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Read online or Download Mid-Session Review of the Economic and Budget Outlook: Hearing Before the Committee on the Budget, House of Representatives, One Hundred Third Congress, First Session, Hearing Held in Washington, DC, September 14, 1993 (Classic Reprint) (Full PDF ebook with essay, research paper)
by United States; Congress; House; Budget




Product Details

ISBN-13:
9781330789988
Publisher:
FB &c Ltd
Publication date:
07/06/2015
Pages:
82
Sales rank:
1,111,523
Product dimensions:
6.00(w) x 9.00(h) x 0.17(d)

Overview

Excerpt from Mid-Session Review of the Economic and Budget Outlook: Hearing Before the Committee on the Budget, House of Representatives, One Hundred Third Congress, First Session, Hearing Held in Washington, DC, September 14, 1993

The committee met, pursuant to call, at 10 a.m., Room 210, Cannon House Office Building, Hon. Martin Olav Sabo, Chairman, presiding.

Members present: Representatives Sabo, Kildee, Berman, Stenholm, Slaughter, Parker, Gordon, Price, Costello, Johnston, Mink, Orton, Pomeroy, Browder, Woolsey, Kasich, Shays, Snowe, Herger, Bunning, Smith of Texas, Allard, Miller, Lazio, Franks, Smith of Michigan, and Inglis.

Chairman Sabo. Good morning. The House Committee on the Budget is in session for the purpose of a hearing on mid-session reviews of the economic and budget outlook.

Within the past 2 weeks, both the administration and CBO have submitted their updates on the economic and budget outlook. This morning we will hear from our former Chairman, the Director of the Office of Management and Budget, Leon Panetta. He will be followed later this morning by Dr. Robert Reischauer, the Director of the Congressional Budget Office.

I want to alert the committee members that our witnesses each will be here for about an hour, so try and keep questions precise and to the point. We will try and adjust, if we don't get to members with Leon; and we will try and give priority for those who are here for Dr. Reischauer.

Let me make a couple of observations before we start, as we have these two reports, and while there are some differences between them, I think they are really marked by their similarity. I have a couple of charts to my right. One shows the varying projections as they relate to the Federal budget deficit as a percentage of the gross domestic product. The top red line shows the March projections. The solid green line is the CBO projections through 1998. The dotted green line is the projections by OMB through 1998.

As always, you see some variations, with CBO projecting somewhat lower deficits in the first couple of years than OMB, and then CBO projecting somewhat higher numbers in 1996, 1997, 1998. But the similarity between the two projections for the future is remarkable.

The chart on the right shows the impact on the Federal debt as a percentage of gross domestic product.

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