| 00:00:14 |
Murray, Patty - U.S. Senator, [D] Washington
REDUCTION WILL COME TO ORDER. AS MY CO-CHAIR, REPRESENTATIVE HENSARLING MENTIONED, WE HAVE AGREED TO ALTERNATE CHAIRING THESE HEARINGS WITH HIM CHAIRING...
|
| 00:03:36 |
Hensarling, Jeb - U.S. Representative, [R] Texas
FISCAL HEALTH AND ECONOMIC GROWTH W. THAT I WILL CALL ON MY CO-CHAIR, MR. HENSARLING, FOR HIS OPENING STATEMENT. >> THANK YOU, MADAM CO-CHAIR. THE PURPOSE...
|
| 00:06:27 |
Becerra, Xavier - U.S. Representative, [D] California
THE DEFICIT REDUCTION WILL BE A JOBS PLAN, AND I LOOK FORWARD AGAIN TO HEARING THE COMMENTS OF OUR COLLEAGUES AS WE GO ABOUT THIS IMPORTANT WORK AND OF...
|
| 00:08:54 |
Kyl, Jon - U.S. Senator, [R] Arizona
PAY THEIR FAIR SHARE TO RIGHT THE WRONG OF RUNNING UP THE GOVERNMENT'S DEBT. I LOOK FORWARD TO WORKING WITH MY COLLEAGUES TO TAKE THE RESPONSIBILITY...
|
| 00:11:43 |
Baucus, Max - U.S. Senator, [D] Montana
WAYS TO ACHIEVE ADDMINISTRATIVE EFFICIENCIES SAVING A LOT OF THE MONEY THAT WE SHOULD NOT BE SPENDING SO THAT WE DO HAVE THE MONEY TO SPEND ON THE...
|
| 00:14:24 |
Upton, Frederick "Fred" S. - U.S. Representative, [R] Michigan
REAGAN ADMINISTRATION. A COMBINATION OF FACTORS CREATE A DEFICIT. IT WILL TAKE A COMBINATION OF FACTORS. THERE'S NO SILVER BULLET. SO LET'S GET TOGETHER...
|
| 00:15:39 |
Clyburn, James E. - U.S. Representative, [D] South Carolina
HERE. I'M GOING TO SUBMIT MY FULL STATEMENT FOR THE RECORD SO THAT WE CAN GO BACK AND WE, IN FACT, ALL CAN GO TO WORK TO GET THIS THING DONE. I YIELD...
|
| 00:18:12 |
Portman, Rob - U.S. Senator, [R] Ohio
THERE'S THE DISTANCE BETWEEN THE OPPONENT AND ME ARE FIVE STEPS, I AM WILLING TO TAKE THREE, AS LONG AS THE OPPONENT TAKES THREE. THANK YOU AGAIN...
|
| 00:21:52 |
Kerry, John F. - U.S. Senator, [D] Massachusetts
TO PROTECT THOSE IN NEED AND PLACING THEM ON A SUSTAINABLE PATH FOR FUTURE GENERATIONS. THANK YOU FOR BEING BEFORE US AND MORE IMPORTANTLY, THANK YOU...
|
| 00:25:17 |
Camp, David "Dave" Lee - U.S. Representative, [R] Michigan
PRECONCEIVED DOGMAS OR POLITICAL AGENDAS SO I LOOK TO DELVING INTO THESE ISSUES TODAY AND THANK YOU FOR COMING HERE AND HELPING US SHAPE FAIR, BALANCED,...
|
| 00:25:48 |
Van Hollen, Christopher - U.S. Representative, [D] Maryland
THE RESPONSIBILITIES WE HAVE BEEN GIVEN UNDER THE BUDGET CONTROL ACT SO I LOOK FORWARD TO HEARING FROM MR. ELMANDORF, SO I THINK IT'S IMPORTANT THAT...
