i appreciate the invitation to testify today about cbo's budget and economic outlook. i would be happy to answer questions. >> thank you for your testimony and even more for the expanded documents that you do to help us to know where things are going. we'll now begin a round of questions and i think everybody knows how we alternate back and forth and it's based on being here at the sound of the gavel or arrival since that time. so i'll be begin my questions. the tax cuts and jobs act has already stimulated the economy hands of hard working americans and businesses for investments. as we look forward to the reduction in the business tax rates, i see they are incentivizing more work and higher investment. i noticed in your start on table 2 that revenues grow every single year. i noticed that outlays grow every single year, too, and more substantially than revenues do, which is the problem that we need to solve. can you expand on the expected individual and business response to the tax bill in the medium term? >> sure. we have forecast that the tax act will encourage savi

what is your reaction to that should they abolishes cbo. >> where was my clip bashing the cbo. i have done that a dozen times. counting receipts coming. in very simple where we struggle with the cbo generally where they project out to the future and you will the reports they released this week not the one of the best receipts of the history. single best month in the history of the united states government. that's just counting of money that's coming. in that's usually a pretty solid number. treasury will follow up on that by the end of this week and our guess is those numbers are probably pretty being a rat. brian: had you a mandate from the president. i couldn't know set about signing the omnibus bill. look at this again and cut some money out. you found some money. $15 billion. where did you find it? where was it and is it enough? >> it's never enough. for me i would have done a lot more if i could have found it money is everywhere quite literally. resend old spending. money that previous congresses have said here department of energy you take this couple of billion dollars.

they are not sure that it can be done, so i talked to cbo about this, and cbo can't take a position, but they do, you know, figure out what's going to happen. and so under their deal only 80% of this money is going to be spent or set up by ten years. so at the end of ten years only 80% of these work requirements are going to actually be established. that's how hard it is to do. and after the third year of the program only .3 of a percent of the people that are in this group of people are going to actually be in a training program so one of the biggest questions is, jim had talked about it, we set up these pilot projects, and the idea was to figure out what works and what doesn't work. we'll have the information on that in 2020 or 202 is or whatever it is. huh? so my question is so we're setting up something that we're not sure how it's going to would be. we're going to spend all this money and create all this bureaucracy. if we only have .3 of a percent of the people of affected in 2021, why don't we wait until we know what's going on until we jump off the cliff. i don't know why tha

the cbo does not. >> the cbo does not break those numbers but we be happy to you to find the specifics but you are correct on the 9.1 and we certainly 7.6 into the training programs. >> the groups that i talked to buy days that i've had to look through the center and budget priorities they say that the new work requirements could cause about 1 million low income households with about 2 million people to these benefits so maybe that number represents the loss of benefits and $7.6 million were for administration could someone and by administration can we unpack that number as well? >> that would be what number is black granted and against the training programs were talking about. >> for the training programs or toward positions and it and when i hear administration i think growing the program for growing government -- can we get that detail as well? >> it does include both but concurrently they use the 5050 maxes as wellin the same arena. >> another question i have is since we don't want to get the data from the pilot can someone share what research was used to create this program? >> th

the republicans go after the sloan and help but on the face of it and cbo the nonpartisan budget office has confirmed that thactually none of the funding that will be taken away here impact the program. this is budgett authorities and not money that would be spent and a lot of it has been expired. those are the big key takeaways. >> the minority whip saying this that not a nickel from the fence, not a nickel, it's a fight defies logic that if you send money that will not be is that the only place to look is non-defense programs such as medicare and medicaid. their logic is they want to cut non- dispense running whatever it is and honestly we are opposed to that. >> that's right. there's nothing coming from the defense onn this. there are ten departments that are impacted and none of them are the pentagon's. that is because the president made it a priority to give the pentagon much anything it asks for this year. it would have been surprising if they were to say we will be coming back after those programs now. there's a lot ofn noncontroversial cuts in this package out of the $15 billion

