omb re al omb re. he just finished a film called latie on youth. he is a father and his 2 children are here. daniel and elma and his daughter in law and megan m burns and suggested we contact him. we are so happy to have you here and look forward to hearing your address. >> good morning ladies and gentlemen. you know i got to share this with you. i know how to drive a tractor. don't forget what you come from. culture cures. it's like coming back to our mom. i want to first and formost jeff adachi, thank you for the opportunity. patty lee. and sury to all the students. can i see the hands of the high school students? you know what i like about that? mihose means my children. look where you are sitting. in the front. i did a presentation for 2 thousand students and they were 25 hundred chairs. where do you think they sat? it breaks my heart. they sat in the back. i had all the ushers remove the first 5 hundred chairs and we started getting closer. how does it feel to be in the front? if you see yourself at second best, how do you think people are goi

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omb being the office of management and budget. the white house department. there's a whole review called the paper reduction act, the pra, not to be confused with the professional radio association. they review what the effect of our rules might be on businesses of all kind. how much paper work is this producing? by the fcc own estimate, the net neutrality rules against, which i dissented last december 21st, will generate three times more paperwork than the fcc estimated. and that number seems to be going up. this is just tier 1, i think, of the undiscerneddeddeddeddeddeddd consequences. the review that has been happened that required more notice and public comment. the last round of that or the latest round of that is commencing now. so it could be those rules or those net neutrality rules don't become effective maybe until mid to late october. and then they could be appealed. they can't be appealed by the court or overturned by the senate under statute. and so they become -- >> do you forsee them being appealed? >> i think they will definitely be appealed.

. >> host: commissioner mcdowell, the fcc this week forward rules to the omb toward net neutrality to codify net neutrality. where do you stand? >> guest: omb, part of white house operations, and there's a whole convoluted review here in washington, paperwork reduction act, tra, not to be confused with the professional rodeo association. anyway, they review what the affect of our rules might be on businesses of all kind. by the fcc's own estimate, the net neutrality rules, again which i descended last december 21, rules generate three times more paperwork than the fcc estimates, and that number seems to be going up. this is just tier one i think of the unintended consequences of what i thought was a very ill-advised rule-making order that we came out with last december. so what's been happening in the past seven months is this review by the office of management and budget, and that requires more notice and public input, and so the last round of that, latest round of that is commencing now. so it could be those rules, net neutrality rules that become effective, maybe until mid to late

omb, why don't you want it? >> well, we will see what's next in the conversation, but in the meantime, again, congratulations, jay. it is a pleasure to be a part of your team here today. and thank you. excellent coverage. and tom, you why final thoughts before we send it back to new york. >> i would only say as to jay barbree, jay -- i stepped into this role covering space about six years ago, and jay has been nothing but kind and giving and always has an incredible story and more information and more instant recall than anybody i know. his perspective is so valuable. but as it relates to america's commitment to the space program, you know, budgetarily we still are pretty much where we were before. the issue is this fight, this argument over what is america's -- what's the government's role, how much should the government be involved versus the private sector. and at the moment the administration has decided to give the private sector the chance to low earth orbit. a lot of people including the former administra

he did some really remarkable things when he was at omb. john sununu for crying out loud was a scientist and tea as he reminded us on occasion went to graduate school on a basso -- nasa scholarship, so he certainly was enthusiastic and it turned out to be the one of two most primary policy of the vice president so we had all the ingredients to make a space all of the topics. council active and engaged on so it works very well. reran it just like the nsc. we had regular meetings and we and deputies. had meetings with the principles we had a variety of committees formed etc. to go deal with the confluence of issues that i described in the very beginning. our primary policy focus, the first direction of the president was keep u.s. out in front and space. as the cold war bore down that leadership was not just a consequence of the cold war, not just a reaction to the soviet space programmed but in fact u.s. space leadership had salience and important for the country going forward in that and that we were to tailor and design the policies of thes

