Economic outlook and the federal budget: hearing before the Committee on the Budget, House of Representatives, One Hundred Seventh Congress, second session, hearing held in Washington, DC, September 12, 2002, Volume 4 |
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107th Congress accrual accounting adopted emergency provisions ALAN GREENSPAN appropriations spending balanced budget benefits BENTSEN billion bottom line Budget Committee budget deficits Budget Enforcement Act budget outlook budget rules capital gains caps Chairman Greenspan Chairman NUSSLE cipline COLLINS Congressional Budget Office Congressman considering have costs debt decline discretionary spending dynamic scoring economic and budgetary equity markets factors Federal Reserve fiscal discipline fiscal policy fiscal responsibility forecast going GUTKNECHT hear impact JIM NUSSLE long rates long-term fiscal long-term interest rates look MCDERMOTT means Federal spend Medicare MOORE MORAN nomic numbers PAYGO rules percent PREPARED STATEMENT President programs projections question Senate slowdown and recession Social Security spending restraint SPRATT stimulate the economy stock market stock option stock prices surplus talk tax collections tax cuts tax revenues testimony Thank things THORNBERRY tion tisan TOOMEY trillion U.S. economy unified budget war on terrorism
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Page 4 - Chairman and members of the committee, in just a few weeks, the Federal Reserve Board will submit its semiannual report on monetary policy to the Congress. That report, and my accompanying testimony, will...
Page 6 - But history suggests that an abandonment of fiscal discipline will eventually push up interest rates, crowd out capital spending, lower productivity growth, and force harder choices upon us in the future.
Page 4 - ... of clear direction and constructive goals would allow the inbuilt political bias in favor of growing budget deficits to again become entrenched. We are all too aware that government spending programs and tax preferences can be easy to initiate or expand but extraordinarily difficult to trim or shut down once constituencies develop that have a stake in maintaining the status quo.
Page 6 - Failing to preserve them would be a grave mistake. For without clear direction and constructive goals, the in-built political bias in favor of budget deficits likely will again become entrenched. We are all too aware that government spending programs and...
Page 1 - Voge, we welcome you to the committee and we are pleased to receive your statement. STATEMENT OF DK.
Page 3 - We have stopped the erosion for now, but we have made only a downpayment on the longerrange problems confronting us. Moreover, much of the fiscal improvement of recent years is less the result of a return to the prudent attitudes and actions of earlier generations than the emergence of benevolent forces largely external to the fiscal process. The end of the Cold War has yielded a substantial peace dividend, and the best economic performance in decades has augmented tax revenues far beyond expectations,...