that is done in consultation with the solicitor and with omb. . .

. ♪ >> i was in the omb. i was the chief economist at the omb then. found my friends up in the omb really boring. so, i always came down and hung out with the oao people. bill bradley was in that group, and christine todd whitman, and jim leach -- >> they were interns, as i recall. >> yeah, interns. it was just a fun group of people. >> art laffer, dick cheney, and i would have dinner from time to time, or lunch from time to time, or just have meetings in the white house from time to time. >> in 1974, we came to the hotel washington to the two continents restaurant. that's where we sat down and talked about tax policy. and art drew the laffer curve. >> i invited jude wanniski, who was a writer for "the wall street journal" at the time. he passed on. but he kept all the records of this stuff. and in an article much later, it was called "taxes, revenues, and the 'laffer curve'." he recounted this dinner. so it was the four of us. that is the dinner we are talking about today. >> during that time, what we were trying to do was manage the the ford adminis

both the omb and gao have come out with reports on this. and during that -- during those studies, those studies the omb and gao came out with, the report has not been released. i have seen the omb report. and my staff has seen gao reports. both of those reports cite the lack of cooperation by the state department in trying to come up with proposals for this facility to be built. can you tell me on a facility that's this important, on a facility that's this expensive why the state department would be uncooperative in addressing this? can you tell me why the federal law enforcement training center in georgia was only given 60 days to respond to this? don't you think that they deserve more than 60 days? don't you think the taxpayers of this country deserve to know exactly apples and apples what's going to be the best facility? what are we going to get the most from our taxpayers' dollars? would you agree with that? >> yes, sir, i would. i believe that it's clear that spending money on something that doesn't meet our requirements is not going t

and where i live people don't know the epa or the omb bulletin. there are real people and a myriad of different situations running a business or a worker working in a business. understandant to what their rights and responsibilities are. they want to be in compliance. that is the purpose of guidance. people may or may not know to call it guidance. i don't know if it would look on the website for guidance. but

omb has a responsibility to build, if you will, interagency cooperation, to get that.andidly, d.o.d. hasn't gotten there year and we're hoping that they will be among the first because if i've got a caterpillar d9 tractor in the army, navy, air force, marines, and i need a part, and that part is somewhere in the world under some agency, the last thing in the world i want is to have that asset down while somebody is waiting to buy something we already own and the other one is heading to property disposal. but that happens today. it costs us billions fro. hudson, who else? if you run out of questions, i have a second speech. >> my name is tony. i'm a consultant with deloitte. i've heard you talk a little bit about the data act supporting this concept of establishing a common language. i think it's a very powerful concept and i wanted to get your perspective on how that might impact congress's ability to support its function in its capacity to represent the people? >> okay. i'm going to answer the question as i interpret it. i think i heard you say that, you know, what wi

the omb setting or requiring all the agencies set a common standard can do all lots of this.years ago i had a simple task. i just wanted to know the jet aircraft the models and where were they and who owned them. i was a junior member sarah they laughed at me. as the we are -- the years went on i kept asking. it is amazing even the department of defense has a whole a joint group with bolts of officers trying to figure out where all the aircraft are and who is controlling them. that is simple. you spend a few million dollars there is only so many, maybe 1,000 non-combat fighter aircraft. it should not be that hard to figure out if you wanted that information to date it would cost the government a fortune because the coast guard has there's a and this has one. you are exactly right. interoperable standards the that is the same thing to be named to the same way that it has a number identifiable so not only find exact matches but even with a characteristic difference a unique metedata identifier and that is what we're getting to is a standard setting for what you call something i

and where i live people don't know the epa or the omb bulletin. there are real people and a myriad of different situations running a business or a worker working in a business. understandant to what their rights and responsibilities are. they want to be in compliance. that is the purpose of guidance. people may or may not know to call it guidance. i don't know if it would look on the website for guidance. but it is our responsibility that we take very seriously. that we are following the rules and we do it well. that we are affected by these laws and regulations. they want to be in compliance and it is their obligation to help us be in compliance. they want to hear when we don't get it right. there are some things we could do better on our website to make it easier for people to find and i would also note that the website is not the sum total of how we make that information available. to waitreally hard not for people to come to us but for people to have the right to be in conversations. through listening sessions. hearing from our investigators w

