Tables

S-1. CBO’s Baseline Budget Outlook

S-2. CBO’s Economic Projections for Calendar Years 2008 to 2018

1-1. Projected Deficits and Surpluses in CBO’s Baseline

1-2. Average Annual Growth Rates of Revenues and Outlays Since 1997 and in CBO’s Baseline

1-3. CBO’s Baseline Budget Projections

1-4. Changes in CBO’s Baseline Projections of the Deficit Since August 2007

1-5. The Budgetary Effects of Selected Policy Alternatives Not Included in CBO’s Baseline

1-6. CBO’s Baseline Projections of Federal Debt

2-1. CBO’s Economic Projections for Calendar Years 2008 to 2018

2-2. Key Assumptions in CBO’s Projection of Potential Output

2-3. CBO’s Current and Previous Economic Projections for Calendar Years 2007 to 2017

2-4. Comparison of Economic Forecasts by CBO, the Administration, and the Blue Chip Consensus for Calendar Years 2008 to 2013

2-5. Comparison of Economic Forecasts by the Federal Reserve and CBO for Calendar Years 2007, 2008, and 2009

3-1.CBO’s Projections of Outlays Under Assumptions for the Baseline

3-2. Average Annual Rates of Growth in Outlays Since 1997 and Under CBO’s Baseline

3-3. CBO’s Baseline Projections of Mandatory Outlays

3-4. Sources of Growth in Mandatory Outlays

3-5. CBO’s Baseline Projections of Offsetting Receipts

3-6. Costs for Mandatory Programs That CBO’s Baseline Assumes Will Continue Beyond Their Current Expiration Dates

3-7. Defense and Nondefense Discretionary Outlays, 1985 to 2008

3-8. Growth in Discretionary Budget Authority, 2007 to 2008

3-9. Nondefense Discretionary Funding for 2008

3-10. CBO’s Projections of Discretionary Spending Under Selected Policy Alternatives

3-11. CBO’s Baseline Projections of Federal Interest Outlays

4-1. CBO’s Projections of Revenues

4-2. CBO’s Projections of Individual Income Tax Receipts and the NIPA Tax Base

4-3. Actual and Projected Capital Gains Realizations and Taxes

4-4. CBO’s Projections of Social Insurance Tax Receipts and the Social Insurance Tax Base

4-5. CBO’s Projections of Social Insurance Tax Receipts, by Source

4-6. CBO’s Projections of Corporate Income Tax Receipts and Tax Bases

4-7. CBO’s Projections of Excise Tax Receipts, by Category

4-8. CBO’s Projections of Other Sources of Revenue

4-9. Effects of Extending Tax Provisions Scheduled to Expire Before 2018

A-1. Changes in CBO’s Baseline Projections of the Deficit or Surplus Since August 2007

A-2. Changes in CBO’s Baseline Projections of Discretionary Outlays Since August 2007

B-1. CBO’s Baseline Projections of Trust Fund Surpluses

B-2. CBO’s Baseline Projections of Federal Debt

C-1. How Selected Economic Changes Might Affect CBO’s Baseline Budget Projections

D-1. Relationship of the Budget to the Federal Sector of the NIPAs

D-2. Baseline Receipts and Expenditures as Measured by the NIPAs

E-1. CBO’s Year-by-Year Forecast and Projections for Calendar Years 2008 to 2018

E-2. CBO’s Year-by-Year Forecast and Projections for Fiscal Years 2008 to 2018

F-1. Revenues, Outlays, Deficits, Surpluses, and Debt Held by the Public, 1968 to 2007, in Billions of Dollars

F-2. Revenues, Outlays, Deficits, Surpluses, and Debt Held by the Public, 1968 to 2007, as a Percentage of Gross Domestic Product

F-3. Revenues by Major Source, 1968 to 2007, in Billions of Dollars

F-4. Revenues by Major Source, 1968 to 2007, as a Percentage of Gross Domestic Product

F-5. Outlays for Major Categories of Spending, 1968 to 2007, in Billions of Dollars

F-6. Outlays for Major Categories of Spending, 1968 to 2007, as a Percentage of Gross Domestic Product

F-7. Discretionary Outlays, 1968 to 2007, in Billions of Dollars

F-8. Discretionary Outlays, 1968 to 2007, as a Percentage of Gross Domestic Product

F-9. Outlays for Mandatory Spending, 1968 to 2007, in Billions of Dollars

F-10. Outlays for Mandatory Spending, 1968 to 2007, as a Percentage of Gross Domestic Product

F-11. Deficits, Surpluses, Debt, and Related Series, 1968 to 2007

F-12. Standardized-Budget Deficit or Surplus and Related Series, 1968 to 2007, in Billions of Dollars

F-13. Standardized-Budget Deficit or Surplus and Related Series, 1968 to 2007, as a Percentage of Potential Gross Domestic Product

 

Figures

S-1. Projected Growth of the U.S. Economy and Federal Spending for Major Mandatory Programs

S-2. Total Revenues and Outlays as a Percentage of Gross Domestic Product

1-1. The Total Deficit or Surplus as a Share of Gross Domestic Product, 1968 to 2018

1-2. Debt Held by the Public as a Share of Gross Domestic Product, 1940 to 2018

1-3. Uncertainty of CBO’s Projections of the Budget Deficit or Surplus Under Current Policies

1-4. Projected Federal Spending Over the Long Term

2-1. Mortgage Delinquencies

2-2. Corporate Bond Yields and Mortgage Rates

2-3. Outstanding Amounts of Commercial Paper, by Issuer

2-4. Banks’ Commercial and Industrial Loans and Investment in Securities

2-5. Housing Starts and the Underlying Demand for New Housing

2-6. Inflation-Adjusted Prices of Houses

2-7. Consumer Expectations

2-8. Real Business Fixed Investment

2-9. Nominal Trade-Weighted Value of the Dollar

2-10. Overall and Core PCE Price Indexes

2-11. Inflation-Adjusted Price of Crude Oil

2-12. Food Price Inflation and Foodstuffs Prices

2-13. Total Factor Productivity

2-14. Total Labor Income and Wages and Salaries

2-15. Domestic Profits and Businesses’ Interest Payments

3-1. Major Components of Spending, 1968 to 2018

3-2. Caseload Growth in Social Security and Medicare, 1995 to 2018

4-1. Total Revenues as a Share of Gross Domestic Product, 1968 to 2018

4-2. Annual Growth of Federal Revenues and Gross Domestic Product, 1968 to 2018

4-3. Revenues, by Source, as a Share of Gross Domestic Product, 1968 to 2018

4-4. Effects of the Individual Alternative Minimum Tax in CBO’s Baseline

4-5. Capital Gains Realizations as a Share of Gross Domestic Product, Calendar Years 1954 to 2018

B-1. CBO’s Baseline Projections of Surpluses in Social Security’s Trust Funds

B-2. CBO’s Baseline Projection of Debt Subject to Limit, October 2006 to September 2009

 

Boxes

1-1. Funding for Activities in Iraq and Afghanistan and for the War on Terrorism

2-1. Conforming Mortgages and the Role of Fannie Mae and Freddie Mac

2-2. Structured Investment Vehicles

2-3. The Federal Reserve’s Term Auction Facility

2-4. Recession Signals

3-1. Categories of Federal Spending

3-2. Medicare’s Prescription Drug Benefit

3-3. CBO’s Baseline Projections of Spending to Support Agriculture

4-1. Tax Bases and Tax Liability

4-2. Factors Affecting the Average Corporate Tax Rate

C-1. The Potential Budgetary Impact of a Recession


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