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Communicating the Nation's Fiscal Status 1 (June 16, 2015)

handle is hein.congrec/cbo2382 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Keith Hall, Director U.S. Congress Washington, DC 20515 June 16, 2015 Honorable Ron Johnson Chairman Committee on Homeland Security and Governmental Affairs United States Senate Washington, DC 20510 Re: Communicating the Nation's Fiscal Status Dear Mr. Chairman: Thank you for your letter of June 9, 2015, regarding the Congressional Budget Office's analyses of the nation's long-term budget outlook and the agency's work on policy options that would address long-term fiscal imbalances. I am pleased that you find CBO's work on those subjects to be helpful. Effectively communicating the meaning and significance of the nation's long-term fiscal outlook is a challenge, so we appreciate your input on additional ways to do so. Your letter addressed several topics: * The reporting requirements specified in the 2016 budget resolution, * Alternative presentations of long-term fiscal challenges, * Thirty-year projections in CBO's annual Budget and Economic Outlook, * Options for Social Security and Medicare, and * Macroeconomic feedback from changes to Social Security or Medicare. Reporting Requirements Specified in the Budget Resolution You noted the provision in the 2016 budget resolution that directs CBO, whenever it releases projections of Federal deficits over any term of years, to publish a one-page summary of federal outlays, receipts, surpluses, and deficits spanning those years-divided into specified categories.' Released by CBO this morning, The 2015 Long-Term Budget Outlook includes such a one-page statement.2 (See Summary Table 1 on page 3; a copy is attached.) Alternative Presentations of Long-Term Fiscal Challenges In your letter, you requested that CBO include a one-page income statement and accompanying bar chart by decade in The 2015 Long-Term Budget Outlook. In the agency's judgment, however, alternative 'Section 3111 of the concurrent resolution on the budget for fiscal year 2016, S. Con. Res. 11, 114th Cong. (2015) (adopted). 2 Congressional Budget Office, The 2015 Long-Term Budget Outlook (June 2015), www.cbo.gov/publication/50250. www.cbo.gov

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