doug allan dodd became the eighth director of the congressional budget office on january 22nd 2009. he brings to us today an impressive background to his assignment. his undergraduate degree is by princeton taught by beta kappa, received his master's from harvard, one of his dissertation committee member spoke to us this morning. he also had marty feldstein. our speaker was previously an assistant professor at harvard served on the staff of council of economic advisers and served as deputy assistant secretary for economic policy of the treasury. before he became cbo doug was a senior fellow in the atlantic studies program at the brookings institute. that kind of men's my biographical background. many people know doug and his work. from an administrative standpoint we will try to get some questions then. i know we have been little taxed for time. so at this time would like to invite dug his presentation and we will take some q&a. [applause] >> thank you. it is great to be back. i am afraid that i will mostly stand here while i talk. rather than just focusing on the budget this mornin