On the recordFebruary 7, 2012
I've got to talk about the food stamp President a little bit--and talking about how we ought to stop spending. Well, this in fact accomplishes that purpose. By overstating the budget risk, the accounting risk that's already accounted for in the Credit Reform Act of 1990, by overstating the cost of these programs, it in effect reduces the base for our budgets. And if that is their mission, it will be accomplished with passage of these bills. It doesn't make any sense, Madam Chair, to try to put Freddie and Fannie on budget when right now in the Financial Services Committee, on which some of these Members sit, we are trying to make a major overhaul of Freddie and Fannie, and their fate has not been determined yet. The OMB, the CBO, both of the institutions that we rely upon for budgeting, are not prepared to bring this online. This is not ready for prime time, and I would urge the body to reject these proposals that have not been vetted.
