Barney Frank: “The Republican approach does some cutting, but it does even more shifting. I agreed with The Wall Street Journal…”

“The Republican approach does some cutting, but it does even more shifting. I agreed with The Wall Street Journal editorial of a few weeks ago, which praised the gentleman from Wisconsin because he was shielding the military from any significant cuts and, instead, was making it up from Medicare and Medicaid. That's The Wall Street Journal, Mr. Murdoch, thanking the gentleman from Wisconsin for cutting Medicare and Medicaid, not to balance the budget or reduce the deficit, but to pump up military spending. Similarly, this claim that they are saving $20-some-odd billion in dealing with the liquidation authority is exactly wrong. What the Republican approach says, and we have a roll call vote in our committee which did this, it continues their position that the large financial institutions, financial institutions with more than $50 billion in assets, should pay nothing--nothing--for the costs of cleaning up the mess. {time} 1210 In our original bill in 2010, we met CBO's requirement that there be a $20 billion cost by assessing the large financial institutions. To get cloture in the Senate, three Republicans managed to back off. In our committee this year, the Republicans said, We don't like this, and it's going to cost $20 billion. CBO, by the way, says that it costs $20 billion only within the 10-year window. CBO said the $20 billion will be paid out, and it will be repaid by the large financial institutions.…”