>> omb, being the office of management and budget, is a part of the white house operation, and there is a whole convuluted review here in washington under something called the paperwork reproduction act, sometimes called the pra, not to be confused with the professional rodeo association, as i like to remind people. but anyway, they review what the effect of our rules might be on businesses of all kinds. how much paperwork is this producing? by the fcc's own estimate, the net neutrality rules, against which i dissented last december 21st, will generate three times more paperwork than the fcc estimated, and that number seems to be going up. this is just tier one, i think, of the unintended consequences of what i thought was a very ill advised rule making order that we came out with last december. what's been happening in the past seven months is this review by the office of management and budget and that requires more notice and public comment. the last round of that, or the latest round of that, is commencing now so it could be those net neutrality rules don't become effective maybe

that's the power of omb and the power of the budget. jay, before that, i want to ask you about the memorable moments. there was great exhilaration, horrific tragedy as we know whachl do you take away from these 166 launches? >> from the 166 launches of course, the very first one with alan shepard and the first one with john glenn going go orbit and we'll never forget neil armstrong stepping on to the moon. those were very memorable as was the greatest time for nasa when they saved the apollo 13 flight. and shuttle challenger stands out. that's a time of recovery and of course columbia. but what shuttle did most, andrea, it built an international space station which is the brightest object in the sky next to the moon in the early evening and early mornings. it's up there and the human race is learning how to live in space. that's the principal gift of shuttle to the space program and to the planet. >> jay-brie, unique sense of history from you. i of course the challenger and columbia. i'll never forget as a little girl, godspeed john gle

he did some really remarkable things when he was that omb. john sununu for crying out loud was a scientist and he if he reminded us on that occasion went to graduate school on a nasa scholarship and so he certainly was enthusiastic. and it turned out to be one of the two most primary policy of the vice president so we had all the ingredients to make the space council active and engaged on all of the topics. so it worked very well. we ran it just like the nfc. we had regular meetings. we had meetings with the principles, deputies. we had had a variety of committees formed a etc. to go deal with issues that i described in the very beginning. our primary policy focus, the first direction of the president was keep the u.s. out in front in space. as the cold war -- the leadership was not just a consequence of the cold war, not just a reaction to the soviet space graham that in fact u.s. space leadership had salience and importance for the country going forward and that we were to taylor for design the policies of the administration to ensure u.s.-

he did some really remarkable things when he was at omb.nunu for crying out loud was a scientist and tea as he reminded us on occasion went to graduate school on a basso scholarship, so he certainly was enthusiastic and it turned out to be the one of two most primary policy of the vice president so we had all the ingredients to make a space council active and engaged on all of the topics. so it works very well. reran it just like the nsc. we had regular meetings and we had meetings with the principles and deputies. we had a variety of committees formed etc. to go deal with the confluence of issues that i described in the very beginning. our primary policy focus, the first direction of the president was keep u.s. out in front and space. as the cold war bore down that leadership was not just a consequence of the cold war, not just a reaction to the soviet space programmed but in fact u.s. space leadership had salience and important for the country going forward in that and that we were to tailor and design the policies of these administration

why did you spend regulatory review plan to omb? >> because i believed we were subject to the executive order under omb. >> not understanding what it said to you the spirit of the love for you to comply? >> i believe we are complained that the spirit of the law by directing mandatory review. >> i be submitted able to not? by general counsel said it's not important to staff review. >> t. believe you can make a richer set give review disputed the executive order? >> i've directed my staff to do the. my times expired. >> thank you mr. chairman. mr. chairman, my recollections of what kasdan said is the end of patent agency should comply with the spirit of the law not requirements. i'll ask you chairman liebowitz since your agent be as a paragon of virtue today. have you submitted a plan to omb? >> we have not submitted a plan? >> -- >> that's assuming your regulatory form? >> commissioner adler, i'll see her agency it hasn't submitted a plan to omb you're doing regulatory reforms. >> that's correct. >> chairman liebowitz, something he s

determines the impact on health care services and decides what action, if any, it will take up with ombva could also propose a lower estimate for not recurring maintenance based on other va priorities. for example, compare to good maintenance was $904 million lower for 2012 and went $.27 billion lower for 2013. but before that, one has to recognize the imperfect data and assumptions that change. also ,-com,-com ma projections are made three to four years into the future and budgets are developed months in advance. in summary, the va uses sophisticated and complex methods to estimate its capital planning and health care budgets. these methods to help to provide transparency into the va's methods, but the estimates they produce like the models themselves are not perfect and all must compete for funding and sometimes unforeseen priorities. thank you you do not of their questions. in that thank you very much. we will turn to ms. heidi golding. >> madam chairman, senator brown and other members of the committee, thank you or the opportunity to appear before you today to discuss the health ca

