through the additional things we did on the discretionary side are things like unemployment insurance solvency. pbg reform, fha reform, you know, a whole bunch of areas. we achieved that goal. the president put down a major down payment. if we were to adopt it, you know, from beginning to end, it would be a significant contribution to our fiscal policy over the next decade but as a i said it doesn't solve all our problems so we still want to leave room for congress to work with us as well. >> hi, jason. my name is lyndon boozer, i have a question for you. what is your opinion on the current state of the economy? you know, we've seen consecutive quarters of gdp growth we've seen a year of job growth. you know, normally recoveries are pretty bumpy, it gets better, it gets worse, it gets better, it gets worse we've been lucky to be that every quarter is stronger than the last for job job and other quarters are stronger than the last in terms of job growth. looking forward, you know, it's important to recognize like the tax agreement we reached in december. most of the forecasters were fwaeshging

in terms of solvency, how healthy the industry is? what i have read in "the wall street journal" and elsewhere is that this is a sick industry with significant problems internationally. cut and am wondering what the burden looks like in cities like ours. >> there are at least 9800 units in san francisco. five or six buildings. club. tella on post and mason, those are -- club nutselo, on post and mason. we have the streets at fishman whorf on hyde. also very attractive. the opera at civic center. we do not have problems with those. the san francisco streets on how -- powell and

but certainly adverse selection, solvency, and, you know, making good on the commitment that people would have these flexible accounts in the future is strategy that we have moving forward. >> i appreciate your response, madam secretary. i would only secretary and i would suggest that my solution is still repeal of this program. thank you, mr. chairman. >> mr. chairman? >> senator hatch? >> madam secretary, a number of people will have questions they'll submit in writing and i would hope you would send them back to us. >> certainly. >> we'll try to leave the record open here for a week for our members to file any additional questions they might have. and madam secretary, thank you very much for your time. you've been very generous with your time. we appreciate your service. >> sure. thank you.?

. >> it is time to restore california to physical solvency and put us on the road economically, recovery. -- fiscal >> and this is expected to be front, said for his new budget. he will lay out is $12.5 billion in spending cuts health, welfare, universities. and $12 billion in tax extensions in the street for a tell it like it is approached he is known for. >> what i am going to propose will be painful and sacrifice from every sector of california. >> for the amount of 10 years we've been putting together this budget with gimmicks, tracks and not realistic expectations that are putting the state deeper and deeper into debt. >> and hoping to influence voters that this will work, to meet voting approval for tax tensions tax extensions. >> if those tax extensions to not pass? more cuts for k-10, presents, universities and do not look for the governor to address that had on it. if history is any indication the state of address will not be any more minutes than 10 minutes, 20 minutes. dan kerman, kron 4 news. >> the state of the state begins tonight at 5:0 8:00 p.m. and will follow that and w

in terms of solvency, how healthy the industry is? what i have read in "the wall street journal" and elsewhere is that this is a sick industry with significant problems internationally. cut and am wondering what the burden looks like in cities like ours. >> there are at least 9800 units in san francisco. five or six buildings. club. tella on post and mason, those are -- club nutselo, on post and mason. we have the streets at fishman whorf on hyde. also very attractive. the opera at civic center. we do not have problems with those. the san francisco streets on how -- powell and post, we have no problem with that. the only building that we anticipate having problems with is the one on pine street. 1000 pine street. >> it sounds like, based on market trends nationally and abroad, that we are doing much better. >> in general. supervisor mirkarimi: as with residential home ownership, there are different class is in tears. i understand that there will be some that will be more protected and stable as opposed to other tiers of ownership. in

his $3.7 trillion budget plan this morning, saying his proposal is a down payment towards fiscal solvency and more needs to be done to parish that -- accomplish that goal including changes to major entitlement problems. >> we'll have bring down healthcare costs further, including programs like medicare and medicaid which are the single most biggest contributors to the long-term deficits. i think we should -- >> republicans are blasting his proposal saying it does little to bring down the deficit. they are preparing a budget plan of their own. the president has made it clear what he wants to see what republicans are offering before any talks take place. >>> the gop spending plan could endanger the effort to affect the sacramento delta. this would gut rules that protect delta water rules, the salmon run and the endangered delta smelt. >>> and president obama's new 2012 budget calls for $130 million to help extend b.a.r.t. all the way to s an jose. but the project could already be offtrack. the president is recommending spending the money on the project from fremont to s an jose. but republi

