the speaker pro tempore: mr. ryan? mr. ryan: address the house for five minutes and revise and extend my remarks. the speaker pro tempore: without objection. mr. ryan: i would like to rise today to speak about an issue that is important to our community in northeast ohio, specifically the city of warren, city of youngstown dealing with the auto task force and the bankruptcy that have been going on in the auto industry. and the community that i come from has been adversely affected, not just over the past few months or few years, but really over the past 30 years. we have seen the loss of a tremendous amount of jobs. the home of delphi started many years ago by the packard brothers, steel mills, have been adversely affected over the past 30 years, but specifically eefer the past few months and new years given the problems in the auto industry. every day we wake up and read the newspapers, we have been getting bad news about layoffs. a steel company goes idle, a thousand jobs. general motors takes over the third shift, secon

thank you, chairman. >> thank you, mr. ryan. now, before proceeding with chairman bernanke, let me as a housekeeping detail, ask for unanimous consent that all members be allowed to submit an opening statement for the record at this point. so ordered. let me further say that the chairman's testimony has been received and will be, without objection, entered in the record so that you may summarize as you see fit. i think it's an important statement full in detail and we would encourage you to -- to plow all the way through, mr. chairman. one very important detail, the chairman has to leave at 12:30 today, so we'll be running the clock very closely and questions that members ask. mr. chairman, the floor is yours. and thank you, sir, again for coming. >> thank you, mr. chairman. chairman spratt, ranking member ryan and other members of the committee, i'm pleased to have this opportunity to offer my views on current economic and financial conditions and on issues pertaining to the federal budget. the u.s. economy has contracted sharp

before i start with my speech, i want to apologize to mr. ryan for that inappropriate thing i did. i agree with president obama when he said this about spending if in may of 2008 while on the campaign trail. president obama, candidate at that time, said, $9 trillion of debt, that's just bad. that's just fiscally -- that's not fiscally conservative. and so we're going to have to change our policies. the first thing you do when you're in a hole is what? and the crowd reactedstop digging. unfortunately what president obama said is not what he has done and in fact we didn't only not stop digging, we threw away our shovel and got a back hoe and started digging double time because the -- in 2008 the debt was too high but now president obama has increased spending so much that we have broken historical records on spending. we started off with a stimulus bill, the $787 billion to stimulate the economy. it was promised that its big goal was to cap unemployment at 8%. we weren't going to go above 8% unemployment. and that's why we had to spend all that money. but unfortunately we're sitting

mr. ryan: i thank the gentleman for yielding. mechanic, this -- mr. speaker, this bill is not about science and costs and benefits, it's about ideology. if you look at the costs and benefit the goal of this bill is to reduce warming by .2 of a degree over 100 years. hit our economy with this massive tax increase on homeowners, on people buying gasoline, heating their homes, hit manufacturing at a time when our competitors will not do this. this bill will result in jobs leaving the midwest, in jobs leaving america and going to other countries. for every one ton of greenhouse gases we reduce what will china do? they'll increase greenhouse gases by three tons that means more dirty air. more greenhouse gases. what will the u.s. have achieved? they will have pushed production off our shores, jobs will be lost, prices will go up, and other countries will take those jobs and put more greenhouse gases in the atmosphere. this unilateral big government, big brother bill is not good for the planet, it's not good for our economy, and it sure as heck is not good f

. >> mr. chairman, thank you very much for your testimony. mr. ryan? >> thank you, chairman. good to see you again, chairman. let's talk about our deficit and debt. the cbo, their reestimate of the president's budget, shows record deficits of 5.4% of gdp in 2019 and debt rising to 82.4% of gdp. meanwhile, medicare and social security will have already begun their pathway of permanent deficits. are you concerned about these levels of deficits and debt, and is this a sustainable and prudent fiscal policy course? >> mr. ryan, i certainly am concerned about that. i think we face a double challenge. one is that we have to restore ourselves to a more balanced fiscal path after addressing the financial and economic crises that we currently are facing. but in addition that's complicated with the fact with the retime of baby boom and the increased in medical costs we are facing rising entitlement cost, this is no longer a long-term consideration. this is something that's going to happen in the next five or ten years. >> right. >> so, that's extraordinarily challenging. my rough rule o

mr. chairman. i yield back. >> thank you, mr. chairman. welcome, mr. bernanke. i'm going to switch over to the fed's involvement in the mortgage-backed securities. there has been a report out recently that says that, i think "wall street journal" said you're 10% underwater on the mortgage-backed securities. there is currently $480 billion worth, i think is the number that they use. so, as we look forward, i have a couple of different questions related to this. are you concerned that the risk of the fed purchases will outweigh the benefits? and that's first question. the second question would be this. the fed has said that they will buy up to a maximum of $1.25 trillion of mortgage-backed securities. do you plan to go up to that limit and if so, by when? >> on the first issue, i'm not sure about the correctness of that calculation. because we have a mix of securities, not just ones we purchased recently. but it is not our anticipation to be selling those off on the market in the near term.

