governmental workers who did not spend their money might do so a bit later but from the congressional budget office we hear that about three billion dollars might be lost for good and then we do not really know for example of what happened to contractors who did not get any businesses from the government saw the damage at the end could even be a bit higher but right now estimates are that most of the lost money will flow back into the u.s. economy just a bit later. and yet the end of the shutdown doesn't appear to have given any legs to us market wise that well i mean in the first place we've seen that in the past that shut down hardly affected the economy in a broader scale ok now this is the longest shutdown in history still things might work i'll do a bit different this time around but we did start the week on a week or an old specially because all for corporate news we got revenue warning from the chip maker in video that stock alone dropped by about twelve percent also cater piller out with earnings report that came in much lower than expected better stock by a good one percent and what those

i'm keith hall,ge the director the congressional budget office. thank you for joining me today to talk about cbo's most recent analysis for the budget inmo th economy, which released just this morning. i'd like to draw your attention to important information in that report about the amount of debt that the federal government will inkcur if the. current budgetary path. i'm going to on four questions in my remarks. how large does cbo project to become, why is it so large? what would happen if the economy grew more quickly? and what are the consequences of high and rising. debt. the first question what does it project, federal debt is already large. and budget deficits over the nextthe decade are projected to keep pushing it up in relation to the size of the economy. eventually debt is a share of economic output would reach the highest level in the history. at end of 2018, the amount of debt was equal to 78% of gross domestic product. debt equals 93% of gdp by 2029 and 150% by 2049. even after world war ii debt was far less than that at 106% of gdp. w

>> that's what the congressional budget office is going to tell us. a number of people have tried to estimate that and there have been arguments about it. there are a lot more assumptions that go into it than just those taxes and how much it will take. we're eager to see a nonpartisan estimator come out -- i'm sure they'll be arguments over that also whatever they come out with. if you were going to do it in congress, you'll have to get the congressional budget office to do an estimate any way. we might as well know upfront what they think is going to cost. >> we should talk again when we get those hard numbers. this is something we've been hearing from so many democrats. thank you so much. >> sure. >>> coming up next, breaking with the president. america's top intelligence officials, fbi, cia, director of national intelligence, totally contradicting president trump today when it comes to the most serious threats facing the u.s. right now on isis, north korea and russia. >>> also breaking news out of chicago, what we're learning about a possible hate

's levels, the projected deficit is $3 trillion in ten years according to data from the congressional budget office. the long-term picture is worse. the cbo projects $84 trillion combined budget deficit over the next 30 years, and that assumes all tax cuts expire. it would leave national debt at 150% of gdp and that assumes peace, prosperity and low interest rates. that is the rosy scenario. so what is driving the red ink? we can start with $250 billion of annual tax cuts and the 150 -- $150 billion cost of higher discretionary spending caps according to cbo those -- according to the cbo. that contributes to the deficit, but this combined cost is projected to be steady over the next 10 years. it does not explain why the deficit is set to jump from $800 billion to $2.1 trillion over the next 10 years. it's not explain the avalanche that is coming. cbo data clearly points to social security and medicare. because payroll taxes and premiums to not cover the full tax of benefits, social security and medicare require revenue to cover the shortfall. the cost of filling these medicare and social security s

. >>> live here, congressional budget office director keith hall. he's testifying before the senate budget committee about the cbo's new report on o the budget and economic outlook for the next decade. wyoming senator mike enzi is in the chair. he chairs the senate budget committee. >> 2:30 has arrived so good afternoon, and welcome to the first hearing of the senate budget committee in the 116 congress. we have some new faces joining the committee for the first time this afternoon. and while they are not all here yet because of other committee meetings, i'd like to formally welcome the budget committee the newest members, senator brown of indiana, rick scott of florida and senator kevin kracramer of north dakota. i look forward to their contributions as we tackle our nation's pressing fiscal challenges in the year ahead. et we begin our work this year by examining the congressional budget office's annual update of the economic outlook. our witness today is dr. keith hall, the director of the cbo and probably appeared before this committee more than