agree with them -- he says the numbers out of china are untrustworthy . , it is the former head of omb, i get it. you don' t want to put your money in china or in hong kong. anthony: the u.s. is the destination for capital. donald: where are you going to go? you can' t go to london. the prices are crazy preview don' t know what draghi is going to do. you don' t know what angela merkel is going to have to do. anthony: has the fed done the right thing keeping interest rates at zero for as long as they have? what do you think investors should be thinking about the fed when this cycle ends, how they should be -- they should be thinking about monetary policy? dick: i think the fed did a masterful job in the 2007-2010 period. the country was teetering. there' s no question the markets were in financial disarray. gary: did you talk to bernanke during that time? dick: no. i' m happily in that long-term unemployed category, and i intend to stay there until that chair becomes available. [laughter] i think the last few years they have waited too long to resume a pattern of higher interest rates.

that is the reason the omb is on behalf of the president to say we need a plan from every agency.what are the roadblocks? what are your short-term with easy low hanging fruit. what is in the format? what portion is not? all those questions and i don't want to use shortfall did ministrations willingness to do some of this but you are right. it is typical for the agency to say another mandate from congress it is the unfunded because what they got was not for that. i don't expect movement unless the process goes forward agencies are directed to give guidance. and in my estimation bloodbath the sec -- i can never pronounce the word that says they do not want to urge u.s. but quite frankly with 70 agencies are far along to have the data in the right for rent and then not providing it in some cases. this is where it is important to shed light of day agencies for what they need to do and that the same time the law has to be implemented so let me know that is why we have thousands of people with appointees there is an army of people appointed to the president we will meet with them anytim

you have seen a big bill put together at the last minute i went up with our key people from omb to watch what was going on them before i left we listed eight or nine things he wanted to make sure of is in the package including child care. at 230 in the morning of the pieces of legislation the coming in and said diamond deputy says there is a section in child care should be in and the provisions at the present ones are not in it. so i went to tom foley and said mr. speaker these provisions are not in it the president said he will veto the bill if they are not in it. fully looks at me and thought i was bluffing and said the president will not veto the bill after 20 months of negotiating table find something else later to put it on the bill later. i said mr. speaker the president will veto the bill if it is not in it. it is 3:00 in the morning. he said we will not change it to provide said mr. speaker justin and a. i picked up the phone to call the of whitehouse employees make up the president. mr. president tom foley does not believe he will veto the bill if a child care is not in it he sa

that is an omb report. i can tell you that it does not reflect that. it has not been released yet and i think that that is probably something we need to talk about, we need to wait until it's released. >> attacking the lives of foreign service members, training is all-important. and we say that we have spent too much money and what is not easy to do something about it but to learn from it and to have an apples to apples comparison. we need to go back and compare the sides fairly. if you are right, i will be the first one in line to support you in that. the state department has made up their mind and they are not going to change their mind, it can only be built in washington dc because after all that is the only way can never work. and this is not right. we need to go back. we need to make an apples to apples comparison. if we say that we don't learn from it and we don't do something about the future than we are all at fault i yield the rest of my time. >> we now recognize the gentleman from pennsylvania. >> i think the witnesses for coming today, this

we work closely with omb regarding how we can ask these questions and how we can report out on these questions just because the states or the school districts collect the data doesn't mean that omb will support us reporting out on data in that way. but i do think that there's a wealth of data through other means not just from the national center of education statistics that show that blacks, there's differentiation, blacks from the african nations, for example, tend to score higher. the caribbean blacks, as well. so there's a lot of information that tells us that we need to be paying attention to these differentiations. but we have to be careful about how we ask these questions. >> i appreciate your question. i think it's very important in terms of when the question to me makes me think about studies of immigrant students, right? and generational status and at census has many data sets where you can begin to disaggregate among the different groups and there is considerable work thinking about bigenerational status for each group, how are they doing. i would be happy to refer to you t

