There will be severe consequences for not changing course.

Our budget deficit has reached an all-time high and the national debt is crippling our economy.

States now say that more money would help them through their current rough patch. The reality, however, is that the money States receive from the stimulus has, in many ways, made them worse off.

In the end, people will recognize that their government has failed them.

What I believe I saw and I believe a lot of folks saw was that the day is coming, the day of reckoning is coming when those stimulus funds run out.

But reckless spending fueled by bottomless borrowing and guaranteed by endless bailouts is an unsustainable course.

The perfect storm is brewing. Already State and municipal governments are coming to Washington hat in hand expecting a Federal bailout like so many others. But the era of the bailout is over.

The beauty of federalism lies in the fact that the National Government does not tell the States how to manage their own affairs, at least ideally.

I see no need for Federal intervention in these areas.

I certainly appreciate that.

You need to keep us informed on this.

the safety of the U.S. public is of paramount interest to us, and I am committed to doing everything I can to achieve that.

It seems to me unfathomable that you did not know that there would be significant cost overruns.

A 25 percent cost overrun is extraordinary.

I can understand if you didn't know a 3 percent cost overrun, but 25 percent, for heaven's sake, that seems to me unfathomable that you didn't know that.

I look forward to today's testimony so that we can ensure our advisory committees are acting in a balanced and transparent manner.

I think it is quite perplexing that an oversight panel wouldn't disclose their meetings.

This is quite a challenge.

Basically you just spend whatever you want and send the bill to Congress.

I think our Republican plan that puts all of the banking regulators and consumer protection functions under one roof is a better answer for the consumer and really gets to the heart of preventing another financial meltdown.

The Administration wants to create, as you know, a government health insurance option. And my fear is that if it is like those in other countries, it will result in rationing of health care, limiting choice, and erosion of quality.

Let me conclude by saying if the SEC has no one who could understand the Bernie Madoff trading strategy, how are they possibly going to be able to understand a private corporation and its counterparty's decision to mitigate business risk?

Those are some policy concerns that we think the Congress should look into.

It is vitally important to the American people that everyone in this country respond to that form.

Thank you, Chairman Clay. Thank you all for your testimony.