the cbo report gave them permission. there's not a single democrat, which i wouldn't expect given the targeting of chip funds. you're going to have to see mitch mcconnell do some arm twisting to get his members on board. we're not going to have john mccain back on capitol hill anytime soon. that means they can't lose a single republican vote if they're planning to pass this. that said, it's an opportunity that the trump administration doesn't have that often because this only requires 51 votes. it's not subject to the filibuster unlike any other spending bill congress passes. >> what about appropriations chai chairs? the lawmakers who chair the proep raappripriations committe. what do they say? zwl one of my colleagues spoke to richard shelby and he said he's concerned about cuts to the appalachain development highway system. the white house had $45 billion of cuts to that program. that's a sizsizable. he says his state of alabama has benefitted from that over the years. he's not sure if he's ready to let that go. so he'

the accountability expense and responsibility the burden is on the state to specifically say as the cbo says it has no effect on the federal budget because the federal government does nothing and it also said in the senate report has no regulatory impact. >> if i read these cases to set up a principal the federal government cannot script state officials for its own purposes the federal government does whatever it wants consistent with the commerce clause but it cannot script state officials to help the federal government do that so if that is the way i see these cases then who is being conscripted to do what? >> the court uses the word commandeering so all of those verbs are applied so conscripted here means the legislature of new jersey has been told it may not regulate an activity taking place in new jersey all over new jersey illegal gambling going on they cannot regulate the activity. >> so the way that you say that that the federal government says you can't so to me that sounds like preemption that the federal government take some type of action to say we've got this you can't do a

one final point the additional reports of the cbo -- in the month of april were at a historic high and again generating surplus and i think again that's a result of a growing economy and i think you'll continue to see those. >> the economy is growing at such a fast pace. the unemployment record is down to s. 17 low. commentators call that a wow number 3.9% unemployment. certainly what i saw traveling around wyoming last week if as the optimism. government can neither create opportunities or crush opportunities based on taxes and mandates and regulations. we are committed to lower taxes, fewer regulations. that's what we have promise in that's a we are to do. the national federation of independent businesses says 50% of small businesses in this country are either hiring or planning to hire more workers so the economy is growing. more people are being hired and wages are going up at the same time so people are having more money in their pockets due to increased wages as well as less taxes being paid. because of the fact we cut taxes and cut regulations. people are seeing that we are cont

that is in the cbo report as well. i would appreciate my colleagues reviewing the entire cbo score to see the reality of the situation and of course limited to the 1974 budget act and understanding that we can only score things in the static scenario not necessarily a dynamic scenario that accounts for the flexibility and real-life. madam secretary recently had the chance to visit with teachers in every corner of our state and based on the story that you explained a couple questioners again about people who were frustrated. she was running for political office so i can't talk about the kind of teacher she is but she certainly was engage in their community. both of them she said which caught my attention immediately she said she was quitting. she had enough and fellow teachers were hanging it up. to why and she let me know that it was still the data collection and the federal government this in state government that and she wasn't able to -- . for 5 or six years i helped write on this committee which "the wall street jo

but, can you trust the cbo? >> never believe the cbo. very important.heir scoring at all. as a matter of fact, we have 100 people in treasury that do our own scoring and we will have our own assumptions. >> they should abolish the congressional budget office it is corrupt. it is dishonest. i don't trust a single word they have published and i don't believe them. ainsley: white house office of management and budget director mick mulvaney joins us now to react. good morning to you. what is your reaction to that should they abolishes cbo. >> where was my clip bashing the cbo. i have done that a dozen times. counting receipts coming. in very simple where we struggle with the cbo generally where they project out to the future and you will the reports they released this week not the one of the best receipts of the history. single best month in the history of the united states government. that's just counting of money that's coming. in that's usually a pretty solid number. treasury will follow up on that by the end of this week and our guess is those numbers a

that's out of the cbo report as well. i would appreciate my colleagues looking and reviewing the entire cbo score to see what the reality of the situation is. of course, cbo is limited to the 1974 budget act and understanding that it can only really score things in a static scenario not necessarily a dynamic scenario that accounts for the flexibility and real life that students are going through. madam secretary i recently had the chance to visit with teachers in every corner of our state and i'm recalling that based on the story that you just explained a couple questioners ago about teachers who were frustrated. i met one too. she was running for local office. i can't comment on, you know, what kind of a teacher she was. but she was certainly engaged in her community and also with her superintendent. and both of them, she said, which caught my attention immediately, she said that she was quitting. she had enough. and that fellow teachers were also just hanging it up. i inquired as to why. she let me know that it was stil

