| 00:00:26 |
Unidentified Speaker, -
BUDGET OUTLOOK, WHICH WAS RELEASED YESTERDAY. WELCOME BACK TO THE COMMITTEE AS IS THE TRADITION, YOU JOINED US AT THE BEGINNING OF THIS YEAR TO PRESENT...
|
| 00:09:59 |
Unidentified Speaker, -
THE THIRD LARGEST ON RECORD. AND BEAR IN MIND, BACK IN 2001, THE BUSH ADMINISTRATION PROJECTED A SURPLUS OF $269 BILLION FOR THIS YEAR, ASSUMING THAT...
|
| 00:18:09 |
Unidentified Speaker, -
DON'T NORMALLY RECOGNIZE FOLKS THAT COME WITH ME TO THESE HEARINGS BUT I WANT TO
|
| 00:18:15 |
Unidentified Speaker, -
DEPART FROM THAT TODAY. JINING ME TO MY RIGHT IS DICK EMORY WHO'S SERVED IN THE FEDERAL GOVERNMENT FOR 39 YEAR, 20-SOME YEARS AT O.M.B. HE'S THE SENIOR...
|
| 00:19:30 |
Unidentified Speaker, -
DEFICIT IS FALLING AND FALLING FAST. THE 2005 SHORT FALL WILL BE $94
|
| 00:19:36 |
Unidentified Speaker, -
BILLION LESS THAN WE PROJECTED JUST FIVE MONTHS AGO. WE'RE SEEING WHAT HAPPENS WHEN OFF STRONG ECONOMY. MORE BUSINESSES INVESTING, MORE PEOPLE WORKING,...
|
| 00:29:56 |
Unidentified Speaker, -
MY UNDERSTANDING IS WE HAVE FOUR VOTES AT ANY POINT HERE. SO I WANTED TO GIVE MR. SPRATT THE CHANCE TO ASK THOSE QUESTIONS. WE MAY HAVE A VOTE AND...
|
| 00:30:34 |
Unidentified Speaker, -
LATTER MONTHS OF THIS FISCAL YEAR. IN OTHER WORDS, YOU HAVE REFLECTED THE INCREASE IN REVENUES, YOU REFLECTED SOME EXPENDITURE REDUCTIONS AND SOME EXPENDITURE...
|
| 00:32:05 |
Unidentified Speaker, -
ACHIEVE. >> MARKETING ADMINISTRATIONS, YOU WOULD ALLOW THEM THE ABILITY TO RAISE THEIR PRICES
|
| 00:32:11 |
Unidentified Speaker, -
TO MARKET RATES AS OPPOSED TO
|
| 00:32:14 |
Unidentified Speaker, -
HAVING A RATE FIXED UPON HISTORIC
|
| 00:32:17 |
Unidentified Speaker, -
|
| 00:32:18 |
Unidentified Speaker, -
COSTS. THAT GENERATES ABOUT $12.4 BILLION IN REVENUES. THINGS THAT ARE HIGHLY
|
| 00:32:26 |
Unidentified Speaker, -
CONTROVERSIAL THAT I DOUBT WILL REALLY BE ENACTED BY THIS CONGRESS BUT I ASSUME IN YOUR BUDGET BOTH WITH RESPECT TO REVENUES AND EXPENDITURE REDUCTIONS....
|
| 00:33:05 |
Unidentified Speaker, -
ARE THIS YEAR, EVEN BETTER. >> AS I READ THE CHARTS, YOU'RE ALSO EXPECTING OVER 10 YEARS AT $42 BILLION REDUCTION IN THE COST OF MEDICAID. STILL ASSUMING...
|
| 00:33:30 |
Unidentified Speaker, -
BELIEVE IN THE BUDGET RESOLUTION THAT WAS ADOPTED BY THIS COMMITTEE AND ADOPTED ULTIMATELY BY THE CONGRESS, THERE IS A SUBSTANTIAL REDUCTION LIKELY FROM...
|
| 00:33:45 |
Unidentified Speaker, -
BILLION OVER FIVE AND NOTHING -- NO DESIGNATION WHAT IT WOULD COST NOW. >> ONE THING THAT'S BUILT INTO YOUR BASELINE IS ADJUSTMENT AND PAYMENT RATES...
|
| 00:34:16 |
Unidentified Speaker, -
OFFSET BY THE DECREASE IN PAY AND MEDICAL EQUIPMENT RATES THAT WILL BE DICK TATE BY THE SUSTAINABLE GROWTH RATE FACTOR. ARE WE STILL ASSUMING FOR 10...
|
| 00:35:31 |
Unidentified Speaker, -
BEEN AGREED
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| 00:35:36 |
Unidentified Speaker, -
TO. >> PARTICULARLY WHEN YOU TAKE
|
| 00:35:39 |
Unidentified Speaker, -
THEM IN THE AGGREGATE AND THEY'RE ALL CONTROVERSIAL, AND I SAY THERE'S A CHANCE OF NOT MAKING IT THROUGH THE BUDGET SEASON. A LOT OF THIS STUFF HAS...
|
| 00:35:58 |
Unidentified Speaker, -
FACILITATITIES. I THINK THAT'S ABOUT AS DEAD A DUCK AS THERE IS IN CONGRESS. THAT'S NOT GOING TO HAWAII BUT IT'S STILL HERE. YOU PROPOSED TO HAVE THE...
