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GOP Demands Investigation Into $730M Loan

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    Senators question federal funds for foreign steel company

  • Duration 5:06
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Your tax dollars to fund the foreign company new calls -- to investigate -- -- 700.

And thirty million dollar US -- or Russian owned company called.

Severstal.

The idea is to bill -- steel factory in Dearborn Michigan with that money and with that company and outraged lawmakers saying this loan is worse in the quantity.

Solar panel company -- -- Solyndra the California.

That's now belly up Republican senator Pat Toomey is out of Pennsylvania.

Member of the Senate Budget Committee he wants an investigation senator welcome back here.

-- -- Thanks for having me what would the investigator fine.

Well look I wanna get to the bottom of this whole thing in -- and at the same time I'm gonna pursue an effort to prevent this loan from happening and to kill this whole program.

-- this strikes me as crony capitalism completely run amok.

It's bad enough that we have taxpayers lose a half a billion dollars on this foolish Green energy plan that Solyndra.

Belly up should've been a pretty good warning for us but now.

It's it's like this is a whole new level now we're gonna -- three quarters of a billion dollars to the second wealthiest man in Russia.

A multi billionaire so that he can create a steel company to compete with American steel -- and it.

How ridiculous can this get well why would they do that.

Yeah that well I would like to find that out -- -- that's bounds of logic here give me a suggestion -- -- theory I think it's they had somehow they somehow come up with the idea that it's taxpayers -- money to a foreigner to come in and build it.

Factory that that's somehow a good thing for us never mind that you don't we used to have a free enterprise system.

By the way this company as did the Russian companies that the Russian multi billionaire who owns it.

They have access all the capitol and the world they can borrow money very affordably.

But perhaps not as affordably as this deal because we'd be subsidizing them with artificially low interest right now I'd give that money -- a steel company in Pennsylvania.

Well I'm not the -- actually there's -- now Erica.

Yeah I'm not in favor of taxpayers get an out money to private businesses they need to learn to you know survivor fail on their own but we certainly shouldn't be giving it to a giant Russian steel company this makes no sense -- some say it's worse -- Solyndra.

Are you in that category.

I yeah I think you know they're both indefensible but this one is particularly offensive.

When you consider that it's the super wealthy.

Russian individual and company that's gonna get a taxpayer subsidized loan and a taxpayers on the hook.

For this three quarters of a billion dollars this is this makes those.

It's my understanding the money has not been given out yet and it could be stopped in his tracks and don't like and that as well is that your understanding well -- not sure about the likelihood that I'm gonna do everything I possibly can to to try to make sure that it never happened.

It's now okay on another topic here you're on the super committee and Americans watching you like a hawk.

But sixteen days fifteen days I think according to law worry you need to get this nailed down to do you think the super committee will get a deal.

I hope so and I think it's certainly still possible.

There's a majority of members of the committee who want to reach a deal and we're working hard and it last night we were working until 8 o'clock in -- in a very intense discussions so.

You know we're gonna stay added and I hope we can accomplish something meaningful -- you say.

You think it's possible.

That that's that's far from a guarantee that way I hear.

It I can't guarantee it it certainly is possible it's late in the game but the clock hasn't run out completely.

We aren't not as far apart as we once were I would suggest.

But I can't guarantee that there's going to be -- are Democrats squeezing you to raise taxes.

Well I I don't want to get into specifics too much but but I will acknowledge there's a big fundamental divide.

My democratic colleagues in congress generally and in the particular one much much higher taxes and more in tax revenue.

Myself and my colleagues think that the problem is overspending and that that's -- we've got to deal it would -- That is certainly the the fundamental divide would they meet you halfway -- you reform the tax code instead.

Well I you know I don't get again -- -- we've got an obligation to each other not to get too specific but I can tell you I have said publicly and privately that the that the key to the success here.

Is reforming the tax code so that we can have strong economic growth lower marginal rates.

That generates the revenue that my friends on the other side of the -- so you are so insistent upon.

And it generates the economic growth that I'm insistent on so I think that's that's the sweet spot of finding an agreement.

There's a lot on the line six Republicans six Democrats and that a lot of personality in that room.

Are you getting their own parents.

You know I think it's been it's been very civil at times it's been very.

Lively exchanges sometimes a little bit heated but but it's it's cooperative and civil.

My guess is you'll be working until the midnight hour on the 23 of November.

Yeah I think that's I think that's a safe bet but I am determined to be home in time for the Thanksgiving -- I investigating your family center thank you for your thanks Brad thanks proud -- -- go.

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