we have over 30 individuals that work with us throughout the city with our cbo, this is a group of ten individuals, that will be fo >> clerk: commissioner, you're back in session on an open record and you still have a quorum. >> president turman: okay. next line item. [agenda item read]. >> move not to disclose. >> second. >> president turman: all in favor? all right. nondisclosure, we are in -- that is a unanimous vote. thank you. >> clerk: item nine, adjournment, action item. >> well, i'm going to move that we adjourn in honor of commission president julius turman, who you are he going -- who's going to have julius turman day in san francisco, so i think we should have a par aid -- parade. a lot of good things was said tonight about julius, but one of the best was integrity, and he was able to make good decisions despite disparate political forces. he's totally a straight shooter. so god bless, and i'd like to so god bless, and i'd like to adjourn in honor of commission - working for the city and county of san francisco will immerse you in a vibrant and dynamic city that's on the for

i mean, cbo just reported yesterday a 15% average increase in premiums in the individual market. that comes on top of even higher increase last year and republicans and democratic voters are not fooled by this. i mean, all of the polling shows that republican voters, you know, a great majority of voters, as i said, by 20 points do not trust republicans on the issue of quality affordable health care. and that issue is one of mine for voters as well. so that will be one of the many important factors. . . >> and you see that? >> we have a tough political map that we have good challengers in every state. and in tennessee you have a two term governor who served his state really well and i went to serve his country. and if you look at the record the way he was running campaign, he is talking to people about solutions and the ads he is running are very clear. he isn't running against donald trump if donald trump has a good idea for tennessee or a bad idea and so what we are seeing in the states who want a senator who will stand up for their state first. and that means holding the presen

so much for you your time, douglas holtz-eakin, the former cbo director.st investor paul singer is making a move. elliott's bid for athena health is sending shares of the health care platform soaring. this is bloomberg. ♪ david: this is "bloomberg markets: balance of power." i'm david westin. shery: i'm shery ahn. shares of medtronic are higher and are on pace for the best since november of 2017 on the news of a key higher. abigail doolittle has details. hired michael weinstein, who had been an analyst at jpmorgan for 26 years. let's talk about what medtronic does. they are best known for their heart therapies, 18% of their revenue. urgent solutions, 17.5%. we are also looking at diabetes, surgical solutions. quite a bit of different businesses with the health care industry. what has happened over the last year or so, the stock is flat. perhaps they need to jump things up. they brought and mike weinstein as the senior vice president of strategy. he had been an analyst at jpmorgan for 26 years. is an md, well respected by analysts. he also knows the competi

says it will add $2 trillion to the debt and you -- i give you full credit, said the cbo analysis is a good, reasonable analysis. what are we supposed to believe? >> the analysis on the debt may have been made, senator, i'm just not aware of it at the treasury department. >> well if it's been made, i'm going to ask you to make that available to the congress because i think the american people are due whatever work product came out of an analysis of a tax bill. and so i would ask mr. chairman that if there is such an analysis, that the committee request it from the administration. >> i have no issue with that. obviously, typically internal documents are internal to the executive branch and always have been, but if there is a document that we can get we should. >> this is just an analysis of the impact of the tax bill and the debt. i'm not looking for any kind of work product information. and given that secretary continues to make these statements, it would be interesting to discover what the basis of it is because most people believe that the cbo analysis was a reasonable one. so i --

people to get to these programs, and because it is a 120-hour training program for a $130 benefit, the cbo estimated that 2 million, potentially up to 3 million people would self-select to get off of food stamps, which is another way of saying being booted off because of these strenuous requirements. in florida, we have these requirements. in other states it hasn't worked as well. the biggest thing that hits us is lowering the eligibility from 2% below the poverty line. in our state it is not a controversial issue. we have expensive real estate. people pay a lot of money in rent and mortgages. it would have kicked more people off food stamps in any other state in florida, 130,000 people. for me it became untenable to support. , it would have required each state to have a child support collection program, which sounds great, and in florida we have the economies of scale to do it, but in a lot of states they are too small and it does not work out. he would have spent $8 million to collect $6 billion resulting in a $2 billion loss to the snap program. on the farm bill side, we saw some improv

