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Mr. Chairman: I am happy to be with you today to comment on President Carter's energy proposals. In response to requests from committees in both houses of Congress, the Congressional Budget Office has begun to examine and evaluate these proposals. Today I would like to discuss the effect of this plan on income distribution. More detailed analyses of this and other aspects of the President's proposals and alternatives will be made available to the Congress as soon as they can be completed.

Today I would like to touch briefly on six points: (1) the rationale for rebates under the plan; (2) the principal distributional impacts; (3) the sources of revenue under the plan; (4) the effects on residential heating and home insulation; (5) the macroeconomic effects of the plan; and (6) the impact on energy suppliers.

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