Welcome to the committee on the budgets hearing on over sight of the Congressional Budget Office. This hearing will focus on cbos organizational and operational structure. It is the first of five hearings at the Committee Plans to hold regarding oversight of the congressional budget. The goal of todays hearing is to learn more about cbo which was created as part of the congressional budget and impoundment act of 1974. For decades, this agency aesz primary duty and function has been to assist congress in the federal budget making process by providing cost estimates, economic analysis, working papers and other inciteful publications. Members of the house and Senate Budget committees rely on cobb as impartial resource when writing budget resolutions. Also plays a key role in advising this committee as it enforces budget rules. Without question, there are dozens of fine men and women employed by cbo, including support staff. But more than 40 years since founding, congress has not undertake
Look forward to the return and congratulations again. Welcome, everybody, to the closing bell. Im wilburt frost in for bill today. Markets stormed out of the gates this morning, but a dramatic reversal in the last hour. A big day for earnings. After the bell, facebook, microsoft, qualcomm, at t, and more reporting what you need to know ahead of the reports. Starting with the initial rebound and selloff and since then pull back we are uptown at the nasdaq, and bob pasani is at the new york stock exchange, bob, starting with you the important thing is what happened in the last hour because we have weakened now, everyone is talking about the feds statement about market based measures of inflation compensation increasing in recent months, but remain low. They added that phrase they are more hawkish on inflation, but its modest, and the s p, lets look at the s p it did not move at all for the first 15 minutes after the feds statements if you thought, they would have been moving more aggress
The hearing will come to order. Welcome to the committee on the Budget Hearing on oversight of the congressional budget up as. Cbosearing will focus on organizational and operational structure. The goal of todays hearing is to learn more about cbo, which was created as part of the budgeting and an pound meant act of 1974. For decades, this organizations primary function in duty has been to assist congress by providing cost estimates, economic analysis, working papers, and other publications. Members of the house and Senate Budget committee rely on cbo as an objective and partial impartial resource for budgeting. It also plays a key role in advising the committee is it enforces budget roles. Without question, there are dozens of feynman and women employed by cbo including analysts, management, and support staff. For more than 40 years since its founding, congress has not undertaken a conference of review of cbos structure and processes. It is still under its original permanent authoriza
Years of work on health issues, he said success on these issues is more important than any one person. In order to look forward without any further disruption im tendering my resignation. Before making his acceptance public he made some comments on the situation and what ba bothered him about it. I was disappointed because i didnt like it cosmetically or otherwise. I think hes a very fine person. I dont like the optics. We renegotiate deals, we are renegotiating the f35 fighter planes. I safed hundreds of millions of dollars so i dont like the optics of what you just said. Reporter price offered to pay back 52,000 for his seat on the charters by only was a fraction of the total cost. Paul ryan called him a good man. Senator schumer making this about the healthcare debate saying the Health Secretary should be focused on the law not working to sabotage it. The search will be on for a replacement. One piece of context as i toss back to you from the reporting of our colleagues at fox news.
Im wilfred frost, sara is off today. Lets get to the Global Market picture. This comes off another record close for the dow yesterday that was up 0. 7 . The s p and the nasdaq were up just slightly. Banks did well as yields rose. That record close and big jump for the dow flattered by one or two individual stock movers. The likes of caterpillar and 3m up significantly and the price weighting nature of the dow meant it had more of a significant gain than the dow or nasdaq gains for all three indexes. Slight gains this morning for the dow, the s p and nasdaq just lower. Tenyear treasury note, we hit a high of 2. 424 yesterday were at 2. 44. Fractionally love that level that will help the likes of the financials again today on the wall street agenda, a pair of economic reports and plenty of earnings september durable goods earnings are out at 8 30 a. M. , followed by september new home sales at 10 00 a. M. Boeing, cocacola, glaxosmithkline, Northrop Grumman will report before the open as