they're hi t cbo uron husmfe. but quilted northern is not a robe.t's just really nice toilet paper. >>> here's >>> here's a look at today's forecast in some cities around the country. >>> the candy man comes. kyle busch gets it done at charlotte. >> kyle busch dominated nascar's coca 600, leading in 377 laps of 400. it was his first win at charlotte motor speedway but his 47th career win. starting at the pole, busch won every stage in nascar's longest race. it was his fourth victory of the season. >>> and will power won the indianapolis 500. he took the lead with four laps to go when two drivers in front of him had to make pit stops to refuel. that ties him with al unser jr. for the most on the career list. >>> meanwhile danica patrick crashed in a single-car spin. it was the last race of patrick's career. she calls the outcome disappointing. >>> the drivers are not the only one feeling the pinch at the gas pump. gas prices this year are the highest since 2014. but there are ways to save. chris martinez has details. >> reporter: los angeles drivers

cooper cbo -- ceo -- writers would use the app to request service and get picked up by a regular uber car. the four passenger vehicles would use rooftops to take off and land. it is kind of like a helicopter. a trip from san francisco to san jose rush hour would take 15 minutes. >> we already have so many flying things, it does not surprise me to have a flying car. it sounds great. >> uber a said the air service collage in los angeles, dallas, and dubai in 2020. engineers are working with nasa to develop an air traffic control system. it is definitely like a helicopter, possibly. i am wondering how much it will cost. if you are rich enough to have your own helicopter and a helipad, you could do it. >> all right. >>> the company this is in hot water over telemarketing. the amount of money consumers who have been getting calls should be paid even though they were on a do not call list. >>> welcome back, 4:55. $1200 may come your way. if you received a call from dish network while you are on the do not call list. a man in northern colorado -- carolina sue dish network after the company c

and that is out of the cbo report as well. so, i would appreciate my colleagues looking and reviewing the entire cbo score to see with the reality of the situation is. and of course, cbo is limited to the 1974 budget act and understanding that tit can only score things in a static scenario. not necessarily a dynamic scenario that accounts for the flexibility in a real-life tha students are going through. madam secretary, i recently had the chance to visit with teachers in every corner of our state. and i am recalling that based on the story that you just explained a couple questioners ago about teachers who were frustrated. i met 12. she was running for-- i met one too. she was very engaged in the community and she was with her superintendent.she said, that she was quitting. she had announced that fellow teachers are also just hanging it up. i am unclear as to why. she let me know it was still all of the paperwork and forms and data collection. federal government this and state government that. it was just really, she was not

cbo says it costs $173 in mandatory spending. that's what it costs. we're going take ten times more away from men and women who wear the uniform. it is absolutely something that we cannot do. further, when these technicians who maintain our tanks and aircraft and all those things, when they do this job, when they mobilize and have to deploy overseas in in a title ten stat us, they've got to do away with that. we should not treat service members differently if they're wearing the same uniform. i have full intention of working to pay for this that is acceptable. i just urge my colleague to support our men and women fw uniform who choose to serve this nation and not pay them less to charge them more for health care when it would save us ten times the money to do that, when it would save us 1.2 million. it passed the senate last year and was stripped out in conference. it is absolutely one of those thins that is not taking care of our men and women in uniform and they deserve the best when they wear that uniform every day. that the time, i withdraw my ame

because i can see that there's a lack of kind of data on the success of these state work programs and the cbo actually estimates that it would take upwards of a decade to be able to offer all of the work slots for all of the new people who are eligible. so democrats have pretty much rejected this proposal and during this committee, they didn't slovote for it at all. and usually in a farm bill, it passes in the middle, well, democrats and republicans and urban law makes who don't really have farm in their. >> and let's just take a quick look at your article, here's the headline, conaway races to nail down farm bill votes before the house floor debate and as you mepsz mentioned, you're going to need mo more. >> it's not as though it's falling on deaf ears, but it's quaking quite a bit of persuasion to get the gop on board. on thursday i talked to the chairman, mark meadows and he said there are concerns about the work environments in snap and he actually has concerns about the agricultural component of it. he actually had some dairy producers in his district. they want to be able to offer their

ast is out of the cbo report well. i would appreciate my colleagues looking and reviewing the entire cbo score to see what the reality is. of course, cbo is limited to the 1974 budget act. understanding it can only score things in a static scenario. not necessarily dynamic that accounts for flexibility in the life. i met a teacher who was frustrated. she was running for local office. she was engaged in her community. she was with her superintendent. she said she was quitting. she had enough. she said other teachers were also just hanging it up. i asked why. she said it was all the paperwork, forms, data collection, federal government, state government. she was not able to teach. i was dismayed because for five or six years i help right on this committee and pass the every student succeeds act which the wall street journal called good. , at message has not reached least according to my conversations, our teachers or superintendents or principles, at least in the state of indiana. talk throughyou to this committee to the

