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Transcripts For CSPAN U 20111227
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supporting no labels. we are all here for a common cause. that is washington is broken and things have to change. i do not think there is anybody in this room or in america or for that matter any journalist in this room today that has not written about the fact that this place is broken. so what concept is an honest day s work = an honest day s pay. for centuries, that has been the goal and a common phrase in america. and for some reason, we have lost that in washington, d.c. what we re trying to do is that we are trying to get everyone to budget. everyone does budget. you budget, state s budget, city s budget, municipalities budget, but we do not budget here in washington and we have not for 2.5 years and i m being told we will not have a budget next year. the reason is that we do not want to hate take tough votes. can you imagine? so this is the concept. if we do not budget by the end of this fiscal year, september 30, and we did not pass the appropriations bills, members
october 25. the combination of those three events increased concern about exposure to european sovereign debt, series of ratings downgrades and disappointing earnings, created an extremely negative perception in the market, resulting in large number of the firm s trading and financing counterparts pulling a. from mf, dramatically reducing liquidity, that led mf global to attempt to sell all or part of the firm in order to protect the interest of our employees, shareholders, creditors and customers. when those efforts failed, mf global filed for bankruptcy on october 31. i know this committee is interested in finding out what amount of segregated clients funds went missing in the final days, how it happened, where those funds are, and what might eventually be returned to the firm s clients. i am deeply troubled by the fact that customer funds are missing and i can assure you i share your interest the and the public s interest in finding out exactly what happened. at this time,
meanwhile, house and senate lawmakers continue their back and forth on how to extend the payroll tax holiday. that brings us to the question today. part of the house package includes an extension of unemployment benefits. republicans want to cut back and reform the insurance program. democrats say it is the wrong time with the economy still fragile. what is your take? if you are unemployed we want to hear from you as well 628- 0184. let me begin with the washington times. legislation is expected on the floor today, and a vote is expected today. testifying was the chairman of the house ways and means committee and the ranking democrat as well. let me begin with the republican from michigan with his thoughts on cutting and reforming the unemployment insurance program. it is very important that the uninsured insurance program is not just writing checks but finding employment. paired with the reforms that are needed one, having a meaningful requirement to search for wo
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