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I if they were typewritten on normal pages, would cover at least 100 pages. Much of it is repetitious. The principles are in response to a direction by Congress given in the Water Resources Planning Act some years ago. I don't think the Congress had the slightest idea that these things would result from that direction given in the water Resources Planning Act. I In any event, this is in response to a particular statutory direction by Congress. The Council has adopted these standards subject to review. It is heartening to note that the Council has, in a preliminary to this long statement, recognized that these principles and standards are subject to whatever laws that Congress may pass or proclamations that the President may issue. I make that comment be- cause otherwise it seems that the Council, along with the Office of Management and Budget. assumes that it is a chief policy making agency for the people of the United States. However, the prin- ciples state that they will make such changes, as time goes on, as may be appropriate with the concurrence of the Office of Management and Budget. You see who is running the show. It's actually the Office of Management and Budget, although I find nothing in the congressional act which gave the Office of Management and Budget any authority concerning these principles. The Water Resources Council then, by another short statement, recognizes the superiority of the Office of Management and Budget, although the Office of Management and Budget has no statutory authority in connection with these principles. The tough thing about these prin- ciples is that they are primarily an exercise in economic theories. The people who prepared them obviously have had no experience whatsoever in planning any water resource projects. One of the critical things that's contained in here is the portion relating to the interest, or the discount rate. This has such a tremendous -53-