. >> i used to work at omb for president clinton. i understand the politics, but you have this bipartisan cahoots to bakley say, yes there should be shared sacrifice they're trying to protect the wealthy, and the democrats in the white house are trying to say, well action we can handle the aging population, but we're not going to ask the middle class to be a part of the funding of 9 major entitlements which go to the middle class. that seems like a charade to me. >> i think the middle class are funding the major entitlements. that's part of the problem. we need to get our health care costs under kro. i disagree -- over the past decade -- you know this, they're the one class of people in this country whose wages have declined. they haven't gotten any pay raises. that's been a problem, particularly as prices continue to rise. never mind get ahead. so we don't think the middle class needs to be a focus. if we take a balanced approach, we think we don't have to do that. it's defense spending, tackling the entitlesments, you're right, and

the overseas contingency fund has been scored by omb and scored by the cbo. it has been voted 230 + republicans have voted for it. 40 republicans in the senate voted for it. the answer is no. this is part of their budget, and you know, sometimes people try to pull the will over people's eyes with numbers -- over people's eyes with numbers, but i've never figured out how to do it with cdo. is the cbo who did this. >> senator mcconnell has a fallback proposal. do you see marrying some version of his proposal -- >> i'm happy to talk to him about that. i thought it was a courageous thing he did. i will look at it, but i want to have the republicans look at my proposal to see how it could be changed. that is one way it could be done. >> [inaudible] >> if that is something the republicans would like, i will take a look at it, sure. the only extension i have talked about would be after the first of the year, 2013. >> 2012? >> no, no, no. we cannot be in this battle all the time. right now, extremists have locked down this congress. they're doing nothing. extremists

day after i got elected, i sat down quickly selected a head of omb and we mapped out a plan.wasn't the greatness the world, but it worked. i was willing to compromise. but it was my plan. i learned that from ronald reagan. i worked with ronald reagan, day one he had a strategy, he had to compromise a little here and there. he was great at saying if he can get 80% he won. but it was all his plan. he was leading. saying these are the tax cuts we need, reductions in spending, 10% across the board cut. then you fight about the. the president of the united states does the leading. -- reason we have a president that can't do it, you have made this point over and over he's never done a budget before. we take a guy who has never done a budget and give him the biggest budget in the world to run. of course he's going to screw it. he's never had executive responsible. now he's dealing with one of the most complex problems. he has two rigid groups on either side. republicans who say, no tax incrosses. -- increases. maximum reductions. democrats say increase 80% if they can get their way.

as you've been reporting, democrats on capital hill got a briefing from jack lou at omb today. they're not pleased what they've been saying is not true the president has basically entirely caved to the republican demands and not getting a guarantee of up front a tax increases in exchange for serious cuts to spending programs including entitlements. i can understand why the white house would be pushing back against that. that would be a disastrous cave-in for the white house. particularly at this point when they seem to have a descent amount of leverage in this. but they are walking that back. they are talking to the leaders. >> a lot of people, including me, were concerned with early reports. then i heard the president say this. let me play for you what he said on npr himself today. >> we have to make tough decisions on things like defense spending el arizona well as domestic spending but we also have to have more revenues. with that acknowledgement that we need a balanced approach, that republican leaders on capitol hill are going to be willing to engage in the kind of comprom

. >>> a program note for you, omb director jack liu will be with andrea mitchell cupping up at 1:00 easternnbc's nicole lappen is outside of is dunkin' doughnuts. are you all up on caffeine? >> reporter: it's a tough job, but somebody's got to do it. i wish you could smell what i smell. you know the slogans and what the stores look like. it's the brand recognition that the company is banking on for the ipo. some 411 on the ipo. this may 4th with a proposed offering of 400 million of common stock. based on the amount you probably passed on the way to work, you're probably not surprised there are nearly 10,000 stores in 31 countries. remembers the brands includes dunkin' doughnuts, but the companion of baskin robbins. and if it prices around the midrange analysts expect about $375 million or 17% of the full company. look, it's not huge, but it could add liquidity. on top of the buzz investors are attracted to the idea that it's doing more for u.s. expansion. there are very few on the west coast, and still the franchise company. analysts say that insulates them from the food price shots, mainl