liberty. ♪ gerry: former congressional budget office is my guest again. question on the fed. i see we saw from powell the fed chairman on friday said he would not resign even if donald trump asked him to. is his position safe? can he be forced to resign? >> to the best of my understanding the president could move him as chairman but cannot remove him as federal reserve itself it will remain a federal board of governors. i would hope and that's not cross the present time. it would be a tremendously bad move and not in his interest. there appears to be a conscious effort to set him up to be the staple if things don't go well but if the fed better to set the fed up to go well. gerry: attentions between president, administration and federal reserve chairman are not been right. you see that happen in a few times in history. >> absolutely. what's unusual is the public and personal nature of it. that is this present. using his twitter account to publicly attack in a personal way but on policy differences many presidents have had differences with fed chairman. ma

governor eric holcomb gives his state of the state address from indianapolis. >>> tuesday, congressional budget office keith hall appeared on capitol hill for the first time since the new congress began to outline the cbo's latest report on the budget and us economic outlook over the next decade. he was also asked about the potential effects of the partial government shutdown and the republican tax bill that was signed into law in 2017. this was the first of two congressional hearings for director hall where he testified. it's two hours and 15 minutes. >>> >> okay, good. welcome, doctor hall, you know i you myself five minutes for the opening statement. oh, yes, got to use the gavel. the hearing will come to order, once again welcome director hall, thank you for joining us today and for all the work that you and everyone at cbo has done to update the baseline and economic outlook that will help guide our work this year. since today was supposed to be the original date of the president's state of the union address, let's start by acknowledging what should be obvious. the state of our union is unsustain

issues and to look ahead to what will be a very busy year i'm joined by doug director of the congressional budget officeing the georgia leadership initiation and currently president of the american action forum, economic think tank. doug, thank you for joining us. happy new year. >> thank you. happy new year. gerry: as we started a year that was anticipated in a tremendous gloom and financial uncertainty and worries and start with job report that looks like one of the best, if not single best job reports of this entire tenure expansion. explain the disconnect, what is going on? >> two things going on. stock market has had to adjust to the fact the fed is no longer buying up tons and tons of treasuries and mortgage-backed securities and pumping cash into their that will chase stocks. the reverse is happening. they normalizing interest rates so money is more extensive and downsizing the portfolio and volatility has returned to the market. it's taken adjustment. we've saw equities have been a bit overvalued because of you to cash in that way. underlying process and not a bad thing and hard to live through,

the congressional budget office estimates it cost the economy $11 billion. as abc reporter serena marshall explains, lawmakers are trying to avoid a second shutdown. >> reporter: good morning. the government has been open less than a week. already the assessment of what was loss is much greater than expected as another shutdown looms in the future. $11 billion. that's how much the u.s. economy lost due to the 35-day shutdown of the sobering new estimate from the nonpartisan congressional budget office much greater than expected. but it wasn't just the economy that saw repercussions. ntsb says critical evidence from 22 accidents may have been lost due to the shutdown. the irs telling congress it will take them 12 to8 months to respond to t 5 m camera press briefing by the white house in 41 days, another shutdown wasn't ruled out. >> is the president really willing to go through another shutdown if he can't get money out of the democrats for the shutdown of the border wall? >> the president doesn't want to go through another shutdown. that's not the goal. the

the congressional budget office projects the deficit for 2019 will be about $900 billion. and will exceed $1 trillion each year beginning in 2022. here is the news conference. >> good morning. i am keith hall, the director of the congressional budget office, thank you for joining me today. recent about cbo's most analysis, the outlook for the budget and economy which was released this morning. i would like to draw your attention to a report -- important information in that report about the amount of debt the federal government will incur if we continue on the current budgetary path. i will focus on four questions in my remarks, how large the cbo project that debt will become, why is debt projected to become so large, what would happen if the economy grew more quickly, and what are the consequences of high and rising debt. the first question, what those cbo project, federal debt is over and budget deficits the next decade and beyond are projected to keep pushing up in relation to the size of the economy. eventually debt is a share of would reach its highest level in our nat

him some money for technology so there might be some room for negotiation there but the congressional budget office came out this morning saying that this last shutdown cost the u.s. about eleven billion dollars it shaved about eleven billion dollars off the gross domestic product that does not look good for the president the vast majority of americans polled are laying this last shutdown at his feet and when those numbers came out this morning from the congressional budget office both nancy pelosi the house speaker and chuck schumer the senate minority leader use that and mocked the president so they're going to be using that as leverage to try to extract some sort of a deal out of president trump done as to brooke in washington thank you. more dial warnings being issued about the growing refugee crisis in four african countries because of the war against booker its decade long campaign of bombings shooting and kidnapping as for smaller than a third of a million africans from their homes in nigeria cameroon chad and regional leaders and aid organizations meeting in nigeria's capital of been discus

