the bailout creating this incredible amount of debt for the american people, which everybody says will harm our economy long term, how can they put forth a policy that institutionalizes us as a bailout nation? how can he favored the uaw over non unionized workers? how was that good economic policy? does he really think we can bailout, bar come and spend our way to prosperity? i hope not. host: thank you for entering our questions. @ c-span cameras will be at the hearing today, covering a by videotape. thank you for your time today, sir. we will continue taking telephone calls for a few minutes. then, joining us in just a few minutes, also from the cannon house office building on capitol hill, will be congressman luis gutierrez. also, we will be questioning the secretary at the hearing today, and we will be -- also, he will be questioned the secretary at the hearing let me get some editorial-page reaction to the president paused plan yesterday. "the financial times," " redesigning the financial rulebook. they're right "the administration cost proposals will disappoint those hoping for a tidier u.s. regulatory system. the plan has many good points, notably an expanded role for the federal re

the wall street bailout, the auto bailout, the stimulus, and now the national climate service are all prime examples of how congress' eyes are bigger than its grasp. so i ask my colleagues to please support my amendment. let's re-evaluate this attempt at funding and top stop the funding for the new national climate service. thank you, mr. speaker. i reserve the balance of my time. the chair: for what purpose does the gentleman from west virginia rise? mr. mollahan: i rise in opposition to the the gentleman's amendment. mr. chairman, i first point out to the gentleman that i'm not sure this is the -- for the gentleman to make his arguments against a national climate service. it is true that there is considerable discussion within the administration, within the constituency community outside of government, and there is some consideration of a national climate service i understand in the authorizing committees here in the congress. it's also true we have some money in this bill, research some satellite money, that would be useful, that would -- one might consider and we do consider it ac

proposing to add up to $108 billion for the international monetary fund as part of the global bailout for foreign nations. not only is this a bad idea on its own, i have yet to hear any explanation of how on earth this will benefit our troops in iraq and afghanistan. . iran, which the state department has certified as the most active state sponsor of terrorism in the world, would be eligible for these funds. hugo chavez, who describes america as the biggest men ace on our planet and supports narco terrorists and neighboring nations, he, too, would be eligible for these funds. the purpose of this bill is to make sure that our armed forces have the men and material they need to defeat terrorists, that this bill would include funding that could benefit the sponsors of terrorism? that's outrageous. all this being said, i welcome an honest and open debate and vote in this chamber on the i.m.f. funding but my democrat colleagues don't want to risk an up or down vote. they have resorted to fun and games by shoe horning, with no opportunity for debate here in the people's house and won't end there. unbelievablel

the slip. [laughter] >> no nation can bailout, borrow and spend its way into prosperity and that is why i am happy that republicans are united in saying no more bailouts. at the epicenter of the current economic turmoil or federal policies that either incident, cultural or mandate financial and institutions to loan money to people to buy homes who ultimately could not afford to keep them. of all of these failed policies, non-loom larger than those eckert did the government sanctioned monopolies of fannie mae and freddie mac. the expectation, the implicit guarantee of the federal government behind those to gse allow them to swell to unimaginable size and make profits that couldn't have been gained in the marketplace and now expose taxpayers to over $5 trillion of risk. in the 21st century, our housing system can't exist and prosper without fannie and freddie being allowed to monopolize and the market, privatize profits and socialize their losses. now ought current market conditions preclude immediate sweeping action to end fannie and freddie market distortions, the current gse model is broken. it i

the deficit tenfold. we have seen their idea to triple the national debt in 10 years. we have seen their ideas to bailout a.i.g., g.m., fannie and freddie and the list goes on. and today's new idea a. new national energy tax. costing every american family $1,500 to $3,000 a year. only if they choose to turn on a light, cook a meal, or drive their children to school. don't take my word for it. listen to the president of the united states. who said that under his plan, under his plan electricity rates would, quote, necessarily skyrocket, unquote. that's from our president. our gas prices will go up 77 cents a gallon at the pump. now all this is due to global warming concerns. madam speaker, these are legitimate concerns. we have a right to be concerned and manmade activity does contribute. but is this a smart policy? if india and china don't participate, it is for naught. even the young federal -- even our own federal government estimates at best over a course of 100 years this may impact global temperatures .2 of one degree. frankly that variance occurs naturally every single year. think about the severe

