Rep. Patrick McHenry (R-NC) is chairman of the House Oversight Committee’s subcommittee on TARP and bailouts. The first order of business is to investigate the effectiveness of this program and whether to help out states with their budget shortfalls. Liberal states are the most egregious as reported by the News and Observer:
California, New York and Illinois are among states struggling most with debt. So far, 44 states and the District of Columbia have a projected shortfall of $125 billion, according to the Center for Budget and Policy Priorities
That shouldn’t surprise anyone. McHenry stated that these irresponsible beggars will not receive a taxpayer bailout:
McHenry criticized states for not preparing better for the end of the 2009 stimulus funding that the federal government poured into state budgets in the past two years. He and the panel's top Democrat, U.S. Rep. Mike Quigley of Illinois agreed that the states shouldn't come to Washington for a bailout.
"The era of the bailout is over," McHenry said.
I remember when Bill Clinton said that the era of big government was over. I hope McHenry’s words don’t ring as hollow.
McHenry, who earned a reputation in the past few years as one of the House's partisan bulldogs in the press, was gracious and accommodating in Wednesday's hearing. He offered the first GOP questioning opportunity - a perk traditionally reserved for the chairman - to a fellow Republican. And he offered the first Democratic opportunity to U.S. Rep. Elijah Cummings of Maryland, who is the ranking member of the full Oversight Committee.
Quigley thanked McHenry publicly for being "accommodating and cordial to me and my staff," and the two conferred often during testimony.
I hope McHenry doesn’t bring a knife to a gunfight.
Read more: http://www.newsobserver.com/2011/02/10/979251/tarp-panel-meets-sets-grumpy-tone.html#ixzz1DcEWWsUb
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