what kind of power does the omb chairperson have an legislation? >> it is more powerful than you described. victim it officer wants to comment -- if a cabinet officer wants to comment on legislation, that has to go through clearance process that omb. it is less daunting than the way you made it sound. it makes perfect sense. the government -- the executive branch of government is vast and and dozens of departments and agencies. -- thou-- through know no malice on the part of a camera officer, -- cabinet they may not have the same view as the government. that process exists to make sure --t there is a constituency a consistency in policy. surprisede would be at how small -- how small the policy apparatus is at the white house. dozen fornly a few domestic and economic policy. at larger for the nsc staff. those people do not have the resources to monitor everything that every part of government is doing at one time. the omb is a big and professional agency within the white house. 500 really high-quality and experienced employees. of them are career em

he was the deputy director at omb for management and performance. i'm thrilled he is willing to take on this assignment and help us drive the management. >> again, his appearance here will be important. now, a lot of people are asking if the president's words leading up to this law if they matter. and the statement in "the washington post" today edited the president's statement, if you like your health care plan, you'll be able to keep your health care plan. if we deem it adequate. that seems like a more operational statement. especially if you go back just a

>> ed, i can tell you when the president found out he was disturbs and asked his lawyers and the omb to work on a solution. we expect a solution today. this is not complicated. i know you are trying to make it a partisan issue. >> nice try. >> but ed -- >> you won't tell uh us when the president learned. you said he wants to move quickly. >> when he learned about it, he asked for -- directed those who work for him to find a solution. we ex expect a solution today. >> ed henry joins us live from the white house with breaking news on this. you never the did get jay carney to answer that simple question, but you kept working the story. ed, tell us. >> reporter: that's right. it seems simple. when the president says he's outraged, so when did he learn about it and how quickly did he move on it? september 27 the pentagon comptroller told reporters a few weeks ago if the government shut down october 1 they would not be able to pay death benefits. nobody is suggesting the president was briefed back then. but inside the administration people are saying up officially that aides around here kn

>> ed, i can tell you when the president found out he was disturbs and asked his lawyers and the omb to work on a solution. we expect a solution today. this is not complicated. i know you are trying to make it a partisan issue. >> nice try. >> but ed -- >> you won't tell uh us when the president learned. you said he wants to move quickly. >> when he learned about it, he asked for -- directed those who work for him to find a solution. we ex expect a solution today. >> ed henry joins us live from the white house with breaking news on this. you never the did get jay carney to answer that simple question, but you kept working the story. ed, tell us. >> reporter: that's right. it seems simple. when the president says he's outraged, so when did he learn about it and how quickly did he move on it? september 27 the pentagon comptroller told reporters a few weeks ago if the government shut down october 1 they would not be able to pay death benefits. nobody is suggesting the president was briefed back then. but inside the administration people are saying up officially that aides around here kn

omb is a big professional agency within the white house. but it's 500 really high quality, experienced employees. 475 of whom are career employees who are used to the process who know the issues going back a long way don't change with administrations and don't come and go with the political winds. and having them as the centerpiece, the fulcrum of government makes great sense. most cabinet officers would say it wasn't a -- it wasn't a big impediment. in some cases, a help in getting the views expressed. >> seems like if you look back over to what we're talking about, you were omd director. there's a spot where you could influence the flow of serious legislation. you were chief of staff and you're in a position where people get into the oval office or don't based on whether you say so. and you go back to the fact that you hired tony snow once you got in there and you were responsible for hank pallson. did you feel all of that responsibility in those different jobs? and when you walked out of there, was it thank goodness it's over or gee, i h

