Beginning Tuesday, 22nd January, Senate Finance Committee Chairman Max Baucus (D-Mont.) will launch a series of hearings to explore proposals for a fiscal stimulus package aimed at averting an economic recession in the United States.
On the first of two hearings on that day, the Finance panel will hear testimony from Congressional Budget Office Director Peter Orszag and a number of other economic experts.
According to Baucus, the panelists will attempt to determine whether the state of the nation’s economy demands a stimulus package, and if so what measures would provide the best and most immediate economic boost, and to which sectors, e.g. individual taxpayers, businesses, housing or others.
Also on Tuesday, Orszag will review and take questions on his agency’s new report to Congress, “Options for Responding to Short-Term Economic Weakness”, which outlines the congressional budget agency’s view on the need for economic stimulus, and on options such as business stimulus and tax rebates.
On Thursday, 24th January, the Committee will hear testimony from Martin Feldstein and Jason Furman. Feldstein is the Baker Professor of Economics at Harvard University and the President and CEO of the National Bureau of Economic Research (NBER). He also chaired the Council of Economic Advisers in the Reagan Administration. Furman is director of the Hamilton Project – which recently held a major forum entitled “If, When, How? Prospects for Fiscal Stimulus in the US Economy” – and was on the staff of the White House National Economic Council in the Clinton Administration.
Baucus further stated that he anticipates announcing additional hearings in the coming days.
President Bush is expected to outline his own plans for fiscal stimulus in his State of the Union address at the end of the month.
Democratic presidential candidates Barack Obama, Hilary Clinton and John Edwards have also proposed plans for an immediate fiscal response to the looming economic crisis, largely through rebates to individuals taxpayers and the unemployed.
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