An Analysis of the President’s Budgetary
Proposals for Fiscal Year 2011
Unless otherwise indicated, years referred to in Chapter 1 are federal fiscal years (which run from October 1 to September 30), and years referred to in Chapter 2 are calendar years.
Numbers in the text and tables may not add up to totals because of rounding.
| The baseline estimates contained in this document do not include the effects of the Patient Protection and Affordable Care Act, which was enacted on March 23, 2010. The President’s budget included placeholders for the budgetary effects of health care legislation; CBO used those placeholders in its analysis of the President’s budget. |
This Congressional Budget Office (CBO) analysis of the President’s budgetary proposals for fiscal year 2011 was prepared at the request of the Senate Committee on Appropriations. The baseline spending projections and the estimates of the budgetary impact of the President’s spending proposals were prepared by the staff of CBO’s Budget Analysis Division under the supervision of Peter Fontaine, Theresa Gullo, Holly Harvey, Janet Airis, Tom Bradley, Kim Cawley, Jeffrey Holland, Sarah Jennings, Kate Massey, and Sam Papenfuss. The baseline revenue estimates were prepared by the staff of CBO’s Tax Analysis Division under the supervision of Frank Sammartino, David Weiner, Mark Booth, and Janet Holtzblatt. Pamela Greene coordinated the analysis of the President’s revenue proposals, and the Joint Committee on Taxation prepared most of the estimates of those proposals. (A detailed list of contributors to the spending and revenue projections appears in Appendix C.) The report expands on CBO’s preliminary analysis, which was released on March 5, 2010.
Benjamin Page of the Macroeconomic Analysis Division coordinated the economic analysis under the supervision of Robert Dennis and William Randolph. Robert Arnold, Paul Burnham, Naomi Griffin, Ed Harris, Mark Lasky, Valentina Michelangeli, Larry Ozanne, Frank Russek, Marika Santoro, Kurt Seibert, and David Weiner carried out the modeling.
Barry Blom wrote Chapter 1, with assistance from Christina Hawley Anthony, Amber Marcellino, and Santiago Vallinas, and Benjamin Page wrote Chapter 2 and Appendixes A and B.
Kate Kelly and John Skeen edited the report, and Loretta Lettner proofread it. Maureen Costantino took the cover photograph, and she and Jeanine Rees prepared the report for publication. Monte Ruffin printed the initial copies, Linda Schimmel coordinated the print distribution, and Simone Thomas prepared the electronic version for CBO’s Web site.
CBO’s Estimate of the President’s Budget
Differences Between CBO’s and the Administration’s Budget Estimates
CBO’s Baseline Budget Projections
The Economy Under the President’s Budget and Under CBO’s Baseline Policy Assumptions
How the Government’s Fiscal Policies Can Affect the Economy
How the President’s Budgetary Proposals Would Affect the Economy
The Potential Economic Effects of Selected Proposals in the President’s 2011 Budget
Contributors to the Revenue and Spending Projections
1-1.Comparison of Projected Revenues, Outlays, and Deficits in CBO’s March 2010 Baseline and CBO’s Estimate of the President’s Budget
1-2.CBO’s Estimate of the President’s Budget
1-3.CBO’s Estimate of the Effect of the President’s Budget on Baseline Deficits
1-4.Proposed Changes in Discretionary Budget Authority in the President’s Budget, 2009 to 2011
1-5.Discretionary Budget Authority Requested by the President for 2011 Compared with Funding for 2010, by Budget Function
1-6.Sources of Differences Between CBO’s and the Administration’s Estimates of the President’s Budget
1-7.Changes in CBO’s Baseline Projections of the Deficit or Surplus Since January 2010
1-8.CBO’s Baseline Budget Projections
2-1.CBO’s Estimates of How the President’s Budget Would Affect Inflation-Adjusted Gross National Product
2-2.CBO’s Estimates of Effective Federal Marginal Tax Rates on Capital Income
2-3.CBO’s Estimates of Effective Federal Marginal Tax Rates on Labor Income
2-4.The Budgetary Implications of the Macroeconomic Effects
1-1.Total Deficits or Surpluses, 1970 to 2020
1-2.Debt Held by the Public Under CBO’s March 2010 Baseline and CBO’s Estimate of the President’s Budget