the president was very disturbed to learn of this problem and directed dod to work with omb and his lawyers to develop a possible solution. well, this, of course, is counteracted by duncan hunter and other republican members of congress and the military branch who say that they believe that the pay our military act did cover it. so you've got this additional dispute between both ends of pennsylvania avenue as to whether the congressional fix worked or didn't. in any case, it obviously didn't work because the death benefits aren't being paid. now the house is voting this afternoon. then it will go to the senate. there could be unanimous consent. the senate could take it up quickly as the house has. jack, the larger issue is the role of the military in our society, they are -- you and all of your fellow veterans are in a very special category. we should point out that congress is going to act very quickly today, likely, because these are our service members who were killed in battle. but what about all of the other people affected by the shutdown? we're talking about single moms who can't get

he went to omb and had nothing to do with the solyndra contract. he did come before us and talk about it, but his sole role was to represent omb and i don't think there ought to be any disparagement of jeffrey zients, he's a well regarded public servant. >> thank you, mr. chairman. welcome, madam secretary. now, we all agree the website problems must be resolved as the country developed the internet and the concept of the websites so there are high expectations. the fact that the hired private contractors could not build a ready website in three years is inexcusable and after it's fixed i hope the administration will hold those at fault accountable, but we can't lose sight of the big picture that when this is all said and done, every american will have affordable quality health insurance and health care. this is a goal, i believe, of all democrats and republicans. the aca is working in california and is working in my district in sacramento. i just want to tell you about a letter i got from a constituent. dr. congresswoman as a self-employed contrac

. >> each agency has to put together a plan that they submit to omb, and identifying which employees they have who they believe are essential for the safety of life and the protection of property. >> the department of housing and urban development, for example, submitted this plan that contains 4% of the force of 8700. they keep nine of the 68 employees, and jenny mae, the mortgage agency keeps 43 of the 108 workers, and hud's inspector general kept 8%, retaining the largest number of employees is the hud employees, and the environmental protection agency deemed 93% of its staff to use the old terminology, nonessential. such decisions raised questions in the minds of many americans about whether or not uncle sam can manage if pressed to do so to get buy on a lot less. >> they don't measure things like efficiency in the workforce, and as the deficit grows bigger there's a sense that government is big and a lot of people question whether they are getting what they are paying for out of it. >> we should be thinking about moving national parks to state governments and setting them up as

former omb chairman, rob portman is developing a bipartisan deal on his own. is it too late to brake your impasse, with whatever it is. senator, thank you so much for your time. i just want to ask you. we've been kicking this around. you're smarter than we are here on the panel. the president was ambiguous today. he said he would take a short term continuing resolution and a short term debt increase, i don't know, six weeks, he didn't specify, and then he said, and after we've got these things he would be willing to negotiate but no one figured negotiate the short term, when, how, why? how do you read this? >> it's just ridiculous that the president won't sit down and talk with us. john boehner made a good point, larry. you know well i worked for two presidents, bush xli and xliii. it's not something that they like to vote on. our constituents get it. they understand the federal krart won't be restructured. so, he has to silt down and talk and negotiate. give me everything i want and then i might negotiate later. all we're saying is yes, we had to open the gov

two hours before the senate passed the bipartisan deal by overwhelming margin, 81-18, the omb director says the bill has passed the united states senate and the house of representatives, the president plans to sign it tonight. and employees should expect to return to work in the morning. joining me is congresswoman karen bass, democrat from california. and congresswoman, how did you feel about casting a vote that you could have cast 16 days ago? >> you know, i think this is really sad. i mean, i'm happy that it's done and people will be back to work tomorrow. i walk through the halls of congress, and i felt bad with all of the workers that were here even though they're not being paid. so they'll be paid again. but this is really a sad chapter. we have to really take a step back and reflect on this now. why did this happen, what was this for. we could have taken this vote three weeks ago. this was completely unnecessary. >> do you think that your colleagues on the republican side of the aisle, do you think they've learned anything? did you get a sense when you were in the chamber tonigh

