Like, senator . R d, were in the process of producing a chart book of federal investments and some of the private sector investments as well. In terms of development, there is often a great deal and growth in private Sector Development but in the more basic forms of research. That is the sort of output for the economy that the private sector will tend not to do enough of. That is really a responsibility for the federal government to support that sort of basic research. Ill run through the list of those of you who know will know. Thank you, mr. Chairman. In listening you to, it really is striking to me we have a short term challenge that is different than long term in some ways. And the good news is weve actually begun to tackle long term and have been put in place the yearly deficit coming down by half. Good news. You talk about growing the economy and being smart not reckless in what were doing. When we look at that, it seems to me a good way of summing up is youre not going to get ou
Time for bills to pass before january 15th and a funding level for fiscal year 15 so that we avoid another dysfunctional, unrealistic budget and appropriations process in just a few months. As noted in the letter if our appropriations chairs. There is also bipartisan demand for us to end the sequester. As mr. Rogers has said, sequestration, and i quote, is unrealistic, ill conceived, discretionary cuts must be brought to an end. As cbo has repeatedly noted the sequester will cost our economy an estimated 800,000 more jobs in 2014 alone. So i think it bears repeating, could you please share cbos analysis on the jefr all impact of sequestration on job and Economic Growth for 2013 and what you think the impact will be for 2014 if sequestration remains in place . So congresswoman, i think the things that let me quote from a letter we wrote to congressman van holland a couple months ago. We said that if the automatic spending reductions specified in the budget control act including both the
Very high and is persistent and woringly so in terms of the human cost and the long term cost for our economy. You testified before that not all cuts are the same. And that there are some ways in which we are cutting that are hurting our long term competitiveness. They produce longer term reductions in our capacity and that we should be prioritizing things that will accelerate growth, that we should not be simply trying to get through this difficult fiscal time in a way that focuses on austerity. We should be investing in a way that sustains growth. What types of policies in your view could both help accelerate growth and do so in a way that would deal with long term unemployment . And what are the budget airy implications for long term unemployment . The first part of your question, senator, of all nondefense Discretionary Spending, half represents investment of some sort about 20 of nondefense Discretionary Spending is investment in physical capital such as highways. Another 15 is go
The committee will come to order. Everybody can take their seats. Andorning, everyone, welcome. I want to thank senator murray and the entire committee. Patti and i have been talking. We are discussing the parameters of an agreement. We are not there yet. There is a big gap between our two budgets and case anyone has noticed. That is why we are talking. The reason why we are here is to get an agreement. We spent a lot of time talking about our differences. We got that part down cold. The hard part is skittering out where we agree. I am not going to start the hard part is figuring out where we agree. I will start with dr. Elmendorf. He will give us the longterm Economic Outlook. I will recognize any member for two minutes or for discussion or to ask a question. People can be recognized more than once if they choose to do so. We intend to adjourn at noon. With that i would like to recognize senator murray before we recognize dr. Elmendorf. Thank you to dr. Elmendorf for being here today.
[speaker not understood]. [laughter] were going to excuse him. I want to apologize to the public that unfortunately this meeting lasted a little longer than we expected and i do need to go to another meeting. But one, i need to go brush my teeth. [laughter] and two, im proud to be a cosponsor with the leadership of supervisors cohen, wiener and maura round a measure i think all of us care about. And the Scientific Data is overwhelming and profound and something we need to set the example of in San Francisco. So, i just want to say na, and thank you. Thank you. applause and i just wanted to use the example from madness how [speaker not understood]. The Surgeon General reported Smoking Health first came out in 1964. Sfgovtv, can you please put the overhead on . It was not until 1988 when they actually banned smoking on shortterm u. S. Flights. It wasnt until 2000 that it was banned on all u. S. Flights coming or going to the country. So, its one of those things where i think when were lo