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Letter to the Honorable Thad Cochran [i] (March 2005)

handle is hein.congrec/cbo8105 and id is 1 raw text is: O CONGRESSIONAL BUDGET OFFICE Douglas Holtz-Eakin, Director U.S. Congress Washington, DC 20515 March 4, 2005 Honorable Thad Cochran Chairman Committee on Appropriations United States Senate Washington, DC 205 10 Dear Mr. Chairman: As you requested, the Congressional Budget Office (CBO), with contributions from the Joint Committee on Taxation, has analyzed the President's budget submission for fiscal year 2006. This letter and the attached tables summarize the main results of CBO's work; a report of the full analysis, including CBO's assessment of the macroeconomic effects of the President's proposals, will be published on March 15. Fiscal Years 2005 and 2006 CBO estimates that under the President's policies, the deficit will be $394 billion in 2005, which equals 3.2 percent of gross domestic product (G~DP). (By comparison, the deficit in 2004 was $412 billion, or 3.6 percent of GDP.) Included in the deficit estimate for 2005 are outlays of $32 billion that would result from the President's recent request for supplemental appropriations, mostly for military activities in Iraq. For 2006, the deficit under the President's budget would total $332 billion, in CBO's estimation (see Table 1)-but the President's request for that year omits additional funds to continue U.S. military operations in Iraq and Afghanistan. As a result, CBO's estimate of the President's 2006 request reflects only outlays for activities resulting from the 2005 supplemental request (a total of $82 billion in budget authority) and from appropriations enacted for previous years. Additional funding to maintain those operations at about the same level as that expected for 2005 would add about $40 billion to the deficit www cbo.gov

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