zients, a highly respected official, worked in the private sector, ceo of major corporations, acting omb director is taking over as director of the national economic council. he's got this assignment right now trying to make sure it works. what they're saying in the samt is they expect it to be almost fully functioning by the end of november. so that's two months started october 1st, and all of october, all of november, beak it won't be fully functioning. are they going to delay the penalty by two months? in other words, keep the open enrollment going an extra two months because of these problems? >> that's another question a lot of folks have been asking and many republicans and also a growing number of democrats are saying they need to look at shifting this idea that people have to buy health insurance by the end of march or face a penalty. there's no news. the administration knows they need to work hard to fix this. jeff zients said healthcare.gov is fixable but it's going to take a lot of work. of course, they say by the end of november if they're lucky, it could happen sooner. that'

coming up, omb director jim nelson and steve rattner. years of grad school. 20 years with the company. thousands of presentations. and one hard earned partnership. it took a lot of work to get this far. so now i'm supposed to take a back seat when it comes to my investments? there's zero chance of that happening. avo: when you work with a schwab financial consultant, you'll get the guidance you need with the control you want. talk to us today. >>> restoring faith in the government. can washington win back investors. former omb director jim nussel and steve rattner, both here. >>> earnings central, honeywell and morgan stanley reporting within the hour. the numbers and market reaction just ahead. >>> plus, a vulture is circling. billionaire wilber ross on whether lawmakers will rise above and where he's putting his money to work ahead of the next looming deadline as the second hour of "squawk box" begins right now. >>> good morning and welcome to "squawk box" here on cnbc. i'm andrew ross sorkin along with joe kernan and michelle caruso-c

. >> parents of the students created a fund after the boston .ombing for th >> the education nation summit gets under way today in new york city. >> they will discuss what it takes for young people to succeed in school and beyond. >> the summit is taking on the challenges facing kids today. danielle leigh has more. >> inside the new york public library, students and teachers are talking about the skills young people need to excel in the future. >> they are growing up in a different world. it is our responsibility to prepare them for those challenges. onnew standards put emphasis analysis. teachers are not necessarily ready to implement them. >> it has not been a priority for the local government. >> you have to worry about, are you going to get robbed? are you going to get jumped? >> issues like violence and bullying. >> it makes it hard to focus in school. you're constantly on the lookout for who is going to pick on you. >> enduring the pain and teasing i had dealt with. >> emily fought back by starting an anti-bullying website. >> a nonprofit changing the way teens view themselves. throu

the secretary of defense screwed up, omb, white house aides screw up and now jay carney is busily pointing fingers everywhere else. congress solved it once. they can solve it twice. maybe the second time the administration will accept the fix. >> you know what's so appalling about it is the first time i heard about it, i almost fell over. you heard about the four soldiers coming back to dover. i'm sure the family doesn't have extra cash lying around. what were we going do? ups the remains home? what were they thinking? every single american, if we had learned about this, we would have jumped on it to get the money to try to help pay for this. for our government to spend nine days letting this fall through the cracks and then for jay carney to say it needs necessary because they could do it with some sort of private deal with a private organization, you know, it's shocking. >> well, let's compliment fisher house and particularly ken fisher for stepping forward on this in order to do what the united states government on behalf of the grateful american people should be and ought to be doing.

the sole role is to represent omb. i don't think he ought -- there ought to be any disparagement of him. he is a very wealth regarded public servant. >> the gentleman's public will stand. >> thank you, mr. chairman. welcome madam secretary. now we all agree the website problems must be resolved. this country invented and developed internet and the concept of the web sites. so there are high expectations. the fact that the hired private contractors didn't build the website in three years is inexcusable. i hope those at fault will be held accountable. we can't lose sight of the big picture that, when this is all said and done every american will have affordable quality health insurance and health care. this is a goalie believe of all democrats and republicans. the aca is working in california and is working in my district in sacramento. i just want to tell you about a letter i got from the constituents. dear congressman, as a self-employed contract employee i've had individually purchased health insurance for 11 years no