add 75 more years of solvency to social security. it came up with an approach.nk, frankly, another commission came up with a better approach. we need to move on social security but let's put it on a track that runs parallel but separate to deficit reduction. the social security program as it is currently put together does not have any impact on the deficit. >> senator graham, few people believe there's none at arithmetic problem with social security. >> when i was 21 and 22 my parents died. i had a 13-year-old sister. i was in college in law school. if it weren't for survivor benefits coming to my sister from my parents' contribution we would have a hard time make it. today i'm 55. i have no kids. we're paying more in benefits than we're collecting in taxes in about five years. in 2037 maybe even sooner you have to cut benefits by a third or across the table. all i'm suggesting is let's do with social security what ronald reagan and tip o'neil did. you know the age has to be adjusted for all entitlements including medicare to go from 67 to 69 like reagan and tip

heading for crushing defeat it's been widely criticized for wage cards tax hikes and loss of financial solvency for a last two years sixty seven billion you will be allowed from the e.u. and i.m.f. you would as a national humiliation. now there's usually just one but russians of choosing three characters to be mascots for sochi is twenty fourteen winter olympics i q polar bear or a snow leopard i have figures gating bunny overcame some intense competition to get a live t.v. but as archie's dennis blocky reports it's just the latest piece in the jigsaw ahead of the games. these are the first winners of the four children pics from now on a snow leopard a polar bear and the hare have won through to become the official mascots of the two thousand and fourteen winter games a ray of light and a snowflake will represent the paralympics he is around the prize winning places in any sports or burned in the third and the main model will be lympics is not it's not victory but it's a patient that has some thoughts and the leopard and the bear each have their strong points that's why i think creating a team

for a crushing defeat it's been widely criticized for wage cuts tax hikes and a loss of financial solvency after last year's sixty seven billion you will be allowed from the e.u. and i.m.f. viewed as a national humiliation. well there's a there is usually just one but russians have chosen three characters to be mascots for sorties twenty fourteen winter olympics polar bear a snow leopard and a figure skating body overcame some intense competition to win a live t.v. vote as are teased and a lot of the reports is just the latest piece in the jigsaw ahead of the games. these are the first winners of the sochi olympics from now on the snow will hurt the poor there and hair one through to the gun bill fishel baskets of the two thousand election winter games a ray of light is no way to represent the paralympics he is the minister through on the prize winning a places in any sports event the second and third and the main motorcycle the olympics is not it's not the victory but it was dissipated also into a leopard to him and the bee champion strong warning that's why i think creating a team was a

and it led to a concentration of power in the kremlin and the loss of any kind of parliamentary solvency. this is part of your son's legacy to basically he managed to credibly turbulent time and i guess that's what people are giving him credit for today but i assure asking me and i suppose you will i think that he he could have thought a lot better all right when you're talking about all the political turmoil yourself most getting shot we had a lot you saw a lot of corruption a lot of crime now do you think all these things could have been avoided at that time probably not now let's face it a huge superstate came crashing down and. all semblance of order came unstuck the whole ideology of the soviet union ceased to have any any moral force sort of people and. you know the authorities had to restart with themselves and in this context you see i don't think that much of that could have been avoided everybody blames yeltsin. and with some reason i think but the narrow way in which i would blame him is that he. personality he was in his heart a democrat didn't understand the notion of democr

for a crushing defeat it's been widely criticised for wage cuts tax hikes and loss of financial solvency after last year's sixty seven billion euro bailout from the e.u. and i.m.f. viewed as a national humiliation. others usually just one but russians have chosen three characters to be mass products for so cheese twenty fourteen winter olympics accu polar bear a snow leopard and a figure skating body overcame some intense competition to win a live t.v. vote search danceable asked records is just the beginning of a breathtaking take off for twenty fourteen. these are the first winners of the still chillin pics from now are nowhere for the polar bear and hare one through to become the official baskets of the two thousand and fourteen winter games a ray of light and a snowflake would represent the terrilyn pigs he is the mr on the prize winning of places in the east would have been a second and third and the main model will be olympics is not it's not a victory lap but it's a patient that is unfortunately a leopard and the champ there strong who are in the start that's why i think creating

