Surely the President claims his budget replaces sequestration, but he fails to provide a plan that has any chance of passing in Congress.

The administration claims that the increased spending and debt will grow the economy, however.

I would like to begin briefly by thanking Senator Casey for his collaboration in recommending these three nominees.

I appreciate also your timely scheduling of this hearing.

It looks like $200 billion of what they put under the $600 billion heading is in fact revenue--fees and various other forms of revenue.

in the economy that we have now, with the highest corporate tax in the developed world... it's impossible to envision generating the kind of healthy economic growth

the spending reductions have systematically been overstated in recent years by the President

the President has been very clear about this--calling for higher marginal tax rates

before the taxpayers are faced with greater losses, I believe we must determine how the FHA got into this position, Mr. Secretary, and how it intends to get out.

I think it is just a bad time to be keeping all of the tax candy, the tax expenditures, and lifting taxes on the few people who are actually creating jobs in this economy.

the drop in the capital ratio was expected to be temporary, and that it would return above 2 percent within the next 2 or 3 years, even if FHA were to make no policy changes at all.

If revenue has to be part of this--I don't think that that's economically or fiscally necessary or optimal--but if it is politically necessary, should it not at least be generated in a way that does the least economic harm?