to restore the economy we should reject a philosophy that has transformed us into a bailout nation. however there are some who want to further enshrine the field government policy of rescuing too big to fail institutions by crafting a resolution authority or systemic risk regulator which would give the government and government eurocrats' priorities tax payer money to prop up certain financial institutions. we may think that we own a aig, the government, but in fact i think aig and these companies end up owning us. mr. chairman, the appropriate response to this very real problem of handling market failures is we should resolve insolvent non-bank institutions. no matter how large were systemically important due to the bankruptcy system. bankruptcy is transparent and impartial process with seÓul rules. and far preferable to a vaguely defined resolution authority that encourages more of hazzard and further entrenches mcginn banks -- mega banks and other institutions of the state. it's important for regulators to monitor their financial system and i identify risks that could endanger the

finally, relying upon the federal reserve instead of the treasury for bailouts can amass the true cost to the public in terms of national debt. any losses on assets of loans through these risky or abnormal emergency power activities could result in the fed giving less money to the treasury. remitting less money t have you taken a comprehensive analysis based on the loans being taken? i am not referring to the conclusionary -- concluesary statement that everything is fine, but if you have done such an analysis, can you provide it to us this month? >> congressman, on the oversight panel request, i'm sure we'll respond to that. i'm not aware of the status of that request. i would just note that the senate -- i think the congress passed a rule recently that would allow the gao to directly audit aig and other individual bank or other interventions, and we are perfectly comfortable with that. we provided extensive information to the congress on aig and those other rescues, including monthly reports required by congress on all 133 lending. so we have been quite open about it. if there are specific issues -- >> how about specif

to restore our economy we should reject the philosophy that has transformed us into a bailout nation. however, there is some who want to further in trying to field a government policy, by crafting a resolution authority or systemic risk regulator which would give the government, government bureaucrats the power to use taxpayer money to prop up certain financial institutions. we may think that we owned aig, the government, but in fact i think aig and these companies end up owning us. mr. chairman, the appropriate response to this very real problem of handling market failures is that we should resolve in solid non-bank institutions, no matter how large or systemically important through the bankruptcy system. bankruptcy is a transparent and impartial process with no set of rules and president. and is far preferable to a vaguely defined resolution authority that encourages moral hazard and further entrenc entrs megabanks and other large institutions as wards of the state. in conclusion, it is important for the regulators to monitor the interactions of various sections of the financial sys

the president himself has said that he is losing sleep at night over the national debt. well, i would love for the president to sleep better at night and maybe he could quit proposing the bailouts. maybe members of congress could quick proposing all of the earmark spending. now, this is relatively small as far as the dollars are concerned. $155,000 apparently to fund after-school and summer arts programs. but, mr. chairman, under this democratic congress, the national debt will triple, triple in 10 years. the federal deficit has gone up ten-fold in just two years. we are borrowing 46 cents to spend a dollar here. 46 cents. we are borrowing money from the chinese and sending the bill to our children and our grandchildren. which causes me to question, is this the best expenditure of $155,000 of the taxpayer money? mr. chairman, i'm a veteran of many of these earmark battles. they have been going on for years. i know from history what we'll hear. number one, we'll hear nobody knows my district like i do. i can see the point. i do not know the gentleman's district from arkansas as he does. i suspect good things can be done with the money. i see the point. the arts center of grand p

going to be in the billions and billions and trillions of dollars and that will be added to the national debt because we don't have that money. the auto industry, there has been bailouts of the auto industry and hasn't worked. they still had to file chapter 11 and over $50 billion. the banking and financial institutions and there was a bailout in the tarp bill. and then the energy bill that they're talking about, the cap and trade, is going to cost a tremendous amount of money, not only for the taxpayers -- from the taxes we get here, but also the money they will have to spend for higher electric bills and everything else in the future. let me say, mr. speaker, this is something my colleagues ought to read. it talks about our future, our kids' future and grand kids' future. there is no doubt in my mind that this country will go bankrupt and we will be like the past civilizations like rome. there is no question about it. the debt is held by china, japan and other countries is out of sight. they don't want to buy our debt because the dollar has been plummeting. and right now we are talking about printing trillions of dollars more because they won't buy our debt. when th