assumption america will slowly but surely be defeated through the loss of prestige, blood, financial solvency, and domestic political cohesion. we will lose not because any of these threats are stronger than we are, that certainly is not the case. america is myopic governing elite and media acolytes have taken enemies who are each ancient military capability and made them into 10-foot tall and still growing behemoth's. the three threats i will speak about i those posed by iran, saudi arabia, al qaeda, and its allies. taking these three threats that as first look at the smallest the spinning thread which comes from ron. since our embassy was seized in 1979 and america was humiliated for more than 200 days the republic has been the dead do our of the bipartisan u.s. governing elite. the hostage holding created a hatred among ordinary americans that is easily exploited by u.s. politicians, journalists, academics, and pro-israel organizations. successfully the scaremongers have been -- so successful have these been in hyping what they often call in night sig -- not seem like a runyon threat that

>>>i will ask everybody to pay attention to the long term financing and solvency of the city that is the only way we get ourselves out of it in the long term. the board of supervisors and public don't want us to do this dance every you where the deficit grows every year it is out of control, it is going to hurt us, going to hurt social every ises, -- services, hurt our police force if we don't work on that. >> one of the underlying themes i keep hearing, is that bay area, san francisco is expensive to live you have to pay these salary. >> yes, that is true. but we have to do that in a better way. we are planning financially 10, 20 years ahead. >> well, they might need to go that way but politically speaking they don't one big debate going on now around the bay area and state is when we talk about pension reform or police and fire contributing more are you asking for short term solution or long term some times police and fire unions say hey, the market went down why hit us for big contributions if things could get better always the short versus the long gain when it comes to governmen

this was a prudent thing to do to also wait until we see the scale of what is emerging from the solvency and lick widity tests. -- liquidity tests. you can't burn bondholders unless you see what the scale is. i would like to see it make etc. way back to being a proper trading bank as it always used to be. but in the context of putting extra money into these banks, the fine gael party would be reluctant to do that until we see the scale and if it's beyond what we're committed to, it would be bond sharing the >> i find it interesting that micheal martin has has admitted here tonight that the recap tal -- >> it was not a mandate. >> [all talking at once] >> the reality is this, miriam. the banks do require recapitalizeation and whoever is in government is going to have to deliver on that. we don't know the extent of that recapitalization until the stress tests are completed at the end of march. what we do know, and i welcome the fact that the payment of the 10 billion was deferred because it allowed a period of time to renegotiate with the bond holders and it allows a space to look at the r

wanting to make sure that he heard the taxpayers and wanting to make sure that there was fiscal solvency in that state, he would actually talk to the workers as opposed to ignoring every single entreaty they have made. the reason they're on the streets is because he refuses to talk to them. the only redress they have is on the street. >> woodruff: just quickly again, jonathan williams, in other states, do you think we're going to see scenarios play out like what we've seen in wisconsin? >> i think states are living in a fantasy land if they think they can continue under the business as usual system that's racked up these billions of dollars of shortfalls and trillions of dollars of unfunded liability and pension systems. so i think many states are going to have to take the approach of wisconsin and ohio and the other states to start to bring these benefits in line with the private sector. if you look at t the benefits for state and local workers are 69% greater than those of their private sector counterparts. that's just not sustainable. if money grew on trees we could all make a million

doubling in the banking system, all of a sudden they dn't quite open up for lending but the issue of solvency disappeared. and this is true as it spills over into the nonfinancial sector and to make -- and to end this answer on a more positive note -- what it's now -- in the process of what we are seeing is aact of the wealth effect in consumer markets. in the last four or five months, these markets are beginning to look very ch like the used to prior to the crisis. personal consumption expenditures, last quarter was up 4.4%. annual rate as i recall in real terms. the monthly running data say that the first quarter of 2011 are really quite strong. and this is mainly consumption. and it is mainly the fact that part of t whole collapse in the home market and stock market induced a dramatic rise in the savings rate as one would expect. and i think we're now working in the other direction. so i think this thing is just building and if we somehow could get beyond this very heavy overhang in the residential markets, it would be very helpfu but remember,ith 400,000 single family completions, and no

