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Letter to the Honorable Thad Cochran 1 (March 2006)

handle is hein.congrec/cbo8107 and id is 1 raw text is: O CONGRESSIONAL BUDGET OFFICE U.S. Congress Washington, DC 20515 March 3, 2006 Honorable Thad Cochran Chairman Committee on Appropriations United States Senate Washington, DC 20510 Dear Mr. Chairman: As you requested, the Congressional Budget Office (CBO), with contributions from the Joint Committee on Taxation (JCT), has analyzed the President's budget submis- sion for fiscal year 2007.1 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 14. Fiscal Years 2006 and 2007 The proposals in the President's budget would add $35 billion to the deficit that CBO currently projects for this year, reducing revenues by nearly $9 billion and boosting outlays by $27 billion (mostly for military operations in Iraq and Afghanistan). If those proposals were enacted, the deficit in 2006 would total $371 billion, or 2.8 per- cent of gross domestic product (GDP), CBO estimates (see Table 1 on page 6). By comparison, the deficit in 2005 was $318 billion, or 2.6 percent of GDP In 2007, the deficit under the President's budget would total $335 billion, CBO esti- mates. However, the amount that the President has requested to fund military opera- tions in Iraq and Afghanistan for that year ($50 billion) may not be sufficient. If the pace of those operations continued at about this year's level, the deficit in 2007 would be in the vicinity of $355 billion, or 2.6 percent of GDP The 2007-20 16 Period The deficit would continue to decline after 2007 under the President's proposals: to 1.6 percent of GDP in 2008 and 1.3 percent in 2009, before stabilizing at around 1. The analysis incorporates the budget that the President submitted on February 6 as well as the detailed requests for supplemental fuudiug for military operations iu Iraq and Afghanistau aud hurricane recovery that were transmitted on February 16. www~cbo.gov

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