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Mr. Chairman and Members of the Committee:
 

I am pleased to appear before you to discuss the outlook for inflation as projected by the Congressional Budget Office and other economists, and in particular, the implications for defense spending. My testimony today will focus on three areas:

• The general outlook for inflation through 1986;
  
  
• The specific outlook for inflation with regard to defense purchases; and
  
  
• The potential impact for defense spending.

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