| 00:00:28 |
Murray, Patty - U.S. Senator, [D] Washington
COMMITTEE. >> THIS HEARING WILL COME TO ORDER. AND I APOLOGIZE TO EVERYONE. WE'RE STARTING A FEW MINUTES EARLY BECAUSE AS EVERYONE KNOWS WE HAVE A...
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| 00:15:30 |
Sessions, Jefferson "Jeff" - U.S. Senator, [R] Alabama
ME TURN IT OVER TO SENATOR SESSIONS FOR HIS OPENING COMMENTS AND THEN WE WILL HEAR FROM DR. ELMENDORF. >> THANK YOU, MR. ELMENDORF FOR APPEARING BEFORE...
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| 00:27:18 |
Murray, Patty - U.S. Senator, [D] Washington
COURSE. WE CAN REMOVE THE DEBT CLOUD IF THIS DEBT HAS OVER US AND PUT US ON A PATH TO PROSPERITY. THAT'S WHAT WE HAVE TO DO. WE HAVE NO CHOICE. I...
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| 00:27:32 |
Elmendorf, Douglas W. - Director
WILLELMENDORF FOR HIS OPENING STATEMENT. AND FOR THE COMMITTEE MEMBERS, WE ARE GOING TO HAVE A SERIES OF VOTES CALLED. WE'LL WORK OUR WAY THROUGH FIVE...
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| 00:35:25 |
Murray, Patty - U.S. Senator, [D] Washington
BUDGET IMBALANCE WOULD ALLOW FOR GRADUAL IMPLEMENTATION WHICH WOULD GIVE HOUSEHOLDS AND BUSINESSES TIME TO ADJUST THEIR BEHAVIOR. THANK YOU. >> THANK...
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| 00:36:03 |
Murray, Patty - U.S. Senator, [D] Washington
ENOUGH FISCAL TIGHTEN ING TIGHTENING THAT GROWTH THIS YEAR WILL ONLY BE ABOUT HALF WHAT IT SHOULD BE AND THE SECOND THE LOSS IN ECONOMIC GROWTH TRANSLATES...
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| 00:36:48 |
Elmendorf, Douglas W. - Director
GROWTH THIS YEAR BECAUSE OF FISCAL TIGHTENING, WOULDN'T IT BE PREFERABLE TO REPLACE THE SEQUESTER WITH A PACKAGE OF SAVINGS THAT IS BETTER TARGETED,...
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| 00:40:55 |
Murray, Patty - U.S. Senator, [D] Washington
AND ECONOMIC CHANGES. BUT BECAUSE OF WHAT WE SEE HAPPENING IN THE HEALTH CARE SECTOR, WE MARK DOWN GROWTH BY ABOUT 15%. WE HAVE ALSO -- >> I'M...
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| 00:41:05 |
Sessions, Jefferson "Jeff" - U.S. Senator, [R] Alabama
CUT YOU OFF BECAUSE I AM GOING TO HAVE TO LIMIT EVERYBODY TO FIVE MINUTES, SO I APPRECIATE THAT RESPONSE VERY MUCH AND TURN IT OVER TO SENATOR SESSIONS....
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| 00:41:34 |
Elmendorf, Douglas W. - Director
YEARS. WE ACCEPT THAT AS A REASONABLE WAY TO DO BUSINESS. NOT PERFECT BUT REASONABLE. I GUESS IT'S FAIR TO SAY THAT YOU WORK VERY HARD TO CREATE AN...
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| 00:43:52 |
Sessions, Jefferson "Jeff" - U.S. Senator, [R] Alabama
TO GDP UNDER WHAT HAD BEEN CURRENT POLICIES. WE'VE NOT UPDATED THOSE PROJECTIONS BUT WANT TO EXTRAPOLATE WHAT WE SHOW AT THE END OF THE DECADE AND...
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| 00:44:45 |
Elmendorf, Douglas W. - Director
DEFICIT. ISN'T IT A FACT THAT UNDER YOUR ANALYSIS AND ASSUMPTION YOUS A DEFICIT WOULD BEGIN TO RETURN? THAT YEAR OR THE NEXT YEAR AND IT WOULD INCREASE...