. >> reporter: the congressional budget office as the economy lost 11 alien dollars because of the shutdown. larry says he has a fundamental problem with the congressional budget office, in this case he believes that loss will snap back, because people will start spending back bills. >> now that the government is reopened, the switch goes right back on, there's certainly no permanent damage to the economy. >> reporter: house speaker, nancy pelosi told her representatives on the joint border security committee, they can proceed with negotiations to protect the borders and their values, without holding federal workers hostage. she thanked democrats for the unity. on the republican side, senators are talking about waste and shutdowns. >> shutdowns never work. or, at least hardly ever work. i don't think the president will shut government down again. i don't speak for him and i haven't talked to him, but i don't think you will. >> reporter: wednesday will be a critical day to say who is serious about negotiating. who is offering just lip service. nancy pelosi also invited the president to give

as you probably heard, the congressional budget office is projecting the federal debt is expected to surge to $29 trillion over the next 10 years reaching the highest since world war ii. could it be a reasonable forecast with the administration taking opportunities to question the legitimacy of c.b.o. what effect does it have on interest rates and the public to that even being closer to true? mr. powell: first, it is important. we don't do fiscal policy. i'll limit myself to high-level comments and say that it is not a secret but a well-known fact that the u.s. congressional budget is on a sustainable path nd needs to be addressed and that is true from the health care costs through our health care delivery system and our population. and the economy is healthy, growing, people working to go after that problem. ultimately, we will have to. we don't have a forecast. we don't forecast those things. i have no reason to doubt c.b.o.'s numbers. i haven't looked at that report. it is a professional asset. reporter: what does that look like? mr. powell: first of all, the work that we do relat

later, congressional budget office director keith hall goes before the senate budget committee to talk about the u.s. economic outlook. >> here's a conversation with three governors, republican larry hogan of maryland, democrat tom wolf of pennsylvania, and republican chris sununu of new hampshire. they talked about reaching across the political aisle to achieve consensus. judy woodruff moderates the one, 20-minute event. half. good evening. i'm president of johns hopkins university and i'm delighted to welcome you here to the foundation theater for tonight for h p

that is according to a report today from the congressional budget office.s slowed growth in the near term but most of the lost growth will eventually be recovered. most of the 800,000 furloughed federal workers are returning to their jobs today. bloomberg has learned the wto is looking into president trump's 250 --$250250 to -- billion worth of chinese goods. the wto is investigating whether the tariffs violate the rule that all members give each other the same treatment. the investigation comes as a new round of u.s.-china trade talks is scheduled to begin this week. a measure before the new york state legislature would give child-abuse victims more time to seek criminal charges or sue their abusers. it would create a one-year window for victims to file lawsuits now barred by the statute of limitations. andrew cuomo was joined

david: we welcome president of the american action form and former director of the congressional budget officewashington. good to have you back with us. give us some perspective. you have seen 22 shutdowns since 1976. is this different or more of the same? >> it is a little different. it is not the entire federal government. we have a handful of agencies and their employees affected by the shutdown. past that, i think it is more of the same. it is always politics that shuts down the government. it is never really about the money. we have that one more time. david: before this happened, you said it makes it more likely to happen. does it make it more likely to go past the record? >> i think that is true. we have not seen dramatic fallout yet from this event. it is possible in the federal government to pre-fund a lot of employees for up to two weeks. we have been through the two weeks. agencies might have had cash lying around. things will start to tighten on managing the shutdown. we will see more cases like employees complaining about financial distress. we will see more backlogs at the nation

and a new estimate from the congressional budget office showing that the shutdown cost the u.s. billions of dollars -- three billion that won't be recovered.trump, feeling the heat from some of the most prominent members of his base, including ann coulter, who said he was the biggest 'wimp to ever serve as president...' for conceding to democrats' demands.ann coulter:"the base is what has rebelled here, and they can take me as a stand-in for the base but that's all i am, a member of the base." trump telling the wall street journal coulter has become 'very hostile. maybe i didn't return her phone call or something'after a long shutdown with nothing to show for it, it's not just the members of his base that are frustrated -- moderate lawmakers are too.sen. collins: never good policy, ever. they are never to be used as a means to achieve any kind of goal, no matter how important that goal may seem to be. they are ineffective." (grant) president trump has accepted an invitation from house speaker nancy pelosi to give his state of the union speech next tuesday, speech next of the uni

