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But first and foremost taxes congress racing against the clock the tax deal looking like a done deal and the senate but then.
The focus shifts to the house work hurdles could be ahead.
Former Delaware senator -- Communists -- chairman of congressional oversight panel joins -- talk about taxes.
And that report on dean foreclosure prevention plan by the government senator great to see you thank you so much for being here today and thanks for me you didn't vote on this tax extension package because you technically left office in November.
Would you have given and a thumbs -- would you have voted yes.
I don't know a bit tough call I think you know clearly.
This is gonna have incredible impact on the deficit.
But at the other side is I can't picture of the senate and the house leaving office.
Leaving being -- town and having massive tax increases the first here and what a terrible Christmas present for the American people.
So I really think I'm and I don't really get partisan but I think the Republicans had us in the position where they -- they they can do nothing because they said they would not negotiate on this and this was the deal.
And it was a dill one night not you know not a great deal I mean the end I probably would have.
Would have voted for -- just to avoid.
What the impact on the economy would have been.
Taxes at a time like this it would have been devastating there.
You guys think you're not an office anymore so you can give it to -- strike if you put it behind us now -- -- -- -- always try to that I -- -- houses that are that you could that is very very strict do you think that the billions of the economy will be sizable.
Now I think what we're basically doing here I mean I think it's that this stimulus project I think -- -- unemployment compensation.
We got a Big Bang for that puck and and the middle class tax cuts and they'll while I'll spend the money this is just an ideological thing this is about how to.
How we deal with the deficits how we get the deficits down to the same time I really do think the economy needs the stimulus I think that will be no -- be good that I don't see any big bomb.
I think it a business as usual hopefully keeps us on the right track and the real thing is is that it is is you know the first thing of the hippocratic oath do no harm what it.
What we're gonna do by passing -- milk has tax cuts and also the unemployment compensation is avoid doing wrong.
-- doing not much good -- to move onto this second I think.
Is the home affordable modification.
Program he is headed that congressional oversight panel.
Up to 800000 -- 800000.
Of up to four million would you call it up.
No I wouldn't -- a failure I'd say here's his situation first he got to face and I was not there -- song not.
Defending anybody but nearly went into this thing -- it hit two years ago people have short memories two years ago we were in a very tough spot.
Treasury -- operate quickly I think we did some things on second thought and on reflection they wouldn't have done.
And we were hoping that we we get through that now we -- treasure was hoping that if you get between three or four million U foreclosure modifications.
Now the panel lawn has been existence is then they wrote three previous reports saying the treasury had treasury.
You know you -- look hard at these goals and objectives in the program so they know it didn't turn out that it would instead of three or four million.
Home foreclosures being -- -- is going to be more and and half we have to do some things to make this happen.
Only turn out to be 7800000.
But again it started out as a fifteen billion dollar program with a big B and now it looks like star turn out based on our figures for about a forbidden -- -- this report found the treasury it -- Trevor is having problems with this.
In many ways that it's not even -- collecting the data to ascertain why the program isn't working why not just.
Shut it down and should we had even done it in the first.
-- -- Oh yeah no I think I think -- we should've done -- would have been better clearly for the six of the 7800000.
People that have their mortgages modified.
It's going to be a big payoff so I mean from that standpoint we should finish it out unfortunately because treasury did not collect the data.
We lost our opportunity to make any major changes in on October 3 when the -- ended when you know just -- modifications said we lost seven -- know I think.
The fact we have to work hard treasure -- to make some changes for this happened but but we get seven -- 800000 that's a good thing.
Four million dollar spent by your estimates.
Ultimately on this but if the government had just gotten out of the way.
Would the market have gone had the housing market and -- corrected and then we could move on from there rather than it had basically delaying.
The hard -- that people have to fail.
-- -- that this is an argument.
-- LA -- that that that the private sector is not moved in to do a single thing.
Even now that the economy's doing better so this program I'll guarantee you this -- and -- place.
Be sitting right at the bottom -- not -- happen I mean.
Clearly you know we got this is -- and we have we passed the stimulus bill well you know that the private sector -- and let government get out of the way.
Well you know.
We pass a stimulus bill now governments out of the way this in his bills coming -- and and both of them that banks have trillions of dollars and the -- -- have trading dollars to invest and that's that's anywhere.
-- I don't blame them not -- was stimulus money well spent it was almost a trillion good.
It was almost a trillion dollars but look if you go back -- day and just do this go back and look what happened in march of 2009 we now have.
You know almost two years eighteen months hasn't happened.
The Dow Jones Industrial Average turned around march 2009.
That gross domestic product started going up into 2009.
The failure march of 2009 the job rate went down march of 2009.
Now is the greatest -- as -- whole world.
But the stimulus package actually work.
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