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Combined OASDI Trust Funds - CBO Baseline [i] (March 2012)

handle is hein.congrec/cbo10646 and id is 1 raw text is: Combined OASDI Trust Funds March 2012 Baseline By Fiscal Year, in prelim. 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Income Revenues 566 556 675 731 773 822 872 919 965 1,011 Other Income a Taxes on Benefits 23 25 29 32 35 39 43 48 52 57 Federal Employer Share 15 15 16 16 17 17 18 19 19 20 Interest 116 114 110 105 100 97 98 101 106 110 Transfer (Payroll Tax Holiday) 79 120 25 0 0 0 0 0 0 0 Subtotal, Other Income 233 274 179 154 152 154 159 168 178 187 Total Income 799 831 854 885 925 976 1,031 1,087 1,143 1,198 Outgo Benefits 720 764 808 851 895 943 996 1,055 1,119 1,188 Discretionary Administration 6 6 6 6 6 6 6 7 7 7 Treasury Administration 1 1 1 1 1 1 1 1 1I Railroad Transfer 5 4 4 5 5 5 5 5 5 5 Total Outgo 731 775 819 862 907 955 1,009 1,068 1,132 1,201 Surplus/Deficit 68 56 36 23 18 c c c c c OASI 93 87 71 61 58 61 62 58 49 35 DI -25 -31 -36 -38 -40 c c c c c Primary Surplus/Deficit b -48 -58 -75 -82 -82 c c c c c OASI -14 -20 -32 -39 -38 -35 -36 -44 -57 -75 DI -34 -38 -42 -44 -44 c c c c c Balance 2,653 2,709 2,745 2,768 2,786 c c c c c OASI 2,492 2,578 2,650 2,711 2,769 2,830 2,892 2,949 2,998 3,033 DI 162 131 95 57 17 c c c c c Notes: Details may not add to totals because of rounding. OASI = Old-Age and Survivors Insurance; DI = Disability Insurance. a. Other income consists chiefly of transfers from the general fund to the Social Security trust funds. Such transfers appear in the budget as both (1) a positive outlay (the general fund por (2) a negative outlay or offsetting receipt (the trust fund portion). b. Primary Surplus is the surplus excluding interest paid to the trust fund. c. CBO projects that the DI trust fund will be exhausted during fiscal year 2016. Under current law, the Commissioner of Social Security may not pay benefits in excess of the available bala borrow money for a trust fund, or transfer money from one trust fund to another. However, following rules in the Deficit Control Act of 1985 (section 257(b)), CBO's baseline assumes that will pay DI benefits in full even after the trust fund is exhausted. Given that discrepancy between the trust funds' operation and the baseline's assumption, CBO is not providing DI or com for the year of exhaustion and thereafter. For illustrative purposes, below are the annual and cumulative shortfalls in the DI trust fund beginning in 2016. Those shortfalls do not include ir DI Trust Fund Annual Shortfall Cumulative Shortfall 2011 n/a n/a 2012 n/a n/a 2013 n/a n/a 2014 n/a n/a 2015 n/a n/a 2016 -40 -23 2017 -40 -63 2018 -38 -101 2019 -38 -139 2020 -38 -177 3illions of Dollars. 2021 2022 1,056 1,102 63 68 21 21 113 115 0 0 196 205 1,252 1,307 1,259 1,333 7 8 1 1 5 6 1,272 1,347 c c 20 2 c c c c -93 -113 c c c c 3,053 3,055 c c tion) and nces in a trust fund, the Commissioner bined trust fund totals iterest expenses. 2021 -40 -217 2022 -42 -260

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