they predict solvency by 12 years. the ads modernizes the medicare program. it contains an array of delivery reform systems to insure that the program rewards value over volume. in fact come health-care experts including more than 270 leading economists agree that this will create a more disciplined and the fact of health care system. fact four, the act includes tough new fraud-fighting tools that are projected to save taxpayers approximately $5 billion. the law empowers cms to stop fraud before happens. there is one more point that needs to be stressed and it is the republican agenda of to repeal reform. the repeal agenda would reverse the progress that we have made. it would raise beneficiary costs and substantially short medicare solvency. it would and delivery innovations and stopping for new fraud fighting powers in their tracks. republicans colleagues want to turn this into a voucher system. this shifts medical expenditures back of the seniors and their families. when we passed medicare, it was to fix these very problems and ensure that seniors no longe

but certainly adverse selection, solvency, and, you know, making good on the commitment that people would have these flexible accounts in the future is strategy that we have moving forward. >> i appreciate your response, madam secretary. i would only secretary and i would suggest that my solution is still repeal of this program. thank you, mr. chairman. >> mr. chairman? >> senator hatch? >> madam secretary, a number of people will have questions they'll submit in writing and i would hope you would send them back to us. >> certainly. >> we'll try to leave the record open here for a week for our members to file any additional questions they might have. and madam secretary, thank you very much for your time. you've been very generous with your time. we appreciate your service. >> sure. thank you. [inaudible conversations] in its investigation of 2001 and protect such tax the fbi and microbiologist bruce - says the source of the letters. now a panel convened by the national academy of sciences has reviewed the investigation and has found fault with some of the fbi procedures. panelists discus

to put our nation on a pathway toward fiscal solvency and ultimately lay a foundation for real economic growth for generations to come. the chair: the gentleman's time has expired. the gentleman from washington. mr. dicks: i yield two minutes to the distinguished democratic whip, mr. hoyer of maryland, who has been a longtime member of the appropriations committee and a good friend. the chair: the gentleman yields to the minority whip. mr. hoyer: i say to my friend, mr. pence, we did that. in 1993, we looked the fiscal posture of our country in the eye. we had sustained $1 hadn't 4 trillion of deficit spending urn mr. reagan and $1.1 trillion of deficit spending under mr. bush. we put legislation on this floor and said, we need to meet our fiscal respopsabilities. not -- responsibilities. not a single member, unfortunately, of the republican party voted for that legislation. but over the next eight years, we had a net surplus in this country. the only time in the lifetime of anybody in this body that that's happened. we did it working together. unfortunately, the last administration ran

that bipartisan agreement brought 50 years of solvency to social security. i think it's one of the crowning jewels of ronald reagan's leadership as president. in 1986 he signed the america's last major tax reform to simplify the tax code, broaden the tax base, eliminate loopholes that allowed some to avoid their obligations. today we face a far greater challenge. not only do we have to protect social security, but we also have to simplify our tax code again and put in place a responsible plan to reduce our deficits. in this centennial year of his birth it would be fitting tribute to president reagan if democrats and republicans could once again work together to solve our problems in a spirit of the patriotic pragmatism that really energized president ronald reagan. i hope we can work together and help americans get back to work and lay the foundation for a strong economy. after president reagan finally clinched the delegates needed to win his party's 1980 presidential nomination, a news reporter asked him what he needed to do next. he replied he wanted to di

and the solvency of our republic. >> palin also took issue with some of her own supporters, those whost across the cascades, sierra range and northern rockies. up to 3 inches of rain in southern and central california. showers from seattle to portland. high surf along the pacific coast. >> and today's temperature map is all things "v" to mark vinita's final day here on the show. towns i've never heard of. 48 in vansboro, maine. 78 in vero beach, florida. 20 in vatican, louisiana. and a beautiful 70 degrees in the one and only vinita, oklahoma. beautiful day here in new york on your last day. a good omen. >> i got lucky. >>> some grown-ups in l.a. are channeling their innerchild by taking a hit to release stress. >> they are turning back the clock to elementary school and suiting up for dodge ball. i love that game. the all-adult teams say it's all in good fun. they've come out with some pretty catchy names like the good, the bad and the ballsy. >> i know all of these people look really young, but some of these players are well into their 40s. they say the game is therapeutic and it he

the stress tests of solvency and liquidity will be finished in ireland by the end of march. it has already been conducted in european countries and european banks. when the full scale of this is known, european countries will have to change their attitudes about the kinds of bailout -- >> is this a a strategy for the right way to go? >> you have to have objectives. >> do you have objectives? >> on some of the areas. i've understand the wishes to renegotiate the interest rates, as does the labor party. we understand that that needs to be done on a multilateral basis. he also which is to have order sharing with bondholders. the taxpayer would not have to bear the full cost. that clearly has to be done. but we also ought to make space. if ireland is forced to close its budget deficit within adjusted three-year period, that will drive down domestic demand. it will prevent people from being employed. >> if you go into coalition together, is that negotiable for you? >> the election is not until friday. if you extend it beyond like the labor party, it will require further. it means

