March 23,2001

Grassley Announces Hearing on Budget Surpluses, Debt Reduction

Hearing: “Budget Surpluses and Debt Reduction”

Date/time: Thursday, March 29, 2001, at 10 a.m.

Location: 215 Dirksen Senate Office Building

Description: According to the Congressional Budget Office, federal budget surpluses are projectedto exceed $5.6 trillion over the next ten years. Under current law, these surpluses willbe used to pay down the $3.4 trillion in outstanding federal debt now held by thepublic. Given the of the surpluses and the composition of the debt, thegovernment will be forced to invest part of the surpluses in other assets without beingable to repay all of the debt. Sen. Chuck Grassley, chairman of the Committee onFinance, will convene a hearing to examine the issue of debt reduction and its impacton the federal budget and the economy.

A witness list will be available later.