. >> we have a couple of things in the in box, omb are sylvia burwell, let's listen in harry reid is on the senate floor i'm told. let's hear what he has to say. >> this memorandum falls september 17 memo and update on the potential lapse of appropriations. no more potential madam president after midnight. provision providing under the colgd continuing appropriations act expires at 11:59 tonight. unfortunately we don't have any indication that congress will act in time for the president to sign a continuing resolution before the end of the day tomorrow. october 1st, 2013. therefore, agencies should now execute plans for shut down due to the absence of appropriations. that's what she said. so madam president, agencies of government are in the process of closing down. it now appears that the house is not going to do anything to keep the government from shutting down. they've got some engineery rigged thing about going to conference. madam president it is embarrassing that these people who are elected to represent the country are representing the tea party. the anarchists of the country

. >> he asked for the omb and his lawyers to take action. >> so why didn't he have that action takenh. >> you have to work out a process, unless you're willing to write the check, ed. it takes -- >> who would write the check. >> it takes some time and are you suggesting we don't, ed? >> i'm say people who care about it who want to get it done quickly. >> it is getting done today. >> why won't you when he learned about it? was it yesterday, day before? >> when the president found out he was disturbed and asked his lawyers and omb to get to work on solution. we expect a solution today. this is not that complicated. i know you're makeing a partisan issue out of it. >> nice try. you won't tell a simple fact when the president learned. he wants to move quickly, if you learned last tuesday or day before? >> when he learned about it he asked for directed those who worked for him to find solution and we expect a solution today. martha: wow. that was some exchange. ed henry joins me now from the white house. ed, you did not back down on that question and a lot of people want to know the answe

two, the omb director instructing all federal employees are expected back at work tomorrow morning. the president in his comments in the briefing room after days of his aides calling republicans hostage takers he seemed to be clearly trying to change the tone. >> once disagreements arise on my desk i will sign it immediately. >> reporter: president obama cheered the bipartisan action, he was careful to set a measured tone, not further inflame house republicans with excessive celebration before their vote. the president acknowledging that both parties took a hit. >> there is a lot of work ahead of us. including our need to earn back good trust of the american people that has been lost over the last few weeks. we can begin to do that by addressing real issues they care about. >> reporter: the president revealed he will layout his vision of how parties can come together on a broader budget deal. >> from a technical standpoint it kicks a can down the road. >> reporter: the president seemed to have won this battle there are questions about how he can get the rest of his agenda passed ove

so when i read the omb message about 2:30 this morning saying government was reopened, i felt like iould stop beating my head against a wall, but i got to say it would have felt a lot better never to have started beating my head against a wall. so with that, i'll stop and -- if you have questions. >> i wonder if there is any estimate of what costs the department of defense incurred as a result of the shutdown, including the -- you know, the workers at the beginning who were not working and that money was wasted. is there any cost estimate? >> well, we know at a minimum there are about $600 million of lost productivity, if you will, from at that point almost 400,000 civilians that we had on furlough for four days. there were a number of other costs where i can't put a number on them. we built up interest payments because we were forced to pay vendors late. we had to cancel training classes, so we had to bring the people home on orders and then send them right back again. so there were a lot of costs of those sort. i can't quantify those, but it's at least the $600 million to start wit

president obama tapped former omb deputy director and former been executive

. >> each agency has to put together a plan that they submit to omb identifying which employees theyave here they believe are essential for the safety of life and the protection of property. >> the barman of housing and urban development, for example, submitted his plan which retains about 4 percent of the work force of a 700. the central management office keeps nine of 68 employees, a retention rate of 13%, but the mortgage agency keeps 43 of its 100 new workers, a retention rate of 40%. the inspector general keeps nearly 10 percent of his staff, the agency cfo 8%. retaining the largest number of employees is the housing unit with 68 excepted workers. still only 2 percent of that office is 3,000 employees. >> the environmental protection agency. such decisions raise questions in the minds of many americans about whether a close and the manager of press to do so. >> is a growing sense. >> we should be thinking about moving national parks. >> and on nearly 150 agencies had to submit shutdown plans. so where are employees being kept on in a big way? the apartment of homeland security v