that is, concentrated exposure to the housing market, and poorly managed solvency and liquidity risk. when we look at the multitude of different types of firm failures in the united states and around the world, it casts doubt on the majority's thesis that a particular feature of the american regulatory regime, a specific type of financial sfugs institution, or an individual firm and the people that ran is an essential cause of the crisis. however, when you're looking for villains and victims, rather than essential causes, it is easy to examine the same set of facts and arrive at diametrically different conclusions. this leads me to the central question of why we were unable to reach unanimous agreement among the commissioners. from the beginning, i thought the commission was created for political purposes with the partisan structure, and a partisan agenda. it called for six of us to be appointed by democrats, and four by republicans. and any six votes were all that was needed to transmit the report to the president and the congress. the math is simple. let's be clear. the commission w

illinois will require 30% of its budget to ensure fund solvency. new jersey will require 12.5% of its budget. this requires choices -- ultimately, i stressed that it is incumbent upon state treasurer's -- i believe the biggest impact the fedele garment can have in helping the state is in the area of medicaid reform and mandate relief. for state pensions, i have two recommendations been first, transparent and accurate accounting. these scenarios should include the risk-free discount rate. the data rate should be made available to the public appeared second, stabilize public-sector pension systems. palin as promised while minimizing what is offerechargey -- paid what is promised while minimizing what is charged to taxpayers. the last reform will allow workers more flexibility, shift risk away from taxpayers, i and. accurate accounting will allow states -- thank you. i look forward to your questions. >> thank you. >> thank you for the invitation to appear before you today. i believe that predictions that states throughout the country will have to bail

they cannot simultaneously reduce the deficit, extend the solvency of medicare, and then pay for this open-ended entitlement. we will, i'm sure any american out there would see the fallacy of trying to say to them, we will, you can spend the same dollar twice. you can, on the one hand, pay for your mortgage, and, on the other hand, use the same dollar to make the car payment. you know, no american would believe that. you see, only in washington could you get away with such enron-type accounting. it is simply budget hocus-pocus. even the administration's own c.m.s. concludes that the law's medicare cuts -- quote -- "cannot be simultaneously used to finance other federal outlays and to extend the trust fund" -- unquote. i've long made the assertion that if congress makes reductions in the medicare program, then those dollars need to stay in the medicare program to shore up a program that is running out of money, not to pay for a new health care entitlement. instead, here's what we end up with. these cuts to medicare are going to have long-term consequences to seniors' access to physicia

benefits and choices for seniors, not to fix medicare, not to preserve medicare, not to preserv its solvency for longer, but steals it from medicare, steals it from seniors for brand-new purposes for other folks. and this directly contradicts the presidens promise that -- quote -- "if you like wh you had, you can keep it" -- close quote. no, you can't, mr. president. thousands of louisiana seniors can't. in fact, c.m.s.'s chief actuary also verified that the prose will be broken, confirming that americans may lose their current health careoverage regardless if they want to keep it or not. so, madam president, i respond directly to my friend and colleague from vermont by saying, we want full repeal of obama care for a very simpl reason: the big problems with the bill, the big problems with the plan aren't at the margin, they're at the core. and the big problems can't be fixed with a perfecting amendment, the changing of a comma, changing punctuation, revising one or two or five or ten sentences. the big problems are at the core of the plan, starting with the mandate from the federal governmen

doubling in the banking system, all of a sudden they didn't quite open up for lending but the issue of solvency disappeared. and this is true as it spills over into the nonfinancial sect and to make -- and to end this answer on a more positive note -- what it's now -- in the process of what we are seeing is a fact of the weah effect in consumer markets. in the last four or five months, these markets are beginning to look very much like they used to prior to the crisis. personal coumption expenditures, last quarter was up 4.4%. annual rate as i recall in real terms. the monthly running data say that the first quarter of 2011 are really quite strong. and this is mainly consumption. and it is mainly the fact that part of the whole collapse in the home market and stock market induced a dramatic rise in the savings rate as one would expect. and i think we're now working in the other direction. so i think this thing is just building and if we somehow could get beyond this very heavy overhang in the ridential markets, itwould be very helpful. but remember, with 400,000 single family completions, and n

