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Letter to the Honorable Robert C. Byrd 1 (March 2007)

handle is hein.congrec/cbo8109 and id is 1 raw text is: O CONGRESSIONAL BUDGET OFFICE Peter R. Orszag, Director U.S. Congress Washington, DC 20515 March 2, 2007 Honorable Robert C. Byrd 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 2008. This letter and the attached tables summarize the results of CBO's work. A report that presents the full analysis, including CBO's assessment of the macroeconomic effects of the President's proposals, will be published on March 16. Fiscal Ycars 2007 and 2008 Collectively, the proposals in the President's budget would add $37 billion to the deficit that CBO currently projects for this year, reducing revenues by $9 billion and boosting outlays by $28 billion (mostly for military operations in Iraq and Afghanistan). If the proposals were enacted, the deficit in 2007 would total $214 billion, or 1.6 percent of gross domestic product (GDP), according to CBO's estimates (see Table 1 on page 9). By comparison, the deficit in 2006 was $248 billion, or 1.9 percent of GDP In 2008, CBO estimates, the deficit under the President's budget would again total 1.6 percent of GDP (amounting to $226 billion in nominal dollar terms)-about twice the shortfall that CBO projects under current laws and policies. That difference is attributable largely to proposals from the Administration that affect defense spend- ing and revenues. The President is requesting additional 2007 appropriations of nearly $ 100 billion for military operations in Iraq and Afghanistan and for other activities related to the war on terrorism, much of which would be spent in 2008; the President is also seeking $145 billion for those activities next year. (CBO's baseline www.cbo.gov

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