Excerpt from The President's Budget Proposals for Fiscal Year 1994: Hearing Before the Committee on the Budget, House of Representatives, One Hundred Third Congress, First Session; Hearing Held in Washington, DC., February 23, 1993 Chairman sabo. Good morning. The Budget Committee is called to order to continue our study and analysis of the President's eco nomic proposal. Today we have before us Lloyd Bentsen, Secretary of the Treas ury, and Alice Rivlin, Deputy Director of the omb, who have both lent their considerable experience and insight to formulating the Clinton budget proposal. And we welcome you. Since the President explained his economic proposal to Congress and the American people, there has been an immense amount of analysis on exactly what the proposal will mean to individual Americans. Some of this analysis has been accurate, some has not, but it has largely been the sort of analysis that is expected, and welcomed, of a proposal that has bearing on our collective and indi vidual futures. We must also keep an eye on some of the larger economic forces that will shape and be shaped by this ambitious proposal, and that will in turn shape the future Of our lives. These forces include long-term economic gains from reducing the deficit, a monetary policy that can support this effort, benefits to our balance of trade, gains from changing our budget priorities in favor of investment, and even the potential for savings from changes in how the debt itself is managed. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.