. >>> omb is up by 1.85%. jeff is standing by to talk to the firm's ceo. take it away. >> absolutely, carolin. before we pick up on that, i'm sure they will be delighted to hear the share price is higher this morning. not quite a thoroughbred, by hardly apply iing -- it has hal the average unemployment rate, 4.5% here. 1% growth penciled in for 2013. and the deficit, well, are rather low 2.3%. 2.5%. somewhere around there expected for 2013. so by and large, not in bad shape. in that context, worth focusing on the euro and the recent euro strength and whether it is going to have a larger impact on growth prospects running into 2014. now, we caught up with an analyst on these markets earlier this morning. dr. valentine hofstatta. and i raised that question with him. did you see any from him on strength? >> we're not too much worried yet. what we have seen in europe and western europe is the session because of the prices. so the current euro strength can be be -- in its recovery. >> so while we're here in vienna, ger heart voice is with me. thank you so much

employees should be checking the news and omb's website for further updates. the chairman and ranking members of the house and senate budget committees will be meeting tomorrow first thing to discuss how to proceed on hammering out a budget. so the budget committees meet starting tomorrow. also tomorrow everybody will be looking at whether or not we got close enough to the debt ceiling, close enough to defaulting on our national debt that damage was already done to both our credit and our economy. will our nation's credit rating suffer? will there be financial consequences for having pushed ourselves this close to the deadline. the last time the congress held us hostage the deal was reached two days before default. because we got so close that year our credit rating as a nation was downgraded for the first time in history. we got within two days back then. this time we got within one day. before the 2011 brink it was 1979 when we accidentally defaulted and did not pay off treasury bills in time. the result that time in 1979 was lasting, expensive higher intere

i have followed you a few times both as chairman of the budget committee and at omb. i am proud of the tenure and the experience and dedication and example of public service, and again, you showed it here today. i thank you for joining us at this important moment. this is not a proud moment for our country, even with the good news of an agreement. we can all look forward and see a couple of different paths that could easily develop, one that is just as negative as the one that we have recently been on that could, by january 15 to february 7, devolve into yet another crisis, stalemate, another juncture that would prove just as damaging as the one we have been through, or a path were cooler heads can prevail, some experience, some judgment, some leadership, people who want to govern, as secretary panetta said, people who want to step up and realize that the whole is greater than the sum of its parts, that our country is more important than all of the little petty things that go on all the time. we have all participated in it. i don't stand here with clean hands today. i

so when i read the omb message about 2:30 this morning saying government was reopened, i felt like i could stop beating my head against a wall, but i got to say it would have felt a lot better never to have started beating my head against a wall. so with that, i'll stop and -- if you have questions. >> i wonder if there is any estimate of what costs the department of defense incurred as a result of the shutdown, including the -- you know, the workers at the beginning who were not working and that money was wasted. is there any cost estimate? >> well, we know at a minimum there are about $600 million of lost productivity, if you will, from at that point almost 400,000 civilians that we had on furlough for four days. there were a number of other costs where i can't put a number on them. we built up interest payments because we were forced to pay vendors late. we had to cancel training classes, so we had to bring the people home on orders and then send them right back again. so there were a lot of costs of those sort. i can't quantify those, but it's at least the $600 million to start w

two, the omb director instructing all federal employees are expected back at work tomorrow morning. the president in his comments in the briefing room after days of his aides calling republicans hostage takers he seemed to be clearly trying to change the tone. >> once disagreements arise on my desk i will sign it immediately. >> reporter: president obama cheered the bipartisan action, he was careful to set a measured tone, not further inflame house republicans with excessive celebration before their vote. the president acknowledging that both parties took a hit. >> there is a lot of work ahead of us. including our need to earn back good trust of the american people that has been lost over the last few weeks. we can begin to do that by addressing real issues they care about. >> reporter: the president revealed he will layout his vision of how parties can come together on a broader budget deal. >> from a technical standpoint it kicks a can down the road. >> reporter: the president seemed to have won this battle there are questions about how he can get the rest of his agenda passed ove

