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Letter to the Honorable Daniel K. Inouye 1 (March 2010)

handle is hein.congrec/cbo8116 and id is 1 raw text is: CONGRESS ONAL BUDGET OFFICE Dou~glas W Ehnendorf, Director LI S. Congress VV shington, DJC 2'0515 March 5, 2010 Honorable Daniel K. Inouye 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 staff of the Joint Committee on Taxation (JCT), has analyzed the President's bud- get submission for fiscal year 2011. This letter and the attached tables summarize the results of our work to date. A report that presents the full analysis, including CBO's assessment of the macroeconomic effects of the President's proposals, will be pub- lished later this month.'1 CBO's preliminary analysis indicates the following: If the President's proposals were enacted, the federal government would record def- icits of $1.5 trillion in 2010 and $1.3 trillion in 2011. Those deficits would amount to 10.3 percent and 8.9 percent of gross domestic product (GDP), respec- tively. By comparison, the deficit in 2009 totaled 9.9 percent of GDP. Measured relative to the size of the economy, the deficit under the President's pro- posals would fall to about 4 percent of GDP by 2014 but would rise steadily there- after. Compared with CBO's baseline projections, deficits under the proposals would be about 2 percentage points of GDP higher in fiscal years 2011 and 2012, 1.3 percentage points greater in 2013, and above baseline levels by growing amounts thereafter. By 2020, the deficit would reach 5.6 percent of GDP, com- pared with 3.0 percent under CBO's baseline projections. 1 . The estimates presented in this letter and the attached tables do not take into consideration any impact that the President's budgetary proposals might have on gross domestic product or other broad measures of economic activity. wwcbao 0oV

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