The House Budget Committee held a hearing today with just one witness, Federal Reserve Chair Ben Bernanke.
As a consequence of this elevated level of borrowing, the ratio of federal debt held by the public to nominal GDP is likely to move up from about 40 percent before the onset of the financial crisis to about 70 percent in 2011.
A Bloomberg analysis
Bernanke’s comments signal that the central bank sees risks of a relapse into financial turmoil even as credit markets show signs of stability.
Of course we have the usual entitlements attack, all the while single payer, universal health care policy proposals are barred from the gates of D.C., despite the cost effectiveness. Never attack corporate welfare or lobbyist agenda bloat, always attack the U.S. middle class, seems to be the D.C. mantra.
I've captured just a few interesting moments from the House Budget Committee hearing Q&A. This first clip you can watch the entire hearing by adjusting the settings.
What will help Ohio Manufacturing?
This next clip implies the United States does not really have a plan in place to reduce the deficit, spending or costs. Once again, costs and inefficiencies are somewhat ignored.
On U.S. credit rating downgrade