ombs and an iran that was enriching uranium to a level of 20%. that is just below weapons grade.nstalledhad already 10,000 plus centrifuges and and iran that was moving rapidly to heavy water reactor able to produce enough weapons grade. plutonium for an additional bomb or two a year. that, my friends, is where we already were when we began our negotiations. secretary kerry speaking there from philadelphia on the iran nuclear deal. we do want to bring in phil mattingly who has been covering this story from washington. phil, what stood out to you? phil: what is important to know about this beach is the audience that he is targeting. first, he started targeting public perception. public polling on this deal right now does not look good for the white house or the obama administration in general. there is probably 30% of people who support this deal in its entirety when you look at the polling. he is targeting the par blood, but he is also best public, but he is targeting seven more democrats for the big news today on the iran that the obama administration was able to secure the supp

omb has a responsibility to build, if you will, interagency cooperation, to get that. candidly, d.o.d. hasn't gotten there year and we're hoping that they will be among the first because if i've got a caterpillar d9 tractor in the army, navy, air force, marines, and i need a part, and that part is somewhere in the world under some agency, the last thing in the world i want is to have that asset down while somebody is waiting to buy something we already own and the other one is heading to property disposal. but that happens today. it costs us billions pfr hudson, who else? if you run out of questions, i have a second speech. >> my name is tony. i'm a consultant with deloitte. i've heard you talk a little bit about the data act supporting this concept of establishing a common language. i think it's a very powerful concept and i wanted to get your perspective on how that might impact congress's ability to support its function in its capacity to represent the people? >> okay. i'm going to answer the question as i interpret it. i think i heard you say that, you know, what w

that very regulation said that omb for almost two years. omb doing nothing. think they are required to get the regulations out within 60 days, and it sat there for over two years to i don't know what you're doing, whether it was just sitting on it or what, but they didn't you put the required to do, get it out one way or the other. we finally talked to the administration, convinced them, and we've gotten it moving now but we'll see where it goes your if it doesn't get done by the end of the administration, then it's not likely to happen because the new president, if it were a republican from which is black all of those and we would have to start all over again. >> -- black all of those. >> i'm curious, you said you don't know what joe biden is thinking but you guys wanting to run quick deeply to see if you expanded at this point? i've talked to lots of your member union folks to talk about this head versus heart decision between bernie sanders and hillary clinton, and kind of the folks, bernie sanders -- they seem to think of are likely to get the nomination.

persuaded resisted legislation to allow congress the up or down vote just as he headed be persuaded omb passed sanctions legislation to bring the to the table in the first place would be few tile. he did not want the legislation to give us an opportunity to respond to the deal with iran. he had so many supporters he knew it would be overridden but then he convinced his party that voted unanimously to give congress an opportunity to weigh in on the deal. tonight the american people the upper down congressional vote our democratic friends went to extreme lengths to protect the president politically. because they did democrats insurer it is just about as steel it is a deal that allows everyone to grow stronger in any number of ways. diplomatically, militarily, in terms of trade secretary carry once declared the accounting of activities will be part of a final deal. but it isn't. the secretary said you would have anytime anywhere access to facilities but we will not. president obama was declared debt deal will except the nuclear program and it is very straightforward. perhaps not quite so s

just look at omb or congressional budget office. look at what they're telling us we're going to be facing. a mountain of debt starting around 2026. moving to 2035. where the numbers and the demographics and entitlements get downride scary. back to the equity relationship with debt. we know that since the credit crisis, there's about 56 trillion more global debt. i think that somebody should go to the u.n. and talk about these issues. they are a concrete, no argument, no debate, there's no science to be settled here. how do we know it's true? because, if you look at some of the issues being talked about, if you're holding any of these less than perfect credits of sovereigns, and this market continues, what we're going to see is a lot more selling and futures to hedge high yields and corporates. is the market deep enough? i'm not sure that it is. carl, back to you. >> i'll take it from there, rick. it's a real fear and a good reminder. we appreciate it. up next, still keeping an eye on these markets. s&p 500, nasdaq, down for five day

