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1 1 (July 2019)

handle is hein.congrec/cboprojfed0001 and id is 1 raw text is: JULY 2019 CBO's Projections of Federal Receipts and Expenditures in the National Income and Product Accounts: 2019 to 2029 The federal government's fiscal transactions are recorded in two major sets of accounts: The Budget ofthe United States Government, which is prepared by the Office of Management and Budget, and the national income and product accounts (NIPAs), which are produced by the Department of Commerce's Bureau of Economic Analysis (BEA).' The federal budget is the framework generally used by executive branch agencies and the Congress; it is the presentation of budgetary activity that is most often discussed in the press. The NIPAs, by contrast, are not intended to help the government plan or manage its activities. Instead, those accounts provide a general framework for describing the U.S. economy and show how the federal government fits into that framework. The different purposes served by the federal budget and the NIPAs are examined briefly below.2 1. See Mark S. Ludwick and Brendan I. Brankin, NIPA Translation of the Fiscal Year 2020 Federal Budget, Survey of Current Business, vol. 99, no. 5 (Bureau of Economic Analysis, May 2019), https://go.usa.gov/xynP7; and Bruce E. Baker and Pamela A. Kelly, BEA Briefing: A Primer on BEAs Government Accounts, Survey of Current Business, vol. 88, no. 3 (Bureau of Economic Analysis, March 2008), https://go.usa.gov/xU2v8. 2. For a more thorough treatment, see Congressional Budget Office, CBO Projections ofFederal Receipts and Expenditures in the NationalIncome and Product Accounts (May 2013), www.cbo.gov/ publication/44140. Each year, the Congressional Budget Office reports projections of federal revenues and outlays developed using the standard structure for budgetary accounting.3 This report presents those revenue and outlay projec- tions using the NIPA framework (see Table 1), and it compares CBO's baseline budget projections with those projections on a NIPA basis (see Table 2 on page 4). The conceptual differences between the budget accounts and the NIPAs over the 2019-2029 period (CBO's most recent baseline projection period) cause cumula- tive receipts in the NIPAs to exceed projected revenues in CBO's baseline by about 5 percent and expenditures in the NIPAs to exceed outlays in the baseline by about 7 percent. In the NIPAs, projected expenditures exceed projected receipts by a total of $13.8 trillion; the deficits in CBO's baseline budget projections total $12.3 trillion over the same period. 3. For the most recent edition of CBO's projections, see Congressional Budget Office, Updated Budget Projections: 2019 to 2029 (May 2019), www.cbo.gov/publication/55151. As specified in law, and to provide a benchmark against which potential policy changes can be measured, CBO constructs its baseline under the assumption that current laws generally remain unchanged. Note: Unless otherwise indicated, all years referred to are federal fiscal years, which run from October 1 to September 30 and are designated by the calendar year in which they end. Numbers in the text and tables may not sum to totals because of rounding.

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