About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 1 (September 29, 2017)

handle is hein.congrec/cbo3798 and id is 1 raw text is: Budgetary and Economic Outcomes Under Paths for Federal Revenues and Noninterest Spending Specified by Chairman Enzi, September 2017 At the request of the Chairman of the Senate Budget Committee, Senator Mike Enzi, the Congressional Budget Office has projected budgetary and economic outcomes over the next decade under paths for federal revenues and spending (excluding interest payments) specified by the Chairman and his staff. The projections do not represent a cost estimate for legislation or an analysis of the effects of any specific policies. In partic- ular, CBO has not considered the effects of any policies on economic growth beyond the effects of changes in federal borrowing resulting from the specified paths. In addition, CBO has not considered whether the specified paths are consistent with the policy proposals or budget numbers that Chairman Enzi released on September 29, 2017, as part of his proposed budget resolution. Summary The projections in this report represent CBO's assess- ment of how federal debt and economic output would evolve from 2018 to 2027 under Chairman Enzi's specified paths for revenues and noninterest spending. The benchmark for those projections is the 10-year base- line that CBO published in June 2017, which reflects 1. CBO does not analyze or prepare estimates of budget resolutions because they are targets for the Congress and its committees and do not contain legislative language for proposals whose budgetary effects can be estimated. For more on CBO's role in analyzing budget resolutions, see Congressional Budget Office, CBO's Role in Budget Resolutions, CBO Blog (March 15, 2016), www.cbo.gov/publication/51379. the assumption that current law will generally remain unchanged.2 The projections show how the reductions (relative to the baseline) in federal revenues and spending-and the resulting changes in federal borrowing-under those paths would affect the economy and how those macro- economic effects would, in turn, feed back into the federal budget. The projections do not show any other potential effects on the economy of specific policies that might be used to generate those paths. In Chairman Enzi's specified paths, noninterest spending deceases from 18.5 percent of gross domestic product (GDP) in 2018 to 17.2 percent in 2027, and revenues increase from 16.9 percent of GDP to 17.9 percent. In CBO's 10-year baseline, noninterest spending measured as a share of GDP increases from 19.0 percent in 2018 to 20.7 percent in 2027, and revenues increase from 17.7 percent of GDP to 18.4 percent over the same span (see Figure 1). 2. See Congressional Budget Office, An Update to The Budget and Economic Outlook: 2017 to 2027 (June 2017), www.cbo.gov/publication/52801. CBO recently updated its health insurance coverage projections; see Congressional Budget Office, Federal Subsidies for Health Insurance Coverage for People UnderAge 65:2017 to 2027 (September 2017), www.cbo.gov/publication/53091. This report does not incorporate those updated projections, but CBO anticipates that if they were incorporated, the estimated effects of Chairman Enzi's specified paths on the budget and the economy would be similar to the estimated effects reported here. Notes: Unless otherwise indicated, years referred to in describing budget numbers are fiscal years, which run from October 1 to September 30 and are designated by the calendar year in which they end; years referred to in describing economic output are calendar years. Numbers in the text may not add up to totals because of rounding.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most