mr. chairman. >> thank you, mr. chairman. thank you, dr. bernanke. if i look at the bills we had here on the floor over the last couple of weeks we were in session and this week, virtually everything we're doing, either authorizes or appropriates more money spending. even in many cases than what is anticipated in the charts that we have talked about today. what are the economic consequences of continuing that sort of trend? >> congressman, as i've indicated, we as a country have to make hard choices. we can't expect to continue to borrow, certainly not 12% of gdp, but not even 4% or 5% of gdp indefinitely so we need to make a plan, some decisions about how to bring the budget closer to balance over the immedia medium term. that means as you discuss spending, you need to think about the revenue sources that will be related to that. if you don't do that, then, again, you'll see interest rates rise and see reluctance of lenders to provide credit to the u.s. government. that would be a very b

mr. garrett? . wide approach may help. >> thank you, mr. chairman. i yield back. >> mr. garrett? >> thank you, mr. chairman. mr. chairman, you know, the other hat i wear is in financial services and when you come over there, the issue that is often discussed the term the systemic risk, the systemic risk regulator. of all the hearings we had, of all the hearings we had, nobody defined w is, what authority they'll have, what they'll regulate, so on and so forth. one thing, out of tboth of the committees i serve on, i'll take a page out of paul ryan's comments here that is that one thing is a systemic risk is the unfunded debt out there. the numbers vary on that. interesting enough, we had expert after expert last six years come before the committee. they all say the same thing. and we hear it from both sides of the aisle. in the budget we got this year, unfortunately, it really isn't addressed. we spend more of the numbers you already said before, we're looking at a national debt double in

mr. chairman. and thank you, mr. chairman, for being patient. i have three questions. but i want to start out with your certainty that we won't be facing inflation and your certainty that we have gotten a handle on deflation. just your last answer and to mrs. tsongas about the buildup of inventory. and certainly goes by a loss of value in the housing market. given the unemployment rate that is going to continue to rise, even recently from the gm and chrysler restructuring, given tw can you and the build-up of inventory and loss of value housing, how can you say that deflation is not at risk, that we are not having to get rid of inventory and losses being taken in the housing market. i guess i don't understand how we're going to avoid deflation. >> well, you correctly point out that we have a balancing act between on one hand, deflation risks and median inflation risks. we've got to look at both sides of the equation. resently, since the outlook has improved, because inflation expectations

mr. ryan to my left was my district director at the time. i had christi and deborah and jody and ron and linda glesby, all of them intervened for you. i came in at the very end and talk to the president, but not just myself what every member of congress. we helped hundreds sometimes thousands of people each year. doorcase just happened to be life-and-death and we put a lot of extra effort into it because we knew how important it was to get you health care as quick as possible, but it's not just me, it's every member of congress that tries to serve our constituents. my first question will be to the gentlelady down to the far right. you said that your application -- they asked several questions several different ways and they were very tricky. is in your understanding that that is a standard practice in the individual insurance markets? do they start out with the intention of setting you up so that later on day may disqualify you. is that your opinion? >> yes, that's my opinion. i feel they ask the same question several times so if you disclos

hensarling, mr. ryan, we are comfortable that we can exit from those policies at the appropriate time without inflationary consequences, and therefore, we are comfortable with our policy position. >> are the current powers of the fed in your estimation inadequate, excessive or adequate? >> well, i think there are some changes that are worth making. and i would mention specifically -- i was asked a question a moment ago about aig, for example. it was with great, great reluctance the federal reserve got involved in that kind of situation. there being no good alternative to avoid a collapse of a major financial firm and the consequences that would have for the financial system and for the economy. as i've said, for a number of times, at least a year, i think a very critical step that the congress needs to take is to develop a resolution regime that will allow the government, not the fed, but the goverent to step in when a major financial firm is near default and financial system is in crisis. that would

