Wednesday, February 3, 2010

Senator Gregg skewers Obama budget director over TARP plans

Yesterday while President Obama was making a jobs speech in Nashua, New Hampshire, Senator Judd Gregg was skewering the president's budget director at the Capitol.

A fiery Judd Gregg, the senior Republican on the Senate Budget Committee, blasted the White House budget chief yesterday over his boss' plan to transfer bailout funds to a new small business loan program.

While President Obama was visiting Nashua, Gregg's birthplace, the three-term senator was on Capitol Hill skewering Peter Orszag over the plan to funnel $30 billion from the Troubled Asset Relief Program.

Gregg erupted as Orszag spoke of the TARP use to solve lingering problems with access to credit for small businesses.

"No! No! No!" he yelled out. "You can't make that type of statement with any legitimacy. You cannot make that statement."

Gregg then held up a guideline for the TARP, which he helped write in 2008 to keep the country from further economic collapse.

"This is the law," he said. "Let me tell you what the law says. Let me read to you again because you don't appear to understand the law. The law is very clear. The monies recouped from the TARP shall be paid into the general fund of the Treasury for the reduction of the public debt. It's not for a piggy bank because you're concerned about lending to small businesses and you want to get a political event when you go out and make a speech in Nashua, N.H."

Gregg accused Orszag and Obama of passing on debt to generations of Americans and having an abashed sidestepping of the TARP law. "And," he said, "you ought to at least have the integrity to be forthright about it."
It's must see TV:

Senator Gregg's emotional outburst captures perfectly the frustration most Americans feel about the arrogance and complete fiscal insanity of the Obama administration.  Representative Mike Pence (R-IN) does a pretty good job expressing my feelings about the White House 2011 budget proposal:


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