Mr. Yergin estimates that a 20percentt rate increase, instituted quickly, could dampen demand by roughly one-third of the shortfall the state will face this summer.
They rejected the request and suggested instead tapping the EU's existing research budget.On July 20th the commission offered a compromise: one-third of the shortfall would come from cash earmarked for other research, the rest from unspent agricultural funds.Such a proposal may yet be scuppered by EU governments.
The CBO blamed about two-thirds of the shortfall on slower potential.
The deficit with the EU accounted for more than two thirds of the shortfall, with the deficit with non-EU countries standing at £10.8bn.
Switching to another index — to so-called chained C.P.I., which would reduce annual cost of living adjustments — would erase about one-fifth of the shortfall in Social Security benefits.
The experts said the economic downturn caused only a third of the revenue shortfall here, as sales tax receipts fell off.
Her testimony also indicated she first heard of the shortfall on Saturday, Oct. 29, a day before regulators were told of the shortfall.
"I don't know the source of the suggestion," Mr. Corzine said, adding that he had first learned of the shortfall in customer funds late on Sunday, Oct. 30.
If policymakers speed up the increase in the full-benefit retirement age to reach age 67 for those born in 1953, and then extend it one month every two years until it reaches age 70 for people born in 2025, these changes would reduce the long-term deficit by 0.62percentt of taxable payroll, thereby eliminating just under one third of the long-range shortfall.
The penalty for improperly dipping into customer money is a roughly $140,000 fine, equal to about a thousandth of the overall shortfall that clients are enduring.
The report projected the deficit in 2015 to be equal to 2.1 percent of the economy's output, or just one-fifth of the peak shortfall at the height of the recession in 2009.