|
| 00:28:18 |
Toomey, Pat - U.S. Senator, [R] Pennsylvania
TO WORK AND FOLLOW THAT BALANCED FRAMEWORK APPROACH THAT HAS BEEN SET BY, AGAIN, THREE OTHER BIPARTISAN GROUPS THAT LOOKED TO TACKLE THE ISSUES THAT...
|
| 00:32:09 |
Elmendorf, Douglas W. - Director
GET THROUGH THIS AND WE LOOK FORWARD TO YOUR TESTIMONY. >> THANK YOU, ALL THE MEMBERS OF THE COMMITTEE. I APPRECIATE THE INVITATION TO TALK WITH YOU...
|
| 00:48:42 |
Murray, Patty - U.S. Senator, [D] Washington
OF BENEFIT PROS VIDVIDED FOR AMERICANS WHEN THEY BECOME OLDER OR SUBSTANTIALLY REDUCE THE ROLE OF THE REST OF THE FEDERAL GOVERNMENT RELATIVE TO THE...
|
| 00:49:45 |
Elmendorf, Douglas W. - Director
CONSIDER IN WEIGHING THE TRADEOFFS AND NOT CAUSING SIGNIFICANT HARM IN THE LONG-TERM. >> IN OUR JUDGMENT, AND THIS IS CONSISTENT WITH THE CONSENSUS...
|
| 00:57:00 |
Hensarling, Jeb - U.S. Representative, [R] Texas
CHART IS A CHART OF HISTORIC AND PROJECTED GROWTH ON SOCIAL SECURITY, MEDICARE, OTHER MAJOR HEALTH CARE PROGRAMS. YOU WOULDN'T HAPPEN TO HAVE THIS CHART...
|
| 00:58:23 |
Elmendorf, Douglas W. - Director
DECADE. AND AGAIN, WE NOW HAVE A REVISED GDP GROWTH OUTLOOK COMING OUT OF YOUR AUGUST REVISION OF YOUR BASELINE, SO IS IT A FAIR ASSESSMENT THAT WE HAVE...
|
| 01:02:44 |
Becerra, Xavier - U.S. Representative, [D] California
WAY OF TRYING TO QUANTIFY FOR YOU THE EXTENT OF THE IMPACT OF BENEFICIARIES. >> APPARENTLY THE TRUSTEES AND CMS DO SO FAR IN AN ATTEMPT TO LEAD BY EXAMPLE...
|
| 01:08:58 |
Kyl, Jon - U.S. Senator, [R] Arizona
IN 2001, IT'S ABOUT 1%. AND I THINK THAT'S IMPORTANT TO SORT OF GAUGE THAT AND AS MUCH AS I HOPE WE HAVE A CHANCE TO GET INTO SOME OF THIS AND TALK...
|
| 01:10:32 |
Elmendorf, Douglas W. - Director
TO THINK WE SHOULD DO, BUT I'M TRYING TO STAY ON AREA WHERE IS WE CAN REACH BIPARTISAN CONSENSUS HERE, WE'RE GOING TO NEED HELP IN SCORING HOW TO ...
|
| 01:16:22 |
Baucus, Max - U.S. Senator, [D] Montana
FROM PASSING LAWS TO MANDATE SELLING IT. BUT THE PEOPLE IN THOSE AREAS TEND TO PUSH BACK REALLY HARD. WE ARE CERTAINLY READY TO WORK WITH YOU ON POLICIES...
|
| 01:17:47 |
Elmendorf, Douglas W. - Director
THE LONGER TERM CREDIBLE. CAN'T DO SOMETHING THAT'S NOT CREDIBLE. IT'S GOING TO WORK. BUT WE'VE GOT TO FIND THE BALANCE. I WONDERED IF YOU COULD GIVE...
|
| 01:23:45 |
Upton, Frederick "Fred" S. - U.S. Representative, [R] Michigan
ALL HAVE CONSEQUENCES CLEARLY. THE CONSEQUENCES IF WE WANT TO DO ALL THAT IS WHAT WE JUST AGREED ON. NAMELY A $5 TRILLION ADDITION FOR OUR JOB HERE....
