The committee heard testimony on the 1991 economic report of the president, assembled by the Council of Economic Advisers. The report assesses the nation’s economic health and forecasts the results of the administration’s economic programs. The focus of the testimony was on the short range effects of the Bush administration’s economic program on the current economic decline and the long range effects of the administration’s plans to create a stable, healthy economy. Mr. Boskin, Mr. Schmalensee and Mr. Taylor are members of the Council of Economic Advisers, whose report on the 1992 budget proposals is discussed during the testimony.