that is an omb report. i can tell you that it does not reflect that. it has not been released yet and i think that that is probably something we need to talk about, we need to wait until it's released. >> attacking the lives of foreign service members, training is all-important. and we say that we have spent too much money and what is not easy to do something about it but to learn from it and to have an apples to apples comparison. we need to go back and compare the sides fairly. if you are right, i will be the first one in line to support you in that. the state department has made up their mind and they are not going to change their mind, it can only be built in washington dc because after all that is the only way can never work. and this is not right. we need to go back. we need to make an apples to apples comparison. if we say that we don't learn from it and we don't do something about the future than we are all at fault i yield the rest of my time. >> we now recognize the gentleman from pennsylvania. >> i think the witnesses for coming today, this

it will go to omb through oira. they will review it. when it comes out from that, there will be a public comment period. once that public comment period closes, if it's not extended, then we can do a final rule. so definitely not between now and the paris talks. but i will say that it's crazy to vent natural gas into the atmosphere when natural gas is a fuel that can produce electricity at a much lower carbon footprint than other sources like coal. it is economical in some cases for companies to flare or vent natural gas, typically flare, meaning burning it at the well head because their target is oil. that's not okay. there will be emergency situations where you got to shut down a rig. you have to vent from a pressure standpoint or you have to flare it. but there's no reason that we shouldn't be looking at capturing that valuable public resource, getting a royalty on that resource and using it in a more constructive way than just either blowing it up into the atmosphere or burning it. so those are the kinds of things our rule will addr

whether you're looking at the cbo long-run forecast, the omb, the gao forecast, everyone knows we're heading toward this cliff, this brick wall, whatever you want to call it and the question is are we going to have the responsibility and the prudence to take steps today, even though the obama administration is perfectly happy to leave us on that path toward fiscal ruin. >> good point sold. markets tend to cease on things that may not always be good news. thank you. and meanwhile we are up about 128 points, so a lot of these gains are being shaved off by this he said/she said, about who's doing what in syria. if i believe some of the press reports we've got out, not only are russian planes attacking rebels, they say isis rebels in syria but word out of the white house that so are we. do we pass each other, bump into each other? taking some of those gains away. to date on these markets and whether we can turn them around in the fourth quarter. again, it has been done. the last was in 2008, surprisingly that was not a very good year for when john mccain -- that's the problem. if you rep

one is the cyber spring activity that omb initiated from back in the late june, july time frame.in that activity, one of the things we observed is you can actually move rapidly in government. you can move fast in government if you have, you know, the necessary support and understanding of what is going on in your environment that it is important that you do something. the activity incorporated seven different working groups. the focus that came out that was being measured on a daily basis, daily calls and a monthly basis dealt with high value assets. how do we identify with what a high value asset is and what are we going to protect that? from a plan protected, are you on schedule? so, there was a big piece that came out that basically cios are responsible for reporting on data bases. piv. regard to taking a look at who has piv cards from a privileged perspective and unprivileged and why. what access do they have and why do they have it? making sure that folk that is don't need it don't have it. so, methods put in place, we need to address this within a period. again, daily calls

this is a process that got started at omb. ironically, we have run into some pretty stiff congressional opposition to putting into place will could be described as commonsense reforms. the goal of making those changes is not to shirk basic governmental responsibility like determining policies about oil experts but rather to make sure that those policies are made and coordinated more efficiently. was the goal of that particular proposal but it hasn't made much progress in the face of stiff opposition from republicans. press: where would the power to determine that go? mr. earnest: presumably -- i haven't looked at those specific proposals in quite some time. i don't know if there is a proposal to move it to another or if it would reside in the newly formed agency. press: you mentioned the business roundtable speech. in that speech, president obama stressed that the deficits have come down on his watch but he didn't mention the extent to which the national debt has risen on his watch. you rarely mention the debt. is that an over

so if the project is not come to , the omb by law is supposed to send the excess ary, to the treasur but they never have done it. i was involved in killing off in a billion-dollar project when i was in the air force. four years later, it became very apparent that money was spent. that money added to the federal budget. that money added to, if you want to call it, national debt. is ink what we have got accounting process that needed to be cleaned up many decades ago. and neither party will address it because it is too technical. this is your expertise mm would love to hear your opinion on this. host: thanks, michael. guest: you are really getting into the nitty-gritty of appropriations and allocations and processes that happen within the government. observation.uick i'm not aware of the particular program you're talking about where that a billion-dollar project was to be terminated. i can assure you that if the money had been appropriated and it was not spent, then it would be classified as an obligated money. it is my experience that it will go back to congress and work with the appr

