Rep. Scott Garrett (R-N.J.) says the Democrats’ spending proposals are outlandish, and compares them to a Ponzi scheme. (0:34)

 

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During his Keynote speech at the Campus Progress National Conference, former President Bill Clinton says that it is interesting that the same people who give tax breaks to millionaires are not willing to spend money on helping poor people find work or fund college tuition grants. (0:14)

 

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By Celia Canon- Talk Radio News Service

During a press conference Wednesday, House Minority Leader John Boehner (R-Ohio.) said President Obama and Vice President Biden have been telling lies about why the Stimulus package hasn’t reversed the nation’s spiraling unemployment rate.

“I found it interesting in the last couple of days, the Vice President and the President mentioned the fact they didn’t realize how difficult an economic circumstance we were in. Now this is the biggest fabrication I’ve seen since I’ve been in Congress. I’ve sat through those meetings at the White House with the President, the Vice President, trust me there’s not one person that sat in those rooms that didn’t know how serious our economic crisis was,” Boehner said.

Reps. John Boehner (R-Ohio.), Mike Pence (R-Ind.) and Cathy McMorris-Rodgers (R-Wa) cautioned that the recent legislation put forth by the Democrats will do nothing but increase taxes which, in the long term, will hinder consumer spending.

“Republicans know and the American people know that what we need is fiscal discipline in Washington D.C and we need to give the American people a tax relief, working families, small businesses and family
farms need more of their hard earned money to put this economy back on its feet,” said Pence.

As for health care, McMorris-Rodgers explained that “We cannot forget that doctors are the experts, we must guard that relationship between the doctor and his patient; it is one of the most valued relationships
that we have,” adding that “We can reform health care, and we can give options to the uninsured without the federal government setting up shop as a big health insurance company or the health care gate keeper.”

By Michael Ruhl, University of New Mexico – Talk Radio News Service

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House Minority Leader John Boehner (R-Ohio)
Photo by Michael Ruhl

House Minority Leader John Boehner (R-Ohio) called congressional voting cards “the most dangerous credit card in the history of the world”, because then enable Congress and the president to engage in reckless spending. This was not Boehner’s first criticism of Obama, but his statement came on the 101st day of the Obama Administration, a time which Boehner has criticized as being pock marked with excessive borrowing, reckless spending and a massive growth in government.

Boehner said that Democrat’s “record on spending and debt is staggering, but our economy is growing weaker, and it’s not going to get any better by growing the size of the government here in Washington.”

Boehner believes that the Democratically controlled Congress has enabled and contributed to the recklessness, and thinks it is up to the Republicans to put a stop to it. Republicans must be “the party of better solutions” if they are going to stand up to the Democrats in Congress, Boehner said, adding that he hopes Democrats will be committed to a bipartisan policy approach..

Citing the elections of 2008, Boehner said “out brand has been tarnished”, but to help the party serve the American people, Republicans must stand up to the Obama Administration when disagreements arise, and to offer alternative solutions.

Leader Boehner applauded President Obama on his strategy towards Afghanistan and Iraq, but showed concern at Obama’s greater national security policy.

“The big question continues to be: what is the Administration’s overarching plan to fight terrorism? Judging from their recent decision to release 30 terrorist detainees with no plan on where to put them, it continues to beg the question,” referring to Obama’s closure of the Guantanamo Bay detention center without knowing where the detainees will be sent.

By Kayleigh Harvey – Talk Radio News Service

At a House GOP leadership stakeout this morning Republican leader Congressman John Boehner (R-OH) said: “The President’s budget spends too much, taxes too much and it borrows too much from our kids and grandkids…if you look at the debt numbers in his budget you will see that over the next six years President Obama will create more debt than his 43 predecessors have in the last 220 years.”

 

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By Kayleigh Harvey – Talk Radio News Service

At a House GOP leadership stakeout this morning Republican leader Congressman John Boehner (R-OH), Republican whip Congressman Eric Cantor (R-VA), Congresswoman Cynthia Lummis (R-Wyo.), Congresswoman Cathy McMorris Rodgers (R-WA), Congressman Paul Ryan (R-WI) and Congressman Mike Pence (R-IN) criticized President Obama’s budget proposals prior to his press conference this evening.