|
| 00:36:54 |
Unidentified Speaker, -
ASSUMPTIONS? >> YES, I THINK IT IS. >> YOU THINK IT'S REALISTIC THAT THE CONGRESS WOULD PASS A $250 FEE FOR VETERANS? >> WELL, WE CAN TALK ABOUT THE...
|
| 00:37:11 |
Unidentified Speaker, -
FACT, PROPOSED THAT POLICY IN PAST AND WE HAVE, IN FACT, COME IN AT OR BELOW THE
|
| 00:37:16 |
Unidentified Speaker, -
AGGREGATE SPENDING
|
| 00:37:17 |
Unidentified Speaker, -
LEVELS JUST AS WE ARE THIS YEAR. YES, WE INCLUDE ALL OF OUR POLICIES. SOME OF OUR POLICIES SAVE
|
| 00:37:24 |
Unidentified Speaker, -
MONEY, SOME OF OUR POLICIES COST MONEY. WE DON'T EXPECT TO GET ALL OF THEM WHEN WE GET TO THE FINAL BUDGET TABULATION AT THE EBB OF THE YEAR, I BELIEVE...
|
| 00:38:16 |
Unidentified Speaker, -
THEY'RE NOT ATTAINABLE. >> I THINK THEY'RE HIGHLY ATTAINABLE. THE RECORD HAS SHOWN NOT ONLY ARE THE RESULTS OBTAINABLE, BUT WE CAN UX SEED THEM....
|
| 00:38:38 |
Unidentified Speaker, -
FEBRUARY. YOU HAD A ROBUST ESTIMATE THIS YEAR AND NE13 YOU HAD A ROBUST ESTIMATE THIS YEAR AND NEXT YEAR WITH RESULT TO REVENUES. IT TURNS OUT IT...
|
| 00:38:53 |
Unidentified Speaker, -
TO 2005. YOU'RE ADDING $95 BILLION TO THE BASELINE ALREADY, A SUBSTANTIAL NUMBER FOR 2006. AND OVER THE FIVE-YEAR FORECAST YOU'RE ADDING $406 BILLION...
|
| 00:40:22 |
Unidentified Speaker, -
FINAL SETTLEMENTS OF 2004 TACK LIABILITIES." THIS IS WHAT IT SUDDENLY APPEARED IN APRIL AND MAY, THUS
|
| 00:40:29 |
Unidentified Speaker, -
THE LION'S SHARE OF THIS YEAR'S EXTRA TAX RECEIPTS REFLECTS LAST YEAR'S STRONG PROFITS. THEY GO ON TO SAY CONDITIONS ARE NOT CONDUCIVE TO ANOTHER APRIL...
|
| 00:41:12 |
Unidentified Speaker, -
TWO IS THIS SAME TEAM PROJECTED LAST YEAR THAT THE DEFICIT IN 2005 WOULD BE $450 BILLION. WE'RE ACTUALLY COMING IN AT $333 BILLION, AND THAT'S JUST...
|
| 00:42:57 |
Unidentified Speaker, -
THINGS LIKE THE BONUS DEPRECIATION, THE REPATE YATION OF PROFITS. EVEN SOME OF THE ELEMENTS OF THE INCREASE IN INDIVIDUAL INCOME
|
| 00:43:12 |
Unidentified Speaker, -
TAX. MORE THAN THAT, AS YOU LOOK OUT OVER INTO THE OUT YEARS AND YOU LOOK AT HISTORICAL PRECEDENT, THERE -- WHEN AN ECONOMY IS GROWING, THERE IS...
|
| 00:43:56 |
Unidentified Speaker, -
YOU'RE ASSUMING WILL CARRY FORWARD. I THINK THE PROJECTIONS GOING FORWARD ARE QUITE MODERATE. FORWARD ARE QUITE MODERATE. AND BASED ON MODERATE ASSUMPTIONS...
|
| 00:44:32 |
Unidentified Speaker, -
WE WILL RESUME THE BUDGET HEARING. MR. SPRATT INDICATED HE HAD ONE FINAL -- OH. >> JUST IN TIME. >> ALL RIGHT. I WAS ACTUALLY GOING TO PRESERVE YOUR...
|
| 00:45:07 |
Unidentified Speaker, -
OUR EFFORTS TO TRY TO EXTEND THIS FIVE-YEAR FORECAST TO A 10-YEAR FORECAST USING
|
| 00:45:13 |
Unidentified Speaker, -
ASSUMPTIONS ABOUT NUMBERS THAT ARE EITHER YOURS OR C.B.O.'S, NOT OURS. THIS IS A BIT CROWDED. DO YOU HAVE A COPY OF IT IN FRONT OF YOU SO YOU CAN SEE...
|
| 00:45:27 |
Unidentified Speaker, -
COURTESY OF YOUR STAFF BRINGING IT TO ME AT THE BREAK. >> CERTAINLY. WE'RE TRYING TO TAKE THIS CHART TO 2010, USING YOUR NUMBERS. AND THEN MADE IT WITH...
|
| 00:45:44 |
Unidentified Speaker, -
YEAR. AND IT'S UNEVEN, I WILL GRANT YOU THERE'S NOT A
|
| 00:45:50 |
Unidentified Speaker, -
COMPLETE INTERFACE THERE, BUT NEVERTHELESS, WE CONNECTED THE TWO. AND WHEN YOU LOOK AT THE BOTTOM LINE, THE VERY BOTTOM LINE IN RED, YOU SEE WHAT CONCERNS...
