[applause] >> in a few moments the head of the congressional budget office, douglas elmendorf on the economy. the senate is back in session at 10:00 eastern. today's agenda includes the spending bill for energy and water projects. several live events to do you about on our companion network c-span3. the house oversight and government reform committee holds a hearing on executive bonuses at fannie mae and freddie mac. at 10:00 eastern. and 2:00 eastern hearing on community banks and economic growth. before the house subcommittee on financial institutions. this includes local bankers and the head of the national association of federal credit unions. congressional budget office director douglas elmendorf says he expects the unemployment rate to continue to be at around 9% for the end of next year and the country is only about half way through its economic downturn. he testified before the senate budget committee for two hours yesterday. >> i want to welcome everyone to the senate budget committee today particularly our witness congressional budget director douglas elmendorf. thank you v

this hearing is two hours. >> we want to thank douglas elmendorf for being here. we want to focus on steps to strengthen the economic recovery and create jobs. last year in my request, the congressional budget office completed an analysis of the so- called bank of but achieved by a different fiscal policy proposals. cbo has no updated that work and we thought it useful to have director elmendorf here to report on his agency possibly his conclusions. i am hopeful that congress will consider this analysis in developing economic growth measures that might be passed before the end of the year. i like to briefly review the economic situation now confronting the nation. it is clear that economic recovery we are now experiencing is not what it should be or what we would like it to be. here are some of the factors i believe that are holding back the economy. unemployment remains stubbornly high. the housing crisis that helped spark the downturn is continuing. we have weak consumer confidence and weak consumer demand. personal debt is still near record levels. businesses a

then, douglas elmendorf at the senate budget committee. . >> thank you very much. we are a week away from another very important fiscal deadline. it has been a year of important deadlines. we had a deadline of the budget resolution that was missed. we had the debt ceiling that was just about it achieved. i know you do not want to talk about the negotiations for the super committee deadlines. can you assure people what they are worried about? there is a lack of political leadership of in washington. we have seen with the fiasco that washington somehow is so dysfunctional that it is not capable of rising to the fiscal challenge. can you reassure people that is not true? >> i will attempt to. we're coming in on the heels of a ballot snafu. [applause] -- [laughter] thank you for having us and the opportunity to engage in a dialogue. i would say this. , relatingll what may happen next week or perhaps toward the end of the year relative to the need to increase the credit limit of the country, we're not going to see a repeat of that which occurred in august. we provided a

congressional budget office of douglas elmendorf said tuesday he expects the unemployment rate to hover around 9% until the end of 2012 and that the country is only about half with through its economic slump. these projections are based on a new cbo analysis of various remedies the federal government could use to create jobs and stimulate the economy over the next two years. this senate budget committee hearing is two hours. >> hearing will come to order. want to welcome everyone to the senate budget committee today, particularly our budget office director, douglas elmendorf. thank you for being here. thank you for your good work. we will focus again on the economy and steps that can be taken to focus on the recovery and create jobs here last year, at my request, the congressional budget office completed an analysis of the so-called bang for the buck achieved by different fiscal policies proposals. cbo has not updated that work, so we thought it would be useful to have director elmendorf here today to report on his agency's latest conclusions. i am hopeful that congress will .onsider ce

national captioning institute] >> next -- a set a budget hearing on the state of the economy with douglas elmendorfthen florida senator marco rubio talks about his legislation to create jobs. then, maryland governor martin then, maryland governor martin o. rally talks about

senate budget committee today, particularly our witness, congressional budget office director, douglas elmendorf. thank you very much for being here. thank you for your good work. in today's hearing we'll again focus on the economy and steps that can be taken to strengthen the recovery and create jobs. last year at my request the congressional budget office completed analysis of the so-called bang for the buck achieved by different fiscal policy proposals. cbo has now updated that work so we thought it would be useful to have director elmendorf here today to report on his agency's latest conclusions. i'm hopeful that congress will consider cbo's analysis in developing any near-term economic growth measures that might be passed before the end of the year. i'd like to begin by briefly reviewing the economic situation now confronting the nation. it's clear that economic recovery that we are now experiencing is not what it should be or what we would like it to be. here are some of the factors i believe that are holding back the economy. unemployment remains stubbornly high. the housing crisis that h

douglas elmendorf is the eighth director of the congressional budget office. his term began on january 22nd, 2009. before he came to cbo, dr. elmendorf was a senior fellow in the economic studies program at brookings institution as the edward m. bernstein scholar, he wrote papers on the economic activity and the director on the hamilton project in an effort to promote shared economic growth. he was an assistant professor at harvard university, a principal analyst at the congressional budget office, a senior economist at the white house counsel of economic advisors, a deputy secretary -- assistant secretary for economic policy at the treasury department and an assistant director of the division of research and statistics at the federal reserve board. in those positions, dr. elmendorf has gained a wide range of expertise on budget policy, social security, medicare, national health care reform, financial markets, macroeconomic analysis and forecasting and many other topics. so i'm very glad that he has agreed to join our committee here today. dr. elmendorf, thank