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Letter from Dan L. Crippen to Phil Gramm regarding President's Social Security proposal (described in the budget for fiscal year 2001) would affect the outlook for the federal budget beyond the 10-year horizon CBO usually uses for its projections 1 (May 2000)

handle is hein.congrec/cbo10158 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Dan L. Crippen U.S. CONGRESS Director WASHINGTON, DC 20515 May 11, 2000 Honorable Phil Gramm United States Senate Washington, DC 20510 Dear Senator Gramm: In your letter of March 24, you asked the Congressional Budget Office (CBO) to analyze how the President's Social Security proposal (described in the budget for fiscal year 2001) would affect the outlook for the federal budget beyond the 10-year horizon CBO usually uses for its projections. (CBO's estimates of the budgetary effects of the President's proposal during the first 10 years can be found in Chap- ter 3 of An Analysis of the President's Budgetary Proposals for Fiscal Year 2001, published in April 2000.) As you know, the federal budget will face increasing pressures in coming decades as the baby-boom generation retires and begins to draw Social Security and Medicare benefits. The Social Security program will be squeezed from both sides of the ledger: the growth of revenues will slow as baby boomers leave the workforce, and outlays will grow as the boomers begin to claim benefits. Similar pressures will arise in the federal government's health programs for the aged, which will face growing enrollments and rising costs per beneficiary. Over time, such pressures could cause the federal debt to rise and slow the growth of the economy. That scenario has stimulated a great deal of interest in alternative approaches for addressing the problems posed by the retirement of the baby-boom generation. The President's Social Security proposal consists of four main parts, but only the first two would affect the Social Security program directly. The proposal would: o Make transfers from the general fund to the Social Security trust funds starting in 2011;

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