|
| 00:48:52 |
Unidentified Speaker, -
OUT IN AUGUST, THEIRS WILL IMPROVE AS WELL. AND THE -- EVEN THE C.B.O. BASELINE, WE HAVE NOT CONSISTENTLY AGREED WITH AS THE RIGHT WAY TO GO FORWARD,...
|
| 00:49:48 |
Unidentified Speaker, -
TESTIMONY, THE TRANSITION
|
| 00:49:53 |
Unidentified Speaker, -
FINANCING DOES NEED TO BE INCORPORATED IN OUR DEFICIT CALCULATIONS.
|
| 00:49:57 |
Unidentified Speaker, -
IT'S VERY DIFFERENT FROM THE ADDITION OF GOVERNMENT SPENDING. BECAUSE IT IS NOT
|
| 00:50:01 |
Unidentified Speaker, -
IN THE AGGREGATE ADDING TO THE OVERALL DEBT OF THE UNITED STATES IN ANY SUBSTANTIAL WAY. WITH FINANCING PERSONAL ACCOUNTS THAT'S MERELY BRINGING FORWARD...
|
| 00:50:49 |
Unidentified Speaker, -
RETIREE LATER, WOULD CORRESPONDINGLY BE SMALLER. WHAT I'M EMPHASIZING. >> BUT FOR BOOKKEEPING PURPOSES, I THINK IT WOULD BE JUST AS WE BOOKED IT HERE....
|
| 00:51:05 |
Unidentified Speaker, -
RECOGNIZE THE DEFICIT EFFECT AS WE DO IN OUR
|
| 00:51:15 |
Unidentified Speaker, -
OWN. WE WOW TO RECOGNIZE THE DEFICIT EFFECT OF ALLOWING PEOPLE THEIR OWN
|
| 00:51:21 |
Unidentified Speaker, -
ACCOUNTS. WHAT'S VERY DIFFERENT IN INCREASES IN GOVERNMENT SPENDING WHICH OVERALL ADD TO THE DEBT OF THE UNITED STATES. I'M ASSUMING AND, IN FACT, WE...
|
| 00:52:22 |
Unidentified Speaker, -
SOCIAL SECURITY PRIVATIZATION FOR THE MOST PART, INCLUDING DEBT SERVICE AFTER THOSE ADJUSTMENTS ARE MADE. $211 BILLION IN 2011. $251 BILLION IN 20E12....
|
| 00:53:19 |
Unidentified Speaker, -
IN IRAQ AND AFGHANISTAN. AND WITH RESPECT TO THE A.M.T. THAT YOU'VE INCORPORATED SOME CALCULATIONS IN THERE, THE ADMINISTRATION DOES BELIEVE THAT THE...
|
| 00:55:36 |
Unidentified Speaker, -
THESE NUMBERS WOULD LOOK SEVERAL TIMES WORSE THAN THEY APARENTLY DO. PARTICULARLY SINCE THESE LIABILITY, WE KNOW WE HAVE INCURRED ALREADY. THESE ARE NOT...
|
| 00:56:54 |
Unidentified Speaker, -
WHAT I WOULDN'T AGREE TO
|
| 00:56:55 |
Unidentified Speaker, -
IS THAT BY 2015, ANYBODY COULD TELL US THAT
|
| 00:56:58 |
Unidentified Speaker, -
WE'RE SPENDING $28 BILLION IN IRAQ AND AFGHANISTAN. >> WELL, THAT'S 20,000 TROOPS IN IRAQ AND 20,000 TROOPS IN
|
| 00:57:04 |
Unidentified Speaker, -
AFGHANISTAN IN THE
|
| 00:57:13 |
Unidentified Speaker, -
THEATRES. IT'S ABOUT TWO DIVISIONS. LET'S HOPE WE'RE NOT. I HOPE YOU'RE RIGHT ON THAT ONE. BUT IT'S NOT AN UNREALIST ASSUMPTION ON C.B.O.'S PART. WE'LL...
|
| 00:57:22 |
Unidentified Speaker, -
20,000 TROOPS IN A COUNTRY THAT SIZE IS NOT A LARGE ASSUMPTION. >> MR. SPRATT, I DON'T KNOW HOW ANYBODY CAN PREDICT WHAT THE SITUATION WILL BE IN...
|
| 00:57:45 |
Unidentified Speaker, -
SEE SOME DIRE RESULTS AFTER 2010. BY OUR CALCULATION, THE DEFICIT IN THE YEAR 2015 OF $629 BILLION, TOTAL ACCUMULATION OF DEBT OF OVER $4 TRILLION SO....
|
| 00:57:58 |
Unidentified Speaker, -
US GRAVE CONCERN THAT NUMBER ONE WE'RE NOT ON THE PATH TO DECLINING DEFICITS AND NUMBER TWO, PEOPLE GET EUPHORIC ABOUT TODAY'S NUMBERS IT MAY TAKE SOME...
|
| 00:58:33 |
Unidentified Speaker, -
TO ACCOMPLISH THEIR OBJECTIVE. >> THANK YOU, SIR. >> MR. BRADLEY? >> THANK YOU VERY MUCH, MR. CHAIRMAN. PLEASURE TO BE HERE THIS MORNING. DIRECTOR BOLTEN,...
