On the recordMarch 11, 2011
Yes, I think it will work out for most people as primarily a grant program, 84 percent. I am pointing out that the gentleman is trying to cover his own embarrassment because he made the argument without any basis that it was going to put people further in debt. He then acknowledges that it's a grant program. People do not become further indebted when they receive grants. So, yes, it will work out for people who are responsible, to a great extent, as a grant program. That's why the CBO says 84 percent will be spent. That 84 percent in our bill, as we did it, would come from the large financial institutions. I don't want it to come from the taxpayers. While temporarily it now does, we will be offering a bill--I hope the committee of which the gentleman is an active member will give us consideration--so we can amend the law under which this program is authorized so that every penny, whether it's loans or grants or some combination--it will be primarily grants--will come from the large financial institutions and not a penny from the taxpayer.