opm and omb encouraging agencies to give people flexibility if they need it if they are in situations that don't permit them to drop everything and go back to work. i think it took a lot of people by quite a bit of surprise. host: i suppose that means getting things back to normal as fast as possible. guest: that is the discussion we have had a lot the past couple of weeks. what is the difference between back to work and back to normal? back to work is the next workday on your schedule. back to normal may be days, weeks, months because of the nature of the disruption, of the shutdown. host: talk about the issue of pay. a lot of questions that came out from other colors this morning -- how long before we see -- from other callers this morning. how long before we see backpay? guest: some folks who got either a smaller paycheck or insulin very few cases no paycheck -- in some very few cases no paycheck, by the end of october, they should be back to normal. in some cases, employees were saying, wait a minute, i was supposed to work during the shutdown. i'm going to get paid my normal rate

employees should be checking the news and omb's website for further updates.n and ranking members of the house and senate budget committees will be meeting tomorrow first thing to discuss how to proceed on hammering out a budget. so the budget committees meet starting tomorrow. also tomorrow everybody will be looking at whether or not we got close enough to the debt ceiling, close enough to defaulting on our national debt that damage was already done to both our credit and our economy. will our nation's credit rating suffer? will there be financial consequences for having pushed ourselves this close to the deadline. the last time the congress held us hostage the deal was reached two days before default. because we got so close that year our credit rating as a nation was downgraded for the first time in history. we got within two days back then. this time we got within one day. before the 2011 brink it was 1979 when we accidentally defaulted and did not pay off treasury bills in time. the result that time in 1979 was lasting, expensive higher interest rates whi

monday when he spoke about it and then he directs someone else -- someone who used to be director of omb to step up and take over it. is he big footing secretary sebelius out of a job, number one. number two, he has appointed someone who is not a computer expert. i guess the person is not going to be programming the computers but an economic expert. and then that person comes out today and promised us november 30th is the day it's going to all work. >> well, number one, he is mad. but what did he do to ensure that the product, the web site would be up and running, you know, when it was supposed to. it's not like this just snuck up on us. they had three years to get ready for this thing. number one, mr. president, who did you talk to a couple of months ago. and if you are going to put somebody else new in charge, what about the person who used to be in charge. why wouldn't you fire that person? nobody seems to get -- the only person that's been fired is the person that talked to sean hannity. that's just not right. >> i just don't get it though. it's just beyond me. i really can't believe

i heard it came out of the omb, told the park service to do this. >> to inflict pain or close monuments? >> close monuments, memorials to do maximum daniel to inflict pain and injury and redirect rage and anger to the republican party. >> that was the directive? >> i believe this is why they are closing down and doing this. they closed the beaches and battlefield and cemetery at normandy. if you ask them should we keep this open they would vote to do it. i believe this is to inflict maximum pain for maximum gain. it's sadistic. he was asked, why not go along with the republican idea of open ing nih? they have cancer projects. they bring the kids in. why keep it shut down? he says i'm not going to play their little game. this is one way the republicans have of showing what's basically the truth. they have voted three times to fund the government except for obama care. they voted for nih funding, veterans funding, washington, d.c. funding, memorials funding. what's harry reid voted to fund? zip. >> why is it the numbers aren't reflecting a huge dissatisfacti dissatisfaction with senator r

president obama tapped former omb deputy director and former been executive to oversee the team now chargedh fixing health care dot guv. the investment firm was at the center of vicious attacks by the obama campaign against governor mitt romney. they tried to paint him as a greedy lead and added a touch with everyday americans. white house press secretary jay carney today praised his work in the private sector without mentioning the name by name in delivering what sounded a lot like a direct slap at sibelius is ability or inability to manage the obamacare rollout. >> those of you know he is an expert in the field of effective management. tapping his experience and expertise as they address the challenges that have come up with the administration of the website. as you know, jeff has led some of the company's top management firms providing top sector companies with best practices and management strategy and operations. lou: you can almost hear the obama bus backing over sibelius. carney dodged a question about the white house attempt to sideline her. but he did refer almost every question as