he called it a down payment for fiscal solvency and says that congress needs to work together to addressthe long-term aspects of the budget. the budget totals $3.70 trillion. it would reduce the deficit by $1.10 trillion, according to the administration. this portion of the hearing is an hour and a half. >> "the president punted. having been given a chance, cover and a pledge by the fiscal commission he created to create bold steps and curb entitlement spending, president obama and his fiscal 2012 budget proposal chose to duck. he just heard from the cbo director and the chairman of the federal reserve one of the best things we can do for the economy is put in place a plan that gets this deficit and debt under control. why did you cuk? duck? if george bush brought this budget to the house, i would say the exact same thing. you know the drivers of our debts. you understand this issue. the fact the president gave us this fiscal commissioner, acknowledges that we agree on the size and scope and nature of the problem. why did you duck? why are you not taking this opportunity to lead? >> i th

it would completely solve the long-term solvency issues that social security has come to rebuild thetrust fund and guarantee full benefit for 75 years and beyond. i think that is the fairest solution we could have. [applause] >> thank you very much, ross. it's >> thank you. being the one, two, three, four, the speaker, very much what it planned to stay assertive and said very well. i am the president of the preserve social security and medicare and mine comes from all walks of life, democrats, republicans, unaffiliated. what they share is the passion for social security and medicare. i am one of those people at alex rivlin, we just don't quit. we are here. but social security was never intended to be the sole source of income. they were going to be savings and pension in our rate of savings in this country were way down in the coming up a little bit, thank heavens. pensions -- defined pension plans are things that will be a memory, but some people have them and they are lucky, the future people will not hunt them. and now, where we are right now is that one in three seniors absolutel

the stress tests on the solvency of the banks will not be published until the end of march. our people are not being hammered, disillusioned, and of lost the feeling that the politics means something to the reality of their lives. that is why the fianna fail party looked at the structures that need to be fixed, looked at how the condition has been left in. we want to get the country working. that means investing in jobs, protecting jobs, and growing our economy, and dealing with our budget and fiscal strategy and changing our health structure. we deliver a more efficient and effective public service for the taxpayers. politics and about leading from the front. >> same question to you. you're offering a different package to what enda kenny is offering. are you being honest with the people? >> i think there's no other way that this can be done. we have to be straight with people. the incoming government is going mess.e to facemeshe biggest people are -- people have lost jobs. parents are worried about the children. the labour party has put forward a platform. jobs. we cannot c

illinois will require 13% of its budget to ensure solvency. the jurors and see where require 4.5% of its budget. this requires [unintelligible] other economists and accurate -- * have released other scenarios. it is incumbent upon state governors and treasurys to ask actuaries to stress test their pension systems under a range of assumptions. the biggest government the federal government can have is in the medicaid reform. i have two recommendations. first, transparent and accurate accounting. governments must stress test their pension systems and determine what will be needed to set aside to pay these promises. these scenarios should include the risk-free state. secondly, stabilize public- sector pension systems. pay what has been promised but while minimizing the budget on taxpayers -- states said defined benefit plans to the cost-of- living adjustment. they should increase contributions from workers and moved workers to defined contribution plans. the last reform will allow workers more flexibility, shift wrest away from taxpayers, and and

it gets us on the path to solvency. you can imagine how that was received by 7500 firefighters. i was booed lustily. when i get to the stage, they do some more. i got to the microphone and they do some more and told me i could do better than that. -- and i told them they could do better than that. they did. [laughter] and then i took away the prepared notes i had. i actually took them all of the podium, crumbled them up, and through them all the ground. i told them i understood their anger and frustration. i understand you feel deceived and betrayed. the reason you feel these things is because you have been deceived and betrayed. for 20 years and governors have come into this room and lie to you, promised the benefits they could not pay for, and make promises they knew they could not keep, and hoped they would the man or woman who would not be left holding the bag. i understand why you feel angry, the trade, industry by those people. why are you doing the first guy who tells you the truth? the way we used to think about politics. the old playbook says "light, the seed, obfuscate

