next, douglas elmendorf testifying on the 23 budget and u.s.onomy. -- on the 2013 budget and u.s. economy. from the house budget committee, this is two and a half hours. >> thank you again for coming and testifying. i want to thank you for your staff putting together the latest budget economic outlook. we understand you had a time crunch given the end of year episodes that occurred. i want to say that you didn't miss much of a deadline and to put out your baseline in a fairly quick form given the circumstances you had to contend in. i am sorry to say that the cbo says our economy will grow by only 1.4% this year. unemployment will hover around 8% this year. we will add another trillion dollars to our debt. that is the news we have received. further down the road things get worse. the cbo says will add 10 trillion dollars to our debt by the end of the budget window. it will weigh down our economy like an anger. by 2018, the economy will grow by two 0.2%. when people cannot find jobs, many stop looking altogether for work. this report is a warnin

then there's douglas elmendorf. the director of the congressional budget office who was called into the white house shortly after the questioning the administering's so-called savings from its proposed healthcare law. after a little chat with the president in the oval office, different numbers, more friendly to the president's healthcare heck law coming from the budget office. >> and then complaining about the auto bailouts when they weren't buying the white house line? guess who the white house moved to the back of the line. yep. and weeks after the nation the president threatened warms who refused stimulus money, he would call them out, and how he publicly berated the supreme court during his 2010 state of the "state of the union" address over a ruling he didn't like, or threatened the court yet again, suggesting it's littity malls si would rearrived it voted against the health care law. follow the crumb. it gets crumbier, but i have a lot of crumbs but why risk being called a racist. my problem isn't with the col

on c-span. >> wednesday, douglas elmendorf said 750,000 jobs will be lost this year if congress does not reach an agreement to avoid automatic spending cuts, also known as the sequestration. the estimate came during a house budget committee hearing. this portion of the committee hearing is one hour 25 minutes. >> thank you, mr. chairman. thank you to all members of the committee. i appreciate the opportunity to be here today and to discuss with you the outlook of the economy over the next 10 years. the country continues to face very large economic budget challenges. let me discuss the economy first, and then i will turn to the budget. economic growth is estimated to remain slow this year because of gradual improvement. we see an underlying economic factor that will be offset by a tightening of fiscal policy scheduled under current law. the good news is that the effects of the financial and housing crisis appear to be gradually fading. we expect an upswing in housing construction, rising real estate and stock prices, and increasing availability of credit will help spur this cycle of g

while we wait, we will hear testimony from cbo director douglas elmendorf as he appeared before the budget committee recently to talk about nation's financial outlook. >> our analysis show that is the country continues to face very large economic and budget challenges. let me discuss the economy first, and then i'll turn to the budget. we anticipate that economic growth will remain slow this year because the gradual improvement that we've seen underlying economic factors will be offset by a tightening of federal fiscal policy scheduleed under current law. the good news is the effects of the housing and financial crisis appear to be finally, gradually, fading. we expect that an upswing in housing construction, rising real estate and stock prices and increasing availability of credit will help to spur a virtuous to cycle of faster growth in employment, income, consumer spending and business investment during the next few years. however, several policies that will help to bring down the budget deficit will represent a drag on economic activity this year. the expiration of the two percentage p

. >> ahead of the congressional budget office, douglas elmendorf testified before the house committee today. here's a few methodist testimony and effects of the automatic spending cuts scheduled to take effect march 1st. >> could you tell me, dr. elmendorf, in terms of the negative economic impacts of sequester, .6%, what does that translate into in terms of lost jobs? >> so our estimate is that the sequester alone will reduce gdp growth this year by 0.6 percentage points, lowering the level of gdp at the end of the year. we think that would reduce the level of employment at the end of the year by 750,000 jobs. >> 750,000 jobs now and in this calendar year 2013, right-click >> yes, congressman. >> that's that's a whole lot of jobs obviously we should be working overtime to prevent that kind of job loss. if you were to replace the deficit reduction through that austerity program, because the sequester what the plan that accomplish the same deficit reduction spread over the ten-year period, you would not have that had jobs, if i right-click >> that's right, congressman. >> we've heard a

douglas elmendorf gave that estimate earlier today.d the 2013 will see slow economic growth and that any improvements will be offset by cuts to federal spending that congress will be forced to enact. this hearing runs about two hours, 15 minutes. . . >> good morning everyone and welcome the first part of our meeting is to organize the committee, that's why we don't have dr. elmendorf at his chair and here to adopt the committee rules and oversight plan. before introducing our new

colloquy between senator roger wicker of mississippi and the congressional budget director, douglas elmendorfich wicker said, how much is the president's proposal to be costed out by you? elmendorf reaffirmed, we never received a proposal from the white house. we can't score a speech. the president has no proposal he laid out there and time is running out. we had eight teen months. we're down basically the last two weeks of business. bill: so if that is the case you're looking at ten days on the calendar. >> yeah. bill: what happens on the 1st of march? what are the anticipated effects of these cuts do you believe? >> well there's 42 1/2 billion in cuts in the defense budget and there is $42.5 billion in discretionary spending the big one, the program problemtic is the defense budget because the defense budget is into into a number of accounts. without congressional approval you can't move money from one account to another account. you have a ship building account. the spend out is next five years and maintenance and operations which is it your current activity you can't move from the long sp

