mr. hensarling and mr. jones because of the question why not to go first and then under the grains and rules mr. manzullo if they are here we will resume with mr. rice. so at this time i recognize mr. hensarling and the vice chair. >> thank you mr. chairman and good morning mr. bernanke. you were here before us because of your new mandate. and speaking of maximizing employment, according to the fed to the number of dramatic actions in 08, some of which i consider proper and some of which i still question. 2008 was four years ago. i think it was an inescapable conclusion. we have now seen the greatest monetary and fiscal stimulus throughout the economy in our history and what do we see but 41 months of 8% plus unemployment? 14.9% real unemployment if we look at those that left the labour and those that are seeking full-time employment. we have anemic gdp growth probably half of what it should be by the historic standards and my interpretation of the testimony is they are predicting much of the same. why shou

mr. hensarling. the speaker pro tempore: the gentleman from texas is recognized for three minutes. mr. hensarling: i thank the gentleman for yielding. madam speaker, my democratic colleagues come to the floor and question, why are we here to vote to repeal the president's health care program? let me offer a few reasons. number one, the american people don't want it. the longer people have to know this bill, the more interested they are in seeing it repealed. reason number two, we hear from our friends on the other side of the aisle, well, the supreme court said it was constitutional. well, the $5 trillion of additional debt that they and president obama have foisted on the american people, it's constitutional, but, madam speaker, it is not wise. seniors know that the president's health care program cut half a trillion dollars out of medicare. a half a trillion dollars. the independent payment advisory board, one of 159 boards, commissions, programs to get between americans and their doctors, the independent payment advisory board, there to help ration health care for our seniors, anothe

mr. hensarling first and then perhaps mr. delbianco about the point of origin as maybe if we are going to go destruction nine still wrestling with whether it's been a topic of discussion for a long time. >> i think you might mean mr. kuttner he's written papers on it but it is an option to the committee. it's not the approach taken by this bill, no. >> dalia understand that but it doesn't mean the amendments during the course. >> the issue you might be concerned about is when i describe it to other people the internet business is going to flee to the states with no sales tax. we don't all flee to states with no income tax business is done on the fleet states with no income tax, but maybe it's different for this. >> it might not be a bad idea for people to do things to create business in their states' to lower the taxes. i would vote for that. mr. delbianco coming your assessment? >> thank you, congressman. what you described in assisting the tax is based on where the item is sold from. essentially with a brick and mortar stor

mr. hensarling first and then perhaps mr. delbianco about the point of origin as maybe if we are going to go destruction nine still wrestling with whether it's been a topic of discussion for a long time. >> i think you might mean mr. kuttner he's written papers on it but it is an option to the committee. it's not the approach taken by this bill, no. >> dalia understand that but it doesn't mean the amendments during the course. >> the issue you might be concerned about is when i describe it to other people the internet business is going to flee to the states with no sales tax. we don't all flee to states with no income tax business is done on the fleet states with no income tax, but maybe it's different for this. >> it might not be a bad idea for people to do things to create business in their states' to lower the taxes. i would vote for that. mr. delbianco coming your assessment? >> thank you, congressman. what you described in assisting the tax is based on where the item is sold from. essentially with a brick and mortar stor

mr. hensarling. the speaker pro tempore: the gentleman from texas is recognized for three minutes. mr. hensarling: i thank the gentleman for yielding. madam speaker, my democratic colleagues come to the floor and question, why are we here to vote to repeal the president's health care program? let me offer a few reasons. number one, the american people don't want it. the longer people have to know this bill, the more interested they are in seeing it repealed. reason number two, we hear from our friends on the other side of the aisle, well, the supreme court said it was constitutional. well, the $5 trillion of additional debt that they and president obama have foisted on the american people, it's constitutional, but, madam speaker, it is not wise. seniors know that the president's health care program cut half a trillion dollars out of medicare. a half a trillion dollars. the independent payment advisory board, one of 159 boards, commissions, programs to get between americans and their doctors, the independent payment advisory board, there to help ration health care for our seniors, anothe

