 Thank you very much. It was good to see you all here today and I want you to know I very much appreciate the warm reception I received when I came up to the Hill last Tuesday night. As you know we will be sending the fiscal year 84 budget proposal to the Hill later today and I'm glad that I have this opportunity to meet with those of you who play a critical role in the congressional action on the budget. We know and the American people know that in this difficult economic times effective leadership is critical and I think that each of you here has a special responsibility in that regard and I want to thank you for coming down here today to discuss one of the most important issues we face this year. As we proceed here today we'll be hearing from Marty Felstein and Dave Stockman and Don Regan on the details of our budget proposal but I'd like to give you a brief outline of the major components for your that will be in the fiscal 84 budget. As I mentioned at the State of the Union address I'm submitting a four point proposal to increase economic growth and reduce deficits. As a matter of fact the budget plan will result in $558 billion in deficit reductions between 84 and 88 and without these reductions baseline deficits between $200 and $300 billion would threaten our economic recovery. First among my four point plan is the fiscal spending freeze which means the budget will increase no more than the rate of inflation. And second I have included measures to control the growth of the so-called uncontrollable spending programs. Third proposing $55 billion in defense savings over the next five years and I believe this represents a reasonable savings in this important area without diminishing our ability to negotiate arms reductions which is the only real way to truly get at the reduction in that kind of spending or that would endanger our security. And finally I will ask for a standby tax limit to no more than 1% of gross national product to start in fiscal 86. It would last no more than three years and would start only if the Congress first had approved our spending freeze and budget control program and in essence this is insurance policy for the future and is intended to encourage the reduction of our deficits. I believe the trust of our program is fair, realistic and is prudent. I'm convinced that we must make every effort to bring fiscal spending under control and to bring the deficit down. And without this kind of economic recovery unemployment will continue to run at unacceptable levels and I know this is something that none of us wants. I'm convinced that bipartisan teamwork is essential to achieving true and lasting economic growth that we can have that. I think this kind of teamwork is crucial and I look forward to working with you. And now I'm going to turn this meeting over to Marty and Dave and Don and I know they'll be happy to give you the details of the plan and respond to any questions that you may have. And I thank you again for coming and I shall turn the meeting over to Don Regan and run for cover.