choices for seniors not torve fix medicare, not to preserve medicare, not to preserve its longer, solvency for longer, but steals it from medicare from seniors bra or brandnd new purposes for of your folks.the pr and this directly contradicts the president's promise that quote, if you like what you had you can keep it. no you can't mr. president. thousands of louisiana seniors c.m.s.' can't. in fact the cms chief actuary also verified the promise will confi be broken, confirming thatheir americans may lose their current health care coverage regardless if they want to keep it or not. to some of the president, i respond directly to my friends and colleaguescoll from vermont byepeal saying we want full repeal of simple obamacare for a very simple pro reason. the the big problems with the bill the the big problems with the planargin, are not at the margins, they are at the core. and the big problems can't be fixed with a protecting amendment, the changing of a p comma, changing punctuation resizing one or two or five or ten sentences. the big problems are at the core of the plan, starting with

illinois will require 13% of its budget to ensure solvency. the jurors and see where require 4.5% of its budget. -- new jersey will require 4.5% of its budget. this requires [unintelligible] other economists have released other scenarios. it is incumbent upon state governors and treasurys to ask actuaries to stress test their pension systems under a range of assumptions. the biggest government the federal government can have is in the medicaid reform. i have two recommendations. first, transparent and accurate accounting. governments must stress test their pension systems and determine what will be needed to set aside to pay these promises. these scenarios should include the risk-free state. -- the risk free discount rate as recommended by economists. secondly, stabilize public- sector pension systems. pay what has been promised but while minimizing the budget on taxpayers -- states said defined benefit plans to the cost-of-living adjustment. they should increase contributions from workers and moved workers to defined contribution plans. the l

we do not know the scale of what is out there until these stress tests on solvency and liquidity are completed. there may be another 10 or 15 billion required. we have to see what the reality of that is until the end of march. a little beyond that for the other european countries. and banks at the conference. but you're right, this is so true. of course we cannot borrow money, our banks cannot borrow money, we are living for banks and existing for families. that is weighed the -- that is where the fianna fail has left this. >> i don't think -- do not think we are bearing the full cost of the debts of the bank. from the working point of view, it has to be renegotiated. we oppose the bailout, and micheal martin as opposed it. he said that. [unintelligible] i did read it. it is quite clear that you said that. [unintelligible] [unintelligible] [unintelligible] >> the policy decision. >> i did clarify. your government made a policy decision and your fianna fail government made a policy decision that it was systemic. that is historical what he said. [unintelligible] >> have a dozen branche

that is, concentrated exposure to the housing market, and poorly managed solvency and liquidity risk. when we look at the multitude of different tys of firm failures in the united states and around the world, it casts doubt on the majority's thesis that a particular feature of the american regulatory regime, a specific type of financial sfugs institution, or an individual firm and the people that ran is an essential cause of the crisis. however, when you're looking for villains and victims, rather than essential causes, it is easy to examine the same set of facts and arrive at diametrically different conclusions. this leads me to the central question of why we were unable to reach unanius agreement among the commissioners. from the beginning, i thought the commission was created for political purposes with the partisan structure, and a partisan agenda. it called for six of us to be appointed by democrats, and four by republicans. and any six votes were all that was needed to transmit the report to the president and the congress. the math is simple. let's be clear. the commission was n

we extend the solvency of the medicare trust fund for a decade. that's what we did last year. if we repeal the bill, if the mcconnell amendment became law, the medicare system would be on much weaker ground. making it much more vulnerable through the types -- to the types of of attack that some of my republican colleagues have been talking about, much more likely that that would become reality. that's what this bill means for the seniors of married or the seniors of west virginia or the seniors of pennsylvania. that's what it means. that's what we did. we strengthened the frame program. that will be lost, lost, if the mcconnell amendment were to become law. but it goes beyond our seniors. it goes to all families across this nation. i can't tell you how many families i have run into who have said to me, senator cardin, we want to cover our children, but under the old law, once they became 21 or 22, they lost coverage. even though they still needed insurance coverage. so we changed that to 26 under this law. you're allowed to be on your parents' policy now until age 26. that's t

boston college to remain funded by 2014, illinois would require 13% of its budget to ensure fund solvency new jersey would require 125% of its budget. this requires choices the states of to date of making. other economists and after recent reduced equally dire scenarios. as the doctor. but ultimately i stress it is incumbent upon state governors and treasurers to ask actor race to stress test the pension systems under a range of assumptions. i believe the biggest impact the federal government can have in helping the states is in the area of medicaid form and mandate relief. for state pensions, i have two recommendations: first conference. and accurate accounting. the government must stress test the pension systems and model the cash flows to determine what would be needed to set aside to pay these promises. these scenarios should include the risk for a discount rate as recommended by economists. the imf and assumption should be made available to the public. second, stabilize public-sector pension systems. there to pay what has been promised while minimizing the burden on taxpayers, states

