Comments to Senate Budget Committee re Economic Outlook Hearing

In comments for the record to the Senate Finance and House Ways and Means Committee, the Center for Fiscal Equity presented a model for estimating growth from the previous fiscal year's deficit/surplus added to the net interest expenditure (with deficits cancelling out interest costs to estimate the true injection or extraction from the financial markets to government spending) presented as a percentage of GDP.  Based on FY2011 figures, we estimate FY2012 growth to be 1.6%.