swagel became the 10th director of the cbo on june 3rd, 2019. prior to his appointment he was a professor at the university of maryland school of public policy and a visiting scholar at the american enterprise institute and milken institute. dr. swagel was assistant secretary for economic policy at the treasury department from 2006-2009, and he has also served as chief of staff and senior economist at the white house consul of economic advisors, and as an economist at the federal reserve board, and the international monetary fund. and that covers just about all the financial basis. for the information of colleagues, dr. swagel will provide us with an opening statement followed by questions. dr. swagel, please begin. >> thank you, chairman enzi, ranking member sanders and members of the committee. thank you for asking me to testify about the budget update and outlook. i'll focus in my remarks now on that long-term fiscal challenge, and the challenge is daunting. at the same time, the united states is not facing an immediate fiscal crisis. the cur

chairman, to thank you on behalf of everyone at cbo. thank you and your staff for your support and our mission to serve the committee in the congress. thank you very much. >> thank you. i appreciate your comments and even more so your full report that i hope people will take a look at. i did note that you mentioned interest rates and confidence in the dollar and i think they're both tied together. and i've looked at what those -- what a difference that will make. so now we'll turn to questions and explain the process each member will have five minutes for questions. normally we see start with myself and the ranking member, but senator grassley has been on this committee longer than i have and could have been the chair of it several times and has a long experience with it. of course he's chairing the finance committee right now. and this is all related to that. i'll yield my time to senator grassley. >> thank you for your courtesy. and i'm glad to see you in your new position and have you here. during presidential elections, democrats he

cbo's budget. the hearing is expected to begin shortly and you're watching live coverage on c-span3. >> good afternoon. i'll call the committee to order. today the committee will hear testimony from the congressional budget office director phillip swagel. these projections account for the effects of the covid-19 pandemic and legislation enacted in response to it and provide a window into the future of our financial state. this is dr. swagel's first time testifying since becoming the 10th director of the office. unfortunately, the pandemic has delayed us from having him appear before this committee. i would like to thank dr. swagel for being here and thank the cbo staff for working to provide congress with informed estimates at a time of unprecedented uncertainty and unusual working conditions. cbo's updated budget projections confirmed what we all know, that the economic disruption caused by covid-19 and the federal government's response have led to a surge in deficit and debt. cbo projects by the

but i just wonder how a cbo in that predicament would know that this was happening.ould they reach out to you, your department? what would that process look like? >> oh, you mean to ask about -- well, if they have an mou with us, we're communicating with them regularly and if they're just wondering, they can reach out to the partnership's office and i think it's -- i'm going to go and look at the email to say it correctly, but it's sfusd partnerships, but let me get that to you so i don't say it incorrectly. and they can ask us those questions. we're constantly trying to put faq's out to do that, but that won't be the easiest way to ask that question if they haven't worked with us as a community-based organization before. i'm looking up the email now and i'll announce it in a minute. >> thank you. any other comments, questions? i don't see any. so we'll move on. i want to thank you for this presentation. >> i'm sorry to interrupt, president sanchez. the email is partnerships@sfusd.edu. >> thank you so much. and section j is discussion and vote on consent calendar ite

the cbo notes that rising debt persistently rising debt will pose significant risk to the outlook. financial markets note do not appear to be factoring that in just yet back over the you. >> thank you very much >>> coming up, more on the markets as the dow is sinking. right now down more than 900 points, do i see that's what it says right in front of me. i'm going to believe it as a warning from the uk about an -- 800 points -- as another lockdown is spooking investors >>> oracle could be the winner in the tiktok deal more power lunch after the break. machin . >>> welcome back a deal we thought would save tiktok is being threatened the president says he won't approve the deal if bike dance has control of the company >> president trump signed off on a deal but it's still unclear if it meets the u.s. or the chinese government oracle is set to take a 12.5% state and become its cloud provider with walmart taking a 7.5% stake that's because bike dance investors who will be getting shares of tiktok are 40% u.s. based. tiktok global would 53% owned by u.s. investors and and approximately

