Budget Committee looks at economic effects of financial crises

As the deadline for raising the debt ceiling nears, senators will hear from Moody’s Analytics Chief Economist Mark Zandi on what effect financial crises have on the overall economy.

On Tuesday, the Senate Budget Committee will hold a hearing titled, “The 2014 Outlook: Moving from Constant Crises to Broad-Based Growth.” 

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The administration has estimated that the federal government will reach its borrowing limit in mid-February. Despite Congress acting in time to avert a government shutdown, lawmakers will still need to pass legislation to raise the debt ceiling.

Senate Budget Committee Chairwoman Patty Murray (D-Wash.) has said Democrats will not negotiate over something as serious as the government paying its bills.

“Let me be very clear, Democrats aren’t going to negotiate over whether or not the government should pay its bills,” Murray said earlier this week. “And if Republicans continue down this path of empty threats and dangerous demands, they will get exactly what they got the last time they tried to play politics with our economic recovery: nothing.”

Also on Tuesday, the Senate Foreign Affairs Committee will get an update on negotiations with Iran over its nuclear program. A bipartisan group of senators have called for tougher sanctions against Iran to increase pressure on the country to stop developing nuclear capability, but President Obama has asked lawmakers to wait until the conclusion of a six-month deal negotiated late last year. 

Details and these and other Senate hearings follow:

Senate Banking, Housing and Urban Affairs

- Feb. 6, “Oversight of Financial Stability and Data Security”

10 a.m., 538 Dirksen Senate Office Building

Senate Budget

- Feb. 4, “The 2014 Outlook: Moving from Constant Crises to Broad-Based Growth”

10:30 a.m., 608 Dirksen Senate Office Building

Senate Energy and Natural Resources

- Feb. 4, “Nominations”

10 a.m., 366 Dirksen Senate Office Building

- Feb. 6, “Forestry bills, S. 1784, S. 1966”

9:30 a.m., 366 Dirksen Senate Office Building

Senate Environment and Public Works

Subcommittee on Water and Wildlife

- Feb. 4, “Examination of the Safety and Security of Drinking Water Supplies Following the Central West Virginia Drinking Water Crisis"

10 a.m., 406 Dirksen Senate Office Building

Senate Foreign Relations

- Feb. 4, “Negotiations on Iran’s Nuclear Program

10 a.m., 419 Dirksen Senate Office Building

- Feb. 4, “Nominations”

3 p.m., 419 Dirksen Senate Office Building

- Feb. 6, “Nominations”

2:30 p.m., 419 Dirksen Senate Office Building

Senate Health, Education, Labor and Pensions

- Feb. 4, “Nomination of Surgeon General designate, Vivek Hallegere Murthy”

10:30 a.m., 430 Dirksen Senate Office Building

- Feb. 6, “Supporting Children and Families through Investments in High-Quality Early Education”

10 a.m., 430 Dirksen Senate Office Building

Senate Homeland Security and Government Affairs

- Feb. 6, “S.1486, to Improve, Sustain, and Transform the U.S. Postal Service”

10 a.m., 430 Dirksen Senate Office Building

Senate Judiciary

- Feb. 4, “Privacy in the Digital Age: Preventing Data Breaches and Combating Cybercrime”

10:15 a.m., 226 Dirksen Senate Office Building