Articles of itch peachment, our live coveraging beginning at 11 00 a. M. Eastern. On your screen is tom rice, republican from South Carolina. Theyre wrapping up testimony on proposed legislation dealing with state and local tax provisions. Live coverage on c span. Mr. Rice i dont know how it could be subsidizing for communities and states that are donees rather than doe nor states, said to be subsidizing new york. If theres some way that paying 35 billion more than we receive is a subs die di from other states i dont understand the idea or concept of subsidy. We have 30 appropriators outside here. Mr. Raskin i want to associate myself completely with the remarks that mr. Morelle, the gentleman from new york. I represent the great eighth Congressional District of maryland. Maryland is a state in a very similar posture to new york in that we contribute lots and lots of money, disproportionate amounts of money, which i suppose if were looking at it in a kind of as a rule canized, competit
Showing in its entirety over on cspan2. Thats going to start at 8 00 p. M. Eastern time. The committee will be in order. The chairman is on his way. He wants me to give my Opening Statement and hopefully he will be here. Ere honored to have chairman powell. We thank him so much for testifying today. I look forward to hearing your the current state of the economy and the potential challenges ahead. Like to thank you for your thoughtfulness as you help through what omy in some ways are extremely times. Ging as you have said in your testimony, by some measures, our strong. Is the National Unemployment rate duringom 10 at its peak the Great Recession to only 4. 7 President Trump took office. And it has continued to fall. Only 3. 6 . Ds at addeconomy has continued to jobs now for 109 consecutive months. Than nine years. Inflation remains low. Feds target. Wages are moving up though not as fast as we would like. Ways. Is weak in other but other measures tell a very story. Nt g. D. P. Growth
Watch book tv every weekend on cspan2. The chair of the Federal Reserve, jerome powell, testified on Monetary Policy in the economy before the joint committee. He said he expects the u. S. Economy to continue growing at a steady pace with a strong labor market so the federal budget is on an unsustainable path with high and debt. The meeting will be called to order. The chairman is on his way. In andasked me to gavel begin Opening Statements and hopefully he will be here. We are honored to have chairman powell and we thank him for testifying today. I look forward to hearing your perspective on the current state of the economy and the potential challenges ahead. I would also like to thank you for your thoughtfulness as you througher the economy what in some ways are extremely challenging times. As you have said in your testimony, by some measures, our economy is strong. The National Unemployment rate fell from 10 at its peak during 4. 7 reat recession to only when President Trump took of
The committee will be in order. The chairman is on his way. He wants me to give my Opening Statement and hopefully he will be here. Ere honored to have chairman powell. We thank him so much for testifying today. I look forward to hearing your the current state of the economy and the potential challenges ahead. Like to thank you for your thoughtfulness as you help through what omy in some ways are extremely times. Ging as you have said in your testimony, by some measures, our strong. Is the National Unemployment rate duringom 10 at its peak the Great Recession to only 4. 7 President Trump took office. And it has continued to fall. Only 3. 6 . Ds at addeconomy has continued to jobs now for 109 consecutive months. Than nine years. Inflation remains low. Feds target. Wages are moving up though not as fast as we would like. Ways. Is weak in other but other measures tell a very story. Nt g. D. P. Growth has slowed, third below 2 in the quarter. Job growth is also slowing. Lagged behind the l
Outlook and some of the things we have done with regards to the tax cuts and jobs act, different regulatory changes, to maintain the growth we have seen or expanded, what recommendations would you give . I think the outlook is still a positive one. There is no reason the expansion cannot continue. There is a lot of value in continuing it. We have to use our tools to accomplish that. We are seeing in the 11th year longest inion, the u. S. Recorded history, what we are seeing is that income gains are the highest at the lower end scale, so it is positive. We are also seeing people being pulled back into the labor market. There is a lot to like about this rare place of the 11th year of expansion. I think we are committed to doing what we can to expand it. Rep. Herrera beutler in that know your testimony touched on concerns with the national debt. Could you elaborate on that and how it should be addressed, particularly as it relates to expanding or at least not contracting the economy . Cha