the cbo says the deficit will hit $3.3 trillion this year, more than triple the shortfall in 2019. this estimate assumes current policies stay the same and no further legislation for revenue and it's clear more assistance is needed. stimulus talks have been stalled since early august with both sides not budging on the price of their plans. the cbo reports recovery from the coronavirus recession could last the better part of the next decade. the cbo estimates the unemployment rate will stay above pre-pandemic levels until after the year 2030. the 10-year average unemployment rate will be near a 50 year low of 3.5% in february. >> why do you think it would take so long to recover? >> there is just so much debt, first of all. second of all, we know some of these jobs are starting to become permanent job losses. we know the airline industry is preparing for half of the prepandemic size. >> i raise it because the trump administration has made it seem like there's going to be a bounce back. >> a super v recovery. that is a branding and pr tactic, that's not reality. >> thank you for that

but i just wonder how a cbo in that predicament would know that this was happening.d they reach out to you, your department? what would that process look like? >> oh, you mean to ask about -- well, if they have an mou with us, we're communicating with them regularly and if they're just wondering, they can reach out to the partnership's office and i think it's -- i'm going to go and look at the email to say it correctly, but it's sfusd partnerships, but let me get that to you so i don't say it incorrectly. and they can ask us those questions. we're constantly trying to put faq's out to do that, but that won't be the easiest way to ask that question if they haven't worked with us as a community-based organization before. i'm looking up the email now and i'll announce it in a minute. >> thank you. any other comments, questions? i don't see any. so we'll move on. i want to thank you for this presentation. >> i'm sorry to interrupt, president sanchez. the email is partnerships@sfusd.edu. >> thank you so much. and section j is discussion and vote on consent calendar items

however, if you look at the cbo numbers, we have been through this with a fine-tooth comb. every time the cbo does a study, before taxes, before the tax cut and after the tax cut, they showed that the increases in nominal gdp from which revenues come, and therefore the increase in revenues, actually rose significantly. now, not in the first quarter of 2018, because the bill was signed in december. but once you get into late '18 and all of '90, the corporate tax cuts have more than paid for themselves. in fact, the last pre-pandemic measure from the cbo showed that almost the entire package, they showed, if i'm not mistaken, either 1.2 trillion or 1.3 trillion in increased revenues from their earlier estimate. the bill was estimated at 1.5. i just can't agree with you, i'm sorry. you and i are old friends but i got to push back on this stuff because that's what the numbers show. liz: i'm telling you the numbers also show president trump had $297 billion in corporate tax receipts in 2017 and then they dropped. they are climbing back and the expectation is to see in 2020 -- >>

of you had a chance to review that cbo report?>> i have not but will do so this afternoon. >> i encourage you to do that we had a budget committee hearing yesterday. i asked the republicanom appointed director of the cbo about the revision and the report that indicated state and local governments was among the most effective tools for helping working families and boosting the economy. i encourage you to dong that. you are aware of the fact during the negotiations of the c.a.r.e.s. act the original was all put forward by senatoria mcconnell did not include any of appropriations for state and local governments? >> it provided money to education which would have saved state and local governments money. >> mr. secretary that goesmo directly to the education department which is good and we increase that at the time but when this issue came up senator mcconnell talked about state and local governments go bankrupt. of course the most recent puzzle heap on the floor of the senate does not include any of money for state and local governmen

still we know who was not surprise, coated cbo who purchased shares of the company leading to the announcement. and receive 1.5 million's and stop actions from the coated board they before the announcement was made. these top options may have been worth as much as 50 million, just a few days later. i hope this letter to the committee and the sec will urgency transactions in the market movements, and i will hear the sec is open investigation as the investigation of the origin of the loan. knowing the circumstances around alone, and working with a clyburn insiders, and the early lead of the announcement, which is say there is a potential here for unlawful insider trading? >> i would go beyond that. i think in terms of -- we're talking potentials of violations, i think there is a potential that the sec could find a range of violations including in the disclosure reena, in terms of trading, in terms of possibly even individuals involved in manipulation. we don't know. and i think the fundamental issue from my perspective it's that we have to get the difference to the sec, to allow it to conduct it