omb is deemed eye high error program meaning it has an improper payment rate above a certain threshold of 3.3% which amounts to 1.9 billion of improper pages and we've got to save these dollars so i really appreciate the work that ig and cms is doing more and i want to complime mrement the strike for for the june takedown. in florida they arrested about 73 people and south florida has been a problem area, and i'm going to get into that a little bit more. ms. maxwell, what's the explanation for the -- i know you said it's multifaceted, but break it down a little bit more. what's the explanation for the increasing cases of fraud nationwide? >> i think as we have been talking there say lot of money at stake that is enticing, and we are continuing to build the tools to protect the program. our role in that is multifaceted. as you have mentioned we have investigations in which we go out and try and catch criminals who are defrauding the program, but we also have a role to audit and evaluate and make sure that there are systemic fixes. as i had mentioned in my oral, enforcement is never goin

he was director of the omb for george bush, he cut the state workforce, he cut state taxes. he signed a right to work bill. he is at home with his family, which he has done more than once. he is not in the news for doing anything outrageous. i don't understand. i was wondering how your what to meeel about is the perfect candidate for the republicans. host: thank you, john. elizabeth senkellyanne conway? guest: we all respect governor daniels. as the caller points out, he was a great to term governor and effective under george w. bush at the beginning of his presidency. there was a lot of talk about mitch daniels running in 2012. those decisions are personal. that does mean that -- that doesn't mean that is influence is gone or candidates don't speak with him or take his counsel. what the caller pointed out is an incredibly often missed dynamic in the republican party. we have a majority of governors and state legislatures. that matters a great deal when you try to go in and organize states for the general election. when you try to message free market, individual responsibili

if the project does not come to omb isn, by law the supposed to apply the excess back to the treasury, but they don't. they are not manned for it and they never have done it. i was involved in killing off any doing other budget when i was in the air force -- and a billion-dollar budget when i was in the air force, and 4 years later it became very parent that the money was spent. the money added to the federal budget, it added to come if you want to call it, national debt, and what we have got is an accounting process that needed to be cleaned up many decades ago. and neither party will address it because it is too technical. this is your expertise. i would love to hear your opinion on this. host: thanks, michael. guest: michael, thank you very much. you are getting into the nitty-gritty of appropriations and allocations and the apportionment processes that happened within the government. one quick observation. i am not aware of the particular program you are talking about, a nine dollars, maybe a billion $8 million,ect -- maybe $8 billion project to be committed, but if the money appr

that is done in consultation with the solicitor and with omb. . . >> i wasn't even on the one and does what i want to point out. does not policy issued its resist separate set of standards. we will see if we can get any other detail on that one as well. hold up just a moment. i appreciate the conversation on this. i promise to keep your five hours. i'm sorry i didn't fulfill that. we will follow the. i believe the record opened up to 15 days for other members to submit questions or statements for the record. i really do appreciate the witnesses coming and your preparation. this is the beginning of the journey for us. we asked gao to pull for different agencies. this is an issue governmentwide. we do have to solve this because i can tell you over and over again, americans are saying i'm getting guidance things that i don't know what to do with that seems to be a new obligation that i'm trying to figure out where did this come from and just the sheer volume of them and the number of layers for multiple entities that actually do regulations for them are causing some major issues for them.

omb is looking what they are going to roll that out shortly to give more detail on that aspect of the procurements. they are making sure we are moving that aspect of the legislation forward. >> any other questions? >> your choice. >> hi, vicky. i was thrilled with the education score card. it doesn't give open data about government. instead it gives open data about colleges. in particular data the u.s. government uniquely able to provide by combining which students enrolled in college and from the department of education and what are their earnings ten years later from the irs. are there plans for more things like that that will help consumers and citizens make the private sector more competitive than making government work better? >> yeah. i think this is basically the mission of 18-f, u.s. digital and agencies digital services team. how do we unleash the information that we already have, and how do we share with the public than more meaningful ways that have been done in the past. they are human center design focused ravenously. they are helping prioritize projects based on that cit