Congressman Boehner said: “The President’s budget spends too much, taxes too much and it borrows too much from our kids and grandkids…if you look at the debt numbers in his budget you will see that over the next six years President Obama will create more debt than his 43 predecessors have in the last 220 years.”

Congressman Cantor added: “I believe we will have our alternatives as to how we see this country going forward. You may hear the President talking tonight about how the Republicans are going to resist because they have no ideas…it’s just not true, he knows it’s not true. The leader and I handed him our vision of a stimulus bill back a month or so ago.”

Congressman Pence accused President Obama’s budget of “bringing forward the largest tax increase in American history” and “adding more than one trillion dollars to the national debt every year, for the next ten years.” He labeled the budget “fiscally irresponsible.”

Congressman Mike Pence (R-IN) accused President Obama’s budget of “bringing forward the largest tax increase in American history” and “adding more than one trillion dollars to the national debt every year, for the next ten years,” at a House GOP stakeout today. He labeled the budget “fiscally irresponsible.”

 

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By Kayleigh Harvey – Talk Radio News Service

TRNS is liveblogging the House Financial Services Committee Hearing on AIG bonuses. Updates will be added at the bottom of this post.

The Subcommittee hearing will be divided into two panels. The Committee will hear firstly from, Mr. Scott Polakoff, Acting Director for the Office of Thrift Supervision; The Honorable Joel Ario, Insurance Commissioner, Pennsylvania Insurance Department, on behalf of the National Association of Insurance Commissioners; Ms. Orice M. Williams, Director Financial Markets and Community Investment, Government Accountability Office; and Mr. Rodney Clark, Managing Director, Insurance Ratings, Standard & Poor’s.
On the second panel, the Committee will hear from Mr. Edward M. Liddy, Chairman and Chief Executive Officer, American International Group.

Prior to the start of the hearing some of the members of Code Pink came with protest signs on their t-shirts. One member stood on the chair until the Subcommittee chair asked for order. Medea Benjamin, founder of Code Pink wore a sign that said: AIG-JAIL” and “Give us our money back.”

Chairman of the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprise, Paul Kanjorski, said in his opening statement: “We need to ask what happened, why it happened, what is happening now, and what we can do going forward to prevent similar situations. To protect the taxpayers, we must also ensure that AIG acts prudently and pays back its borrowed funds promptly.”

Ranking Member Spencer Bachus (R-Al), said: “The blame game needs to be secondary.”

Congressman Michale Castle (D-DE) said: “The American people need answers and to be able to trust the government now more than ever.”

Congressman Michael Capauno (D-Mass.) asked the members of the first panel “where you were when AIG made their decisions.”

Congressman Paul Hodes (D-DH) said: “AIG now stand for arrogance, incomptence and greed.”

The greater outrage should be 4 bailouts later, no end in sight, over a congress and a president who could have orevented all of this.

Congressman David Scott (D-GA) said: “We have got to put a pause button on these bailouts.”

Mr. Scott Polakoff said in his opening statement: “The rapid decline of AIG stems from liquidity problems.”

Ms. Williams said in her opening statement “AIG has had mixed success” from federal government assistance. Ms. Williams said that there are no final result on the extent to which federal government assistance has helped AIG at this time.

Sub-committee Chair Paul Kanjorski made a passing remark that he had not anticipated so much attention to this hearing.

Ms. Williams said in response to a question from Congressman Scott Garrett (R-NJ), on how to act on this situation: “This is an issue that we will do what you instruct us to do.”

Ms. Williams responded to Ranking Member, Spencer Bachus’s (R-AL), question on the current status of AIG: “We looked at where they are and we noted some challenges…results are ongoing.”