they could go to the sf counts website where there is tons of cbos that are a part of the network that can help people and assist them in filling out the census. >> jaime, thank you s >>> all right. that's going to do it for now. sh thank you for joining us on today's interactive show getting answers. we covered covid-19 headlines and how to make sure your mail-in ballot gets counted. we also discussed the importance of responding to the census. we will be here >>> tonight, protests erupt after the grand jury decision, two officers shot and the arrest tonight. authorities in cities across the country now bracing for a new round of demonstrations. those two officers shot and wounded in louisville, a suspect now under arrest. a seattle officer placed on leave tonight, video appearing to show him push his police bike over an injured protester's head. tonight the lawyer for breonna taylor saying how could wanton endangerment because of shots fired and demanding that the grand jury transcript be made public. what the governor is saying tonight. >> president trump booed paying his respects t

have you had a chance to review that report, the cbo report? >> i have not yet had a chance, but will do so this afternoon. >> thank you. i encourage you to do that. we had a budget committee hearing yesterday, and i asked the republican appointed director of the cbo about the provision in the report that indicated that aid to state and local governments was among the most effective tools for helping working families and boosting the economy. so i really encourage you to do that. you're aware of the fact that during the negotiations over the c.a.r.e.s. act, the original proposal put forward by senator mcconnell on the floor of the senate did not include a penny of appropriations for state and local governments, right? >> well, it provided money to education, which would have saved state and local governments significant amounts of money. so in essence that was. >> mr. secretary, that goes directly to education departments, which is good, and of course, we increased that at the time, but there was not a penny and subsequently, when this issue ca

the other considerations would be, you know, how are we collectively working with the cbo partners torovide the best services for students and families and are there additional supports that we could bring technology supports or family resources? and this is the last slide. the key question tonight for the discussion is does the board generally agree with the proposed rolls for sfusd and if so, we would work with dcyf on outreach and identifying our focal students, monitor demand as asks come in an applicationso that concludes or joint presentation and we want -- i think it opens up to public comment and any questions. >> right, thank you so much and thank you for maria sue for being with us and presenting, as well as melay. so yes, public comment. >> please raise your hand if you care to speak on community hub's presentation. >> speaker: how can you support the learning hubs without the proper staffing and now there's a full, full day and they need to get paid and, also, to make sure it's going to be safe for staff, children and families, there needs to be time for providers to take

the cbo also says size of the federal debt will equal the size of the economy this year by 2023, the equality 107% of gdp. that is a record level however, when you look out over the next decade, the cbs forecast is actually lower than in march that's because even though revenues are down, spending is up, their estimates for interest rates and for inflation are lower than anticipated through 2030 guys, back to you. >> ylan, fascinating that they think the total debt and deficit will come down for those two reasons. >>> still ahead, wingstop has been flying high, and for one key reason we'll earn it when the ceo joins us next. tesla down more than 10% in the past two days. what that's right, 10% after an epic run for the stock. we'll tell you what's weighing on the shares after the break. more power to you in a moment. wealth management, iy your dedicated adviser can give you straightforward advice and tailored recommendations. that's the clarity you get with fidelity wealth management. a lot goes through your mind. with fidelity wealth management, your dedicated adviser can give you s

this is a cbo report from 2008.ody's talking about this , so i get frustrated with the presidential election where we have a candidate saying yeah i'm just going to raise taxes on the 1%. no, i'm sorry that won't even pay for your program, not alone the fact that we cannot afford what we've already promised all of our baby boomers, so let's get real and let's talk real tax policy, because we are just running out of money with the debt we have and the boomers retirement. neil: you know, gary we do know from the reagan example that was just used there, that tax cuts for revenue, the fault with both parties is that they take that revenue and then some and spend it and that's what builds on our deficits but this notion that you can tax any group and consistently raise revenue from that group was squashed in illinois, when they had a tax on the wealthy and a lot of the wealthy left, and that's the similar threat that's happening and hurting states like california, new york, and new jersey, where a lot of those folks are