|
| 00:58:55 |
Unidentified Speaker, -
IS INDEED NOT JUST A STEP IN THE RIGHT DIRECTION,
|
| 00:58:58 |
Unidentified Speaker, -
BUT SIGNIFICANT
|
| 00:58:59 |
Unidentified Speaker, -
PROGRESS. AND I THINK IT IS IMPORTANT TO NOTE THAT A GROWING ECONOMY IS INCREDIBLY IMPORTANT FOR THAT. COUPLED WITH FISCAL RESTRAINT. AND SO I'M PLEASED...
|
| 01:00:35 |
Unidentified Speaker, -
OF HOW MANY VETERANS WOULD BE COMING ANEW INTO THE SYSTEM. THE VETERANS ADMINISTRATION WAS PROJECTING ABOUT 3% LESS THAN THE 5.2% INCREASE IN THE...
|
| 01:02:07 |
Unidentified Speaker, -
VETERAN GROUPS ON THE BUDGETING. AND PERHAPS YOU CAN ADDRESS THAT. BUT THE SECOND PART OF MY QUESTION, AND PERHAPS WE COULD HAVE SLIDE NUMBER 17 IS...
|
| 01:03:31 |
Unidentified Speaker, -
ADMINISTRATION HAS BEEN IN PLACE. I THINK SECRETARY NICHOLSON CAN REPORT TODAY, WE'RE SERVING MORE THAN A MILLION MORE VETERANS THAN WE HAVE IN THE...
|
| 01:04:55 |
Unidentified Speaker, -
SECRETARY PRINCIPI WAS HELPFUL IN OPENING UP AN OUTPATIENT CLINIC IN MY DISTRICT. THOSE HAVE BEEN A TREMENDOUS SUCCESS. I WOULD AGREE WITH YOU, THERE'S...
|
| 01:05:42 |
Unidentified Speaker, -
AVAILABLE IN V.A. HEALTH. I DON'T KNOW IF IT'S AS MUCH A QUESTION AS IT IS A CONCERN THAT WE REALLY DO WANT TO HIT THIS A LITTLE BIT MORE ON THE ...
|
| 01:06:46 |
Unidentified Speaker, -
I THINK THE APPROPRIATIONS HAVE EXCEEDED THE MEDICAL CARE NEEDS IN EACH OF THE PRECEDING THREE YEARS. >> I DON'T THINK THERE ARE ANY COMPLAINTS ABOUT...
|
| 01:07:22 |
Unidentified Speaker, -
IF I CAN ADD ONE OTHER COMMENT, THOUGH
|
| 01:07:25 |
Unidentified Speaker, -
TO MR. BRADLEY'S COMMENT, AND THAT IS ENZEED THE REPARATION, AND I THINK THE REALITY OF THE QUALITY OF CARE IN THE V.A. SYSTEM HAS IMPROVED SUBSTANTIALLY...
|
| 01:08:23 |
Unidentified Speaker, -
YOU'VE HAD
|
| 01:08:24 |
Unidentified Speaker, -
PEOPLE THAT PERHAPS MIGHT NOT HAVE USED IT IN THE PAST BUT BECAUSE OF THE COST OF PRESCRIPTION DRUGS THEY'VE MOVED IN THAT DIRECTION? >>
|
| 01:08:31 |
Unidentified Speaker, -
WHAT SECRETARY NICHOLSON TOLD ME IS YOU OFTEN HAVE A SITUATION WHERE A VETERAN WHO IS OTHERWISE ELIGIBLE FOR VETERANS CARE, BUT IS GETTING HIS CARE ELSEWHERE...
|
| 01:08:44 |
Unidentified Speaker, -
DRUG COVERAGE DECIDES TO GO OVER TO THE V.A. TO GET THE PRESCRIPTION DRUGS. THEY FIND OUT THAT THEY LIKE THE SYSTEM OVERALL, AND
|
| 01:08:51 |
Unidentified Speaker, -
MOVE ALL OF THEIR HEALTHCARE OVER INTO THE V.A. SYSTEM. >> THANK YOU. LET ME ASK YOU, WHEN WILL WE -- WHEN COULD WE EXPECT NEXT YEAR TO RECEIVE A...
|
| 01:09:14 |
Unidentified Speaker, -
THAT THE $50 BILLION RESERVE THAT THIS COMMITTEE PUT INTO THE BUDGET RESOLUTION, WHICH WE'RE ASSUMING IN OUR PROJECTIONS GOING FORWARD WILL TAKE US SUBSTANTIALLY...
|
| 01:09:27 |
Unidentified Speaker, -
ACTUALLY ENACTED BY THE CONGRESS, WHICH I THINK IS A REASONABLE EXPECTATION, WILL TAKE US SUBSTANTIALLY INTO 2006. EXACTLY HOW FAR INTO 2006 IT WILL...
|
| 01:10:12 |
Unidentified Speaker, -
DO YOU THINK LAWRENCE LINDSAY WAS A FAIR OBSERVER OF THE BUDGET PROCESS AND THE NEEDS FOR DOLLARS FOR IRAQ AND AFGHANISTAN? >> I THINK LARRY LINDSAY...
|
| 01:10:21 |
Unidentified Speaker, -
BRILLIANT ECONOMIST AND I'M
|
| 01:10:25 |
Unidentified Speaker, -
SURE OTHERINGS WOULD -- >> YOU KNOW WHERE I'M GOING. >> A FAIR ON OR ABOUT. >> YOU KNOW EXACTLY WHERE I'M GOING. HOW COME WHEN HE SUGGESTED IT WAS...
