tailieunhanh - THE CONGRESSIONAL BUDGET OFFICE’S BUDGET AND ECONOMIC OUTLOOK

As I noted at the outset, when we last gathered here, the deep economic contraction had ended, and we were seeing broad stabilization in global economic activity and the beginnings of a recovery. Concerted government efforts to restore confidence in the financial system, including the aggressive provision of liquidity by central banks, were essential in achieving that outcome. Monetary policies in many countries had been eased aggressively. Fiscal policy--including stimulus packages, expansions of the social safety net, and the countercyclical spending and tax policies known collectively as automatic stabilizers--also helped to arrest the global decline. Once. | THE CONGRESSIONAL BUDGET OFFICE S BUDGET AND ECONOMIC OUTLOOK HEARING BEFORE THE COMMITTEE ON THE BUDGET HOUSE OF REPRESENTATIVES ONE HUNDRED TENTH CONGRESS FIRST SESSION HEARING HELD IN WASHINGTON DC JANUARY 30 2007 Serial No. 110-3 Printed for the use of the Committee on the Budget Available on the Internet http congress house budget . GOVERNMENT PRINTING OFFICE 32-919 PDF WASHINGTON 2007 For sale by the Superintendent of Documents . Government Printing Office Internet Phone toll free 866 512-1800 DC area 202 512-1800 Fax 202 512-2250 Mail Stop SSOP Washington DC 20402-0001 COMMITTEE ON THE BUDGET JOHN M. SPRATT Jr. ROSA L. DELAURO Connecticut CHET EDWARDS Texas LOIS CAPPS California JIM COOPER Tennessee THOMAS H. ALLEN Maine ALLYSON Y. SCHWARTZ Pennsylvania MARCY KAPTUR Ohio XAVIER BECERRA California LLOYD DOGGETT Texas EARL BLUMENAUER Oregon MARION BERRY Arkansas ALLEN BOYD Florida JAMES P. MCGOVERN Massachusetts BETTY SUTTON Ohio ROBERT E. ANDREWS New Jersey ROBERT C. BOBBY SCOTT Virginia BOB ETHERIDGE North Carolina DARLENE HOOLEY Oregon BRIAN BAIRD Washington DENNIS MOORE Kansas TIMOTHY H. BISHOP New York South Carolina Chairman PAUL RYAN Wisconsin Ranking Minority Member J. GRESHAM BARRETT South Carolina JO BONNER Alabama SCOTT GARRETT New Jersey THADDEUS G. MCCOTTER Michigan MARIO DIAZ-BALART Florida JEB HENSARLING Texas DANIEL E. LUNGREN California MICHAEL K. SIMPSoN Idaho PATRICK T. MCHENRY North Carolina CONNIE MACK Florida K. MICHAEL CONAWAY Texas JOHN CAMPBELL California PATRICK J. TIBERI Ohio JON C. PORTER Nevada RODNEY ALEXANDER Louisiana ADRIAN SMITH Nebraska Professional Staff Thomas S. Kahn Staff Director and Chief Counsel James T. Bates Minority Chief of Staff II C O N T E N T S Page Hearing held in Washington DC January 30 2007 . 1 Statement of Hon. John M. Spratt Jr. Chairman House Committee on the Budget . 1 Hon. Paul Ryan a Representative in Congress from the State of Wisconsin . 2 Peter .