even as fiscal policy makerses address the issue ever fiscal sustainability, a second objective to be unnecessarily impeding the current recovery. indeed a severe tightening of fiscal policy at the beginning of next year that is built into current law, so called fiscal cliff, would if allowed to occur pose a significant threat to the recovery. more over uncertainty about the resolution of these fiscal issues could itself undermine business and household confidence. fortunately, avoiding the fiscal cliff and achieving long term fiscal sustainability are fully compatible and reinforcing objectives. preventing a sudden and severe contraction in fiscal policy will support the transition back to full employment, which should aid long term fiscal sustainability. at the same time a creditable fiscal plan could help keep longer term interest rates low and improve household and business confidence, thereby supporting improved economic performance today. a third objective for fiscal policy is promote a stronger economy in the medium and long term through the careful design of tax policies and s

fiscal policy makers face daunting challenges. they should keep three objectives in mind as they do so. first to promote economic growth and stability. the federal budget made -- must be put on a sustainable path. the federal budget deficit, 9% of gdp, is likely to narrow as the economic recovery needs to -- needs higher tax revenues. nevertheless, the cbo projects its -- if current policies continue, the deficit would close to 5% of gdp in 2017 when the economy is expected to be near full plumbing. under current policies and economic assumptions, the cbo projects the structural budget gap and the ratio of debt to gdp will trend upward thereafter. reflecting rapidly escalating health expenditures and the aging of the population. this dynamic is not sustainable. at best, rapidly rising levels of debt will lead to reduced rates of capital formation and increasing foreign indebtedness. it will provoke a fiscal crisis that could have severe consequences. fiscal policy must be placed on a sustainable path that results in a stable or de

it well it's off his they have to have a fiscal union i mean they have a monetary union in a fiscal union it's simple there's no monetary union in the history of the world that i'm aware of never they didn't have a fiscal union but the e.u. budget for a long time but you can't sell fiscal union by saying it's because we need it. i think that there's many europeans who like to be european some of the germans like to be more to be european than to be german you know history and i think very committed and keen to have a fiscal union and i think it's so humid you willing to pay for it absolutely i think so. really i would think the germans are having to pay for it i think the you know we officially complain about the greeks the spanish the italians having a big party but actually you have to admit the germans like to work hard you know german you know we germans like having their products spotfire you say well exactly we can only be working with the exports half if the greeks and spanish and italians buy a product so the euro is a big program to help us export so it's not the case that

union fiscal union the most important thing a fiscal union has the right to collect taxes not from individual sovereign states but direct ok who's going to organize that where is it going to be going to be in berlin it's going to be in vienna it could be in brussels it's going to be an anchor who decides. it's already in next. i think germany will have a major say in. that that's to be expected but on the on the other side. you think how do europeans feel about that about germany germany leaving the powerhouse of europe right now in for work for germany we'd be in a recession ross here to certain extent it's also expect the from germany to take the lead and to show more presence on the european called that. that that's a very difficult thing for germany to step out of its historical role. because up to now you're in the confined itself to zone territory and that's also a perfect for a while but it's expected if you look for example if you call this initiative asking for germany to be yes yes you have this weekend it will not be not long before that fast reference reparations which was kind of

fiscal restraint at the federal, state and local levels. business and household spending are increasing at rates consistent with moderate economic growth, though household spending appears to be rising at a somewhat slower pace than earlier this year. employment gains have been smaller in recent months and the unemployment rate at 8.2% remains elevated. in light of these developments committee participants have generally marked down their projections for economic growth but most still see the economy as expanding at a moderate pace over coming quarters and picking up gradually. based on their projections for economic growth fomc participants for see slower progress in reducing unemployment than in april. projections for the unemployment rate in the fourth quarter of this year have a central tendency of 8.0 to 8.2% declining to 7.7% in the fourth quarter of 2014. levels that would remain above participants estimates of the longer run normal rates of unemployment. in addition to projecting only slow progress in bringing down unemployment most

fiscal condition are bad and surely you have more integration more of a fiscal union and more of a bank you know that without his asian eventually probably you're doing and so instead of these integration you could have a process. leads to greater integration and eventually more stability for europe in the global economy do you think that's actually possible because europeans basically do not see much of a perspective of a political union because you know greeks and say swedes do not align themselves together they think of themselves as separate nations some people are skeptical some people say they have no choice and every time there's been a cries in europe there's been a gradual bit more integration there's no choice because that is integration with imply economic and financial damage and even in germany i alone in the world economy without a rising power like china or india. or existing superpower like us could be economic and i just made it so some view is you know the europeans have to stick together to have their own weight in global economic and even political affairs many books