we heard that from the cbo who wins in the front? >> you are right. the numbers are huge.f you told me at the start of the year that we would be looking at numbers like that, i wouldn't have believed you. governments don't have much choice. in the case of germany at least, they have balance sheet. don't forget we are coming from a healthy fiscal position. one of the biggest surprises of 2020 has been the german switch to being on the fiscal side, along with a u-turn on the e.u. recovery fund, which they allowed to happen. numbers are huge, but you still have the ecb with the increase and i have never been that worried about government bond supply. i have written a lot about this in the past. i think that bonds don't trade like potatoes or any other kind of vegetable. they are sophisticated financial instruments. to they are priced according not just simple demand supply dynamics. it's all telegraphed in advance. it's true to say that each auction or syndication is an event, but when it comes to pricing year end or next year, and all smoothed out ultimately priced to where

if the congressional budget office, the cbo, says the federal budget deficit is projected to hit a record $3.3 trillion. that's being blamed of course on the coronavirus and the subsequent relief legislation in the recession from it. the figure is more than tripled a 2019 shortfall. joe biden says the police officer who shot an african-american man in the back last month in kenosha, wisconsin, "needs to be charged." biden says he will go to kenosha tomorrow and will meet with the family of jacob blake. but tonight, biden is defending previous comments about the coronavirus. correspondent peter doocy is with the campaign. >> for the first time all week, fox news managed to get joe biden's attention. >> go ahead. >> he says that you warned president trump in january that there was going to be a pandemic and what needed to be done. if you knew that, then why were you still hosting crowded campaign rallies in march? >> what i talked about was not what had to be done. i said you've got to take this seriously. >> that's not what he said in july. >> all the way back in january i warned that this

the cbo says the deficit will hit $3.3 trillion this year primarily because of the pandemic. spunt reporting live from the white house. david? >> john, good afternoon to you. the latest round of coronavirus relief talks began in july and august recess kicked in. right now it appears both sides are at a stalemate. both republicans and democrats. you saw secretary mnuchin there, he has been leading the charge with chief of staff mark meadows there on the right side of your screen meeting with democratic leadership many times open the hill. still no deal. today president trump had a news conference. i asked him why don't you personally get involved in the negotiations in september and meet face to face with democrats. here's what he said. >> i know my customers. that's what i do. i know pelosi. i know schumer very well. they don't want to make a deal. they think it's good for politics if they don't make a deal. this has nothing to do with anything other than you have to know who you're dealing with. >> the president did go ahead and talk about the jobs numbers released friday. 1

another possible factor, the deficit and debt numbers from the cbo. the dow plunging 808 points today. the s&p 500 lost 126. the nasdaq hemorrhaging 598. fox coverage on this, connell mcshane new york looks at what happened and why. first up, jonathan terry in atlanta with the latest on the coronavirus in hopes of a cac -- a vaccine. >> good evening, and to the pentagon announced five u.s. military sites have been selected for phase 3 clinical trials of a potential vaccine. as operation warp speed ramps up to find a permanent solution to this ongoing pandemic. with three potential vaccines of phase 3 clinical trials, federal health officials are already instructing states to facilitate the opening of vaccine distribution centers. robert redfield urging the nation's governors to consider waiving requirements that would prevent these facilities from becoming fully operational by november 1st, 2020. that's two days before the presidential election, but the white house is pushing back against assertions that the timing is political. >> the president wants

senator, before a vote in your committee, has the cbo coming here in a few minutes, i want to get your this. there was already haggling over this. every one is saying we need more fiscal stimulus. now the federal reserve pushing hard. are things going to get easier in this election year? is it even possible to get some of these things done? >> i think charles the chance of anything getting done pre-election does not look good to me. when you have, what we're dealing with on the appointment schedule, the supreme court justice, i think that will be top priority. got the scheduled break that is in place. so i have mean it could happen. what i'm hearing on the economic front is a different story, maybe from every state. a lot of it dependent how strong your economy was going into it. probably as good as it has been for any state. i think the big differentiator would be state and local governments and i know that is part of the heroes act, part of what pelosi is wanting on the other side. that gets to be a difficult conversation because even in these great economic times pre-covid many plac