the nonpartisan congressional budget office said the economy took an $11 billion hit over the past five weeks. 3 bilon they say is not recoverable. and now in three weeks trying to reach a deal or declaring another shutdown or the president declaring a national emergency. >> we don't want another government shutdown. we want a deal that border security. it seems so simple. we need it, ntwe're in agree there's a problem, so fix it. ar sanders said the best way to get the fix is legislatively. meanwhile, museums and parks will be opening on a rolling basis and back pay for the workers should be o this week. >> government workers are happy toack on the job but for many it's going to take a while to recover. tracee wilkins continues our team coverage this evening. sheom talked to federal workers today. tracee? >> reporter: we're here of nasa.t as can you see things are up and running there. today was really about these employees who have been away from work for more than a month to catch up on e-mails, the meetings, talk with supervisors about what they can expect and tryingo tt back to bus

the congressional budget office report also protects economic growth will slow as the effects of presidentrump's tax cut on business investments begins to drop off. the cbo says in the partial government shutdown, we have had a modest impact on the economy. and the president says he does not believe congressional negotiators will reach an agreement on border security by the february 15 deadline. the president told the wall street journal there is less in a 50-50 chance of a deal, but he promised ability border wall anyway, even if he has to use emergency powers. the president also threatened to shut down the government again. we will take a closer look at this story in a few moments with our political roundtable. food retailers in the u k warning of higher prices for food, as well is a shortages, if britain leaves the european union without a deal. mcdonald's and waitrose among those who have written a letter to lawmakers, saying they are concerned about disruptions in the food supply chain. nearly a third of the food eat comes from the u.k. ending the war in afghanistan. negotiations have

shery: the congressional budget office has a new report on the u.s. and budget that contradicts two widely held positions. president trump feels the trade war is not bad for the u.s., while tax cuts deal growth and won't hike taxes. kathleen hays is here. let's start with what the damage is from tariffs. kathleen: let's remind everybody who the congressional budget office is and why you might trust interview. they are a nonpartisan branch of the federal government that advises the government on what the economy is doing and how that feeds into how the u.s. budget is doing. the budget deficit after tax cuts is a very big question. what the cbo is saying in the issue today is that the cut-fueled-- tax growth is trimming gdp and boosting inflation. the tariffs will shave .1% off of gdp per year on average through 2029. boost inflation by a little bit, .1% by 2022. it does not seem like a lot but that is the direction it is heading. the trade war will cut spending by about .1% through 2029. the tax cut impact is going to be fading more and more and more. i

report today, the congressional budget office report, and what it's telling us. this is a little awkward. we've never printed one ex--- one this direction, but i hope it works. this is from today's budgetary policy release. see those lines? the only reason i put that up is to understand, whether it be what you all think of as social security trust fund, the social security disability trust fund, the medicare trust fund, you'll notice in the next couple of years, all of them go below zero. need to understand the impacts that demographs, spending, promises, have now caught up with us and we're emptying out those trust funds. this one is a good one just if you're like i am, and i know i'm blessed to have some folks who correspondent with me after we do these presentations, they have a fixation on, well, what's the spending as a percentage of the size of the economy? because in many ways, when you have someone throw out a debt number, the number that actually is most important to most economists is actually how much is that dollar amount as a percentage of the size o

issues and to look ahead to what will be a very busy year i'm joined by doug director of the congressional budget officegeorgia leadership initiation and currently president of the american action forum, economic think tank. doug, thank you for joining us. happy new year. >> thank you. happy new year. gerry: as we started a year that was anticipated in a tremendous gloom and financial uncertainty and worries and start with job report that looks like one of the best, if not single best job reports of this entire tenure expansion. explain the disconnect, what is going on? >> two things going on. stock market has had to adjust to the fact the fed is no longer buying up tons and tons of treasuries and mortgage-backed securities and pumping cash into their that will chase stocks. the reverse is happening. they normalizing interest rates so money is more extensive and downsizing the portfolio and volatility has returned to the market. it's taken adjustment. we've saw equities have been a bit overvalued because of you to cash in that way. underlying process and not a bad thing and hard to live through, i admit