>> this is simple math and the cbo estimates 10%. the premium benchmark plans are going up 60%.the portion of that, the fewer individuals in the pool then that may very well be, but the real driver of increase in cost is decreasing choices and forcing people to buy what they don't necessarily want. >> neil: i understand what you're saying, but you can see how people come to that conclusion. >> sure. >> neil: short of the additional steps you want to see taken and many in your party arguing and saying costs are going up by removing that individual mandate. for whatever meritorious reasons, they can't get it, they opt out and people who are left have to pay more for the coverage they had. so they're looking at a great triumph that you are and saying that, it's not a triumph for me. i'm getting zoomed here. >> that's why you need the other reforms and excited to have the department of labor and-- >> i understand and republican are bragging about removing the individual mandate and they have a perfectly sound reason to, government burden an or whatever, they're technically endorsing

because most people believe the cbo analysis was a reasonable one. so i would ask you to -- i appreciate that, mr. chairman, and thank you. >> last question i have. did you do a distribution analysis at the department of treasury? >> we have looked at distributions yes, sir. >> because i did ask the secretary about that in a banking committee hearing a little while ago and i would also respectfully mr. chairman request the distributional analysis done by the department of treasury. >> i have no issue with that as well. >> actually, long-term on this, i appreciate your questions, long-term is going to be over the next two, three years, as the actual numbers come in. the estimates at the beginning are one thing. actually what occurs in the economy will be the real evidence as we roll out next couple of years. >> that's true. we all try to do analyses so that we can make the best decisions possible given the information at hand. and i've seen the jct estimate. i've seen the cbo estimate and back up tierl for that so it would be useful to have the back-u

the cbo estimates that the farm bill over a ten-year scoring period saves $104 billion, okay? so, as we talk here today on this budget and as we go into the farm bill, it's important to acknowledge that, that our farmers and ranchers are helping find savings to help address the debt and deficit. in the final fiscal year 2018 appropriations bill, this committee made real progress, working with you, mr. secretary, in terms of modernizing infrastructure in rural america, supporting rural development programs and increasing funding for ag research. we appreciate that. and so, we look forward to hearing an update from you on implementation of those programs. we need to be investing in the future of ag in rural america. the average age of our farmer now is 60 years old. and i know, mr. secretary, to you and me, that seems pretty young. but overall, you know, when you think about our average farmer out there, 60 years old, we've got to continue to find ways to help, you know, young people get in this great business of agricultu agricultu agriculture. so, i look forward to working wit

imf, cbo, they have jacked up their forecast to around 3%, what we said last fall would happen afterpital spending boom is in the data and wage growth is in the data. the reason we continue to grow is because of the 900,000 people who everybody gave up on before president trump was elected who reconnected them to society and found a job. vonnie: kevin hassett of the council of economic advisers. battleime for our global of the charts where we look at the most telling charts of the day and what they mean for investors. we need a belt. -- bell. joe starting things. , for the past year talking about trade. will we get tariffs on aluminum? not much happened when we did. out of nowhere, a u.s. treasury note on early morning april 6 and the crisis arose. it went up 30%. in the space of one month, a 30% rise, a bull market. a 12% fall the cause, right after that, the u.s. treasury , thewe have to give oleg russian billionaire who owns the largest -- second largest aluminum producer in the world, the ability to divest from his company because people do not want to do business with a company

