Douglas Elmendorf, Director of the CBO, noted that while much of the savings are the result of a loss of wealth due to the recession.

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The Director of the Congressional Budget Office, Douglas Elmendorf, testified on February 13 before Congress that 750, 000 jobs would be lost in 2013 alone if Congress does not avoid the sequester cuts.

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Will Douglas Elmendorf bend to the Chicago-style pressure?

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