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Mr. Chairman, my statement this morning will cover four topics:

• The economic outlook as projected by CBO;
  
  
• The budget estimates included in the mid-session report on the fiscal year 1979 budget recently released by the Administration;
  
  
• Fiscal policy options for fiscal year 1979 now receiving attention in Congress; and
  
  
• The need for closer coordination of monetary and fiscal policies for inflation and unemployment.

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