempore: without objection. mr. welch: we face a debate about raising the debt limit not because we want to but because we have an obligation to pay our bills. the majority on the democratic side voted to do that. it was not to incur new spending or obligations but to me

hensarling bill, as amended. we said it was not germane. we it has been seven months into the session with republicans in the majority. arling is a member of the majority. said. what mr. bauchus we would like a comprehensive bill. can we get a comprehensive bill? i do not think so. republicans in power in the house are much less certain. where are we? i will say i am somewhat embarrassed by this failure of memory, once he became a member of the majority. the gentleman from alabama blamed the obama administration. i feel like humphrey bogart, when it comes to fannie mae and freddie mac, republicans cannot proceed without obama. why have we not seen that? because of obama will not let them do it. a recent entertainment and elegy was wilson, in which the republicans of the house are geraldine annika obama is the devil. the chairman said that he was asked by the obama administration to wait. i have checked with the administration. he misunderstood them. no one in the obama toinistration has passeasked hm wait. i have a role that i try to fall myself. no matter how tight the quarter you are in, avoid saying something no one will believe. the notion that they are not actin

mr. gingrey: i thank you and i thank my leadership, the majority leader on the republican side, speaker of the house and our conference chairman, representative jeb hensarling, for giving us the opportunity, the house g.o.p. doctors caucus to have the special order hour this evening. it's convenient, my well respected members and friends from the congressional black caucus talking about the budget and what we're trying to do in regard to moving forward, talking, of course, about safety net programs and entitlement programs, such as social security and medicare and that's a great lead-in about our topic this evening because it's going to be about the medicare program. we, on our side of the aisle in the republic cavern past, house -- republican past, we have solved the crisis which the trustees have said to all members of congress, not democrats or republicans, but all of us that according to the trustee report that by the year 2024, if we don't do something about the medicare program as it currently exists, as it's currently funded, the amendment of spending that occurs year after year and will only increase as more and more of our baby boomers are reaching

hensarling bill, as amended. we said it was not germane. we it has been seven months into the session with republicans in the majority. arling is a member of the majority. said. what mr. bauchus we would like a comprehensive bill. can we get a comprehensive bill? i do not think so. republicans in power in the house are much less certain. where are we? i will say i am somewhat embarrassed by this failure of memory, once he became a member of the majority. the gentleman from alabama blamed the obama administration. i feel like humphrey bogart, when it comes to fannie mae and freddie mac, republicans cannot proceed without obama. why have we not seen that? because of obama will not let them do it. a recent entertainment and elegy was wilson, in which the republicans of the house are geraldine annika obama is the devil. the chairman said that he was asked by the obama administration to wait. i have checked with the administration. he misunderstood them. no one in the obama toinistration has passeasked hm wait. i have a role that i try to fall myself. no matter how tight the quarter you are in, avoid saying something no one will believe. the notion that they are not actin