was telling you, we've always had this, nobody is against this, but paul shawcroft, a person in the omb, why is he shoeldholding it up? >> you've made him famous this morning. >> reporter: that's the question for you, chuck. >> jay barbree, a historic day. we'll be checking back with you every hour until we see this "atlantis" go up. as we follow this last mission of the shuttle. jay, good to see you, sir. >> reporter: thank you. >>> well, another 7 million bucks is being poured into political attack ads this week. this time the target moves to capitol hill, the conservative group american crossroads has already blasted president obama and just today began a campaign targeting several democrat being senators up for reelection in 2012, the war being wage d. it's like it's october 2012 if you just watched these outside groups. >> right. as the latest jobs report showed, a lot of people may be struggling to get out of this recession, but a lot of money is being spent right now on campaigns and are going to continue to be spent on campaigns and a lot of that money is coming from outside gro

it is storable by cbo and omb . >> how can it be good when it is good in their budget and not good in our budget? >>, took a cut in 2012 the decks -- how much would a cut in 2012 be? >> my staff would know that. >> s&p and moody's have said that they want to see a long- term reduction in the trajectory of the jet -- debt to gdp ratio. in this plan, that does not get to entitlements? . >> there seems to have been acceptance all over in this capital with my idea to have a joint committee. i understand it will be in the proposal that john boehner will send over. it is a good proposal where everyone is aware -- everyone should be aware that the only way to reach those numbers is with revenues. that is what every time we talk, we talk about the need to do something with revenue. everyone knows that the president has said and we have said that we will not touch entitlements until there is some movement on revenues. that means taxes. people are shipping jobs overseas and that means these oil companies are getting massive subsidies and still making billions of dollars. it means millionaires a

cbo, omb, has scored our bill more than $2.4 trillion. not billion. trillion dollars.dollar for dollar as the speaker said he wants to reduce the debt. so a vote against this compromise will about vote to default on the full faith and credit of the united states. i repeat, everyone with the sound of my voice, we have the framework of a bill. we're going to change it. i have some ideas we need to change and i'm going to discuss them with the republican leader. if anyone has any other idea, come to me. but the time has come to make a decision. the time factors are very clear. why am i filing tonight on my bill? why? there's no more time. i have to do a time. would i like to wait until tomorrow and see if there's some good that comes from the republican side? of course i would. i would suggest to my friends on the other side the aisle, this is a big deal. they've gotten everything they want and should put these chips in their pockets and walk away and declare victory. there's no time to left on another bill or consider another option here in the senate. this is our last b

he did some remarkable things when he was omb. john sununu for crying out loud was a scientist and he, as the reminders on occasion, went to graduate school on a nasa scholarship. and so he certainly was enthusiastic. and it turned out to be the one of two most primary policy assignment of the vice president with all the ingredients there to make the space council active and engaged on all the topics. and so it worked very well. we ran it just like the nsc. we had regular meetings. we had meetings with the principals, deputies. we had a variety of committees formed et cetera to go deal with the confluence of issues that i described in the very beginning. our primary policy focus, the first direction of the president was keep u.s. out in front in space. as the cold war warned -- rolled down. u.s.-based leadership was not just a consequence of cold war. not just the reaction to soviet space program. but, in fact, u.s.-based leadership had importance for the country going forward, and that we were to tailor and design the policies of

how do you at omb and the treasury department, how do you plan for failure? how do you decide who gets their checks and who doesn't get checks? >> well, our plan is for the debt limit to be extended. for this not to come about. that's the only response. >> you're obviously planning. you're obviously doing contingency. >> we will be prepared to deal with whatever situation arises will our plan is for this to be resolved. >> so you're not going to tell me if the social security checks will go out and veterans benefits will go out. >> there is no way that anyone can give insurance that's we will make timely payments in a situation like that to social security recipients. to veterans, contractors. the president said that last night. there is no way to assure that all of those payments would be made, were we to fail, to reach an agreement on raising the debt limit. the truth is we can borrow 40 cents on the dollar if we don't have the ability to borrow, we don't have the ability to pay. >> on that sad note know we're going to have to leave it. thanks so much for b

