Military fiveday letter delivery service. This is 40 minutes. I have a statement that i want to give. Im going to just yield to her friends from the house, chairman issa, try ranking democrat on the elisha cummings. Especially in the last months of last year, had a chance to bear down and try to get to we got in the red sun in terms of final solution weve made real progress. And when to forego comments initially and ask our colleagues to just go ahead and pick it up from there. Again, thank you for joining us. Thank you. Chairman carper, Ranking Member coburn, you are new to your positions, even though you are from assisting the body. Mr. Cummings and i came close to the last congress to what we thought was a bipartisan and bicameral deal. We start off this congress with a view that with you as team members and coaches about with and as a bipartisan bicameral problem and bipartisan bicameral solution, we believe we can get there. Clearly as you can meet today, the subject of fiveday de
Thank you, mr. Chairman. To other members of the committee, i appreciate the opportunity to be heard today to discuss the cbs outlook for the budget and economy over the next 10 years. Our Analysis Shows the country continues to face very large, economic and budget challenges. Let me discuss the economy first and then ill turn to the budget. We anticipate Economic Growth will remain slow this year because the gradual improvement we see an underlying economic factors will be offset by tightening the federal fiscal policies scheduled under current law. The cuts in federal spending scheduled to take effect next month lemine reduce spending by households in the government. We protect inflationadjusted gdp will increase by about 1. 5 in 2013 but it would increase roughly 1. 5 Percentage Points faster were it not for the fiscal tightening. Under current law then, we expect the Unemployment Rate will stay above 7. 5 through next year. That would make 2014 the sixth Consecutive Year with unemp