i did not like the banking bailout, the mortgage reform legislation, and i definitely do not like this cash for clunkers. i just read the details on the bill before the national transportation board gets hold of it. they are totally ineffective. i doubt that they get even 50,000 cars because you almost can i get a car. i just bought a 2009 morano. i have a 1996 lumina the gets lousy mileage for guests in this country did in but i do not qualify because i bought my car before july 1. this legislation is so per- business. i think his more conservative than bush. i made big money under bush. my pocketbook has been effective. i must have missed about $12,000 that i thought i was going to qualify for. host: when did you buy your car? caller: i just bought its in may. host: thanks for your call. a number of calls concerning the withdrawals of troops from iraq. the date was established come up being tomorrow, june 30. it was established in a secure pact approved last year. it sets the deadline also for the complete withdrawal at the end of 2011. iraqi officials have hailed it as a victory against insurgents. one more story on iraq. this is a story from "usa today."

i voted against the bailout and the stimulus bill that spent $800 billion of money we don't have and i voted against the budget that doubles our national debt because i need -- think we need to regain responsibility. in my district what people want to see is sound fiscal policy, but also want a comprehensive energy policy. talking about the nuclear waste from it is something we add to the address in our bill in the american energy act, which is our alternative. we actually open up yucca mountain -- right now bureaucrats in washington are blocking our ability to put the spent fuel in the mountain where the taxpayers have spent billions of dollars to build that facility to store the nuclear waste, and yet bureaucrats in washington are blocking us from using the facility that we spent billions of dollars to build. we open it up and remove the hurdles and also recycling spent fuel. in europe they recycle a great deal of their waste so you can use it to create more energy instead of having to put it in a storage facility. we are addressing that in a comprehensive way so we can change some of the policies that you think are destructive. host

repayments to be applied to help pay down the national debt, treasury secretary geithner has indicated that the return funds would free up resources for future bailout loans. i respectfully disagree with the secretary's position that these monies should be reused in the future. the repay taxpayer funds should only be used to pay down the ever growing national debt. i call on congress to pass h.r. 2119, legislation i am co-sponsoring, that would require the treasury to apply returned tarp funds to debt reduction itcht yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from florida rise? the gentleman is recognized. . upon earning a doctor of business administration from nova southeastern university in south florida. as part of the program, dr. ochoa completed a grueling program in difficult disciplines. although greatly respected for his career in the banking industry, he has continued to deepen his knowledge of business and the banking industry. his admirable pursuit of excellence in his field will be of great assistance to our south florida community. on

the democrats' budget just passed will double the national debt in five years and triple it in 10, and now calls for new budget rules? with democrat plans for more borrowing, more spending, more bailouts and more debt, the democrat dem anything of pay-go is all too clear to the american people. you pay and they go on spending. the speaker pro tempore: for what purpose does the gentlelady from california rise? ms. sanchez: mr. speaker, i wish to address the house for one minute and to revise and extend. the speaker pro tempore: without objection. ms. sanchez: thank you, mr. speaker. i recently learned of a situation concerning a constituent of mine, randy collins, whose ex-wife abducted their son and went to japan. the last time randy collins saw his son, christian collins, was on june 15, 2008. according to the united states state department's deputy assistant secretary for overseas citizen services, the united states received notices of 73 cases ofarental abductions involving 104 children just for the country of japan. unfortunately, many people are not aware of the severity of this situation and how it affects so many american lives. once taken to japan, american parents are unable