|
| 01:10:40 |
Unidentified Speaker, -
NEGATIVE? >> I DON'T -- >> I MEAN THE ADMINISTRATION SAID IN SOME INSTANCE WEERS GOING TO BE WELCOMED IN
|
| 01:10:48 |
Unidentified Speaker, -
LIBERATORS AN OTHERS
|
| 01:10:49 |
Unidentified Speaker, -
WE WOULD BE OUT OF THERE
|
| 01:10:50 |
Unidentified Speaker, -
IN NO TIME. RECENTLY, A HIGH-RANKING MEMBER OF THE ADMINISTRATION SAID THE INSURGENCY WAS IN ITS LAST THROES. AND I'M JUST CURIOUS AS TO WHY WHEN MR....
|
| 01:11:02 |
Unidentified Speaker, -
BILLION THAT THERE WERE SUCH LONG FROWNS
|
| 01:11:04 |
Unidentified Speaker, -
AT THE WHITE HOUSE. >> I DON'T RECALL EXACTLY WHAT DR. LINDSAY SAID. >> HE SAID IT WAS GOING TO COST $300 BILLION AT MINIMUM. ' >> WELL, REGARDLESS,...
|
| 01:11:30 |
Unidentified Speaker, -
DR. LINDSEY, I DON'T RECALL WHAT
|
| 01:11:33 |
Unidentified Speaker, -
HIS PROJECTION WAS. I DON'T RECALL THE CONTEXT. I DON'T RECALL EVEN THE FROWNS AT THE WHITE HOUSE. >> WOULD
|
| 01:11:39 |
Unidentified Speaker, -
YOU RECALL THAT HE WAS RELIEVED
|
| 01:11:41 |
Unidentified Speaker, -
OF HIS RESPONSIBILITIES SHORTLY
|
| 01:11:43 |
Unidentified Speaker, -
THEREAFTER?
|
| 01:11:45 |
Unidentified Speaker, -
YOU DON'T RECALL THAT ITHE SNEER >> DOY RECALL HE LEFT. I DON'T THINK THERE WAS ANY CONNECTION AT ALL. >> DO YOU WANT TO CHECK WITH YOUR ASSISTANTS THAT...
|
| 01:11:52 |
Unidentified Speaker, -
ABOUT THAT $300 BILLION PRICE TAG? WOULD THEY AGREE WITH THE NUMBER THAT I'VE
|
| 01:11:59 |
Unidentified Speaker, -
OFFERED. >> IT DOESN'T MATTER TO ME TO ANSWER THE QUESTION. >> THE POINT THAT I'M TRYING TO MAKE, MR. BOLTEN. I UNCTION PRECISELY WHAT YOU'RE
|
| 01:12:08 |
Unidentified Speaker, -
SAYING. IT'S VERY HARD TO GAUGE WHAT THIS IS GOING TO
|
| 01:12:10 |
Unidentified Speaker, -
COST. THAT'S THE TROUBLE WHEN WE LOOK AT -- AND I WAS A CO-SPONSOR WITH MR. WELLER OF THE DEPRECIATION ISSUE. I THINK YOU WOULD AGREE THAT'S BUMPED...
|
| 01:12:21 |
Unidentified Speaker, -
WHICH PROPOSAL? >> THE
|
| 01:12:24 |
Unidentified Speaker, -
ACCELERATED DEPRECIATION. >> YES. >> WOULD YOU AGREE THAT'S BUMPED-UP REVENUE. >> THAT WAS INCLUDED IN OUR PROJECTION WHEN WE MADE OUR INITIAL PROJECTION...
|
| 01:12:41 |
Unidentified Speaker, -
STRATEGY. ISN'T IT GIVEN THE FACT THAT WE ALL KNOW WE'RE GOING TO NEED
|
| 01:12:44 |
Unidentified Speaker, -
ANOTHER SUPPLEMENTAL
|
| 01:12:45 |
Unidentified Speaker, -
FOR IRAQ COME PERHAPS NEXT SPRING. I KNOW THE
|
| 01:12:47 |
Unidentified Speaker, -
ADMINISTRATION OFFICIALS HAVE SUGGESTED TO ME
|
| 01:12:49 |
Unidentified Speaker, -
THAT IT COULD BE IN FEBRUARY OR MARCH OF NEXT YEAR IS THAT A FAIRLY ACCURATE SUGGESTION? >> I DON'T KNOW WHEN IT WILL COME FORWARD BUT MY
|
| 01:12:55 |
Unidentified Speaker, -
EXPECTATION IS WE WILL NEEDED A DECISIONAL SUPPLEMENTAL FUNDING FOR THE WARS IN IRAQ AND AFGHANISTAN. >> AND IN THE PAST, THE TWO SUPPLEMENTALS HAVE...
|
| 01:13:14 |
Unidentified Speaker, -
YOU RESPONDING TO THE QUESTIONS, BUT THERE ARE A LOT OF UNCERTAINTIES, AND I THINK THAT IT'S ALSO FAIR FOR THOSE OF US WHO ARE A BIT MORE SKEPTICAL...