mr. hensarling. the speaker pro tempore: the gentleman from texas is recognized for five minutes. mr. hensarling: i thank the gentleman for yielding. madam speaker, we know our nation faces very serious threats overseas, but we also have a very serious domestic threat as well. and that is our national debt. a debt that has increased more in the last three years on a nominal basis than in the previous 200. thus the budget control act, budget control act, because as the chairman of the house budget committee pointed out, the supercommittee, of which i served, as did the ranking member, did not prove so super. we are staring into the face of a sequester. . i would like to compliment the chairman for his vision in bringing a proposal to the sequester but i'd also like to compliment the democrat ranking member for also offering an alternative man, one i disagree with, one that by my reckoning includes 73% tax increases, but he should be applauded and house democrats should be applauded at least for recognizing the draconian defense cuts that could do real damage to our national security, as

mr. hensarling. >> thank you, mr. chairman. good morning, mr. secretary. i'm, still don't quite understand your answer concerning the fed's use, new york fed's use of libor. on the one hand, i think you have said that quote, we acted very early in response. we were worried about it. we were concerned about it. but it appears that the early response was to keep using it. which means that it appears you treated it almost as a curiosity or something akin to jaywalking as opposed to highway robbery. i think i just heard you earlier in your testimony say, quote, unquote, it was our best choice. there are other interest rate indexes out there. how can a number that you know has been manipulated, how can that possibly be the best choice? >> well, again, we were concerned about this and we did the important, very consequential thunk of bringing it to the attention of the full compliment of regulatory authorities that congress has given responsibility and authority for market manipulation abuse and -- >> but you weren't obl bited to use it? the new york fed was not

mr. hensarling pointed out that growth has been slow. and part of the reason is that following a financial crisis, some of the factors that normally lead to a strong recovery, like a housing recovery, or extension of credit have been effected to some extent. >> what i've been seeing is that those manufacturers involved in mining oil and gas exploration, anything to deal with energy, they are actually expanding. because they see the need for that. and banks are lending based upon that. but the massive uncertainty in the manufacturing sector, the fact that companies are unwilling to make decisions is as you said compounding everything. i met with a bunch of european union parliamentarian yesterday. they believe it's the best interest to save. they believe things are stabilizing in europe. your opinion of that? >> i don't any they are close to having a long term solution that will solve the problem. unless they find the solution, we're going to continue to see periods of financial volatility. >> thank you. i yield back. >> mr. scott -- >> t

mr. hensarling, for their work with me on this issue. section 526 prohibits the military from purchasing alternative fuels products that have life cycle greenhouse gas emissions, a mouthful, that are less than or equal to such emissions from conventional fuel. mr. speaker, this prohibition makes no sense to me. several months ago secretary of the navy said our dependence on foreign sources of fossil fuels are ripe with danger for our nation and it would be irresponsible to continue it. paying for spikes in oil prices means we may have less money to spend on readiness which includes procurement. we could be using that money for more hardware and more platforms. if protecting fuel lines and avoiding price volatility is truly the goal of the military, and i truly believe these are worthy objectives, then lifting objectives in section 526 should be a no-brainer. section 526 puts technology like-to-liquids, oil shale, oil sands out of reach in the united states military. these technologies are capable of meeting the department's objectives fo

mr. secretary. hensarling. >> thank you, mr. chairman. good morning, mr. i do not quite understand your answer concerning the fed's use of libor. i think you have said that we acted very early in response. we were concerned about it but it appears that the early response was to keep using it which means it appears you treated it almost as a curiosity or something akin to jaywalking as opposed to highway robbery. i think i heard you earlier in your testimony say "it was our best choice." there are other interest rate index is out there. has been manipulated possibly be the best choice? >> we were concerned about this and we did the important very consequential thing of bringing it to the attention of the full complement of regulatory authorities that congress had given responsibility and authority for market manipulation of use. -- manipulation abuse. use it. yes or no? >> of course not. >> ok. >> i think that was the right choice back then. >> to include a manipulated number and a non manipulated number? >> i would not say it this way. it was a rate that w

