December 5, 1974
Page 38335
NOTICE OF HEARINGS
Mr. CRANSTON. Mr. President, the distinguished chairman of the committee on the Budget (Mr. MUSKIE) has asked me to announce, for the information of Senators, that the Senate Budget Committee will hold public hearings during the next 2 weeks on the subject of the economy and fiscal policy. These hearings continue scrutiny begun by the committee last August on the relationship between Federal fiscal policy and our country's well-being.
Since August, the economic picture has darkened considerably. President Ford has submitted his economic program to Congress and proposed budgetary actions which would reduce Federal outlays by $5 billion in fiscal year 1975 and almost $7 billion in fiscal year 1976. The committee plans to focus on these worsened economic circumstances and their relationship to appropriate fiscal and budget policy as we begin preparing for the committee's activities in connection with the 1976 budget.
These hearings will be held on December 11, 12, 17, 18, and 19 in room 1114 of the Dirksen Senate Office Building beginning at 10 am.
Next Wednesday, December 11, the committee will hear testimony from a panel of distinguished economists including Dr. Arthur Okun, Dr. Otto Eckstein, and Prof. Murray Weidenbaum, and from the Comptroller General, Elmer Staats.
On Thursday, December 12, the committee will hear testimony from the Honorable Roy Ash, Director of the Office of Management and Budget.
On Tuesday, December 17, the committee will hear testimony from Secretary of the Treasury William Simon. Other witnesses that week will testify about the relationship between Federal fiscal policy and alternative solutions to some of our pressing national concerns, such as the energy crisis.
I am hopeful that these hearings will produce a constructive dialog that will result in positive and responsible action by the Federal Government in coping with our present economic ills.