CBO
TESTIMONY
Statement of
Alice M. Rivlin
Director
Congressional Budget Office
Before the
Subcommittee on Employment Opportunities
Committee on Education and Labor
U.S. House of Representatives
February 13, 1979
There should be no release of this statement before
9:30 a.m. (E.S.T.), February 13, 1979
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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 and wage-price guidelines,
and the President has proposed spending cuts in the fiscal year 1980 budget.
In my statement today, I will cover four topics that affect consideration
of the fiscal year 1980 budget:
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The main outlines of the Administration's proposed budget and its effect
on the economy;
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The economic outlook for 1979 and 1980, with particular reference to the
forecasts by the Congressional Budget Office and the Administration;
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Fiscal policy options for 1980; and
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Longer-run economic goals and policy strategies.
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