SOURCE: Town Hall Los Angeles

TOWN HALL Los Angeles

October 07, 2010 20:02 ET

CBO Director Elmendorf Presents 2011 Outlook on the Federal Budget to TOWN HALL

LOS ANGELES, CA--(Marketwire - October 7, 2010) -  Douglas Elmendorf, Director of the Congressional Budget Office, will discuss the "Budget and Economic Outlook for 2011 and Beyond" with TOWN HALL Los Angeles on Thursday, October 21, 2010, at the Millennium Biltmore Hotel.

The US deficit totaled about $1.3 trillion in the fiscal year that ended September 30. Debt held by the public now totals more than $9 trillion. Tax cuts enacted under the previous administration expire this year, and the current administration's deficit commission recommendations are due in December. "In CBO's judgment, there are both monetary and fiscal policy options that, if applied at a sufficient scale, would increase output and employment during the next few years," said Elmendorf. "Those same fiscal policy options would, however, have long-term economic costs. In particular, the cuts in taxes or increases in spending that would provide a short-term economic boost would also increase federal debt." 

On the impact of escalating health care costs, Elmendorf stated, "Rising health costs will put tremendous pressure on the federal budget during the next few decades and beyond. Putting the federal budget on a sustainable path would almost certainly require a significant reduction in the growth of federal health spending relative to current law -- including this year's health legislation."

Elmendorf was appointed to serve as director of the CBO from January 22, 2009 to January 3, 2011. Providing Congress with analyses to aid in economic and budgetary decisions, the CBO is an independent, nonpartisan agency created in 1974 under the Congressional Budget and Impoundment Control Act.

To better inform public awareness TOWN HALL's Civic Series convened panels in 2010 examining the Consumer Protection Act, the Patient Protection and Affordable Health Care Act, and invited Federal Reserve Bank President, Dr. Janet Yellen, to share her opinions on the economic outlook and central bank independence.

One of the Top 10 Leadership Forums in the nation, TOWN HALL Los Angeles advocates for no side, represents no particular ideology, and stands solidly in support of free speech. Visit

All accredited members of the media are invited to cover this event. RSVPs required.
**Please credit TOWN HALL Los Angeles in your coverage.

Thursday, October 21, 2010
12:00 PM Luncheon; 12:30 PM Discussion with Audience Q&A

Millennium Biltmore Hotel
506 south Grand Avenue
Los Angeles, CA 90071

Tickets $48 - $65, Call 213.628.8141 or visit

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