problem was all the fiscal problem the first place. so you know you cannot generalize there are different types of crisis within the eurozone not all of them were necessarily better by excesses in the public sector of several of them where the binocular by excesses in the private sector because of poor regulations provision of the bankers is that a creator of a real estate than a. not so that in a crowded bubble what about the main economic power in the united states you said that economic growth would slow down next year to one one and a half percent do you think that also apart from slowing economic growth the united states runs the risk of seeing pretty much the same what's going on in the euro zone right now for no i don't think they'll be a fiscal cries in the u.s. even if the deficit than that of a large arising in part because u.s. can print money to finance is that this is something the europeans have long as i'm willing to rule because of the u.s. dollars in the presidency so therefore in the manner of trying the rest of the e

because the extended alternative fiscal scenario is representative of the fiscal policies that are now or hurt -- or have recently been in effect, the explosive path of federal debt under that scenario underscores the need for large and timely policy changes to both the federal budget on a sustainable course. i would like to take a few more minutes to highlight two specific implications of these projections. first, it is not possible both to keep taxes at their historical average share of gdp and to keep the laws unchanged for social security, medicare, and medicaid. the reason we cannot repeat that historical combination of policies is that the aging of the population and rising costs for health care have made those large entitlement programs much more expensive than they used to be. it is possible to keep taxes at their historical average share of gdp. but only by making substantial cuts relative to current law in the large entitlement programs that benefit a broad group of americans at some point in their lives. alternatively, it is possible to keep the laws for the large tournament

i've talked about three elements for fiscal policy. the first is to do no harm as far as the recovery is concerned to avoid a fiscal cliff that would significantly damage the recovery, but second to maintain the effort to maintain a fiscal path over the long term and third, to use fiscal policy effectively and to have a better tax code, to make good use of government spending programs and to make it efficient, effective and so on. if congress does all those thing, the ultimate benefits will be substantial. >> peter burke. just listening to your answer here, how beneficial would it be for the u.s. economy right now, given some of the talk on capitol hill that the lawmakers and the administration deal with the fiscal cliff issues, perhaps temporarily and kick the can down the road to next year and deal with it sooner rather than later would that end or limit some of the uncertainty that would be beneficial given the state of the economy at the present moment? >> well, that's a difficult problem. i'm not entirely sure. on the one hand, a

this is a list for next fiscal year based on current expenditures. it is a partial list in that we anticipate the fuel rising as well as additional medical supplies in order to support the increased and transport as we talked about with the exclusive operating area. i am happy to move on to the next couple of items. >> the department cannot have it both ways. when we request information, documentation, and they provided to us, and we have that and have based recommendation on that, and then the chief today says to you how it is not just what we submitted to the budget analyst, do not forget there will be additional expenditures. the department cannot have it both ways. we work for two weeks on this item. to simply state there is additional data beyond which they have already provided as is not a professional presentation to the committee. supervisor chu: think you, mr. rose. why don't i have the cfo work with yours, ,, and i understand your point. now on to the attrition issue. to go on the attrition issue, two different line items. one is for miscel

year bursa's the following fiscal year reverses -- fiscal year versus the following fiscal year after we have had a time to test it out? >> i think we chose -- it is a good question. i think we chose these amounts $500,000 because it was an amount we thought we could get out the door in the next fiscal year based on the need we have seen in talking to businesses. if you have a loan fund that is $50,000 to $250,000, it could be eight to 15 months. it is not that many loans to process in the year. we see a need. with the sf shines and tenant improvements, those are smaller loans but it is amateur program -- a mature program. we have the infrastructure for that program. we have a partner, a community- based partner. we know how to move those dollars. we know how to get those projects permitted and built. we feel like there will be a larger number of them. we do have the infrastructure there. with regard to section 108, that is a large chunk of the money we are proposing. the vast majority will not be spent. it is a loan-loss reserve to unlock the $23 million. it is not prudent to put the

he is urging congress to deal with the fiscal problems and warns down the road of a possible fiscal crisis urging congress to continue with the fiscal tightening down the road. the u.s. is urging pro growth policies. carl, i would say overall not as explicit as seen by janet yellin but leaning towards further policy in certain cases in the event that the fiscal -- the financial situation were to have new stresses because of europe and if the recovery were to falter, carl. >> jim, steve, has the state of preparedness done something to gone incrementally forward or backwards as a result of this statement? >> you're asking me or jim? >> i'm sorry. steve. >> well, i would say for the chairman it's i think more neutral than maybe the market was expecting although we'll wait to hear in the q and a. certainly if you put yellin, williams on their specific side of the comments, that nudges it forward. that's kind of mo in the sense that chairman likes to come to the table a little more neutral and work out a compromise on the board. we know that the chairman is dealing with certain regional preside

