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More sanity and fewer line items. putting a budget together for the entire federal government is an enormously difficult task, no matter what the state of the economy, but peter's job was even tougher. when we walked through the doors of the white house, we not only faced the worst economic crisis since the great depression, we also faced a $1.3 trillion deficit, a deficit that was caused both by the recession and nearly a decade of not paying for key policies and programs. in light of these challenges, peter's compliments as director of omb are even more impressive. he was instrumental in des...

Mr. blankfine and others to say the right thing to get confidence. but the risk of that is very, very great. >> shepard: i wonder long term -- you're probably the wrong guest for this but if the banks are still allowed to be whatever size they turned out to be and have enough to make multitrillion dollars bets, they have enough to make a bet on the failure of a government or economic system, doesn't we always run the risk that one of these huge banks is going to bring everything down and there will always be a bailout? >> that's the problem with the legislation the president touted at cooper u...

Pulls it off in new jersey, chris christie has a big future. read this. >> really quick. the thunder from new jersey. new jersey's governors are the nation's strongest. americans caesars who can veto line items and rewrite leng latetive language. he's reminding new jersey that wealth goes where it is welcome and stayed where it is well treated. prosperous states are practicing at the expense of slow learners like new jersey entrepreneurial federalism competing to have the most enticing business climate. >> you talk about nothing burgers. a lot of these national republicans, pat, did nothing. d...

Be referring to is the cut to basic state aid is small because we guarantee to the federal government we wouldn't go below the 2006 level. >> yes. >> and we've already reached that. but -- but there's cuts to a lot of what are called nonformula line items, which are things outside of that calculation, and so we're losing our adult education, where people can get geds, we're losing all-day kinlder garten which a major blow to the academic progress to kids later on. we're losing policemen in schools in high-crime areas that were a big help, chemical prevention programs, we're losing a lot of the...

Open governor as race, essentially in new york, what is the role of health care in terms of how a gubernatorial candidate should talk about it and how do you think the democratic candidate in new york should address something like this? >> all governors wrestle with this. medicaid and expenditures whether in the medicaid budget or other line-items trying to provide health care coverage for the uninsured is a huge part of what every governor does. health care expenses are usually a close second to public education expenses. i think this proposed reform bill has huge upside for all states with a...