the congressional budget office estimates the cost to the nation's economy was 11 billion dollars.keith hall / cbo director"you lose the government output for five weeks, that's never made up." and while federal employees are back on the job.it will take a few days to get back to business as usual...at the smithsonian museums in washington...the closed signs are gone..but the doors remain locked.the museums will re-open tuesday.in washington, i'm mark meredith. (grant)(grant) and local first... some national parks in the bay area have been welcoming visitors today now that government shutdown is over. (vicki) stinson beach is one of the many places that was affected by the longest government shutdown in history. kron 4's will tran visited the beach and has more. life's a beach again at stinson beach and other national parks, this being the first monday since the federal government shutdown last friday. park rangers are back. they opened up the gate around 8 oclock in the morning. they are going through cleaning the restrooms, picking up the trash that a lot of people who still went here

later, congressional budget office director keith hall goes before the senate budget committee to talk about the u.s. economic outlook. new report shows the five we government shutdown cost the u.s. economy about $3 billion in economic activity that will not be recovered. the congressional budget office projects the deficit for 2019 will be about $900 billion and will exceed $1 trillion each year beginning in 2022. here is the news conference. keith hall: good morning. i am keith hall, the director of the congressional budget office. thank you for joining me today to talk about cbo's most recent analysis of the outlook for the budget and the economy which we released this morning. i would like to draw your

the congressional budget office estimates that that is how much the economy lost during the longest shut down in history. the person who caused the shut down told the "wall street journal" today he just might do it again. president trump told the "wall street journal" there was what he called a 50/50 chance that he would shut down the government again on february 15th. when the government funding, the current government funding runs out. now that the shut down is at least temporarily over, speaker of the house nancy pelosi invited president trump to deliver the state of the union address next tuesday evening, and the presidential campaign was officially joined this weekend by another campaigner, california senator kamala harris, made it official yesterday before a crowd of over 20,000 in oakland, california. >> we are joined tonight by presidential candidate and massachusetts senator, senior senator, elizabeth warren. senator, thank you very much for joining us. >> thank you, i'm delighted to be here. so tuesday night at 9:00 p.m., there's a speech going on on the capitol. will you be th

the congressional budget office says the total cost was $11 billion. dethat inc $3 the c.o.b. says cannot be recovered. private businesses, restaurants and those thatel on federal workers for their daily business, will neveuperate their last reve. reve >>> roger stone will be in a d.c. federal courtroom for his arraignme arraignm ot. this is pathe russia investigation. cameras were rolling when stone arrived yesterday. friday, he was arrested. he was released on bond. he faces several charges includin witness tampering, making false statements and obstruction. >> we turn to a developing story in houston. >> two police officers are fighting for their lives after being shot yesterday afternoon. this happened on the city's sout saste. the officers were serving a warrant for drug activit in a home, when several officers approached the front door, the suspect opened fire, hitting four officers. police returned fire, killing boa both suspects. >> we are sick and ted of having targets on our back. we're sick andf tiredaving dirt bags trying to take our lives when all we're trying to

>> well, the white house's official stance is that the congressional budget office is wrong and the whitese is keeping on the idea a shutdown could actually happen. larry kudlow, ao top ecnomic officer at the white house, says the budget office is otesstimating and they're sure whether or not they can put out the numbers. he said there's no permanent damage to the u.s. economy and tdat the economy will snap back and this shun was in fact just a small, tem temporary thig that happened. the president is again leaving coe door open that therld be another shutdown in three week the white house press secretary sarah sanders today said he miesn't want a pass to citizenship for ants and wants the full $5.7 billion. thepresident has been dangling this idea of a national t emergency. a republicans are signaling they don't want him to do that. we'll see where this goes. >> woodruff: the president said we could be back in a shutdown if history is a guy. could we? >> if you last at past shutdowns almost always end in a short-term bill and not another shutdown. the party who leverages and tries to get

today the nonpartisan congressional budget office put that price tag at, get this, $11 billion in lost, 3 billion of which will never be recovered. and their estimate may be on the low side, because the cbo did not take a variety of indirect factors into account that could also slow the economy. just to underscore, the congressional budget office is nonpartisan and the report is in line with other private sector studies but here's what the president's top economist said at a joint appearance with treasury secretary steve mnuchin. >> look, the hardships for individuals was always the key problem here, in my judgment. and as steve mnuchin said and others, i'm glad we're back to work. i'm glad all the federal employees, i'm glad all the people furloughed, tsa, go right down the line, i think those individual hardships were the biggest issue. and i think everybody's glad we can reopen and put folks back to work. >> so there's that. on the other hand, he also continued doing what the administration has been doing for weeks now, downplaying the impact. >> we frequently disagree with cbo, wit