we remove the cap and tax people on their entire income, it would completely solve the long-term solvency issues that social security has. rebuild the trust fund and guarantee full benefits for 75 years and beyond. i think that is the fairest solution that we could have. [applause] [applause] >> thank you very much, ross. >> thank you. and being the 1, 2, 3, 4, -- 5th speaker in the program. very much of what i planned to say has probably been said, and said very well. >> not everybody has said it. >> but not everybody has said it. exactly. i'm the president of the national committee to preserve social security and medicare. my members come from all walks of life, republicans, democrats, inaffiliated, what they share is their passion for social security and medicare. you know, i've had a long history. i'm one of those people like alison rivlin, we just don't quit. we are here. it was never -- social security was never intended to be the sole source of income. there was going to be savings and pensions. we know our rate of savings in this country went way down. it's coming up a little bit,

benefits and choices for seniors, not to fix medicare, not to preserve medicare, not to preserve its solvency for longer, but steals it from medicare, steals it from seniors for brand-new purposes for other folks. and this directly contradicts the president's promise that -- quote -- "if you like what you had, you can keep it" -- close quote. no, you can't, mr. president. thousands of louisiana seniors can't. in fact, c.m.s.'s chief actuary also verified that the promise will be broken, confirming that americans may lose their current health care coverage regardless if they want to keep it or not. so, madam president, i respond directly to my friend and colleague from vermont by saying, we want full repeal of obama care for a very simple reason: the big problems with the bill, the big problems with the plan aren't at the margin, they're at the core. and the big problems can't be fixed with a perfecting amendment, the changing of a comma, changing punctuation, revising one or two or five or ten sentences. the big problems are at the core of the plan, starting with the mandate from the federal

they should be stopped, but the cause of solvency they are a trifle. much more about them trivializes what needs to be done. it misads federal citizens to believe easy answers are available. in this room we know how hard the answers are that means nothing. not even the first and most important missioof government, our national security can get a free pass. i served in two administrations that elevated peace through strength. it has served america wh the success. if our nation goes over we will not have much strength and will not have peace. we are borrowing the entire defense budget from foreign investors. within a few years we will be spending more on interest payments and national security. that is not a robust strategy. i rsonally favor restoring and pounded power to the presidency on an emergency basis. having used this authority with the vigor, i can testify to its effectiveness. you wod be amazed at how much government you will never mess. [laughter] the nation must be summoned to general quarters in the cause of economic growth. friends of freed

doubling in the banking system, all of a sudden they didn't quite open up for lending but the issue of solvency disappeared. and this is true as it spills over into the nonfinancial sector and to make -- and to end this answer on a more positive note -- what it's now -- in the process of what we are seeing is a fact of theealth effect in consumer markets. in the last four or five months, these markets are beginning to look very much like they used to prior to the crisis. personal consumption expenditures, last quarter was up 4.4%. annual rate as i recall in real terms. the monthly running data say that the first quarter of 2011 are really quite strong. and this is mainly consumption. and it is mainly the fact that part of the whole collapse in the home market and stock market induced a dramatic rise in the savings rate as one would expect. and i think we're now working in the other direction. so i think this thing is just building and if we somehow could get beyo this very heavy overhang in the residential markets, it would be very helpful. but remember, with 400,000 single family completions,

they should be stopped, but in the cause of solvency they are a trifle.what needs to be done. it misleads federal citizens to believe easy answers are available. in this room we know how hard the answers are that means nothing. not even the first and most important mission of government, our national security can get a free pass. i served in two administrations that elevated peace through strength. it has served america with the success. if our nation goes over we will not have much strength and will not have peace. we are borrowing the entire defense budget from foreign investors. within a few years we will be spending more on interest payments and national security. that is not a robust strategy. i personally favor restoring and pounded power to the presidency on an emergency basis. having used this authority with the vigor, i can testify to its effectiveness. you would be amazed at how much government you will never mess. [laughter] the nation must be summoned to general quarters in the cause of economic growth. friends of freedom always favor a growin