i want to ask about the cbo because i know you care about these things and listen, the u.s. trillion and it's the highest level since world war ii. we know a lot of this obviously from the shutdown but what do you think, is that actually starting to influence this market or do we have i won't say a free pass but an easier go of it because of these ultra-low interest rates? >> yeah, i definitely think that we don't have the race that we had back in the '40s with world war ii and obviously, we need those low rates right now. in fact, the government, we talked about the federal reserve before changing their target or letting themselves have a pass instead of automatically raising rates and that's why, because they can't afford to raise rates with such large debt. we have a pass right now just because of the stimulus necessary for the economic recovery during a global shutdown but like your previous guest said, when she was on, we can't have a shutdown that will last two years and we don't have, you know, we don't have a vaccine, we have got to get back to work. we have got to r

in july the cbo was protecting -- projecting unemployment over 10.5% through the end of 2020. they thought 2020 would be a lot longer than that. some projections where you go through the entire year and that includes a lot of months and the following year, 2021. instead the unemployment rate plunged, really to the surprise of many, all the way down to 8.4% in august. that is the second largest single month decline on record. we have the first. have both of them. we have the two number one declines. decline meaning positive, not negative. we are witnessing the fastest labor market recovery from an economic crisis in history. world history. by contrast, biden presided over the worst, just and slowest economic recovery since the great depression. it was a long, slow slog. it was the weakest recovery. under my leadership, next year be the greatest economic year in the history of our country, i project. some people are starting to agree. we have a v shape. the stock market already, and some cases, setting records. the nasdaq has set-team record -- has set 17 records already. first

bret: last thing the cbo say it is national debt will reach the size of u.s.nomy by the end of the year. i've interviewed you many times before and asked you about the growing debt, $27 trillion, the deficit and the debt concern, you've always said is, quote, manageable. after this pandemic if the president is reelected, would you see a second term some serious administration plan to address the debt? secretary: i would, bret. i think before we got into covid i thought the debt was very manageable. we were having an extraordinary growth, we were creating growth that would pay down the debt over time. unfortunately this china virus has cost us trillions of dollars and as i've said before, this is like a war, in a war you have to spend whatever you need to spend, so that's the reason why we spent $3 trillion. we would spend another $3 trillion, the speaker wants to spend unlimited amounts of money. i think the former vice president if he were elected would have socialist-economic policies that would take the debt out of control, but there's no question in a seco

three sort of indicate how we utilize funding for reimbursing of expenses that were impacted on the cbo's and then for the expansion of existing services based on the need, we focused on meals and emergency assistance for the most part with money set aside for emergency housing and client incentive vouchers. next slide, please. this is the break-out of the funding amount before you of 488,185 and again, for the three county amounts and the amount for san francisco, specifically, 85% of the clients are here and it's about $758. 197 is mostly reimbursement for covid expenses experienced by the community-based organizations and 52% has been set aside for extending of essential service's allocations for about 215,561. the next slide, thank you for use timyour time and i'm happy o answer any questions. >> chair: there is no bla report so can we open this up for public comment. >> operation is checking to see if there are callers that are ready. operations, please let us know if there are callers who would like to speak. >> chair: i would like to make a motion to move item number four with a po

three sort of indicate how we utilize funding for reimbursing of expenses that were impacted on the cbo'snd then for the expansion of existing services based on the need, we focused on meals and emergency assistance for the most part with money set aside for emergency housing and client incentive vouchers. next slide, please. this is the break-out of the funding amount before you of 488,185 and again, for the three county amounts and the amount for san francisco, specifically, 85% of the clients are here and it's about $758. 197 is mostly reimbursement for covid expenses experienced by the community-based organizations and 52% has been set aside for extending of essential service's allocations for about 215,561. the next slide, thank you for use timyour time and i'm happy o answer any questions. >> chair: there is no bla report so can we open this up for public comment. >> operation is checking to see if there are callers that are ready. operations, please let us know if there are callers who would like to speak. >> chair: i would like to make a motion to move item number four with a posi

