CBO
TESTIMONY
Statement of
Alice M. Rivlin
Director
Congressional Budget Office
Before the
Committee on the Budget
U.S. House of Representatives
January 25, 1979
|
There should be no release of this statement before
3:00 p.m. (E.S.T.), January 25, 1979
|
Mr. Chairman, in 1978, unemployment declined substantially, but inflation
accelerated to near record levels for the postwar period. As a result,
the Administration and the Federal Reserve have undertaken an anti-inflation
program of tightened credit, wage-price guidelines, and proposed spending
cuts. As you begin your deliberations on the First Concurrent Resolution
on the Budget for Fiscal Year 1980, the central question facing this committee
is: How should the budget respond to this anti-inflation effort? To assist
your consideration of this question, my statement this morning will cover
four topics:
-
The outlook for the economy over the next two years as forecast by CBO;
-
The prospects for slowing inflation;
-
The main outlines of the Administration's proposed budget; and
-
Other fiscal policy options currently receiving attention in the Congress.
This document is available in its entirety in PDF.
Skip Navigation