Congressman Gary Ackerman (D-NY) said: “There’s a company called ‘I can’t believe it’s not butter,’ at least they have the decency to tell you that it’s not butter.” He added that it would have been nice if the company had admitted that what people were getting really wasn’t insurance, but if that had been the case then people may not have bought it. “We need to make sure that people who think they are buying insurance, are buying insurance,” Ackerman added.

The House Financial Services Committee stopped as the House was called to vote. During the recess, protestors from Code Pink began shouting at the Representatives to stay and listen to them. They demanded more money to be spent on education and for AIG to be made to give taxpayers their money back. Two members stood on chairs inside the room. All Representative’s left the room to vote.

The hearing resumed with continued questioning of the first panel.

Congressman Brad Sherman (D-CA) said “It is clear that the $170 billion has gone not just pay the bonuses but has gone to take care of the counterparts…it is time that they are put into receivership.”

Congressman Michael Capauno (D-Mass.) said “It’s everybody’s fault…everybody here allowed it to happen…it’s done, we are where we are. AIG to me is just one of the many problems.”

Mr. Polakoff said: “The question of whether that money ca be paid back…from an insurance perspective the answer is yes.”

Mr. Clark said: “We are not certain when AIG is going to become profitable.”

Congressman Stephen Lynch (D-Mass.) said: “We have received 0 in information in terms of AIG….we had sx months of silence basically…you folks are supposed to be out there helping us…why did we have to wait for six months, until this week…what’s the problem with getting the answer to where the tapayers money is going?”

Mr. Polakoff was not able to form a conclusive answer to this question.

Congressman David Scott (D-GA), said: “Seems to me that somebody was asleep at the switch. This is an issue that borders on fraud and criminality.”

The committee concluded its questions from the first panel at 1.22pm. A number of television cameras and photographers entered the room in anticipation for Edward Liddy’s entrance. Code Pink held up their protest signs.

Sub-committee Chairman Paul Kanjorski, was extremely stern in calling the Committee room to order. Asking the Code Pink ladies to sit down. In his opening statement Chairman Kanjorski, made it clear that Mr. Liddy does not earn a CEO salary. He wanted to make this clear as he feared that Mr. Liddy and his family had received some very hostile responses as a result of the unfolding AIG scandal.

Member’s of the Committee wanted to allow Mr. Liddy ‘unlimited’ time to give his opening testimony.

Mr. Liddy said: “We way every decision we make with one priority in mind…will we make this money back to pay back to the government.”

With regard to the large bonuses paid out by AIG, Liddy said: “It was distasteful to have to make these payments.”

“We have heard the American people loudly and clearly these last few days…We have asked those who received bonuses in excess of $100,000 to return at least half of those payments…some have offered to pay back 100 per cent of those payments,” Liddy added.

Mr. Liddy said: “Everything we do is done in partnership with the Federal Reserve.”

Chairman Paul Kanjorski asked: “Do you realize that the actions you took at AIG…may jeopardize the ability of this Congress to pass legislation to send further large checks to assist the economic depression/recession?”

Mr. Liddy responded: “I am.”

Congressman ScottvGarrett (R-NJ), asked Mr. Liddy about the AIG exit strategy.

Mr. Liddy said: “The exit strategy i think is a solid one. It has been in place for a while now.”

Proceedings were stopped momentarily during Mr. Liddy’s questioning for Police to remove signs from Code Pink protestors. The ladies peacefully surrendered their signs to the Police,

Congressman Barney Frank (D-Mass.) joked that he was glad the Chairman had not also asked them to remove their t-shirts, which were also covered in protest slogans.

Congressman Frank asked that Mr. Liddy submit the names of those who received bonuses without restriction, to the Committee.

Mr. Liddy responded that his request was “legitimate” but was hesitant as he feared for the safety for those who received the bonuses and for the safety of their families.

Congressman Frank said he understood the fear of threats, calling such threats “despicable”, but would “keep the request for those names on the table.”

Speaking about AIG’s debt, Mr. Liddy said: “It’s a range of $80 billion, that’s what we actually owe…we owe $40 billion from TARP funding…plus $50 billion that the Federal Reserve has invested.”