|
| 01:13:22 |
Unidentified Speaker, -
RAISE THE SPECTER OF THESE NUMBERS BEING A TEMPORARY
|
| 01:13:26 |
Unidentified Speaker, -
SNAPSHOT AS OPPOSED TO A LONG-TERM SNAPSHOT. I THINK AS MR. SPRATT HAS ACCURATELY POINTED OUT. THANK YOU, MR.
|
| 01:13:33 |
Unidentified Speaker, -
CHAIRMAN. >> THANK YOU. MR. RYAN? >> THERE WE GO. WASN'T WORKING FOR A SECOND. THANK YOU, MR. CHAIRMAN. LET ME JUST ADD ON TO WHAT MY FRIEND MR. NEAL...
|
| 01:13:56 |
Unidentified Speaker, -
WE HAVE OUR DEFICIT PROJECTIONS. WE HAVE OUR BUDGET PRO-ZPWREXJEXS. THE ADMINISTRATION HAS ITS POLICIES.
|
| 01:14:03 |
Unidentified Speaker, -
CONGRESS ENACTS ITS POLICIES. IT ALL COMES OUT IN THE WASH AND THE MACRO EFFECT WE HAVE SEEN IS THE DEFICIT IS DOWN BY AN HISTORIC PRECIPITOUS DROP....
|
| 01:16:30 |
Unidentified Speaker, -
DIRECT RESULT OF ECONOMIC GROWTH THAT WAS IGNITED, I BELIEVE, BY THE TAX CUTS. THE NUMBERS YOU POINT OUT ARE ACCURATE. 2003 TAX CUT WHICH ACCELERATED...
|
| 01:17:16 |
Unidentified Speaker, -
PROJECTIONS THAT YOU HAD
|
| 01:17:17 |
Unidentified Speaker, -
IN 2003 ON
|
| 01:17:19 |
Unidentified Speaker, -
UP CUTS TOOK PLACE? >> MR. RYAN, I MAY HAVE A NUMBER FOR THAT. IF I DON'T I WILL SUBMIT IT FOR
|
| 01:17:29 |
Unidentified Speaker, -
THE RECORD. >> WE CAN
|
| 01:17:30 |
Unidentified Speaker, -
GET IT. >> IT'S A SUBSTANTIAL NUMBER, HOWEVER. I DON'T HAVE IT FOR THE FINGER TIPS. >> IT'S SOMETHING I WOULD BE INTERESTED TO SEEING AND WE'LL GET...
|
| 01:17:45 |
Unidentified Speaker, -
THAT WE DO HAVE A TAX TIDAL WAVE COMING IN THIS COUNTRY AT THE END OF
|
| 01:17:51 |
Unidentified Speaker, -
THE DECADE.
|
| 01:17:52 |
Unidentified Speaker, -
ALTERNATIVE MINIMUM TAX EACH YEAR, THE PRESIDENT'S TAX CUTS GOING
|
| 01:17:55 |
Unidentified Speaker, -
AWAY. IN YOUR BASELINE, YOU DO PROJECT, DON'T YOU, THAT WE ARE GOING TO EXTEND THOSE TAX CUTS, CORRECT? >> OUR BASELINE ASSUMES THE PERMANENT EXTENSION...
|
| 01:18:23 |
Unidentified Speaker, -
FAIR, SIMPLER TAX SYSTEM, TO IMPROVE OUR ECONOMY BUT ALSO TO FIX SOME OF THESE PROBLEMS THAT ARE ON THE HORIZON.
|
| 01:18:30 |
Unidentified Speaker, -
WANT JUST THAT THE LACK OF PERMANENCY FOR THESE TAX CUTS BUT AN EXPIRING PROVISIONS BUT THINGS LIKE THE ALTERNATIVE MINIMUM TAX. THAT'S WHY WE...
|
| 01:19:28 |
Unidentified Speaker, -
HE ACCEPTED THE TAX CUT, THE REDUCTION IN TAXS ON DIVIDENDS BUT OTHER THAN THAT,
|
| 01:19:35 |
Unidentified Speaker, -
HE SAID THERE IS NO SIGNIFICANT, CONTINUING EFFECT FROM THE TAX CUTS PASSED IN 2001 AND 2003. THAT IS WHAT I RECALL. I HAVE A SPECIFIC QUESTION,...
|
| 01:21:42 |
Unidentified Speaker, -
TO SAY ABOUT THE PROPOSALS IN THE PRESIDENT'S PROGRAM ON MEDICAID WHICH I VERY MUCH HOPE WILL BE TAKEN UP BY THE CONGRESS AND ADOPTED IN
|
| 01:21:56 |
Unidentified Speaker, -
THE RECONCILIATION PROCESS ARE NOT DRASTIC CUTS IN THE MEDICAID SYSTEM. THEY ARE PROPOSED SAVINGS THAT WILL REDUCE THE RATE OF INCREASE IN THE COST OF...
|
| 01:23:23 |
Unidentified Speaker, -
THEIR MEDICAID REIMBURSEMENT FROM THE FEDERAL GOVERNMENT. BUT BACK HOME AT THE STATE LEVEL, THE KINDS OF REDUCTIONS THAT ARE BEING TALKED ABOUT IN MY...
|
| 01:24:24 |
Unidentified Speaker, -
SO THAT WE'RE SURE THAT WE ARE FOCUSING OUR DOLLARS ON THOSE MOST IN NEED, NOT JUST FOR THE BENEFIT OF THE FEDERAL TREASURY BUT FOR THE BENEFIT OF...