concerned over the fact that we've got a number of bailouts coming from washington to states in its to talt. and i question what we're doing to the future of not only the states but also the nation as we continue a pattern of overspending from washington, d.c. but let me speak to the issue particularly of money coming to certain states. the fact is i'm looking for the federal government to give us fair reimbursement. we mention ds the issue of illegal immigration. i don't think what we should be getting is a bailout at all. but i do believe the federal government does owe to the states reimbursements that are fair based upon the requirements tand responsibilities that those states are taking on when the federal government isn't doing their job. host: let me take the other side, because there's been >> we're not going to fail. we just need to decide what our priorities and our spending is. i believe we will get through this. i think we can get through this. the combe is whether or not we will reform how government is provided and the levels of service that is are reasonable for what californians are paying or whether or not we're going to try to keep all the bureaucracies and all

we are talking about a national health care program that's going to add additional trillions of dollars, we are talking about bailouts to the financial institutions and the auto industry. we are talking about a cap and trade program that's going to increase the cost of every family in america between $3,000 and $4,000 to turn on their lights or buy gasoline at the service station or anything else that produces energy. and we are adding about $2 trillion a year to this debt. and it's unsustainable. it's going to affect every man, woman, and child that's living in america today. but what it's going to do to the future generations is unbelievable. we can destroy this republic if we don't get control of spending. this isn't political high ber bolet. i'm telling you right now, colleagues, we can destroy this form of government and civilization we have just like rome did if we don't get control of spending. it is out of control. out of control. $56 trillion in debt today. we are adding $2 trillion year plus all these additional programs we are coming up with. in the next five years they say we are going to spend an additional $5

the national debt will be tripled. the federal deficit has increase 10d-field. 10-fold in two years. we've seen the taxpayer being forced to shoulder $6,000 per household to fund $700 billion of bailout money, $9810 to fund a $1.13 trillion stimulus plan, $3,533 to fund a $10,100 knee bus plan. you cannot -- you cannot bailout, borrow, or spend your way into prosperity system of in the spirit of what the president said, when we look at a federal government that consists of 10,000 federal programs spread across 6,000 agency, at a time when american families will -- families are suffering in this economy, maybe we ought to take a look at a few and see if we can't sunset them so we can provide sunshine and morning to the budgets of the american family. i believe the legal services corporation is one such program. hasn't been re-authorized in almost 30 years. the program has a history of waste, of fraud, abuse. listen to a recent g.a.o. report of last year. quote, expenditures were insufficient in supporting documentation. out of seven of 14 grantees we visitted we identified systemic issues in payments that lacked sufficient supporting documentation that made it impossible to determine

bailouts. i will be damned if i will by a general motors car if it is run by obama. this character that is coming up next, part of the obama national broadcasting co., he will nationalize everything. will people wake up or what? host: thank you. gloria, wisconsin. caller: this is the first that i heard about the deal wanting to be blocked. there is a lot of questions about what capitalism and the stock market is all about. when you invest in something, you take a risk. my thinking is that if they had allowed everything to simply collapse, we would be completely government-owned. our cars are so old, we cannot afford to purchasing one. everything got way overpriced. cars, homes, many of us are just hanging on by a thread. hopefully this deal will go through and people will learn that these are the risks of capitalism. host: "no matter what the topic, for the right all problems lead to obama." that is the comment from one viewer. from "the pittsburgh post- gazette," a cartoon, president obama arriving in saudi arabia. "remember, he is not just any world leader, he is the president of general motors." gary, from minnesota. caller: i a

bailouts and the stimulus money. so when democrats predict their health care plan won't cause people to lose their current insurance and won't add to the national debt, americans are certainly right to be skeptical. they made the same kind of predictions about the stimulus bill. they said the money wouldn't be wasted. yet, we're already hearing about a $3.4 million turtle tunnel and $40,000 to pay the salary of someone whose job is to apply for more stimulus money. the administration also predicted that if we pass the stimulus, the unemployment rate wouldn't rise above 8%. now they say unemployment will likely rise to 10%. americans indeed want health care reform, but they don't want a so-called reform that takes away the care they have and stands in the way of their relationships with their doctors or that buries their children and grandchildren deeper and deeper in debt. madam president, i think we can do a lot better than that. i yield the floor. mr. reid: madam president? the presiding officer: the majority leader. mr. reid: every dollar that's spent in america, one-sixth of that dollar goes to health care today. if we do nothing with healt