were not to deal with his own fiscal problems. it is not going to do extend local even as eventually you could have a fiscal train wreck or a sudden stop of copy dollars and that financial tomorrow could happen the united states that or for whatever is the result of the election next year or whether it's going to be a president starting a plan that leads to a fiscal discipline of disco consolidation to be part of what the u.s. has to do you know to avoid the risk of something bad happening he was you know would have been later in the us than other contraries but it could also have been us eventually but do you expect the u.s. role in the dollar as role as a reserve currency to to continue as it is right now to maintain its positions and what is your take on the euro dollar rate because last year we asked you the same question and you said that you would not bet your money on the euro and you are right about now there is a generalized happiness' way and that means with the us dollar the tween us fiscal and current take on that say

item #2, ordnance for the fiscal years ending june 30, 2013 and june 30, 2014. item #3, amending the san francisco park "-- park code to consolidate golf courses provisions into a single series of new sections and increase certain fees at san francisco and its local courses. item #4, ordinance amending the san francisco park code to increase rates for protect -- for professional tennis lessons on park property and making an arm of the findings. item #5, ordinance amending the san francisco of code to set patient rates and other services provided by the department of public health. item number six, or did its amending the san francisco business and tax regulations code and the san francisco health code relating to fees for food product and marketing establishment licenses issued by the part of public health. item number seven, a resolution authorizing acceptance at expenditure of state grant funds by the sentences department of public health. item #8, resolution approving a contract modification between the city and county of san francisco and the children's coun

what ever is not spent in the fiscal year remains allocated for future fiscal years. same with the lands. while the block 67 proposal price was $30 million, only a little over $12 million was included in the fiscal budget for next year because that is what we expect to spend of the $30 million. the rest would remain in a trust account and be invested per hour -- her our investment policy. >> i noticed that we still have $7.5 million to be determined. and i noticed that number drastically increased last year, where it was only $760,000. do you have a lot of confidence that we will get that funding from tciu? and what will be have from the bridge toll, the $73 million that we are in discussion with at the mctc? there are two grants of $2 million each, roughly. >> i will take the easy one first, the ntt -- allocation of $73 million, it really is just a formality. it was their commitment to us. this board will approve the initial project report and will be brought to the ntc board in june as well. >> is this a flow of $73 million? is it a onetime grant divided up over tim

if they do it for the narrow party political reasons that david cameron close to stay outside the fiscal compact, they will fail. i think it was a very stupid thing he did, because he basically chose to have a couple of good headlines in "the daily mail" and the other tabloids rather than think about decisions about financial services in the internal market is already taken by a qualified majority, which means that david cameron, in order to protect these things, actually needs allies in the european union already, and by staying out of the fiscal compact, that's not a way to gain -- get a lot of friends, so he made a strategic mistake for short term gains. will they ultimately succeed? i think they will, because i think within -- there will be allies for the traditional open market model that the uk is associated with, free trade, et cetera, and also because the uk is not associated with light touch financial regulation anymore, so i think there's room. >> let me -- go ahead, comments from you both and then go back to the audience. >> let me ask a question of you, what is the principal

the last point i would make is on fiscal year 2012. we have some additional needs that have developed during fiscal year 2012. just to summarize a few. with regards to fuel costs. because of the increase in fuel costs, we're facing almost another $3 billion in additional costs with regards to that area. obviously if the price goes down, that will provide some relief. but right now, that's the number that we're facing. we've also had the closure of these ground lines in pakistan. and the result of that is that it's very expensive because we're using the northern transit route in order to be able to draw down our forces and also supply our forces. i think the amount is about $100 million a day -- >> a month. >> $100 million a month because of the closure of those g-locks. iron dome, a system that we're trying to provide for the israelis is another additional cost that we would like to be able to provide. and also we have been -- we have had to provide additional forces in the middle east because of the tensions in the gulf. and so becaus

para que decida el fiscal si formula cargo, lo que expertos creen que es poco probable.e presionar la entrega de documentos que no ha entregado. >>> su decisiÓn que tiene que ver con materia legal por supuesto hay cierta consideraciÓnes polÍticas. >>> la a aprobaciÓn de la resoluciÓn contra Él no fue sorpresa, era un gol cantado. debido a que los republicanos son mayorÍa y el debate fue impulsado por ellos. >>> ¿el futuro de erick h.?. >>> sigue siendo el fiscal general y el caso lo mÁs seguro es que va a terminar en las cortes que tendrÁn que decidir la disputa entre el pod le jis ilativos y ejecutivo. >>> ni eso salvÓ al fiscal, ni el presidente obama. >>> vamos a mexico donde el barrio bravo de tepito escenario de disturbios, decomiso de producto de contrabando. lanzaron piedras y palos a los policÍas. enfrentamiento alrededor de 30 minutos. >>> mÁs de mÉxico, millones de electores temen que los carteles de la droga traten de influir en el proceso. a scombuseguran que estas organizaciones hacen tÁcticas de terror. >>> la policÍa mexicana asegura que los policÍas feder