The impact of undocumented migration on the u. S. Budget and economy. This is about 40 minutes. Thank you for joining us here. I will talk first about the federal budget and then discuss the economy. And the projections we released today the deficit grows from 1. 6 trillion in 2024 to 2. 6 trillion in 2034. Measured in relation to the economic output, deficits are about 50 larger than their historical average over the past 50 years. Net interest costs are a major contributor to the deficit. Their growth is equal to about three orders of the increase in the deficit from 2024 to 2034. Initially, net interest costs are similar to the amount of Discretionary Spending both for defense and for nondefense activities. By the end of the time at 1. 6 trillion interest outlays are roughly 1 1 2 times larger than either defense or nondefense spending. Also boosting deficits are two underlying trends. The aging of the population and growth of federal Health Spending per beneficiary. Those trends pu
[inaudible conversations] welcome. Committee will come to order. Committee on the Budget Hearing today on the congressional budget offices budget and Economic Outlook will commence. Well hear testimony from director swagel through the congressional budget office. Welcome. Without like to yield myself such time as a may consume. We are talking about fisa mac this week, which is an issue of National Security. And want to quote admiral mullen, at a hearing defense hearing where when asked what the biggest threat to nationals could do was come his response was the biggest threat to National Security is our National Debt. Jerome powell the fed chairman who probably is loath to opine on fiscal policy in the 60 minutes interview said the National Debt, our fiscal path, is completely unsustainable, and its an urgent matter that we must address. I think thats significant. Thats some backdrop to the budget baseline update on february. Was recently in may of 23 and then this recent update here in
[inaudible conversations] welcome. Committee will come to order. Committee on the Budget Hearing today on the congressional budget offices budget and Economic Outlook will commence. Well hear testimony from director swagel through the congressional budget office. Welcome. Without like to yield myself such time as a may consume. We are talking about fisa mac this week, which is an issue of National Security. And want to quote admiral mullen, at a hearing defense hearing where when asked what the biggest threat to nationals could do was come his response was the biggest threat to National Security is our National Debt. Jerome powell the fed chairman who probably is loath to opine on fiscal policy in the 60 minutes interview said the National Debt, our fiscal path, is completely unsustainable, and its an urgent matter that we must address. I think thats significant. Thats some backdrop to the budget baseline update on february. Was recently in may of 23 and then this recent update here in
[inaudible conversations] welcome. Committee will come to order. Committee on the Budget Hearing today on the congressional budget offices budget and Economic Outlook will commence. Well hear testimony from director swagel through the congressional budget office. Welcome. Without like to yield myself such time as a may consume. We are talking about fisa mac this week, which is an issue of National Security. And want to quote admiral mullen, at a hearing defense hearing where when asked what the biggest threat to nationals could do was come his response was the biggest threat to National Security is our National Debt. Jerome powell the fed chairman who probably is loath to opine on fiscal policy in the 60 minutes interview said the National Debt, our fiscal path, is completely unsustainable, and its an urgent matter that we must address. I think thats significant. Thats some backdrop to the budget baseline update on february. Was recently in may of 23 and then this recent update here in
[inaudible conversations] next the director the Congressional Budget Office Phillip Swagel testifies on use economy before the house Budget Committee. He will be focusing on the cbos baseline budget and Economic Projections and ways to improve the agencies accuracy and transparency. Youre watching live coverage on cspan2. [inaudible conversations] [inaudible conversations] welcome. Committee will come to order. Committee on the Budget Hearing today on the Congressional Budget Offices budget and Economic Outlook will commence. Well hear testimony from director swagel through the Congressional Budget Office. Welcome. Without like to yield myself such time as a may consume. We are talking about fisa mac this week, which is an issue of National Security. And want to quote admiral mullen, at a hearing defense hearing where when asked what the biggest threat to nationals could do was come his response was the biggest threat to National Security is our National Debt. Jerome powell the fed cha