Political Quotes

“The gentleman from Maryland speaks of the report of Marvin Phaup from 2008, I guess that was, and also speaks in reference to the Center on Budget and Policy Priorities. In front of me, and I'll ask, under general leave to enter this into the Record as well. Just recently, just this week, I guess, he has now issued the final report, and this report says as follows: ``This comment responds to a recent release from the''--as the gentleman's referring to--``from the Center on Budget and Policy Priorities (CBPP).'' And what does he say? ``My view is that the CBPP misrepresents our work''--that you were referring to. They misrepresent his work--``and more fundamentally incorrectly characterizes the purposes and consequences of moving to a fair value approach to credit valuation in the budget.'' One of his main points is the legislation before us would do what? It ``would remove `phantom' gains to the government from the budgetary treatment of direct lending and loan guarantee programs. These illusory gains mislead public policymakers about the costs of their policy decisions.'' What does that mean? What that means is, in the numbers that the gentleman from Maryland was talking about that are actually making more and, over time, exceeds outlay, Marvin Phaup is here saying, no, just the opposite, that this bill would address that. It would remove those gains and show it for the reality of what it is.…”