I yield myself 20 seconds. To respond to the gentleman, he may be too young to remember, but 5 years ago, we bequeathed the Bush administration a surplus of $236 billion. This is what has happened in the last 4 fiscal years. The statutory debt ceiling of the United States has been raised to accommodate the budgets of the Bush administration to the tune of $3 trillion.
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Mr. Garrett. I thank the chairman and I thank the witness, Dr. Romer, for being here today.
I want to thank Congresswoman Gwen Moore for suggesting this hearing and for her role in bringing it about and putting it together.
simply giving away pollute-for-free allowances to certain industries does not work.
Can we conclude from what you have just said and from what you are seeing that the favorable factors in our economy today may be glimmers of hope, may be harbingers of an economy that is recovering?
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