. $600eficit has grown to billion and the cbo expects this by 2020. yahoo! sold the most after they missed estimates with the shares slumping more than in march. they were trading the lowest in 18 months. sony fell after weaker sales. boost revenueto through services. north and south area take steps towards a new relationship why dismantling the speakers that broadcast propaganda. this was announced at the end of the talks between the presidents and they are calling for a three-way summit with the north and the u.s. in june or july. blue origin has tested the shepherd rocket for the launch and it took off to reach an altitude of 100 kilometers before returning and landing in the desert later. shepardnamed after alan will stuff they hope to fly tourists as soon as next year. let's take a look at the trading action. region areoss the closed for labor day. that includes no trading here in hong kong for so, we are taking kong.g so, we're taking a look at what is trading in the 20th consecutive month with the aussie coming off of this december low and we are seei

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i believe growth may not solve the entire deficit, but you know, the revenues are coming in the cbo,rees with us on tax cuts. their reestimate from pretax cut to post tax cut gave the corporate revenue side another, i think, 460 some odd billion dollars. and the whole economy of about $6.5 trillion in added nominal gdp. if my number, 6.2 or 6.5, cut me some slack but a huge increase in nominal gdp from which, at a roughly 17% rate, we generate revenue. so what's happening already is the revenue numbers are going up with the growth numbers and the deficit numbers are coming down. we have a lot of work to do. i believe, incidentally, that business tax cuts will absolutely pay for themselves at 3%, 3.5% growth. regarding the rest of the budget story, it is a question of political decisions and political will and, of course, good policy to limit federal spending we still have to work on the entitlements, both the large entitlements and the small entitlemen entitlements all that is under process. mick mulvaney is the omb director and is as good as it gets it's a long-term process but i th

most believe the cbo analysis was a reasonable one. i appreciate that, mr. chairman. thank you. did you do a distributional analysis of this part of the treasury? david: we had. sen. van hollen: i asked the icretary about that, and would also request the distributional analysis done by the department of the treasury. issue.irman: i have no to be overs going the next two or three years as the actual numbers come in. the estimates are one thing, but what occurs in the economy will be the real estimates. >> we all try to do analyses so we can make the best of decisions possible given the information at hand. the backup material. have thee useful to backup material the secretary of the treasury is using. senator?man: senator: daines thank you. obamacare violates the issue of tribal sovereignty. the fines outstanding are seven-figure in nature. economies are already struggling. governments will be forced to cut essential services to their people. the last congress, legislation exempted of tribal governments and tribal owned businesses and organizations from the standard. i am announc

you just saw yesterday, cbo came out and said president trump's budget would add much more to the debts numbers that are much more accurate than the administration's >> so, doug, you're going to respond. just know that jason has harvard university plastered all behind -- you've got a taco stand behind you with a little drawing of a piece of pizza >> thank you for that. >> is jason going to be right about these things >> i don't think so. i think if you want to look at the investment piece, which is the crucial piece -- i'd agree with that -- it's going about as one would expect you can't change all of this overnight. the first thing you should see is businesses bringing money back because they have to pay the taxes anyway so, they have a business decision, where do you want to do business now, u.s. or abroad? they're bringing the money back. that's good. next thing you can change are your plans, and we see record capex plans in morgan stanley data, goldman sachs data, nfib, and now the durable goods orders were very strong, the core defense/non-defense ex-transportation is exactly what

we have over 30 individuals that work with us throughout the city with our cbo, this is a group of ten individuals, that will be focused on needle litter. and they will be walking the streets of san francisco to ensure that we have no needles in the streets. that's our goal. and we'll be doing this effort along with our environmental health department which is here with us today, along with the many community based organizations. we believe this is an important initiative for the community of san francisco. and as the mayor gets complaints, i also get complaints. i've been trying to respond to this, but it's clear to me we've added more kiosks, which are large disposal, for people to drop them off, but we have to find them. many times they're under gates, in the streets. we're going to do everything we can to pick up as many as possible for the general public support and general public health, as well as the fact we believe this is essential health service we should be providing. i'd like to call up our director of the san francisco aids foundation, our partner in this project, he'll b

according to people familiar with the matter, they are looking into the allegation that the cbo the globalets' widely used vix benchmark is being manipulated. for the third time this week, argentina has raised its key pesoest rate to extend the . the argentine central bank race 40%, highest in the world. the peso has dropped 17% this year against the dollar. inflation is running at about 25%. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am taylor riggs. this is bloomberg. vonnie: taylor, thank you. i want to repeat that president trump says there is a location and a date set for a meeting with north korean delegation. it is an important thing to address, because we know that the president has been planning to meet with the north korean leader at the end of may, perhaps early june. looks like things are really progressing on that front. the president saying on his way to dallas that there are things happening with hostages already, and the trip is being scheduled. again, a date and location has

