President Obama on Tuesday unveiled a plan to free up $30 billion in lending for small businesses, part of an effort to create jobs and bring down the nationwide10 percent unemployment rate. Senator Bernie Sanders supported the proposal. At a Senate Budget Committee hearing, White House Budget Director Peter Orszag disputed charges leveled by Senator Judd Gregg that the initiative would add to the deficit. Sanders noted that there were geysers of red ink after Republicans in Congress passed President Bush’s tax breaks for the wealthiest Americans, waged wars in Iraq and Afghanistan without paying for them, and enacted a Medicare prescription drug program that barred the government from negotiating  better prices.  Sanders told Gregg: “I really don’t like being lectured on deficits when you and many members of your party helped cause the situation we’re in right now.”

To watch the video excerpt from the hearing, click here.

To watch the entire hearing, click here.