. >>> coming up later, congressional budget office director keith hall testifies before the senate budget committee about the cbo's new report on the budget and economic outlook for the next decade. we'll have that live at 2:30 p.m. eastern. and now on c-span 3 the cbo director speaking with reporters yesterday about that economic and budget outlook. he said budget deficits w

. >> the congressional budget office estimates the shutdown cost the u.s. economy $11 billion which is twice what president trump is asking for his border wall. >>> yesterday it was oakland and tonight it's iowa for kamala harris. the senator is riding the momentum she's built up in the bay area. about 20,000 people crowded downtown oakland to help launch her 2020 presidential bid. hours after her speech senator harris flew to iowa. tonight she will take questions from iowa voters in a town hall meeting. she's made an important hire there. she is well known in iowa politics and was reportedly courted by harris. >>> coming up next, a north bay beach closed because elephant seals have moved in. the role the government shutdown may have played in allowing this to happen. >>> plus. >> i was like yes, i did it. >> she did and the country is watching. the world is watching. 13 years old and taking the ice skating world by storm. >>> get ready for some changes in if forecast. looking at cloudy skies in san jose which could lead to a few showers tomorrow before two

it lost $11 billion during the government shutdown according to the congressional budget office and they estimate while most will eventually be recovered around $3 billion won't be.in washington, i'm omar jimenez (pam) president trump has not ruled out declaring a national emergency.. in order to get funding for the wall, if a deal has not been made by that next funding deadline of february 15th. (ken) president trump's former personal lawyer michael cohen will testify before the house intelligence committee in a closed-door session february eighth. that's according to house intel committee chairman adam schiff. the news comes as cohen shakes up his legal team. his spokesman lanny davis says cohen will be represented by attorneys michael monico and barry spevack. previously, cohen was represented by guy petrillo. cohen has pleaded guilty to multiple counts including lying to congress. he is set to report to prison on march sixth for a three year sentence. cohen has also been subpoenaed to testify before the senate intelligence committee. (pam) california secretary of state alex padilla,

in the meantime, the congressional budget office at the shutdown cost the american economy $11 billion. there are still concerns it could happen again. in three weeks. president trump told the wall street journal he doubts he would be willing to accept less than the five one $7 billion that he wants for building the border wall. he does not think congressional leaders will be able to work out a deal before the february 15 deadline. >> at this point it's up to them to come up with a good plan. at that point, the president will decide if that's enough resources to ensure we secure the border. >> the white house as the president is ready to declare a national emergency if he thinks it is necessary to pay for building the border wall. >>> new developments in a hit and run case when a student was hit and killed. police in southern california have a suspect in custody. she was booked on suspicion of villainy hit and run. redondo please be police arrested her finding -- after finding the car at the scene of the crash. a woman was in the crosswalk when she had her and she kept going. she was i

(ken)that was kaitlin collins reporting.according to the congressional budget office -- the 35 day shutdown cost the u-s economy about 3 billion dollars. a live look outside right now... as we get our first look at the four zone forecast with chief meteorologist lawrence karnow. lawrence karnow: a few rays of sunshine found the bay area in the afternoon. there were a few sprinkles that moved through early and doppler radar is still showing some light showers across the state. tonight will be partly cloudy with cool temperatures in the 40s and 50s. another storm off the coast will approach the bay area by the afternoon and showers will increase then. rain will be heavy at times tomorrow evening before showers on thursday. another storm will bring rain to the bay area on friday and it will be wet on an off through the weekend. weekend. coming up at six... teachers and their supporters on both sides of the bay are taking action today over education ... a strike threat and demands for more money for schools .. are the driving issues ..we have an update ahead. also ahead ... president trump's lo

. >>> tuesday, congressional budget office keith hall appeared on capitol hill for the first time since the new congress began to outline the cbo's latest report on the budget and us economic outlook over the