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.”
Republican Gregg: Orszag, Obama Administration Could Be Skirting Law Through TARP Fund Use
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.”