various groups like the vfw it was introduced in the house senator daines and senator alexander the cbo says it does not score that the value to these families is immeasurable in a positive way i appreciate you giving me time to say a few words with think this is a bill that we can move expeditiously and we have found during this epidemic that people seriously value their time outdoors and they value the great benefits provided by the experiences of our national parks and public lands i look forward to the consideration by the committee and i appreciate the committee taking up this bill today. i turn it back to you. >> thank you germany and the ranking member and those the scenic rivers i could probably protect some of the most dynamic and spectacular rivers and streams in our country. with southwest new mexico the minimal spectacular places in the west. and to see those local rivers protected are was quite happy to see senator udall to drafting this legislation and in response to the overwhelming community support. we name the bill in honor of my friend a writer and angler and conserva

something we touched on earlier in the forecast, douglas holtz-eakin, former cbo director, he said ourng bad. it is so bad now, what we owe exceeds the value of everything we have. in other words, we're in the red. right now the u.s. government debt for 12 months ended, likely to end september 30th hit a milestone. has never reached since world war ii. we owe more than what we are worth, at better than 100% of outstanding assets our debt swamps our assets. more after this. ♪ snow. ♪ ♪ ♪ ♪ ♪ - i can't stop worrying. - why can't i sleep at night? - how do i deal with all this stress? - when did the world get so scary? - hello, this is michael youssef, there can be no doubt that our world is filled with troubles right now. and yet, there is one person who said, "i can give you peace that can never be shaken even in the worst of your circumstances." jesus is the way the truth and the only giver of eternal life and he is inviting you to come and surrender to him. and he will give you unbelievable peace, a peace that seems too good to be true, but it's true. will you come to him? (calm inspi

i'm curious when it comes to rates, you mentioned the cbo numbers, 2050, as we look at treasury secretaryne, gentlemen, how do you ever get rates up at all even at these number as much as a third of revenues some day in the future >> that's a big question the fed doesn't make impact on the federal budget, it makes decisions based upon what the economy needs and inflation and employment outlets would be a major constraint to raising rates, you're right. the market is not raising rates either how much is the fed really depressing rates here by keeping rates low? tell me what and where the market would place rates right now given the outlook, the outlook for inflation and economic growth, if the fed wasn't doing the things that's doing. >> that's a good point, steve. obviously we'll talk to you throughout the testimony this morning, steve liesman, thanks so much. in the meantime, is the stock market rooting for the president or nominee joe biden our next guest thinks neither, writing that wall street is not as partisan as you might think, in his latest op-ed for the "new york times." chief g

instead we've smashed through that and the nonpartisan cbo was predicting an end of year unemploymentstrength of the pre-covid labor market and impressed with the u.s. government response. >> sandra: there are questions how long this recovery can last, how strong it can continue to recover. we were talking to a former obama economic advisor in the first hour of the show this morning jason fuhrman who gave credit to the rebound we're seeing in the economy. he said however for this to last it is going to take more stimulus because the markets have been going up with an unprecedented amount of help. how dependent is the market and the economic recovery on more stimulus? >> there is no doubt we have vastly exceeded expectations and already clawed back 50% of the jobs lost in march and april and now the challenge is regaining the remaining 50%. that is why president trump remains committed to achieving bipartisan legislation that can pass both houses of congress and he can sign into law that includes things like a reload of the paycheck protection program and includes incentives for employ

i have served as the president and cbo -- ceo of the cyber fed alliance. issueecurity is a tough for almost any organization to manage. that is certainly true for the federal government. dependence digital continues to increase, something we have talked about this morning and this afternoon already, it is imperative for the government to get better at .anaging cybersecurity one aspect that makes cybersecurity to clearly tougher the federal government is that it does not fit neatly into one bureaucratic bucket. cybersecurity is a national security, economic security, commercial, intelligence, law enforcement, public safety, military, foreign policy issue all rolled into one. at the same time, cybersecurity is interdependent, just like the internet. all of those aspects that i mentioned is -- are connected and they all affect each other. they affect each other in some unanticipated ways. that means all of these disparate pieces have to coordinate and work together in order for the whole to be effective and not undermine each other. to some of the questions a

