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The Federal Sector of the National Income and Product Accounts 1 (July 1999)

handle is hein.congrec/cbo0653 and id is 1 raw text is: The Federal Sector of the National Income and Product Accounts THE FEDERAL SECTOR OF THE NATIONAL INCOME AND PRODUCT ACCOUNTS July 30, 1999 Preface This report provides material that supplements the Congressional Budget Office's (CBO's) 77e Economic andBudget Outlook: An Update (July 1, 1999). In accordance with CBO's mandate to provide objective and impartial analysis, this document contains no recommendations. The analysis was prepared by Jennifer Winkler of the Projection's Unit in CBO's Budget Analysis Division under the supervision of Paul Van de Water. Christian Spoor edited the report, and Liz Williams proofread it. Marion Curry assisted in the production of the report. Kathryn Quattrone prepared the final version for publication, and Laurie Brown prepared the electronic versions for CBO's World Wide Web site (www.cbo.gov). Dan L. Crippen Director July 30, 1999 The federal budget is not the only mechanism for gauging the effect of federal government revenues and spending on the economy. That effect can also be seen through the official national income and product accounts (NIPAs) produced by the Commerce Department's Bureau of Economic Analysis. The NIPAs provide a picture of government activity in terms of production, distribution, and use of output. They recast the government's transactions into categories that affect gross domestic product, income, and other macroeconomic totals, thereby helping to trace the relationship between the federal sector and other areas of the economy. Relationship Between the Budget and the NIPAs A handful of major differences distinguish the treatment of federal receipts and expenditures in the NIPAs from their treatment in the unified budget. For example, the NIPAs shift selected dollars from Page I

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