Tuesday
Feb022010
Republican Gregg: Orszag, Obama Administration Could Be Skirting Law Through TARP Fund Use
By Laurel Brishel Prichard University of New Mexico/ Talk Radio News Service
Office of Management and Budget Director Peter Orszag defended President Barack Obama’s proposed budget for fiscal year 2011 during a Senate Budget Committee hearing Tuesday morning.
Many of the members on the committee experessed their concern over using repaid Troubled Assets Relief Program (TARP) funds as a “piggy bank” to fund the small business tax credit program that Obama has proposed.
“That's not what this money is for. This money is to reduce the debt of our children that we are passing onto our children, and you ought to at least have the integrity to be forth right about it and say that’s what your doing,” said Sen. Judd Gregg (R-N.H.)
Gregg’s attack on Orszag, that included accusations of not following or knowing the law, lead to Senator Bernie Sanders (I-Vt.) breaching common norms of the committee hearing by speaking out before being recognized.
“Congress can amend the law tomorrow. What [Orszag] is indicating is he’s going to Congress to amend the law,” said Sanders.
Sen. Ben Nelson (D-Neb.) did commend Orszag for "trying to get [his] hands around this budget deficit and the problems facing the country.”
Office of Management and Budget Director Peter Orszag defended President Barack Obama’s proposed budget for fiscal year 2011 during a Senate Budget Committee hearing Tuesday morning.
Many of the members on the committee experessed their concern over using repaid Troubled Assets Relief Program (TARP) funds as a “piggy bank” to fund the small business tax credit program that Obama has proposed.
“That's not what this money is for. This money is to reduce the debt of our children that we are passing onto our children, and you ought to at least have the integrity to be forth right about it and say that’s what your doing,” said Sen. Judd Gregg (R-N.H.)
Gregg’s attack on Orszag, that included accusations of not following or knowing the law, lead to Senator Bernie Sanders (I-Vt.) breaching common norms of the committee hearing by speaking out before being recognized.
“Congress can amend the law tomorrow. What [Orszag] is indicating is he’s going to Congress to amend the law,” said Sanders.
Sen. Ben Nelson (D-Neb.) did commend Orszag for "trying to get [his] hands around this budget deficit and the problems facing the country.”
For Democrats, Health Reform Isn't About Fixing The System, Says Gregg
Talk Radio News Service
Sen. Judd Gregg (R-N.H.) said Thursday that, for Democrats, policy has taken a backseat to politics in the ongoing debate over health care reform.
"This dialogue right now is no longer about substance, it's no longer about the purposes, it's just about 'I need to win because I need to win, because I need to win,'" said Gregg. "They see a loss as being a loss of credibility, it's no longer about the policy or the effectiveness or really about health care."
By metaphorically referring to the nation as a defibrillator, Gregg said on Thursday that his biggest concern over healthcare reform is the $500 billion worth of cuts to Medicare Democrats are proposing, which in his view is significant to the economy.
Medicare's $38 trillion fund "is the power source for defibrillator when we have this fiscal cardiac arrest as a nation," said Gregg. "And if you use it up now to create new entitlements...you know we're going to aggravate the cardiac arrest. Then the defibrillator has no energy."
Gregg added, however, that Medicare spending should "absolutely" be adjusted to make it solvent.
On the possibility of Democrats using reconciliation to pass reform, Gregg labeled it as a tool by which the Democrats can "buy the votes to pass the big bill."
"Reconciliation, by its definition, [means] you have to change a law," said Gregg. "You can't reconcile a bill that is not passed."
"It was never created for the purposes of doing policy."