launching what is absolutely necessary project. the first-ever congressional caucus commission on the economic crisis and wealth creation. what is going on in the country? we know that the u.s. is experiencing a severe economic and budget crisis scott that is primarily caused by the great recession which is a combination of the financial crisis and the housing crisis. we know that we are running significant deficits and we have a very large debt. in fact the congressional budget office just yesterday released the projections for 2011 if nothing is done with regards to the loss the federal budget would show a deficit of close to $1.5 trillion that s 9.8% of the gross domestic product. we also know that we need to spend because we are in a recession that there is a need for investment because investment by the federal government has the ability to stave off the ill effect of the recession. so we have a tension between spending and revenue, spending and revenue. and early last y
rather controversial statement. a number that is been banded around quite a bit that regards the amount of money spent by our federal government to avert a global financial crisis is $12.6 trillion. now of this $12.6 trillion, only $700 billion had any legislation attached that spoke to the inclusion of minorities and women in the business of the economic recovery. and so at this point on the outset i need to thank congresswoman waters and the financial service ten of the 111th congress for having a profound impact on the inclusion of minorities and women in the business of the economic recovery. specifically because of section 107 mp3 of the emergency economic stabilization act in 2008, minority and women colin firmed involved in a substantial way with the treasury department as it managed and sold assets. for a simple, in the capitol assets purchase program, which was a program where when the united states government put $700 billion directly into commercial banks they took