Economic Costs of Debt-Ceiling Brinkmanship, Hearing Before U.S. Senate Joint Economic Committee, One Hundred Thirteenth Congress, First Session, September 18, 2013 [open pdf - 714KB]
This is the September 18, 2013 hearing on "Debt-Ceiling Brinkmanship" held before the Senate Joint Economic Committee. From the opening statement of Kevin Brady: "Vice Chair Klobuchar and I agree that political brinkmanship over raising the debt ceiling is costly to our economy. I wish President Obama felt as we do. His declaration this weekend--'What I haven't been willing to negotiate, and I will not negotiate, is on the debt ceiling.'--represents the inflexible brinksmanship the American people deplore. Despite the recent decline in the federal budget deficit, future projections are troubling. Add to that an evergrowing national debt; Medicare whose main trust fund runs empty within twelve years; and Social Security that had to borrow nearly $150 billion last year from foreign investors and the Fed simply to make payments to our seniors. As Dr. Zandi noted in his testimony, '…the long term fiscal outlook remains disconcerting.'" Statements, letters, and materials submitted for the record include those of the following: Kevin Brady, Dan Mitchell, Mark Zandi, David Malpass, and Donald B. Marron.
U.S. Senate Joint Economic Committee: http://www.jec.senate.gov/