Senator Bill Nelson (D-FL) is quoted in The Hill as saying Obama’s incoming OMB (Office of Management and Budget) director, Peter Orszag, was speaking “mumbo jumbo” during his Senate Budget Committee confirmation hearing.
Orszag had little to say during Tuesday’s hearing on how the incoming administration would spend the second half of the $700 billion financial rescue package, known as the Troubled Asset Relief Program (TARP), or specifics regarding the economic stimulus package being drafted.
“We’ll have much more to say in mid-to-late February when the economic and budget overview is released,” Orszag told the panel.
Nelson went even further, blasting Obama’s senior economic adviser, Lawrence Summers, for also failing to divulge the administration’s plans during a meeting over the weekend with Democrats.
The discussion on Sunday was devoid of details with Mr. Summers. When are we going to get those details?” said Nelson.
Orszag laid out the administration’s priorities in order of importance: healthcare, energy, education, and support for the middle class, saying that Obama “would like to dramatically expand health coverage to a universal status. Orszag acknowledged that Obama’s plans are a “threat” to the country’s long-term fiscal health.
“Over the long term, Orszag warned, the federal budget is on an unsustainable path.”
Well, we see nothing of this administration attempting to cut spending. The last Congress was accused of spending money like a drunken sailor – and G.W. bore the weight of the charge. I’m thinking that Bush will continue to bear the brunt of our country’s abuse of “the people’s money” even as a private citizen living somewhere in Texas.