of course, the treasury is having discussions with omb, with the fed to work through how we would manageon. this impossible position. but it is important to state again that we do not believe that we will get there. we take the leaders of congress at their word that they agree with the president. that it is unthinkable and unacceptable for the united states to -- for the first time in its history default on its obligations and that action will be taken by congress to ensure that does not happen. time is running out. so while we remain confident, we are also -- we also understand some of the anxiety out there because we are pushing this to the last minute. that should not be the case but in the end we believe congress will act appropriately. >> one more, please, there have been many times when a bill's been proposed and the white house has said that should that legislation get to the president's desk he would veto it even before it goes through congress. if speaker boehner's bill or a republican bill made to it the desk would the president veto it? >> as you know the white house chief of

his omb director, budget director jack lew, had something to say about that this morning as well. >> he wants the largest deal possible. he wants to do the most we can to reduce the deficit. that would be the right thing to do for the american people. he made it clear he's willing to go into areas that he's not in the past been comfortable going into. i think that one can see a path to getting well over a trillion on things that we should be able to agree to. >> so richard, we're essentially in a holding pattern here. what's playing out are politics within each conference and caucus on capitol hill between republicans and democrats, between house and senate. republicans for their part this week are going to push forward an amendment to the constitution requiring a balanced budget. they say this is what's needed. even if it were to be ratified, which is considered a long shot, obviously it would do nothing in the short run to avert a default. but this is something they really want to promote. here's jim demint, a tea party favorite conservative senator from south carolina. >> the only

again, omb director, lindsey gramm, and former new york mayor rudy guiliani.4:00 p.m., "face the nation" with bob schieffer, dick durbin, tom coburn, and marco rubio. is are brought to you as a public service. they begin at noon with "meet the press," 1:00 "this week,: cnn's "state of the union" at 3:00 p.m. listen to them on c-span radio, 90.1, 119 on xm, an iphone app, on your blackberry or cspanradio.org. >> this is the main reading room specifically set aside for research. do you know which photo they consider their most famous? you will find out answers about this unique library in a lacy spans original documentary, "the library of congress" airing monday night. we will tour the thomas jefferson building. we will show treasures found in the rare books and special collections including the original thomas jefferson library and presidential papers from george washington to calvin coolidge. learn how the library is using technology to discover hidden secrets in the collection and to preserve their holdings for future generations. join us for "the library of

this anger boiled over sources said when omb director briefed senate democrats on the talks.licly today the budget chairman said that history will treat the president well when this episode is reviewed. >> if we're going to get a plan through both houses of congress by august 2nd, that plan has to be in writing and begin the process by at least wednesday of next week. so we are very close to being out of time here. the president has to be part of any final agreement. so i think he is doing the responsible and right thing. >> sources tell fox news for them to michael the deadline, a petition for cloture will have to be filed by monday or tuesday. >>> an oregon congressman facing serious allegations that teenage daughter and donor accusing one of an unwanted sexual encounter and as peter doocy reports, this isn't the first time the congressman has been in the spotlight. >> when somebody checked the voice mail they heard an emotional message left by a girl that graduated this is just last year, saying the congressman involved her in an unwanted sexual encounters. all the congres

of course the treasury is having discussions with omb, with the fed, to work through how we would manage this impossible situation, this impossible position but it is important to state again, that we do not believe we will get there. we think, we take the leaders of congress at their word, that they agree with the president. that it is unthinkable and unacceptable for the united states to, for the first time in its history, to default on its obligations and action will be taken by congress to insure that does not happen. time is running out. so while we remain confident, we are also, we also understand some of the anxiety out there because we are pushing this to the last minute and that should not be the case. but in the end we believe congress will act appropriately. >> i've got one more please. there have been many times when bills have been proposed and the white house has said should that legislation get to the president's desk. he would veto it even before it moves through congress. if speaker boehner's bill, the republican bill, made it to his desk, would the president veto it? >>

