“Thank you, Chairman Spratt and Ranking Member Ryan, for scheduling this important hearing. Secretary Geithner, I appreciate your joining us today and giving Members a chance to talk to you about some of the main issues facing our economy and the nation as a whole.

“It’s no secret that our country suffered an extreme economic crisis a year and a half ago.

“As legislators, we found ourselves in uncharted waters, facing not only a financial and housing crisis, but also increasing unemployment levels and an unprecedented level of government spending. I believe both Congress and the Administration took hasty actions, and unfortunately the American taxpayers were left footing the bill.

“We passed bills that forced the government to prop up the auto and banking industry while at the same time spending $700 billion in TARP payments and $800 billion in so-called “stimulus” projects – and all on top of a 12% increase in nondefense discretionary spending over last year.

“I am afraid the increased government involvement in the past year and a half has caused a false sense of security and could lead to a second crash if we are not careful.

“Secretary Geithner, as you also know, I am one of your harshest critics. I have also been one of the harshest critics of every bailout enacted over the last two years.

“You were in charge of leading these irresponsible policies, and ultimately, it was you who decided which corporations would receive government funding and which companies would fail.

“Instead of allowing dysfunctional corporations to fail, declare bankruptcy, or restructure, you protected these failed corporations and funded them with hundreds of billions of taxpayer dollars.

“These irresponsible actions led to the federal government’s unprecedented and harmful ownership of private business.

“New information continues to come to light about how AIG funneled tens of billions of taxpayer dollars last year to other financial institutions.

“It was your role, Mr. Secretary, in crafting the policies that made that possible.

“How are the American people supposed to have confidence in this Administration when the same person who was supposed to be regulating these financial institutions is now the one choosing which companies to bail out?

“As a Member of Congress, I am held accountable by my constituents. But who do the taxpayers hold accountable for these out-of-control bailouts?

“As a nation, we cannot continue these reckless policies and unprecedented levels of irresponsible spending. Unfortunately, the President’s 2011 Budget is no exception the reckless deficits, runaway debt and unprecedented growth of government. Instead of reigning in spending, like many of my constituents have been forced to do, the Administration proposes a budget with a $1.7 trillion deficit.

“Secretary Geithner – you agreed on February 2nd when testifying before the Senate Committee on Finance that ‘deficits matter’ and stated, ‘Part of laying a foundation for future economic growth and prosperity is returning to living within our means.’

“But actions speak louder than words.

“How can you continue to ask the American taxpayer to keep paying for increased government spending when you yourself admit we need to live within our means?

“You have also previously discussed the impact of our deficits on international investors and their confidence in investing in America. How do you think this reckless budget will impact other nations’ investment strategies with the United States?

"And, Mr. Chairman and Secretary Geithner, I'd also like to add you keep saying that tax cuts aren't free.  And you might think that's cute, but it's important to remember that it's not the government's money. It's the people's money, who have earned it.  So if you take the perspective of it's not free to government, that's not what the American people are interested in.

"The government is taking money from the people who earned it, and I think it's important to recognize that different perspective.

“Again, thank you for taking the time to come and speak to us today, and I look forward to hearing your responses to the issues I have mentioned. Thank you.”