mr. ryan: i thank the gentlelady and want to congratulate her. i'd like to make two quick points. one is the gentleman from arizona when he was here mentioned about manufacturing demand. it was the tax credit for s.u.v.'s that actually manufactured the demand that led to a lot of the issues we're dealing with the environment. and also the gentleman was critical of the auto industry. i'd like to remind him that it was the auto industry and the tax dollars that the midwest sent out to build the west. all the water lines and sour lines that was made out west were made by the taxpayers and the auto industry and the steel industry that sent their money out. i just wanted to clear the record. i thank the gentlelady from ohio. i get nervous every time i see ohio and michigan working together. but in this particular instance, it's a good deal. thank you. the speaker pro tempore: the gentlewoman from ohio is recognized. ms. sutton: thank you, madam speaker. at this time it's my privilege to yield one minute to the distinguished gentleman from michigan, representative peters. the speaker pr

frederick ryan jr. >> what a spectacular performance by the u.s. ampley chorus. tremendous. [applause] on behalf of the ronald reagan presidential foundation i would like to take this opportunity to convey the appreciation to the bipartisan leadership of both houses of congress for honoring ronald reagan in this special way. in the same spirit of reaching across the political aisle, congress passed and yesterday president obama signed legislation creating a national commission on the ronald reagan sen tinial. it will recognize president reagan's accomplishments and celebrate his legacy on the anniversary of his 100th birthday. we at the reagan foundation view this as the kickoff of the celebration. our warm and sincere thank you to senator and speaker pelosi for hosting us today. [applause] >> in building the presidential library and establishing the ronald reagan foundation, it was the president's desire that these organizations always be looking forward and not back. always focusing more on the future than on the past. because ronald reagan's core beliefs and principles ar

. >> rob: that's a couple of hits for mr. kearns tonight. actually that's ryan zimmerman, sorry. he's another guy who needs to get off the side. got to get the confidence back. >> jim p.: it's an important inning for both the nationals and the orioles. the orioles want to get to george sherrill who is 11 for his last 11 and the orioles closer. >> jim h.: adam dunn now takes inside. >> rob: this is it right here. when you have the 3, 4, 5 guys in your line-up. willingham has been on fire, then you have bard who has been on fire, if they don't do it right here, it's going to be hard to manufacturer a couple of runs against sherrill. >> jim h.: lead-off runner on six out of the eight innings tonight. >> rob: give the orioles pitchers credit for working out of a jam. bass got into trouble, loads the bases on a couple of walks and a hit. albers comes in, he gets the ground ball on belliard, then the ground ball on kearns. that's doing the job out of the bullpen. >> jim p.: guthrie pitched in and out of trouble all night long. >> jim h.: he'll go to second for one, just in time oh get

. >> joan ryan. >> thank you, mr. speaker. my right honorable friend will be aware of the valiant campaign led by the british war allegiance to of council tax benefit we branded as a rebate, which would increase to take up and with thousands of pensioners out of poverty, including 20,000 veterans. this saturday marks the 65th anniversary of d-day. does my right honorable friend agree with me that this would be an appropriate time to announce such a change so that all pensioners, especially our veterans, who have served the country with courage and dignity, can live in dignity? >> i think the whole house will want to honor today to sacrifice and service of all of those people who were involved in the d-day landings and all of those people who were involved in the sacrifice and service that made possible that victory in the second world war and the peace that we now enjoy as a result, and i want to pay tribute to those individual veterans who are still part of the royal british legion. i talked to the treasurer of my branch of t

teammate ryan briscoe finishes second. welcome to the family -- new jets head coach rex ryan met yankees skipper joe girardi before the game. a-rod had gone 43 at-bats without a homer. not anymore. that's off david price. price gave up only one earned run in 5 2/3 innings pitched. willie aybar off cc sabathia, three-run shot. rays up 5-3. cc eight innings, five runs, four earned, tied at 5-5 in the ninth, joe dillon r.b.i. single against mariano rivera. the rays got four runs off rivera. yankees mounted a comeback in the bottom of the ninth. tying run at the plate. robbie cano hits it hard but b.j. upton tracks it down. tampa holds for a 9-7 win. the yankees this season have dropped 9-11 to the rays and red sox. meanwhile, tampa 10-6 against new york and boston but three games under .500 against everyone else. >> the rangers had their eyes set on a second straight win over boston. jon lester had his eyes set on a perfect game. struck out 11 perfect batters. he was perfect through four innings. more on lester in a moment. b