if you look at cbo congressional budget office numbers, you project two decades, what you're talking about is running a deficit of 10% per year. in order to close that gap, we would have to increase taxes across the board, not just taxes on the rich. by about 50%. if we were to increase taxes by 50%, that would have absolutely devastating effects on economic growth and activity. those are the problems. there are some good things that we have going for us. let me end on a somewhat more optimistic note. the united states has outgrown our g7 neighbors for a long period of time can we have done so for three reasons. the first, we work hard. if you look at the average hours of work among americans versus our g7 friends and competitors, we work, for example, we work 1100 hrs. than 800 it is less hours. that is true across the board. the second thing we do is we actually have low taxes, despite the fact that we think our taxes are too high. they are quite low relative to the rest of the developed economies. if you look at france, it's 45% to four, it's 5% of the economy. the third, this is

point environmental justice task force, which is a problem solving task force that involves residents, cbo, local state and federal government agencies working together to solve environmental problems. yet with all these efforts, we continue to see major disparities. this is a slide showing preventable adult hospitalizations with darker colors reflecting higher rates. and we continue to see economic disparities by race as well. and we know that these inequities will get worse as the impact of climate change unfold. while climate change will impact everyone, low-income residents and people of color will be hit the hardest and have the least amount of resources to adapt. climate change is expected to impact our daily lives, not only by causing extreme weather events and natural disasters, but also by making basic human necessities such as food, affordable housing, and energy more expensive and difficult to obtain. these inequities are well documented. this is an example, it's a report called the climate gap published in 2009. thanks to our department of public health, we have a lot of local

if you look at cbo, congressional bug office's numbers -- budget office's numbers and project out two decade, you're talking about running a deficit of 10% per year. we to close the gap we have to increase taxes across the board by 50%. if we were continue crease taxes by 5%, that would have absolute -- by 50% that would have absolutely devastating economic of economic growth and activities. so those are the problems. there are some going things -- good things we have going for us and let me end on a somewhat more optimistic note. the united states has outgrown our g-7 neighbors for a long period of time and we've done so for three reasons. the first is we work hard so if you look at the average hours of work among americans versus our g-7 friends and competitors, we work, for example, we work 1100 hours per person in the working age population inch italy it's less than 800 hours and that's true across the board. we're at the top. the second thing we do is we we actually have low tax. they're quite low compared to the postal service companied. for france, it's 45% forks us it's 25% an

i think the average for the cbo and if i stayed a number and you want to write it, please double check me because i'm averaging numbers in my head. i think the average for this year and next is 3.1. i'm just sort of remembering in my head. my new york fed lecture and on monday i went through the forecast revisions for folks all around the world and tre are lots of people that move around three. we were in a that world where we were thinking we would be stuck in the ones, that is really quite impressive. year,ended up being a 2.9 then i think it would still be a good year. >> paul from the washington examiner. having worked with sony politicians, how is trump different and how does he approach your information differently than say in the forr race, what is a chance a dow 36,000 under trump? eight person you work with has their own style. i think the most part president trump's style is pretty similar to that of romney's. he is a little bit of romney and a little bit of mccain in many ways in the ways he runs the meetings. teaching going back to governance in graduate school, you have a

we come off the high price environment and there will be shifting as cbo predicts. a big shift towards a favorable program. for all producers. and that is because the average downue is being ratcheted as we move further and further ahead. so there is a prediction that we will see a shift towards a rc. here ofcan get an idea c program does. they didn'tnue if have that and if they did, it shows up prominently. these are the payment rate, typically. $100 -- $75-$100 an acre. peanut stands out a lot. happenedecause of what 2012-2014 with caution in the farm bill -- with cotton in the farm bill. base.ost their they could grow any crop and be eligible and we saw an increase in peanut acreage. acreage is following the payment. and that probably will continue to be a big issue, again. the cotton base has been turned into the generic base. is a divisionhere between what is planted and what the support is based upon. it varies from commodity to commodity. that is the whole of it. matchetoric doesn't the economic facts. are differences among individual farms but the trends are

