Senate Proceeding on Sep 22nd, 2009 :: 0:17:20 to 0:19:15
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0:17:18 to 0:17:38( Edit History Discussion )

Judd Gregg: majority should be able to spend? a senator: let me first congratulate the senator from tennessee for bringing this matter to the attention of the senate. mr. gregg: if there was ever a shell game being played on the american people, this is it. the administration has alleged that they're going to save $87 billion, and then they've got out with great zeal and enthusiasm and spent every cent

0:17:20 to 0:19:15( Edit History Discussion )
Speech By: Judd Gregg

0:17:39 to 0:17:59( Edit History Discussion )

Judd Gregg: of it. spent every sent of it. -- spent every cent of it. turns out there is no $87 billion saved. c.b.o., when it looks at it and does so in a forthright way, using standard accounting procedures which we would use on most instances, determines that

0:18:00 to 0:18:20( Edit History Discussion )

Judd Gregg: the savings are closer to $47 billion. mr. alexander: if i may interrupt the senator for a moment? you say the c.b.o., you mean the congressional budget office whose director is appointed the d instead of $87 billion in savings, there's $47 billion? mr. gregg: that is correct. they're subject to very arcane rules. they came up with the $87

0:18:21 to 0:18:41( Edit History Discussion )

Judd Gregg: biion using the arcane rules. i asked them look at this in an honest and forthright way using standard accounting rules, the same rules that are used by the budget office for other credit events. and they concluded that if we use those and we're able to use those, and we're bound in by law -- it's not their fault.

0:18:42 to 0:19:04( Edit History Discussion )

Judd Gregg: they're bound in by law to use a different standard here. that the rea savings is $47 billion. that's what they said. they said using the proper accounting methods for looking at this, the true savings is $47 billion, which, of course, begs the question of: what are you going to use that for?

0:19:05 to 0:19:16( Edit History Discussion )

Judd Gregg: well, they're going to spend billion -- actually they're going to run up a deficit on this whole exercise of a lot of money, $40 billion or so, on the