dagen: i wouldn't -- you said ask me if i wanted to be in the same room with cbo prognosticators. unemployment rate following and weekly jobless claims comes out in the 8:00 a.m. hour, 950,000 claims. what do you make of the shape of the market, it seems that the improvement is slowing? >> absolutely. we've had a v-shaped recovery in coincident and economic indicators, however, the labor market is clearly struggling. i'm not sure it's really v shaped the way we have seen, for example, retail sales, resail sales are actually in july all-time record highs especially that millions of people still being unemployed. the labor market is still the lagger in the market for sure. dagen: any other warning signs that you have seen that will get in the way of the market's run? >> i think it's mostly anecdotal and news that airlines and hotels and some of the other service industries are already looking at -- at cutting back on hiring back some of their people and some companies like the airlines area are talking about furloughing thousands of people so the anecdotal evidence suggest that is t

the good news is, from a budget point of view, the cbo says it -- it does not score. the cost would be incidental and immeasurable. but the value to these families would, also, be immeasurable. in a positive way. so, mr. chair, i'm glad -- i appreciate your giving me time to say a few words. i think this is a bill that we can move and move expeditiously. and we have found, during this epidemic, that people really, seriously value their time outdoors. and they value the great benefits that are provided by the experiences of our national parks and public land. so i'll look forward to the consideration by the committee and i appreciate the committee's taking up this bill, today. thank you, mr. chairman. and i'll turn it back to you. >> thank you, very much, senator king. any other members of the committee who are here, who want to speak to a particular piece of legislation? okay. i see senator heinrich and senator cortez. go ahead, senator heinrich. >> thank you, chairman lee. ranking member wyden. thank you for including two bills important to new mexico on today's agen

sticklers is prevents it from coming to the floor is this issue because it involves medicare, a cost by cbo, and it ultimately would involve the signs off of the ways and means of committee which has been difficult to achieve. i completely agree with my friend. thank you for bringing it up. >> to put a finer point on it, never has the post office been led by more partisan people or people closer to the current senate majority leader mr. mcconnell and yet he's the one who is refusing to consider this legislation which if it passed the house so overwhelming, presumably would have substantial support in the senate. it's a particular irony that mr. dunkin who is from kentucky are unable to persuade the senate majority leader to move that piece of legislation which could do more to restore the competitiveness of the post office than any other factor. another point that has come up in this hearing so far, not only as ms. speier pointed out is xpo possibly overcharging the post office today. it was revealed this morning by nbc news, as i think ms. lawrence pointed out, that 20 years ago new breed

as far as the next step steps, i was surprised that the reopening task force and parent and cbo and laborand stake holder group wasn't meeting and many of us are not meeting and haven't had input and some of us since july and some of us since august. and so some of what we were talking about last time and parent feedback and parent in addition is the task forces would be a great way to collaborate and engage. >> an i believe that concludes public comment at this time. >> i believe so. thank you for coming out and wait l. i know it is a late hour. commissioners? commissioner norton and then vice president lopez. >> i wanted to speak to some and i have to start by thanking you, dr. math use, for everything you and the staff are doing under really unprecedented circumstances to keep people safe, to reopen schools, to navigate what is an incredibly complicated and uncharted circumstances. i wanted to start there and say to all the parents that came out, i hear you. i can't imagine what it is like to have -- to be trying to work and have this distance learning with a young child. my hat is off

>> it will be a problem we don't think a problem right now, cbo very clear in their report yesterdayand until the future, the report that came out yesterday, is 30 years economic growth 1.6% not something this president is going to stand for, not something will ever allow us to tackle our debt and deficits if only growing at levels of 1.6%, so this president wants to keep the economy growing the steps that we're taking taking right now to get the economy back to what it was the first 3 1/2 years of this administration to gets moving forward then we will be able to tackle where we've with regard to did he have devastate. >> fair enough this president tros priority is growth where we are going thank you so much. we'll be right back. here? nope. ♪ here. ♪ when the middle of nowhere... is somewhere. the all-new chevy trailblazer. ♪ so you're a small businor a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sur