cbo, omb has scored our bill for more than 2.4 trillion dollars. not billion. trillion dollars.s the speaker said he wants to reduce the debt. so a vote against this compromise will be a vote to default on the full faith of credit of the united states. i repeat to everyone within the sound of my voice. we have the framework of a bill. we are going to change it. i have some ideas that we need to change and i want to discuss them with the republican leader. if anyone has any other ideas, come to me. but the time has come to make a decision. the time factors are very clear. why am i filing tonight on my bill? why? there is no more time. i have to do it tonight. would i like to wait tomorrows for if there is goodwill that comes from the republican side? of course, i would you but i suggest to my friends on the other side of the aisle this is a pretty good deal. they, in effect, as fred thompson said, have gotten everything they want and should put those chips in their pocket and walk away and declare victory. there will be no time left to vote on another bill or consider another opt

i repeat, cbo, omb has scored our bill with $2.4 trillion.ollar for dollar as the speaker says he wants to reduce the debt. so a vote against this compromise will be a vote to default on the full faith and credit of the united states. i repeat to everyone within the sound of my voice, we have the framework of a bill. we are going to change it. anyone has any other ideas, come to me. by the time has come to make a decision. time factors are very clear. there is no more time. would i like to wait until tomorrow to see if there is some goodwill that comes from the republican side? of course i would. but i would suggest to my friend on the other side of the aisle, this is a pretty good deal. as fred thompson said they have gotten everything they want, they should put their chips in their pockets and walk away and declare victory. there will be no time left to vote on another bill and consider another option in the senate. this is our last best chance to preserve the character and credit of our great nation. >> our leader yield for a question? i t

house of representatives accept five voted for it. 40 republicans voted for it so it is by ceo and by omb stat how is it good in their budget and not when it's in our budget? >> the owsley in 2012, how much of a cut in 2012? >> i will get that from my staff, okay? >> you talked about movies but one of the things s&p and moody's has said is they want to see a long-term reduction in the trajectory of the debt to gdp ratio yet in this plan with the discretionary cuts that doesn't get to the entitlements in the long term driver. >> that's why it seems there has been acceptance all over in this capital. with my idea to have a joint committee. it's going to be in the proposal sent over to us. >> everyone should be aware the only way to reach those numbers is with revenue, and that is why every time we talk we talk about the need to do something with revenue. everyone knows that the president has said and we have said we will not touch entitlements under unless there is movement on revenue. what does that mean? taxes. people are shipping jobs overseas and these companies are getting massive subs

subcommittee dated june 13, secretary geithner acknowledged that he, along with the deputy secretary, the omb director, and representative of the president's office met with personnel on april 13, an actual meeting. are you aware of what was discussed at that meeting? >> congressman, no, i am not. i know that they regularly meet with them as part of the process of trying to get a better understanding, and they met with the treasury. i was not even aware that they met with the members that you just said, but i know they had a meeting. they met with them. because i am not privy -- i do not have privy to the people they meet in the ratings process. >> according to documents obtained by this committee, two days after that meeting, on april 15, a man reached out to the secretary to let them know the committee outcome. do you know what was discussed on that call? >> no, congressman, i do not. normally, the process would be, once the ratings committee makes a decision, wheelwright up the decision. we also inform the issuer of the trading action -- rating action if there was a change, and if there is

subcommittee dated june the 13th, secretary geithner acknowledged that he along with deputy secretary, omb director, met with s&p personnel on apri april 13, actual meeting. are you aware of what was discussed at that meeting? >> no, i'm not. i know our team as i mentioned regular needs with them, and as of the process on trying to get a better understanding, and they met with the treasury. i wasn't even aware that they met with the members that you just said but i know they had a meeting. they met with them. and because i am not privy, i don't have, privy to people to meet once they're in the ratings process. >> according to documents obtained by this committee, two days after that meeting on april 15, david beers reached out to undersecretary goldstein to let treasury know that rating committees outcome. do you know what was discussed on that call? >> know, congressman, i don't are normally the would be once we may, once the rating committee makes the decision, we write up the decision. we also and form the issuer of the rating action if there is a change, or if there is an affirmation.