|
| 01:24:41 |
Elmendorf, Douglas W. - Director
OTHER THAN AS SOON AS POSSIBLE, WHAT IS THE REALISTIC DATE THAT TRULY WE HAVE TO HAVE OUR DOCUMENTATION SUBMITTED TO YOU. I KNOW SOMETIMES A LOT OF...
|
| 01:30:04 |
Clyburn, James E. - U.S. Representative, [D] South Carolina
MADE OTHER PRODUCTIONS AND OUTLAYS AND RAISED REVENUES ON WAYS THAT WE ON BALANCE THINK AND STILL THINK REDUCE BUDGET DEFICITS. THAT WAS A NET EFFECT...
|
| 01:31:15 |
Elmendorf, Douglas W. - Director
INDUCED A RESUFLING OF JOBS AMONG BUSINESS, OCCUPATIONS, INDUSTRIES AND GEE GRAPHICAL AREAS. THOSE DEVELOPMENTS SUGGEST THE GAINS IN EMPLOYMENT IN THE...
|
| 01:35:56 |
Portman, Rob - U.S. Senator, [R] Ohio
NEED TO LOOK INTO ALL OF THESE PROGRAMS AND SEE EXACTLY WHERE CUTS OUGHT TO BE MADE RATHER THAN JUST DEALING WITH THE NUMBER. >> YES, CONGRESSMAN. ...
|
| 01:36:25 |
Elmendorf, Douglas W. - Director
EARLIER IN TERMS OF THE IMPACT ON THE DEFICIT AND ECONOMY, DR. ELMENDORF HAVE YOU GOT REACTION TO THE ROGUE GART AND REINHART STUDY WHICH SHOWS ONCE...
|
| 01:43:46 |
Kerry, John F. - U.S. Senator, [D] Massachusetts
CURRENT FORM ARE BECOMING MUCH MORE EXPENSIVE OVER TIME. >> SENATOR KERRY. >> THANK YOU, MADAM CHAIRMAN. DR. ELMENDORF, I WANT TO MOVE THROUGH A COUPLE...
|
| 01:46:33 |
Elmendorf, Douglas W. - Director
WANT TO HAVE MAJOR REDUCTIONS TO -- WE HAVERY FORMS, YES. WE NEED TO DO A BETTER JOB OF MAKING THEM FISCALLY SOUND. BUT I HAVEN'T HEARD ANYBODY STAND...
|
| 01:49:37 |
Camp, David "Dave" Lee - U.S. Representative, [R] Michigan
OF RESTRAINING GROWTH IN MEDICARE COST? >> YES, THAT'S RIGHT. >> I'LL RESERVE MY TIME AT THIS POINT. >> ALL RIGHT. REPRESENTATIVE CAMP? >> THANK YOU....
|
| 01:50:27 |
Elmendorf, Douglas W. - Director
THAT TO ACCOMMODATE THAT AS U IT STANDS WOULD KRIR LARGE CHANGES IN OTHER ASPECTS OF WHAT THE GOVERNMENT SPENDS OR COLLECTS. >> THOSE ARE THE SIGNIFICANT...
|
| 01:56:45 |
Van Hollen, Christopher - U.S. Representative, [D] Maryland
DECISIONS THAT ARE OUTSIDE OF THE TEN-YEAR BUDGET WINDOW. I JUST WANTED TO ASK, IF YOU'D BE WILLING TO WORK WITH US TO FIND WAYS TO MEASURE THE IMPACT...
|
| 02:01:20 |
Elmendorf, Douglas W. - Director
TODAY AND THE CONGRESS WERE TO ADJOURN FOR THE NEXT TEN YEARS AND GO AWAY, WE WOULD ACTUALLY ACHIEVE GREATER DEFICIT REDUCTION THAN IF WE WENT,...
|
| 02:04:11 |
Toomey, Pat - U.S. Senator, [R] Pennsylvania
HAD THAT YEAR WAS ABOUT ABOUT, IF I REMEMBER CORRECTLY, LESS THAN 1.5% OF GDP, I BELIEVE. IF WE CAN GET TO THE POINT WHERE WE CONSISTENTLY HAD DEFICITS...