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| 00:47:44 |
Murray, Patty - U.S. Senator, [D] Washington
ON OUR GROWTH THREATENING THE FUTURE OF EMPLOYMENT FOR MILLIONS OF AMERICANS. >> I WOULD LIKE TO INFORM THE COMMITTEE MEMBERS THAT THE WAY WE'RE GOING...
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| 00:48:01 |
Sanders, Bernard "Bernie" - U.S. Senator, [I] Vermont
OF ARRIVAL AFTER GAVEL. SO WE'LL BEGIN WITH SENATOR SANDERS. >> THANKS VERY MUCH, MADAM CHAIR. MR. ELMENDORF, THANK YOU VERY MUCH, DOCTOR, FOR BEING...
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| 00:50:04 |
Elmendorf, Douglas W. - Director
ISLANDS. JUST CONFIRM IF MY INFORMATION IS RIGHT. IN 1952, 32% OF ALL REVENUE GENERATED IN THIS COUNTRY CAME FROM LARGE CORPORATIONS. TODAY THAT NUMBER...
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| 00:53:24 |
Enzi, Michael "Mike" B. - U.S. Senator, [R] Wyoming
SENATOR ENZI? >> THANK YOU, MADAM CHAIRMAN. I WANT TO THANK YOU FOR THIS GREAT BOOK. AS AN ACCOUNTANT, IT HAS A LOT OF NUMBERS IN IT. I LOVE THAT. IT...
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| 00:53:46 |
Elmendorf, Douglas W. - Director
A FEW QUESTIONS, THOUGH. ARE WE PAYING OUT MORE IN MEDICARE THAT WE'RE TAKING IN AT THE MOMENT? >> AS YOU KNOW, SENATOR, THE DEDICATED TAXES FOR...
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| 00:57:27 |
Sequestration
ON THAT ONE. SLIGHTLY DIFFERENT, THE PRESIDENT RECENTLY SAID THAT IN THE ABSENCE OF A LARGER BUDGET DEAL CONGRESS SHOULD PASS THE SMALLER PACKAGE OF...
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| 00:58:46 |
Whitehouse, Sheldon - U.S. Senator, [D] Rhode Island
WHAT PROVISIONS WOULD BE CHANGED. >> MY TIME HAS EXPIRED. THANK YOU. >> SENATOR WHITEHOUSE? >> THANK YOU, MADAM CHAIR. WELCOME BACK, DR. AREELMENDORF....
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| 01:01:44 |
Elmendorf, Douglas W. - Director
U.S. RECESSION. DO YOU RECOMMEND AN AUSTERITY PATH IT AT THIS POINT? WHAT SHOULD WE BE DOING THAT'S DIFFERENT THAN THE EUROPEAN PROGRAM THAT APPEARS TO...
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| 01:04:33 |
Johnson, Ronald "Ron" Harold - U.S. Senator, [R] Wisconsin
ELMENDORF. LET ME BRIEF SENATOR SESSIONS. I THINK WE ALL SHARE THE SAME GOAL HERE. WE ALL WANT A PROSPEROUS AMERICA. WE WANT EVERY AMERICAN TO BE ...
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| 01:04:53 |
Elmendorf, Douglas W. - Director
TAX INCREASES HARM ECONOMIC GROWTH? >> I THINK IT DEPENDS ON WHAT THE ALTERNATIVE IS, SENATOR. I'M NOT TRYING TO BE DIFFICULT HERE. THE ALTERNATIVE...
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| 01:10:16 |
Baldwin, Tammy - U.S. Senator, [D] Wisconsin
RECEIVING LOWER INTEREST PAYMENTS. >> THANK YOU, MADAM CHAIRWOMAN. I HAVE TO TELL YOU IT'S A DELIGHT TO HAVE MY FIRST BUDGET MEETING. I'M DELIGHTED TO...
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| 01:12:47 |
Elmendorf, Douglas W. - Director
OF ABOVE 16% IN THE CONSTRUCTION SECTOR. IN TERMS OF ECONOMIC MULTI MULTIPLIERS, ISN'T IT TRUE ONE OF THE BEST WAYS TO INCREASE GROWTH IN THE FUTURE...
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| 01:16:11 |
Wicker, Roger - U.S. Senator, [R] Mississippi
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| 01:16:58 |
Elmendorf, Douglas W. - Director
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| 01:21:04 |
Murray, Patty - U.S. Senator, [D] Washington
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| 01:21:13 |
Recess
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.