. >>> a combined chart comparing cbo treasury volatility intext to the equity volatility index you'll what i mean fact of the matter is that both became very volatile scaling is different different voluatility in a fixed income market versus treasuries. what i really want you to pay attention to is that equity volatility in that chart is very low. that low volatility gave birth to a whole chapter, if not book of strategies to basically -- and i'm over simplifying -- to pack your positions bigger and tighter over periods of volatility that ended it hasn't really ever gotten back. we haven't overtaken the price ground volatility shock and many of those strategies haven't been reimplemented to the extent they were the next chart is more of a chart only of treasury volatility the reason i bring that up is even though they're very similar, there say downward bias to that. anyone who remembers equity trading in 2017 remembers it left huge telltale footprints. lots of price appreciation with very few retracements of any magnitude, but the volatility low, as i said, positions grew and that wa

but just last year, you voted for this tax cut bill that experts -- the cbo and the congressional budget office and others said would add $1.5 trillion to the national debt. so can you claim a higher ground on fiscal conservative balance budget when you supported that legislation? >> well i've supported tax cuts and spending cuts. and in fact, on that same tax cut bill i had an amendment to allowed for entitlement savings to offset the tax cut. so if you are willing to offset with spending cuts, there is no hypocrisy there. and the penny plan i'm introducing and to cut one penny out of every dollar and the budget balances and there is that much waste -- find that much waste under every rock here in washington. i'll give you one example n. afghanistan we learned this week we spend $90 million on a luxury hotel that was never completed and now they're talking about tearing it down because they're afraid snipers will go up in this half-built hotel. that abounded throughout government and everywhere you look there is wastes and i-- i' giving people a chance to see if conservatives are conser

cbo just reported yesterday, as you know, a is a% average increase in premiums in the individual market. that comes on top of even higher increase last year, and republicans and democratic voters are not fooled by this. i mean, all the polling shows that republican voters, you know, a great majority of voters, as i said, by 20 points, do not trust republicans on the issue of quality, affordable healthcare, and that issue is top of mind for voters as well so, you know, that will be one of the many important pocketbook issues. >> lisa hagan from the hill down across the way. >> going back to the other spending questions in this report. is there encouragement with tennessee senate race, arizona and nevada are the best pick of opportunities, fill robertson continues to poll pretty high and fallout on the republican side with corker getting back involved. do you see this race as part of a path to the majority. >> we have really, you know, have a tough political map, but we have good candidate challengers in every state, and in tennessee you've got a two--term governor who served his state re

congressional budget office and then pasident obama's hd of the office of management and budget, he o&b and cbo under the leadership concluded direct negotiations wouldn't bring material savings to the program but what we're doing will because we're introducing more tools to negotiate and we'reti bringing negot to this other big segment of those dgsu you get that the doctor administers to you for the first time ever. i pay list price right now. isn't that amazing? >> woodruff: you're saying this is th ealent of doing what the president talked about? >> it's better it is fulfilling the president's commitment to negotiate and bid better but even more. >> wdruff: let me ask yo about a couple other elements. one of the things you're talking about is requiring pharmaceutical companies to list the price of drugs in the advertising. there are already skeptics minute, do you really think this is going to work in what makes you think that will work? >> we fundamentally believe as a citizen when you're watch ago tn ad thaices you to go to your doctor's office and ask that doctor for a drug that you are o

the cbo projected that that bill was going to save taxpayers $23 billion. when they came back to us just a few years later, we've now saved $112 billion, and we did this together by making good, sound policy changes to both farm and nutrition programs. i believe we can do that again if we remove the politics and focus on the facts. within hr-2, our provisions producers across the country need, and which my producers have asked i support. these provisions include tweaks to arc and plc to work more seamlessly, investment in programs and a crop program which continues to save our country more than it would under the old system of disaster declarations. this bill also makes common sense reforms to the nutrition title and s.n.a.p. that do not strip benefits from the hungry, like some would have people believe, but instead, continue to provide s.n.a.p. benefits for our most vulnerable while substantially investing in those who are work-capable. these reforms are not cruel as some would have us believe. what is cruel is doing nothing to reform a system which perpe