>> i was talking -- i was listening to the comments that the omb director made over the weekend.f everyone is seriously committed to making a big deal, obviously, time is running short. in terms of the deadline we have talked about, august deadline is a real and fast deadline. we must take action to deal with our debt, raising the debt ceiling, before them. but there is still time to do something significant if all parties are willing to compromise. the parameters of what that might look like are well known, especially to the participants in the negotiations that the president oversaw last week. this is an estimate about what it takes to move something through congress. there it is this ineluctable modality of how congress works that you have to accept, that things can turn up and be voted on and reconciled all on one day. you have to guess and we have to leave it to the leaders of congress to provide their best estimates, rather than us. >> will you have to do with the a, a plan or a short-term deal so you can take more time to negotiate a package? >> we are, as you know, suppor

>> i was talking -- i was listening to the comments that the omb director made over the weekend. there is still time. if everyone is seriously committed to making a big deal, obviously, time is running short. in terms of the deadline we have talked about, august deadline is a real and fast deadline. we must take action to deal with our debt, raising the debt ceiling, before them. -- raising the debt ceiling before then. but there is still time to do something significant if all parties are willing to compromise. the parameters of what that might look like are well known, especially to the participants in the negotiations that the president oversaw last week. i may get the question, is it the 22nd? is it the 23rd? this is an estimate about what it takes to move something through congress. there it is this ineluctable modality of how congress works that you have to accept, that things can turn up and be voted on and reconciled all on one day. you have to move back from there. you have to guess and we have to leave it to the leaders of congress to provide their best estimates, rathe

cbo, omb scores that for more than $1 trillion. the ryan budget contained a $1 trillion in savings winding down the wars in iraq and afghanistan. majority leader kantor acknowledged the ryan budget counted toward deficit reduction. drawing down the troops would save more than $1 trillion over 10 years. we have given them everything they asked for. $2.70 trillion, dollar for dollar, there is no revenue. [unintelligible] in my caucus, somebody had an ipad and they read it today. the rating agencies are very nervous. there was a congressional hearing today. i do not have that, but the person testifying today said the one thing the markets demand is starting tond debate this thing again in a few weeks is not a certainty. [unintelligible] excellent question. we tried our best to have a trigger with some of the stuff that president obama worked on with republicans. they worked on the trigger. they could never get there because it would be so unfair if the committee did not arrive at a positive conclusion that the trigger would be all cos

attention to the president's plan that he offered february 14th that jack liu had a news conference as ombr, president obama had a news conference, if they bothered to read it and look at the plan that's the balanced approach, not my way or the highway but a balanced approach or at least read just the executive summary or at least read the seven pages of the president's letter that talks about the trillion dollars in savings from health care, from the military, from a freeze on federal spending. those are the plans that -- >> let me bring in loreta on the bush tax cuts. ama extended them. has it worked? >> the reason why things haven't worked yet is because at the very same time, the real problem here is spending. let's be clear on this. no president has ramped up spending like obama. when we talked about the debt ceiling that they're trying to raise and things of that nature, we have a president who in just a little less than three years in office has actually increased $3 trillion worth of debt for this country. this is an inordinate amount of spending. until you attack the spending and

that would be really a white house omb decision among all the economic leaders would get together. system of government. congress is supposed to make those decisions effectively what's happening here congress has ordered spending and hasn't provided the executive branch with the funds to carry out its legally binding orders. >>> talk about august 15th, the next big day if we didn't raise the debt ceiling. on august 15th, we would have revenue of $22 billion, this is in a day, and expenses of 4 $1 billion there. -- $41 billion there. on august 3rd we have a $23 billion social security payment. on august 15th, a $29 billion interest payment. so more than the revenue we bring in is due just in interest on that day. >> that's right. what that means is, that you have to steal some revenue from prior days because i think everyone should understand that we're always going to pay the interest on our treasury bonds. we just will. that will be the highest priority because it's unthinkable we would default on a bond the possible effects in the global markets would be -- >> let me stop you the

now as you know, omb is implementing a cloud computing initiative to improve government efficiency, while saving taxpayers money. and i do support commissions like this. now, chairman genachowski, do you support clout initiatives and what kind of impact do you think will have on our economy? and how can we assure any potential privacy concerns with cloud are properly met? >> i strongly support these initiatives on the part of both government, large businesses, small businesses, their efficiency and enhancing, they will save money. there are new areas of two minutes growth for our economy. it's an example of a new technology that has extorting opportunity, that also presents challenges and there's no question that data security and privacy are some of the challenges. i would not tackle that by slowing down cloud computing. i would tackle that by working diligently with industry to make sure that security is fully protected and taking advantage of the extraordinary technological expertise that we have in this country to make sure that happen. >> thank you. as we all know, these polls that w

