In last week's testimony regarding the drivers of our structural debt, we heard Congressional Budget Office Director Doug Elmendorf say that, although government revenues are certainly temporarily down, he expects them to again reach their historic norm of a little over 18 percent of GDP in short order.
Hensarling discusses expected recovery of government revenues and rising spending due to entitlement programs.
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Mr. Speaker, I yield 1 minute to the gentleman from North Carolina (Mr. Budd), the lead sponsor of one of the provisions in the bill, H.R. 3903, the Encouraging Public Offerings Act.
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