bailouts and the rest of it. we need to make sure the independent auditing, the people involved in oversight and government reform that every agency across the nation, throughout our country, are doing their job and making sure that every dollar is accounted for. with that, i'll reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the chair recognizes the gentleman from massachusetts. mr. lynch: we have no further speakers at this time, i continue to reserve. the speaker pro tempore: the gentleman reserves the balance of his time. the chair recognizes the gentleman from utah. mr. chaffetz: having no other speakers, i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the chair recognizes the gentleman from massachusetts. mr. lynch: in close, we would like to reiterate our strong support for h.r. 885 and its lead sponsor and champion mr. larson. we appreciate the great work being done by ed towns, the full committee chair and mr. issa as ranking member and the gentleman from utah because this will increase the ability of inspectors general at regulatory agencies at a time when we need t

bailouts. it's time to end having washington pick winnerses and losers in the marketplace. it's time to end this political economy. that's not what made us the greatest nation in the history of the world. our plan embraces principles and the rule of law. it reforms the current law to facilitate the unwinding of insolvent nonbank institutions. we ensure that those charged with the responsibility for oversight have the authority to accomplish the necessary regulatory actions. our plan ensures that the federal reserve receives the transparency and accountability demanded by every single american and our plan will restore the integrity of our system and instill the confidence necessary for free market capitalism and our nation to survive. and to thrive. by remembering the principle that if we remove all risk, we remove all reward. and we become a very different and a very bland society. this is a thoughtful and a commonsense plan and piece of legislation that will be produced from it that embraces the principles that americans know and love. we urge all our colleagues to adopt and embrace this positive reform. it's my honor to yield back to the ranking member,

bailouts. they didn't think it could get worse. but here we go. in the midst of the worst recession in a generation, this administration and this majority in congress are prepared to pass a national energy tax that will raise the cost of energy on every american family. now, my colleague sporting the green lapel button, who i greatly respect, said that there is a lot of dispute about how much the average american household will pay if this national energy tax becomes law and that's true. there are estimates ranging from a few hundred dollars a year to the hair tage foundation's over $-- heritage foundation's over $4,000. i heard president candidate barack obama who said in january of 2008 to the san francisco chronicle and i should quote with the deepest respect. under my plan of cap and trade system, electricity rates would necessarily skyrocket. that will cost money. they referring to the utility companies. they will pass that money onto consumers, closed quote. now president barack obama. now, i know earlier this week the president of the united states said that polluters are going to pay the cost of this national energy tax. that's not what he said last year. now, i don't kno

the international monetary fund can then loan this money to nations like iran and afghanistan -- i'm sorry iran and venezuela. madam speaker, it is inappropriate to use our troops to cram through overseas bailouts. i will vote against this and ask my colleagues to join me. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from pennsylvania rise? >> i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman is recognized for one minute. mr. altmire: madam speaker, this week both houses of congress put forward the initial draft of a long overdue effort to cut health care costs in this country. while we still have to come to agreement on all the details, there can be no doubt the american people expect us to act to bring down health care costs. the cost of health care affects every business and every family in this country. it's one of the leading drivers of our long-term deficit. it makes our businesses less globally competitive. and it adds uncertainty to millions of american families who are one accident, illness, or job loss away from losing everything. while we debate how best to fix what

es us as the bailout nation. second of all, i believe, as do many economists, that the federal reserve ought to be concentrated on military policy, tied to inflation -- on monetary policy, tied to inflation targeting. what the administration does instead is diffuse their mission even more and allow them to pick winners and, establishing firms as a systemically risky. next, with respect to the president, he said this is going to be sweeping reform. what i did not know is that he would sweep fannie mae and freddie mac under the carpet. fannie and freddie represented greatest systemic risk these government sponsored enterprises within our economy. they will prove to be the mother of all bailouts, and his plan is absolutely silent. the administration got the wrong diagnosis, and therefore they will get the wrong remedy. their diagnosis is that there was a failure in deregulation. it was not deregulation as much as it was dumb regulation. we need to enforce what we have on the books in the first place. the administrati