Office as well. Joe served in a number of different positions as bill has, ranging from committees and the house to the office of management and budget in the administration, and has served as chief economist, staff director and variety of those positions and served with bill on the Bipartisan Policy Centers Debt Reduction task force which came out in 20 10, which came out with a plan to reduce the debt which is inherited some of the proposals and policies that bill has been talking about up here with tax reform, entitlement reform. So joe youre jumping in the middle here, but we were talking the question was in terms of priorities in the federal budget and the growth in the Entitlement Programs and Interest Payments and how thats crowding out some of the other pieces. And so what do you think of the federal budget in terms of how it addresses our priorities as a country and where you see it moving forward . Well, i assume that bill probably used this word already three times, the budg
The tax issue. Shai mentioned at the outset that another component of the federal budget that is fast growing, and will continue to will grow fast, depending upon something that is right now being controlled and almost by Global Economics and that is Interest Rates, that the Fastest Growing component of the federal budget will be if Interest Rates normalize back at 5 will be just paying the interest on the public debt. Our public debt right now is close to about 17 trillion total gross debt, 17 trillion. And one thing that that debt means to me, it is a tax, it is a tax on future generations. It is not a it is, again, here, youre getting screwed doubly. Your Social Security benefits are not going to be there, and more importantly, youre going to have to pay for that debt that were accumulating today. Either pay the taxes today, and now in fairness, i would say you cant get yourself out of this without increasing taxes today as well as or else the taxes you get the taxes in the future o
Distribution. Thats why we have put in the con ticontingency fund. We getof it is if something and at that point believe we need to support further distribution, thats would do asat we well. So distribute a successful vaccine. Allows for largescale manufacture and then distribution . Right now we have put in funds that will help us get to manufacturing. That is what we are focused on in the barta element. Okay. Thank you. You very much, senator hogan. Hearing,p up todays first of all id like to thank forwitnesses here today their cogent testimony. Lot. Nk weve learned a i think it gives us great insight into the president s why that significant amount of money is needed and why, even though it might not be headline, the urgency continues. Follow the like to model that was established under withdent bush and then president obama when we had an disease situation before. Before i wrap up, i also want to comment about dr. Frieden and dr. Fauci, who spent a lot of time, both dealing with th
Previously mark also served as of the tant director 2011 and 20113 months at analyst known as reduction the super committee. Next we have steve bell who director of ior economic policy. On the that steve worked staff of senator pete and budget 1981 to 1986 and last but not least we have bob, he executive tkroebgter of the Concord Coalition. He served a member of the debt force, also no one as the commission who pro a solution for addressing the fiscal challenges. With that ill pose the first panel and each of the panel will have ten minutes to answer and open it up for questions. What do you is, see as the major opportunities for progress in the upcoming can lawmakers w best take advantage of them. Well start with mark. Here and ou for being thanks to the Concord Coalition nd ben for organizing this event. I have entioned substantial experience failing a grand bargain. The concept was relatively traightforward and it was a concept that was pretty broadly to. Eed would have to agree o c
I hereby appoint the honorable Virginia Foxx to act as speaker pro tempore on this day. Signed, john a. Boehner, speaker of the house of representatives. The speaker pro tempore pursuant to the order of the house of january 7, 2014, the chair will now recognize members from lists submitted by the majority and minority leaders for morning hour debate. The chair will alternate recognition between the parties with each party limited to one hour and each member other than the majority and minority leaders and minority whip limited to five minutes. But in no event shall debate ontinue beyond 1 50 p. M. The chair recognizes the mr. Bela, rom texas, or five minutes. Mr. Villa i rise today to urge incution of additional funder for Alzheimers Research in the National Institutes of health budget. This disease affects over five million americans and every 67 seconds someone develops alzheimers. The impact op these patients and families is immense. Congress must act now to make sure money is avail