|
| 01:25:02 |
Unidentified Speaker, -
OR THE BUDGET RESOLUTION ITSELF IS THE MORE ACCURATE NUMBER? >> I DON'T THINK SO. I THINK WHAT IT IS IS A DISAGREEMENT AMONG THE SCORE KEEPERS AND ACTUARIES...
|
| 01:25:25 |
Unidentified Speaker, -
CHANGES BASED ON THAT AND THEY ARE, I BELIEVE, GOOD POLICY CHANGES REGARDLESS OF HOW MUCH YOU BELIEVE THEY WILL ULTIMATELY SAVE THE FEDERAL TREASURY....
|
| 01:25:55 |
Unidentified Speaker, -
HAVE TO DEAL WITH? I'M JUST WONDERING IF THE ADMINISTRATION HAS GOTTEN A RESPONSE
|
| 01:26:00 |
Unidentified Speaker, -
TO THAT LETTER YET. >> INTERESTING QUESTION. I DON'T KNOW WHETHER THERE'S A FORMAL RESPONSE. I DO KNOW THAT THERE HAS BEEN NO EFFORT TO CONTRIBUTE...
|
| 01:26:21 |
Unidentified Speaker, -
SHRINKING. AND I KNOW YOU BELIEVE AND I BELIEVE A LOT OF PEOPLE BELIEVE THAT THE TAX RELIEF THAT WE PUT IN PLACE HAS HAD A SIGNIFICANT
|
| 01:26:30 |
Unidentified Speaker, -
IMPACT ON THE ECONOMY AND THEREFORE, REVENUES HAVE
|
| 01:26:33 |
Unidentified Speaker, -
GROWN. WHEN YOU LET PEOPLE KEEP MORE OF WHAT THEY EARN, THEY GET TO DECIDE HOW TO SPEND IT, TO SAVE IT, INVEST IT. THE OTHER PART IS PUTTING THE BRAKES...
|
| 01:28:38 |
Unidentified Speaker, -
ECONOMIC STUDIES DONE THAT DEMONSTRATE THAT PUTTING IN PLACE THE TAX RELIEF IN THE WAY THAT YOU DID AND AT THE TIME THAT YOU DID WAS ESSENTIAL TO BRINGING...
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| 01:30:49 |
Unidentified Speaker, -
PROJECTED DEFICIT BEING OVER $300 BILLION, WHERE DOES THAT FIT KIND OF IN A PERSPECTIVE OVER THE LAST 10 YEARS AS A PERCENTAGE OF G.D.P. OR AS A RAW...
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| 01:31:31 |
Unidentified Speaker, -
SEE THERE IS THE 40-YEAR HISTORICAL AVERAGE. THAT'S 2.3% THE LAST FOUR YEARS IS THE AVERAGE DEFICIT, IS THE AVERAGE BUDGET POSITION OF THE UNITED STATES...
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| 01:32:55 |
Unidentified Speaker, -
TRUTH. WE WANT FACTS, NOT FICTION. I'M A LITTLE
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| 01:33:01 |
Unidentified Speaker, -
WORRIED THAT PARTICULARLY MY REPUBLICAN COLLEAGUES MIGHT BE OVEREXCITED WITH THE SUPPOSED GOOD NEWS. LET ME PUT IN FOR THE RECORD THE KATO INSTITUTE...
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| 01:38:30 |
Unidentified Speaker, -
IN STATEMENTS OF ADMINISTRATION POSITION A VETO THREAT ON APPROPRIATIONS BILLS THAT IF THEY EXCEEDED THE LIMITS TO WHICH THE CONGRESS HAD AGREED ...
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| 01:41:27 |
Unidentified Speaker, -
EIGHT AND NINE, ARE GOING
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| 01:41:29 |
Unidentified Speaker, -
TO CELEBRATE AS A HISTORICALLY POSITIVE EVENT TAX CUTS THAT HELP TAKE US FROM THE LARGEST SURPLUS TO THE LARGEST DEFICIT IN THE AMERICAN HISTORY AND...
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| 01:46:49 |
Unidentified Speaker, -
CARE. >> WITH THAT I WOULD DISAGREE STRONGLY BUT I'LL LET -- >> I THINK THE RECORD WILL REFLECT THAT VERY CLEARLY AND IT WAS CONTAINED IN CARRY-OVERS...
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| 01:47:11 |
Unidentified Speaker, -
IF
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| 01:47:14 |
Unidentified Speaker, -
WE CAN. AND I THINK THIS GRAPHICKALLY DEMONSTRATES THAT THIS ADMINISTRATION DOES NOT HAVE A RECORD OF UNDERFUNDING OUR VETERANS' NEEDS. WHAT YOU SEE...
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| 01:48:16 |
Unidentified Speaker, -
AND THE SPEED OF CARE
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| 01:48:18 |
Unidentified Speaker, -
THAT OUR VETERANS ARE GETTING HAS IMPROVED, IS IMPROVED DRAMATICALLY AND MAYBE ONE OF THE REASONS WHY WE'RE GETTING SO MANY MORE VETERANS THAN WE EXPECTED...
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| 01:49:45 |
Unidentified Speaker, -
THIS IS A HEARING FOR THE WITNESS. IF YOU WOULD LIKE TO TESTIFY AS A WITNESS, WE'LL COME -- GLADLY
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| 01:49:51 |
Unidentified Speaker, -
EXTEND THE HEARING AND LET YOU TESTIFY TO YOUR HEART'S DESIRE. BUT I THINK WHAT WE WOULD LIKE TO DO IS GET THE TESTIMONY FROM THE WITNESS HERE TODAY...