|
| 02:04:56 |
Elmendorf, Douglas W. - Director
AN ECONOMIC FREEZING UP. ISN'T IT TRUE THAT IT'S ESSENTIALLY IMPOSSIBLE TO KNOW PRECISELY WHEN YOU GET TO THAT POINT? >> ABSOLUTELY. >> IT'S JUST NOT...
|
| 02:09:14 |
Murray, Patty - U.S. Senator, [D] Washington
GOES IN THE SAME DIRECTION. >> YES. ALMOST CERTAINLY IS LINEAR. WE OFFER THESE RULES OF THUMB FOR SMALL CHANGES BECAUSE WE'RE NOT JUST SURE WHAT ELSE...
|
| 02:10:07 |
Elmendorf, Douglas W. - Director
LET ME JUST ASK, YOU'VE BEEN TALKING ABOUT THE LONG-TERM BUDGET REPORT FROM JANUARY. CBO INCLUDED AN AN NAM STIS ON TIM PANGT OF LOWER-THAN-EXPECTED ECONOMIC...
|
| 02:11:26 |
Hensarling, Jeb - U.S. Representative, [R] Texas
SEQUESTRATION. I'M GOING TO SUBMIT IT FOR THE RECORD BECAUSE I DO THINK IT'S IMPORTANT. AS HARD AS THE CHOICES WE'RE LOOKING AT HERE, WE NEED TO UNDERSTAND...
|
| 02:11:45 |
Elmendorf, Douglas W. - Director
HAPPY TO ANSWER. >> I'LL RESERVE MY TIME AND TURN IT OVER TO MR. HENSARLING. >> DR. ELMENDORF, I THINK IT WAS SENATOR KERRY WHO BROUGHT UP REVENUES...
|
| 02:13:54 |
Becerra, Xavier - U.S. Representative, [D] California
RATHER NOT PARSE THE MEANING OF THE WORSE "BALANCE" GIVEN ITS APPARENT ROLE IN YOUR DISCUSSIONS. YOU'RE RIGHT IF REVENUES WERE AT 20% OF GDP, THEN...
|
| 02:15:57 |
Kyl, Jon - U.S. Senator, [R] Arizona
MEAN THEIR HEALTH CARE COSTS WILL DROP. THAT SHIFTS THE COSTS MORE INTO THE POCKET OF THE SENIOR TO PAY FOR THAT CARE IF MEDICARE REDUCES WHAT IT...
|
| 02:17:05 |
Baucus, Max - U.S. Senator, [D] Montana
THOSE CUTS, THEREFORE, END UP REDUCING THE EMPLOYMENT IN THOSE INDUSTRIES AND THE AMOUNT OF MONEY SPENT AREAS, OBVIOUSLY IT COULD DELAY ECONOMIC...
|
| 02:17:14 |
Elmendorf, Douglas W. - Director
YES, THAT'S RIGHT, SENATOR. >> THANK YOU. >> SENATOR BAUCUS. >> THANK YOU. I WONDER, DR. ELLEN DORFFHE WILL ELMENDORF, IF YOU CAN DISCUSS WHAT TAX...
|
| 02:19:10 |
Upton, Frederick "Fred" S. - U.S. Representative, [R] Michigan
SIMPLIFIED TAX CODE ALONG THOSE LINES? >> A TAX CODE WITH A BROADER BASE AND LOWER RATES WOULD SPUR ECONOMIC GROWTH, BUT THE MAGNITUDE IS SOMETHING...
|
| 02:19:23 |
Elmendorf, Douglas W. - Director
WHILE BEFORE WE COULD HAZARD ANY SORT OF QUANTITATIVE ESTIMATE. >> THANK YOU. >> THANK YOU, SENATOR. >> REPRESENTATIVE UPTON. >> I'M CONCERNED ABOUT...