Congressman Gary Ackerman (D-NY), thanked Mr. Liddy for performing his role to the best of ability. He apologized on the majority of decent American’s for the threats he had received. He said: “I want to try and help you…pay the $165 million back…it is not worth the aggravation and angst that you have suffered.”

Congressman Michael Castle (R-DE), asked Mr. Liddy about his correspondence with Secretary of the Treasury Timothy Geithner.

Mr. Liddy said:”I had a meeting with Secretary Geithner and he informed me that he had only been made aware a week prior to that.”

Congressman Gary Ackerman (D-NY), asked whether Mr. Liddy would submit the names of those who received the bonuses to the Attorney General. Mr. Liddy was very evasive in his response.”

Mr. Liddy said: “I want to be sure that if I turn over the names, there will not be a list of names, addressees and photos attached to them.” He added that he would “follow the advice fo his General Counsel and do the right thing.”

Congressman Brad Sherman (D-CA), asked Mr Liddy to submit to the Committee a chart that would show the Committee in the future, bonuses, the cost of the bonuses and who would receive these bonuses.

Congressman Michael Capauno (D-Mass.) asked: “When you were doing these bonuses, did you expect it to touch a nerve witht the american people?”

Mr. Liddy said: “Yes. I did…but not a the level it has.”

Congressman Michael Capauno (D-Mass.) then asked Mr. Liddy whether ir not he felt that those who received the bonuses were the only people who were capable of doing their jobs.

Mr. Liddy responded: “No.”

Congressman Michael Capauno (D-Mass.) suggested that Mr. Liddy could have fired those individuals and hired some of the capable unemployed people out there for less money.

Mr. Liddy disagreed with this point. He said that they had a special expertise that AIG could not afford to lose. In his response he repeated the phrase “risk assessment” several times when weighing up the pros and cons to paying out the bonuses.

Congresswoman Melissa Bean (D-Ill) asked Mr. Liddy about AIG’s current financial situation and whether he felt they would be asking for more financial assistance. Mr. Liddy responded: “I believe we are adequately capitalized…very much a question of what happens with capital markets around the world.”

Mr Liddy said: “It is not a failed company, it is a failing company unless we plan to do something about it.”

Congressman Stephen Lynch (D-Mass.), said: “You have basically immunized yourself, protected yourself from one of the most stupid decisions from AIG,” when referring to a document outlining AIG’s bonus policy written in 2008.

Mr. Liddy replied: “I take offense at what you just said.” To which Congressman Lynch responded: “Offense was intended.” Congressman Lynch became increasingly frustrated with Mr. Liddy’s responses to his questions, raising his voice as he spoke.

Mr. Liddy said: “Its a fact of life. AIG owes those counterparts that money”.

The hearing went into recess for one hour as the House was called to vote.

By Suzia van Swol, University of New Mexico-Talk Radio News Service
At a weekly press session, John Boehner (R-OH) says that there has been too much Republican spending over the last few years but, “if you begin to look at what has happened over the last month, and what’s being proposed in the budget, the President is beginning to make President Bush look like a piker.”

Sen. Barack Obama (D-Ill.) has shifted his position on taxes to win the hearts of American people, when in reality he has voted 94 times to raise taxes, according to Carly Fiorina, the former CEO of Hewlett Packard. The McCain campaign held a teleconference with Fiorina and others in response to statements from the Obama campaign which said the Illinois senator would reduce taxes on the American people.

Fiorina said that Obama would institute $863 billion dollars in new spending programs if elected president. In addition, she said Obama has asked for nearly $1 billion in earmarks. Fiorina concluded by saying that the top five percent of wealthiest Americans will see the bulk of tax increases.

John Taylor, a Professor of Economics at Stanford University, said that with an economic recession looming, now is not the time to raise taxes on the Americans. He also said that McCain’s primary economic focus is about creating jobs for the American people. Taylor agreed with Fiorina that Obama has shifted his position a number of times in order to earn more votes.