on my staff and melissa and megan from mr. simpson's staff have worked hard and have been a great help to the subcommittee staff. in closing, i want to remind members that although the increases i have outlined are substantial, their impact will be even greater. our subcommitt funds programs that span a bod spectrum of issues, from our cultral and natural heritage. our agencies fight fires, protect great water bodies and tend to the needs of the first americans. these programs are vital to every american. they will improve the environment for everyone and work to fulfill our nation's trust responsibilities. i'm proud of this bill and i ask that you support it. and i reserve the balance of my time. . the chair: the chair recognizes the gentleman from idaho for 30 minutes. mr. simpson: i yield myself such time as i may consume. the chair: without objection. the gentleman is recognized. mr. simpson: madam chairwoman, let me begin my remarks by expressing my thanks to chairman dicks for the reasonable and evenhanded manner in whic

mr. president, i yield the floor. let me ask unanimous consent if i might to ask that ryan douglas and christopher feldon and lisa hone, congressional fellows with the commerce committee, be allowed floor privileges during the consideration of s. 1023. the presiding officer: without objection, so ordered. a senator: mr. president? the presiding officer: the senator from minnesota. mrs. clone cher: mr. president, i'm here -- ms. klobuchar: mr. president, i'm here to speak in support of the travel promotion act. i first want to thank the senatosenatordorgan, the senatoh dakota. i have visited the teddy roosevelt park. and i want to thank him for his great leadership on this bill over many years. i also want to thank senator ensign for his leadership. i believe this legislation will help our economy to do better to create jobs without any taxpayer expense. as the chair of the commerce subcommittee that is includes tourism, i recently held a hearing, a well-attended hearing with many senators and people there to examine t

we commend you mr. chairman and the committee for focusing on these critically keeshan safety topics. we submitted a record statement. i'm here today representing the flight safety foundation but i also speak to you as a pilot u.s. are for 22 years as director of air safety frugal deroy don't speak-- and participated in more than 50 x and investigations of these issues are near and dear to my heart. the flight safety foundation was founded 60 years ago, a neutral forum where competitors and work to sure information, ideas and best practices for safety. today we represent over 1,000 organizations from 142 nations. as the committee requested artis money is focused on measures that may be appropriate to improve pilot training prevent errors from crew fatigue ayn grass issing hazards but in the interest of time i would highlight for the committee to topics that the particular attention. these topics cut across all of the committees issues. the oldest and most vulnerable safety tool is active investigation.

. >> ryan spears. hit the stick and drops. that might have rolled forever. >> one under par leading the u.s. open. >> he can say whatever comes from mr. spears, he can say "i slept on the lead at the u.s. open." he doesn't need to add "it was only after three holes and half the field didn't start." brehaut, edfors and parr your leaders, and spears -- nobody finished and nobody started in the afternoon -- all these big players, els, garcia, goosen, kim, mcilroy, mickelson, mediate, perry, scott and villegas, none had a chance to put a peg in the ground. andy, because this is the u.s. open maybe we make this out to be worse than it really is. you were out there in it. how bad was it? >> it was miserable, absolutely miserable, one thing because it was 60 degrees and there was enough wind that there was wind chill going on but it was a struggle. i truly believe the players that didn't get started, that's going to be an advantage for them throughout the rest of the week. >> the fact they didn't have to get out and stop and start an

by the way, that is the team that mr. kasten rooted for as a kid. when mr. kasten spoke at the club three years ago, he talked about how he was building a club through the farm system. you can look at ryan zimmerman and jordan zimmerman and see the frouts of those efforts. the nationals are mired in last nice. the manager is rumored to be fired. questions abound. will they be able to sign their first round draft pick, peter strassberg, considered the best prospect in a generation. will the owners open their pocket books wider and bring in better players so they aren't talked about in the same sentence as the 1962 new york mets. he has been the subject of criticism in the "washington post" and the times. then again, the atlanta journal constitution once questioned why he had gotten a contract extension. that was in 1991, two years before the braves began that unpress denied winning streak. he got his start in baseball by walking up to the braves owner, ted turner and offering to work for nothing. as ted turner once told the paper, that was an offer even i coo

[applause] >> by the way, that is the team that mr. kasten rooted for as a kid. when he spoke at the club three years ago, he talked about how he was building a club through the farm system. you can look at ryan zimmerman, the star third baseman and hjorth zimmerman and start seeing the fruits of those efforts. still they remained mired in first place. rumors are swirling that the manager will be fired. the general manager jim bowden has left, and a permanent replacement has yet to be named. questions abound. will they be able to sign their first round draft pick, steven strawsberg, kerd the best prospect in a generation. will the owners open their pocket books a bit wider and bring in some better players so the nats aren't talked about in the same sentence as the 1962 new york mets. he has been the subject of criticism in the "washington post" and the washington times,. then again, the atlanta journal constitution once questioned why he got a contract extension. that was in 1991, two years before the braves began their winning streak. he began in baseball by wal