Senate Proceeding on Sep 22nd, 2009 :: 0:30:00 to 0:31:40
Total video length: 2 hours 33 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Views:31 Duration: 0:01:40 Discussion

Previous speech:

Next speech:

0:29:53 to 0:30:14( Edit History Discussion )

Judd Gregg: motors or 60% of it is because we inherited it from president bush. or the reason we are dealing with the american international group -- insurance company is because we inherited that problem. take over the banks, we inherited that problem. well, this is voluntary washington takeover,

0:30:00 to 0:31:40( Edit History Discussion )
Speech By: Judd Gregg

0:30:15 to 0:30:35( Edit History Discussion )

Judd Gregg: if i'm not mistaken. mr. gregg: the senator once again is correct. and it goes to -- there's a macro issue of economics here, i think, almost tangential to the senator's concerns of why are we taking all this money from students if we're going to do this type of program and why are we spending all this money even

0:30:36 to 0:30:56( Edit History Discussion )

Judd Gregg: before we take it in and why are weaving students stand in line like at a d.m.v. to g there is a macro issue here. for the government to take over all this debt means that we're going to add $500 billion 600 billion to the government ledger. we're now nowhere near that in the student loan area, because

0:30:57 to 0:31:19( Edit History Discussion )

Judd Gregg: we don't -- we are not the primary -- w we're not primarily responsible for the debt. as a result, you're going to have a significant driving out. it could easily aggravate our ability to borrow money for the pups of financing these massive deficits that the president wants to run, you know the trillion-dollar deficits for the

0:31:20 to 0:31:41( Edit History Discussion )

Judd Gregg: next 10 years that are in the budget. so it -- i don't think it will be massive issue, but it will be a significant issue. it could affect the rate of interest which we have to pay as a government, and it could affect other nations looking at us and saying, do we have too much debt on the pocketbooks? most of this will go into a revolving fund and hopefully it will be repaid, like it is traditionally.