and jack lew was the omb director. so i tried to get ahold of the president, whoever was involved in it, we said we have to come to an agreement. we don't want to get to the first of august and not have the government open because we're not in agreement. he said well, the president is in africa. they said well, you know, the president is going to be in turkey at 10:00 tomorrow morning. and if you go through the white house switch board we can get the president and he will be in the back of a limo. well, 10:00 in the morning in turkey was actually 2:00 a.m. in the morning in washington, d.c. so here i am in washington, d.c., the president is in turkey, i get him on the phone, i said you understand you had a great trip to africa. he said what can i do for you. i we have the budget coming up. we need to get it reconciled. he said what should we do, i said an across the board cut, 1%, that will get us to our target. he said well you know, that 1% is pretty high. i said what do you think, mr. president? he said maybe 2.5%.

tech experts from company like verizon are joining the effort and former omb director is now in charge of the big fix. the focus on the technical problem misses the big picture. obama is a wealth redistribution program and it ain't going to work. and speaking of work, today's tepid job report for september makes it plain the economy is slowing. economy may be even softer. and here's a new irs scandal. turns out the government paid out at least $110 billion in bogus tax credits over the past decade. a major culprit, the earned income packocome tax credit. all those reports and more coming up in "kudlow report" right now. >>> good evening, everyone. i'm larry kudlow. this is the "kudlow report." weep are live at 7:00 p.m. eastern and 4:00 p.m. pacific. we want to give you the latest with the problems with the obama care web site. as part of this so-called tech surge, the government is calling on private companies like verizon to help fix the mess. it won't be fast, it won't be cheap. the government has already spent $394 some-odd million in the federal exchange and data hub. experts say

both as chairman of the budget committee and at omb. i am proud of the tenure and the experience and dedication and example of public service, and again, you showed it here today. i thank you for joining us at this important moment. this is not a proud moment for our country, even with the good news of an agreement. we can all look forward and see a couple of different paths that could easily develop, one that is just as negative as the one that we have recently been on that could, by january 15 to february 7, devolved into yet another crisis, stalemate, another juncture that would prove just as damaging as the one we have been through, or a path were cooler heads can prevail, some experience, some judgment, some leadership, people who want to govern, as secretary panetta said, people who want to step up and realize that the whole is greater than the sum of its parts, that our country is more important than all of the little petty things that go on all the time. we have all participated in it. i don't stand here with clean hands today.

but i followed you a few times, so i will -- both as the chairman of the budget committee and omb. and i'm proud of the tenure that you have the experience and the dedication and example of public service. again, you show it here today. and i think you for joining us that this important moment. this is not a proud moment for our country. even with the good news of an agreement, we can all look forward and see a couple of different paths that could easily develop. one is just as negative as the one that we have recently been on that could by january 15th or february 7th of evolves into yet another crisis, stalemate another juncture that would be proven just as damaging as the one that we have been through or a path where cool heads can prevail, some experience and judgment and leadership and people that want to govern as secretary panetta said. people want to step up and realize that the whole is greater than the sum that the country is more important than all of the little things that go on all the time. and we've all participated. i don't stand here with clean hands today. i see f

atc stands with their friends at fix the debt, secretary panetta, former omb director jim muscle, and all of the other organizations assembled here. we'll call on congress to raise our nation's debt ceiling and avoid this default. we urged congress to put an end to the house to our climate of uncertainty and brinksmanship. it is time to move our country forward, not jeopardize the hard work and the progress the we have all made to get. at the end of the day elected officials like our business community have a stake in preserving our free-market economy and our american way of life. negotiations, whether motivated by profit or politics achieve the highest possible success will recognize that cooperation works much better than conflict and that the solidarity was always out last desolation and differences to not away our common interest. thank you very much. >> next we will hear from ian kramer, is it your director of leaders engaged on alzheimer's disease. >> thank you, chairman. thank you for the opportunity to be here today. this is not a happy day. this is a day where we all sigh in