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| 01:50:03 |
Unidentified Speaker, -
CHAIRMAN. I'LL TAKE ONLY 15
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| 01:50:06 |
Unidentified Speaker, -
SECONDS. I WOULD JUST SAY THAT FAR FROM CREATING THE DEFICIT SITUATION, I BELIEVE THE ADMINISTRATION'S POLICIS HAVE BROUGHT US OUT OF THAT. THAT...
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| 01:50:23 |
Unidentified Speaker, -
HE WAS ENTERING INTO OFFICE WAS ALREADY BAKED IN THE RESULT OF VERY SLOW ECONOMIC GROWTH AND THAT THE ECONOMIC GROWTH POLICIES THAT THIS PRESIDENT AND...
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| 01:51:05 |
Unidentified Speaker, -
ROOM THINK THE TAX CUTS WERE A BIT OUT THERE
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| 01:51:08 |
Unidentified Speaker, -
IN TERMS OF NUMBER AND OTHERS DON'T THINK SO. I WANT TO TURN THE ATTENTION TO THE SIZE OF THE TAX CUTS TO HOW THEY WERE STRUCTURED. ONE OF THE CONCERNS...
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| 01:56:02 |
Unidentified Speaker, -
WHAT PERCENT OF G.D.P. IS TAKEN BY THE FEDERAL GOVERNMENT IN TAXES. YOU SEE THEM DROPPING THE SHARE OF G.D.P. DROPPING OFF DRAMATICALLY IN THE FIRST...
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| 01:57:46 |
Unidentified Speaker, -
IN THE ECONOMY. LET ME TURN QUICKLY TO THE TRAINING POINT. I DON'T
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| 01:57:52 |
Unidentified Speaker, -
WANT TO TRY THE
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| 01:57:53 |
Unidentified Speaker, -
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| 01:57:54 |
Unidentified Speaker, -
CHAIRMAN'S PATIENCE HERE. I BELIEVE THE ADMINISTRATION HAS MADE A STRONG INVESTMENT IN OUR TRAINING PROGRAM. THEY ARE INDEED TROUBLED, HOWEVER, BECAUSE...
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| 02:01:30 |
Unidentified Speaker, -
AREAS. WE'VE HAD A RISING PRICES AND A LOT OF THINGS PEOPLE ARE CONCERNED ABOUT, FOOD AND GASOLINE AND I WOULD LIKE TO SEE SOME POLICY BECAUSE FRANKLY...
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| 02:02:19 |
Unidentified Speaker, -
THAT WE DON'T
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| 02:02:20 |
Unidentified Speaker, -
HAVE AS THE CHAIRMAN SAID IN HIS OPENING REMARKS RATHER LARGE -- I THINK HE JUST SAID LARGE DEFICITS IN THE NEAR TERM. I JUST WANT TO TAKE A MINUTE...
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| 02:04:12 |
Unidentified Speaker, -
SERVICES WHICH WAS $78 BILLION, FIVE TIMES
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| 02:04:15 |
Unidentified Speaker, -
MORE THAN THE AMOUNTS SPENT ON THE ENVIRONMENT WHICH WAS $31 MILLION. FIVE TIMES MORE THAN WE SPENT ON VETERAN'S HEALTHCARE WHICH WAS $29 BILLION. BY...
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| 02:06:08 |
Unidentified Speaker, -
BUT UP CHART 22, IF I MAY, AND JUST TALK A LITTLE BIT ABOUT THAT. BECAUSE IN CELEBRATING THE GOOD NEWS TODAY, I THINK I HAD INTENDED TO BE CLEAR AND...
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| 02:07:35 |
Unidentified Speaker, -
THAT WILL HARM THE ECONOMY AND MAKE IT MORE DIFFICULT FOR THE FEDERAL GOVERNMENT -- >> NOR DID I MAKE THAT SUGGESTION. MY REMARK, I DIDN'T MAKE THAT ...
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| 02:07:46 |
Unidentified Speaker, -
YOUR COLLEAGUES HAVE AND WHAT I'M SAYING, IF THAT'S NOT THE RIGHT WAY GO, THEN THE RIGHT WAY TO GO IS SPENDING RESTRAINT WHICH THE PRESIDENT HAS INDICATED...
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| 02:08:00 |
Unidentified Speaker, -
IT IS WILLING TO ACCEPT. BUT THE REASON I PUT THIS CHART UP IS, THAT THE SPENDING RESTRAINT IN APPROPRIATIONS IS ONLY A
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| 02:08:06 |
Unidentified Speaker, -
PARTIAL -- IS ONLY A PART OF THE STORY. AND IS PART OF THE STORY FOR MAKING US LOOK GOOD OUT OVER THE NEXT FIVE TO 10 YEARS WHICH IS THE BUDGET WINDOW...
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| 02:09:36 |
Unidentified Speaker, -
AND IT'S CALLED RECONCILIATION. IT IS A HUGE PROJECT. AND IT WAS A LARGE MEASURE T BLUE AREA THAT WAS BEING DISCUSSED IN YOUR TESTIMONY AND IT'S THE...
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| 02:13:07 |
Unidentified Speaker, -
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| 02:13:10 |
Unidentified Speaker, -
GOOD
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.