i thought there was an interesting exchange the other day between cbo director douglas elmendorf and senator roger wicker of mississippi in which send wicker said what are you going to price out? what is the price tag going to be on the president's proposal to avoid the sequestration in and elmendorf said we don't have a proposal from the president. wicker said i guess you can't figure out what a speech is going to cost, you have to have a proposal and the administration has yet to provide a proposal. this is a bad idea, but it was the president's bad idea. absent this bad idea, however, the question is are we going to make any progress on beginning to restore our fiscal balance? the president last night said, oh, we've already cut $2.5 billion out of future deficit -- excuse me $2.5 trillion out of future deficits puts us more than halfway to our goal ever $4 trillion in cuts. i've been talking today to budget experts on the hill and they say the real number is closer to 500 billion, lens one fifth of what the president said last night in his speech, that the real budget cuts, the r

douglas elmendorf. the members of this committee know dr. elmendorf well.s appeared before us on numerous occasions. i want to thank you and your staff on behalf of this committee for all the hard work and professionalism you give to us and congress. it is fair to say that the report you delivered to us on the state of the budget and the economy over the next 10 years is a mixed bag. as it contains some hopeful signs but also highlights some real challenges for our nation. in terms of the economy on the one hand we're starting to see the affects of the housing and financial crisis fade. following the work we did in congress to support the recovery. we are clearly not out of the woods, and far too many workers are struggling to get back on the job. but housing prices and the stock market are rising and that is certainly some welcome news. on the other hand, your report makes clear the economy still faces significant head winds in the short term, particularly from the tightening of federal fiscal policy. the sequester that's set to occur on march 1 is not the

first the cbo director douglas elmendorf testimony. he warned of the sequester could cost 750,000 jobs. >> could you tell me in terms of the negative economic impact of the sequester, the .6%, what does that translate in point of lost jobs? >> our estimate is that the sequester alone would reduce gdp growth this year by zero point six percentage points. it would lower that gdp at the end of the year. we think that would reduce by about 750,000 jobs. >> 750,000 jobs between now and the end of 2013, right? >> right. >> that is a whole lot of jobs. we should be working overtime to prevent that kind of job loss. if you were to replace the deficit reduction through that austerity program, the cuts to the sequester with a plan that accomplishes the same amount of deficit reduction spread over the 10 year period, you would not have that hit on jobs? >> right. >> our analysis, the republican leader, mr. cantor had it right last september when he said that if we allowed the sequester to take place, unemployment would soar. it would set back pro

[applause] [inaudible conversations] >> today congressional budget office director douglas elmendorf releases the agency's 2013 budget and economic outlook. we'll be live starting at 2 p.m. eastern here on c-span2. and also at 2 p.m. eastern, a bipartisan group of house members unveil gun trafficking legislation. you can see it live on our companion network, c-span3. >> ya loved her time -- julia loved her time in the white house. she said in her memoirs it was like a bright and beautiful dream, quite the most wonderful time of my life. so i think that gives you some idea how much she enjoyed being first lady and how she felt that her husband had finally achieved the recognition that she deserved. >> edith mayo on julia grant who married her brother's west point roommate, you'll cease s. grant. first ladies: influence and image, their public and private lives, interests and the their influence on the president produced with the white house historical association. season one begins presidents' day, february 18th, at 9 p.m. eastern on c-span, c-span radio and c-span.org. >> domestic wo

live now to the congressional budget office remarks from douglas elmendorf talking about the release of the annual budget and economic outlook. >> i would like to tell you a little about it and then my colleagues would be happy to take your questions. our analysis shows the united states continues to face very large economic and budget challenges. under the current law, we expect the unemployment rate will remain above 7.5% through next year. that would make 2014 the sixth year in a row with unemployment so high. the longest such period in 70 years. also under the current law we expect the budget deficit over the next decade will total about $7 trillion. with a deficit so high, the federal debt held by the public would remain a larger percentage of gdp and in any year between 1951 to 2012. by the end of the decade, it would be 77% of gdp and on an upward path. but me elaborate on those beginning with a budget. the economy rather and then turning to the budget. we anticipate economic growth will remain slow this year because the gradual improvement that we see an underlying economic f

at 2:00 eastern, congressional budget officer douglas amador will present projections -- elmendorf will present projections. also, a gun trafficking legislation news conference on c-span3 at 2:00 eastern. >> julia left her time in the white house. she sat in her memoirs and was like a bright and beautiful dream, the most wonderful time of my life. i think that gives you some idea of how much she enjoyed being first lady and how much she felt that her husband had finally achieved the recognition he deserved. >> julia grant, who married u.s. grant. "first ladies," their public and private lives, there and listen -- their influence. beginning february 18 at 9:00 p.m. eastern on c-span, c-span radio, and c-span.org. >> afternoon, the president will ask congress to come up with tens of billions of dollars in short-term spending cuts and tax revenue papaw off the automatic across-the-board cuts scheduled to kick in in march. budget and the date from this morning's "washington journal." host: we are back with congressman mcdermott, the ranking democrat on the house subcommittee. let me read to