The Senate Budget Committee held a hearing on the outlook for the U.S. and global economy. Economic policy experts and academics testified before the Committee. Sen. Kent Conrad (D-ND) chairs the hearing.
Projections released by the International Monetary Fund (IMF) on Tuesday stated that the global economy is "slowing sharply" and that Europe's current financial situation in "fertile ground" for drastic downturn.
Several experts appearing at the hearing were Alan Blinder, a former Federal Reserve Board Governor, macroeconomic analyst Dr. Joel Prakken, and economic policy strategist Dr. Ike Brannon.