omb represents the president who can ensure of agencies to change their views. -- who can convince agencieso change their views. >> the reality is, when these rules are promulgated and put forth, we have 7500 community banks out there scattered on main street across this country. sometimes i think when we tested by, we talk about things about reduce standards. none of those banks are ever going to rise to systemic risk. those banks get up every day in your community and mine. they get up every day with the intent of trying to serve their customers and do the things they have done for years. we are saying this needs to have a board. it can become on weekly -- unweildly. it is difficult for them to take on the burden of dodd-frank in the manner it is going to be promulgated because there is a massive amount of regulation. we will comply. the fact of the matter is, this review is far from abroad. >> do you believe dodd-frank is going to help us create jobs in this country? >> senator, i would say that from the standpoint of the banking industry, it is doing quite the opposite. i can cite an ex

subcommittee dated june 13, secretary geithner acknowledged that he, along with the deputy secretary, the omb director, and executive president of the vice president's office met with s&p personnel on april 13. are you aware of what was discussed at that meeting? >> no, i'm not. i know our team that you mentioned regularly meets with them, and i have started the process of trying to get a better understanding. i was not aware that they met with the treasury and the members you just said, but i know they had a meeting, and because i do not have privy to people they meet once they are in the ratings process. >> according to documents obtained by this committee, two days after that meeting on april 15, david pierce reached out to the undersecretary to let treasury know the committees outcome. do you know what was discussed on that call? >> no, i do not. normally the process would be once the ratings committee makes a decision, we write up the decision. we also inform the issuer of the rating action if there is a change or an affirmation, and if there's any publication we are going to do, we do s

the last tight i checked the eeoc had a back log of 86,000 private sector charges and the ee omb c has stated that "the private right of access to the judicial forum to adjudicate claims is an essential part of the statutory enforcement scheme. and relevance to the at&t case, a g.a.o. report found that it doesn't regulate carriers contract terms. it has a few rules that address services consumers receive. it conducts little monitoring of consumer complaints and does not enforce its billing rules for wireless carriers. professor, or professor cox, what is your understanding of the role that suits buy american citizens play in our civil justice system? are they redundant because there are already government enforcement mechanisms? >> they're hardly redoesn't nt. they're necessary. this has been recognized repeatly by the courts, particularly the supreme court, that we have found that congress has tightened up the ability of private litigants. so whatever judge friendly may have said five decades ago no longer applies. the idea of the strike suit i think died more than a decade ago. so we

in conducting our review, we have committed the agency to using omb's assessment tool. the only departure from the tools happen in 2008. in its concern to protect the lives of young children, congress voted overwhelmingly -- in the house, it was a vote of 424-one -- to set a number of very tight deadlines for the commission to meet. our general counsel did a count of the number of deadlines imposed on us. there were 42 separate deadlines. but recognizing the difficulty of meeting these deadlines, congress streamline our rulemaking authority when writing these children safety rules and limiting the requirements for economic analysis of the rules. the streamlined procedure directed to regulate hazardous children's products such as infant back seats, baby walkers, and cribs, all of which were associated with an unacceptable number of fatalities and serious injuries, as i believe resulted in significantly more expeditious and protect the safety standards that should save numerous lives in the coming years and could not have been accomplished otherwise. i particularly want t

cbo, omb, scores that actually for more than $1 trillion. we have in our billion $1 trillion. and the ryan budget contained $1 trillion for winding down the war in iraq, heritage foundation part of the substantial deficit reduction. majority leader canton acknowledged and counting the savings towards the deficit reduction. cbo, closing down troops could save more than a trillion. we have given them basically everything they have asked for. $2.7 trillion. dollar for dollar, there's no revenues. it's hard. >> we're hearing information based on reports. >> no, in my caucus, somebody had an ipad. they read more stuff today. i don't have it. they read it just a short time ago. the rating agencies are nervous. in fact, it was a congressional hearing today. again, i don't have that. the person testifying today that the one thing the market demand is certainly, certainly debating this in is a few weeks is no certainty. >> yes? [inaudible question] >> that's an excellent question. we've tried. we've tried our best to have a trigger with some of the stuff that president obama worked on