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Chairman Domenici, Senator Exon, and Members of the Committee, I am pleased to be with you this morning to review the state of the economy and the budget. Three weeks ago, the Congressional Budget Office (CBO) released The Economic and Budget Outlook Fiscal Years 1997-2006: A Preliminary Report, which presents our current views. My testimony today summarizes that report and presents updated baseline budgetary projections that have been slightly revised to reflect the enactment since that report was issued of the farm bill, the spending and revenue provisions in the debt limit bill, and a new continuing resolution. It also summarizes CBO's analysis of the President's recent budget submission, as well as work that CBO has done on the long-term budgetary effects of the aging of the baby-boom population. Along with more detailed information on baseline projections, those analyses will be published in CBO's annual report to be released next month.

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