going to talk to texas congressman jeb hensarling, will tell us why he thinks repealing the health care law is a good idea. we don't call anybody a panel anymore, mrnny glover, a e humanitarian and actor will join us. we'll talk about your film "shenandoah", a tremendous documentary. >> triumphant for the community. it's become something that has changed the community as well. >> we're also just really thinking about the number of twitter follows. what did you say? >> 1.4 million. >> how many tweets? >> very impressive ratio. this morning ryan lizza with the washington new yorker office and let's get right to sanjay gupta talking about what we have learned, that the world health organization will announce they know what killed those more than 60 children in cambodia. their conclusion is that it's a combination of pathogens including enterovirus 71 and the use of steroids on these children made the illness worse in many of the victims. it brings us right to sanjay, live in phnom penh for us. good morning. what do we know and what can be done to prevent this disease? >> reporter: well, what we know is that there was different pathogens, enterovirus

mr. cantor: madam speaker, i thank you. in addition, the house will consider h.r. 5872, the sequestratn ansparency act sponsored by congressman jeb hensarling is a bill that will bring needed transparency to the administration's process for implementing devastating cuts to our national defense and many social programs on january 2. chairman paul ryan and the budget committ passed this bill in a bipartisan fashion, so i expect it to be brought up under suspension of the rules. finally, and in keeping with funding our national security, the house will consider h.r. 5856, the department of defense appropriations act, sponsed by congressmanill young. this will be the house's seventh appropriations bill of the year. i expect the defense funding bill to be on the floor for the balance of the week. members should be aware that late evening votes are possible on wednesday, july 18, and thursday, july 19. i thank the gentleman and yield back. mr. hoyer: i thank the gentleman for that scheduling information. as the gentleman knows, we have -- as i calculate, 12 legislative days left to go in july and the beginning of august of which three of those da

mr. cantor: madam speaker, i thank you. in addition, the house will consider h.r. 5872, the sequestration transparency act sponsored by congressman jeb hensarling. this is a bill that will bring needed transparency to the administration's process for implementing devastating cuts to our national defense and many social programs on january 2. chairman paul ryan and the budget committee passed this bill in a bipartisan fashion, so i expect it to be brought up under suspension of the rules. finally, and in keeping with funding our national security, the house will consider h.r. 5856, the department of defense appropriations act, sponsored by congressman bill young. this will be the house's seventh appropriations bill of the year. i expect the defense funding bill to be on the floor for the balance of the week. members should be aware that late evening votes are possible on wednesday, july 18, and thursday, july 19. i thank the gentleman and yield back. mr. hoyer: i thank the gentleman for that scheduling information. as the gentleman knows, we have -- as i calculate, 12 legislative days left to go in july and the beginning of august of which three

mr. cantor: madam speaker, i thank you. in addition, the house will consider h.r. 5872, the sequestration transparency act sponsored by congressman jeb hensarlingthis is a bill that will bring needed transparency to the administration's process for implementing devastating cuts to our national defense and many social programs on january 2. chairman paul ryan and the budget committee passed this bill in a bipartisan fashion, so i expect it to be brought up under suspension of the rules. finally, and in keeping with funding our national security, the house will consider h.r. 5856, the department of defense appropriations act, sponsored by congressman bill young. this will be the house's seventh appropriations bill of the year. i expect the defense funding bill to be on the floor for the balance of the week. members should be aware that late evening votes are possible on wednesday, july 18, and thursday, july 19. i thank the gentleman and yield back. mr. hoyer: i thank the gentleman for that scheduling information. as the gentleman knows, we have -- as i calculate, 12 legislative days left to go in july and the beginning of august of which three o