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Mr. Chairman and Members of the Committee:

My statement this morning covers several topics of importance to this Committee in its deliberations on the Second Concurrent Resolution on the Budget for Fiscal Year 1978. You already have copies of CBO's latest economic report, Recovery With Inflation, and the statement will begin with a summary of the economic outlook presented in that report and the comparison with some other views about the outlook. Next comes a discussion of factors that could affect the budget in 1978 and in later years, including spending reestimates, special employment programs, and the possible impact of new initiatives in the energy and social security areas. Finally, I will summarize a statement submitted to this Committee at the beginning of this month on the importance of making major budget decisions on a multi-year basis instead of one year at a time.

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