and their role in the budget and i can only begin to say something about this by first thanking lynn berman with whom i wrote a piece several years ago, lynn has written papers with a lot of people in this room and i know you agree with me it's a wonderful experience. it certainly, it changed my thinking about tax expenditures so thanks to lynn. the second thing i want to do is thank maya and the committee for setting the five-minute rule. you probably don't know that but today there is a five-minute rule. there's a woman standing behind that you can't see but when she raise this -- raises the stop sign, i think our microphones go off. i think that's a great idea especially for discussing of budgeting. because to have a constrain on the use of valuable resources, in this case time, has a nice way of giving incentives to people to make choices that are efficient. >> and what do you make of the fact that we all broke the rules? mr. phaup: i didn't know you did. in support of that rule, i gave these brief remarks a title and the title that i thought would be appropriate would be, 4 1/2 things

i can only begin to say something about this by first thinking lynn berman with whom i wrote a piece rs ago i budgeting for tax expenditures. i don't know, lynn has written papers with a lot of people in this room and i know you agree with me that it's a wonderful experience. it certainly changed my thinking about tax expenditures. so thanks to lynn. the second thing i wanted to do is thank maya in the committee for setting a five minute rule. you probably don't know that but today there is a five minute rule, and there's a woman standing behind that you can't see but which erases the stop sign, i think i might of us go off. i think that's great idea especially for discussion of budgeting. because to have a constraint has a nice way of giving incentives to people to make choices that are efficient. >> and what you make that we all broke the rule? >> i didn't know that you did it. [laughter] in support of the rule, i actually gave these brief remarks a title, the title that it would be appropriate would be for and have things to remember about tax expenditures and budget reform -- for

their treatment in the budget and i can only begin to say something about this by first thanking lynne bermanh whom a wrote a piece on budgeting for tax expenditures, lynne has heard in papers and a lot of people in this room agree that it is a wonderful experience. it certainly changed my thinking about tax expenditures so thanks to lynne. so the second thing i want to do is thank maya and the committee for setting the five-minute rule. you probably don't know that but today there is a five-minute rule, and there's a woman that you can't see, when she raises a stop sign, i think that's a great idea, especially for a discussion of budgeting, because to have a constraint on valuable resources, in this case time has a nice way of giving incentive to people to follow the rules. >> and who do you think broke the rules? >> in support of that rule, i actually gave these brief remarks a title. and the title that i thought would be appropriate would be 4 1/2 things to remember about tax expenditures and budget reforms in the hope that i could get in each one in at least a minute. you know what tax ex

i can only begin to say something about this by first berman, with whom i wrote a piece of a years ago. lynn has written papers with a lot of people in this room and i know you agree with me it's a wonderful experience. it certainly, it changed my thinking about tax expenditures so thanks to lynn. the second thing i want to do is thank maya and the committee for setting the five-minute rule. you probably don't know that but today there is a five-minute rule. there's a woman standing behind that you can't see, but when she oures the "stop" sign, microphones go off. i think that is a great idea, especially for discussing of budgeting. because to have a constrain on the use of valuable resources, in this case time, has a nice way of giving incentives to people to make choices that are efficient. >> and what do you make of the fact that we all broke the rules? mr. phaup: i didn't know you did. [laughter] phaup: in support of that role, actually gave these brief remarks a title and the title that i thought would be 1/2opriate would be, "4 things to remember about tax expenditures and budget refor