|
| 02:22:05 |
Clyburn, James E. - U.S. Representative, [D] South Carolina
UP AS ADDITIONAL CORPORATE PROFITS AND THEY WILL PAY TAX ON THAT. SO THE OVERALL BUDGETARY EFFECTS WILL DEPEND ON THE COMBINATION OF CHANGES IN EXCHANGE...
|
| 02:22:32 |
Elmendorf, Douglas W. - Director
THE DECREASE OR THE INCREASE IN UNEMPLOYMENT HAS DECREASED REVENUE GOING INTO THE FEDERAL COFFERS? >> YES, THAT'S RIGHT, CONGRESSMAN. >> IF WE HAD A...
|
| 02:23:24 |
Portman, Rob - U.S. Senator, [R] Ohio
THANK YOU. >> SENATOR PORTMAN. >> I THINK CONGRESSMAN CLYBURN HAS JUST MADE A GREAT POINT, WHICH IS THE ECONOMY PLAYS SUCH A HUGE ROLE HERE, AND SINCE...
|
| 02:24:29 |
Elmendorf, Douglas W. - Director
EARLIER, BUT YOU SAID THAT YOU THOUGHT THAT INCREASING TAXES AT THIS POINT WOULD HAVE A NEGATIVE IMPACT JUST AS YOU THOUGHT CERTAIN SPENDING IMPACTS...
|
| 02:25:39 |
Kerry, John F. - U.S. Senator, [D] Massachusetts
SENATOR. >> HOW LONG WOULD IT TAKE YOU? >> I WILL NOT COMMIT TO THAT OFFHAND. IF WE HAVE PROPOSALS FROM YOU, WE WILL WORK ON THEM AS FAST AS WE POSSIBLY...
|
| 02:27:09 |
Elmendorf, Douglas W. - Director
THERE'S A VERY DIFFERENT IMPACT BECAUSE OF THE FULL FAITH AND CREDIT OF THE UNITED STATES AND PRINTING AND SO FORTH. HELP US UNDERSTAND HOW THAT DISTINCTION...
|
| 02:29:24 |
Camp, David "Dave" Lee - U.S. Representative, [R] Michigan
AND -- BUT I THINK IN OUR CASE BECAUSE WE DO THESE VERY ELABORATE PROJECTIONS ON A DETAILED LEVEL OF THE BUDGET THAT COMBINING THOSE PROJECTIONS WITH...
|
| 02:30:57 |
Van Hollen, Christopher - U.S. Representative, [D] Maryland
BUDGET WAS IN SURPLUS, OUTLAYS NEVER EXCEEDED 19.4% OF GDP, AND I THINK IT'S IMPORTANT TO KEEP THOSE REVENUE LEVELS AND -- IN HISTORICAL PERSPECTIVE....
|
| 02:32:32 |
Elmendorf, Douglas W. - Director
OTHERS IN THE ECONOMY AND THAT INVESTMENTS IN THE AREA OF INFRASTRUCTURE AND EDUCATION PROVIDE FOR ECONOMIC GROWTH? ISN'T THAT ALSO THE CASE? >> YES....
|
| 02:33:38 |
Toomey, Pat - U.S. Senator, [R] Pennsylvania
POLICYIES MIGHT BE MORE EFFECTIVE THIS YEAR OR NEXT, SOME MIGHT BE MORE EFFECTIVE OVER LONGER PERIODS OF TIME. WE CAN TRY TO PROVIDE THAT SORT OF...
|
| 02:34:26 |
Elmendorf, Douglas W. - Director
WE CANNOT TIE THE HANDS OF FUTURE CONGRESSES, SO I WONDER IF YOU MIGHT REFLECT ON WAYS WE COULD MAXIMIZE THE CHANCES THAT FUTURE -- THAT SPENDING RESTRAINTS...
|
| 02:36:34 |
Murray, Patty - U.S. Senator, [D] Washington
EFFECTS IN TERMS OF PEOPLE'S BELIEVING THE DEFICITS WILL BE SMALLER IN THE FUTURE COMES FROM SPECIFICITY IN PUTTING PROVISIONS INTO LAW TODAY EVEN IF...
|
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.