My testimony will focus on the long-term budget outlook and will draw on the most recent set of longterm budget projections from the Congressional Budget Office (CBO), issued in December 2005.
The CBO constructed its projections based on the assumptions that real gross domestic product (GDP) would rise about 3-1/2 percent per year in 2005 and 2006 and at a rate of 2.9 per cent per annum from 2007 through 2015.