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

Letter to the Honorable Robert C. Byrd 1 (March 2008)

handle is hein.congrec/cbo8110 and id is 1 raw text is: CONGPESS ONAL BUDGET OFFICE Peter R. Orszig, Director LI S. Congress VV IShinrtn, DJC 2'0515 March 3, 2008 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 2009. This letter and the attached tables summarize the results of CBO's work to date. A report that presents the full analysis, including CBO's assess- ment of the macroeconomic effects of the President's proposals, will be published on March 19. CBO's analysis indicates the following: If the President's proposals were enacted, the federal government would record def- icits of $396 billion in 2008 and $342 billion in 2009. Those deficits would amount to 2.8 percent and 2.3 percent, respectively, of gross domestic product (GDP). By comparison, the deficit in 2007 totaled 1.2 percent of GDP Under the President's proposals, the deficit would steadily diminish from 2009 through 2012, at which point the budget would be balanced; it would remain close to balance in most years through 2018.1 Several key factors contribute to that outcome, however. The budget excludes funding for military operations in Iraq 1 . The President's budget does not provide year-by-year estimates of spending and revenues after 2013. It does, however, specify the total effect of proposed changes in laws affecting taxes and mandatory spending for the 1 0-year period through 2018. For discretionary spending, the budget provides details only for 2008 and 2009; the request for 2010 through 2013 is provided only in the aggregate. C130 incorporated those total amounts in its estimates and calculated discretionary outlays for the 2014-2018 period by projecting the amount of discretionary budget authority that the President recommended for 2013 and adjusting it for inflation. www cbo gov

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