former director of the omb and congressional budget office. thank you for joining us.touch on monetary and fiscal policies. we need to start with the federal reserve. you do not believe the fed will raise interest rates today. everyone will be paying attention to the news conference hosted by janet yellen. what do you want to learn from her? dr. rivlin: of course, the first thing is, what are they going to do. i don't think it matters very much. a lot of hype about it. they will do one thing or another. it should not affect the real economy whether they raise a little bit now or wait a few months to do it. they certainly want to get back to the normal range. we will look first guidance about the future. if they don't, it will be a wait and see pattern. pimm: based on your reading of the u.s. economy, what a 25 basis point increase this afternoon make any difference? dr. rivlin: i don't ticket would. -- i don't think it would. everyone expects it to come soon. it does not much matter whether it comes today or later and that is a small increase. there is no reason to thi

it will go to omb. they will review it. when it comes out from that there will be a public comment period. once that public comment period closes if it is not extended then we can do a final rule. so definitely not between now and the paris talks. but i will say that it is crazy to vent natural gas into the t atmosphere when there is a fuel that can produce electricity with a smaller footprint than other sources like coal. it economical in some cases for companies to flare or vent natural gas -- typically flaring it, meaning burning it at the well head because their target is oil. that's not okay. there will be emergency situations where you got to shut in a rig, you've got to vent the gas from a pressure standpoint or you have to flare it. but there is no reason that we shouldn't be looking at capturing that valuable public resource, getting a royalty on that resource and using it in a more constructive way than just either blowing it up into the atmosphere or burning it. so those are the kinds of things our rule will addr

and coming up, peter, former head of the omb. ♪ tom: good morning.city. to philadelphia and washington for a visit by the pope and then a much -- much more going on and busy season. pimm fox and tom keene, we welcome all of you on bloomberg radio worldwide. thank you for the many comments about this experiment of radio and tv. experiment. i don't know lower doing. my people do not talk to their people. no clue. bloomberg surveillance this morning. toare brought to worldwide help your business be in a position of strength. wisdom.com. we think wisdom smith, and brown, for their support. t-mobile at work, switch or business to a carrier today without question. the most important interview in new york city and i would suggest for much of overpriced real estate america. jonathan miller joins us. give me an immediate update coming out of the summer through september. is the real estate market in san francisco, boston, new york, and a few selected geographies? >> it is the same story except a little bit worse in the sense , no inventory, we are looking at

so if the project is not come to , the omb by law is supposed to send the excess ary, to the treasurhey never have done it. i was involved in killing off in a billion-dollar project when i was in the air force. four years later, it became very apparent that money was spent. that money added to the federal budget. that money added to, if you want to call it, national debt. is ink what we have got accounting process that needed to be cleaned up many decades ago. and neither party will address it because it is too technical. this is your expertise mm would love to hear your opinion on this. host: thanks, michael. guest: you are really getting into the nitty-gritty of appropriations and allocations and processes that happen within the government. observation.uick i'm not aware of the particular program you're talking about where that a billion-dollar project was to be terminated. i can assure you that if the money had been appropriated and it was not spent, then it would be classified as an obligated money. it is my experience that it will go back to congress and work with the appropriat

last year, for example, cbo and omb, said our deficit was $480 billion.llion in unfunded liabilities. we actually accumulated $5 trillion worth of debt. and we're to the point now where every taxpayer is on the hook for a million bucks. every taxpayer. and i just noticed yesterday what was 106,000 for american family on publicly held debt. why aren't we fixing the real problems. >> they're too hard to deal with. >> no, they're not. >> doesn't sound good. you just depressed me. i want to be passionate. you have to capture my imagination. don't tell me how bad things are. >> it's about let's solve the problems and there's not a problem we can't solve if we do it together. we can't keep lying to the american people about where we are. >> why is nobody in the field talking about this? >> well, chris christie is a little bit. they're wanting to get elected more than fix the system. >> that's the system, isn't it? >> here's the problem. they are getting worse every year. if you don't talk about it during the political campaign, you'll never get the political wi