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

Letter to the Honorable George V. Voinovich 1 (December 2002)

handle is hein.congrec/cbo8605 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Dan L. Crippen, Director U.S. Congress Waishington, DC 20515 December 4, 2002 Honorable George V. Voinovich United States Senate Washington, DC 205 10 Dear Senator: In response to your recent request, CBO has prepared five alternative budget proj ections that modify our current baseline (released in August 2002) according to assumptions that you specified. Table 1 summarizes the results of that analysis, and Tables 2 through 6 show the detailed, year-by-year estimates. As you requested, for all five scenarios we assume that discretionary budget authority in 2003 will total $759 billion and that all revenue provisions scheduled to expire in the next ten years will be extended. The third assumption, which varied for each scenario, specified different rates of growth or decline of discretionary budget authority. You asked us to determine, under those assumptions, what rate of change in discretionary appropriations would be necessary to produce on-budget balance by 2007 or by 2012. (The on-budget deficit in 2002 was $318 billion.) Under the specified assumptions, discretionary budget authority would have to decline by about 8 percent a year in order to reach on-budget balance in 2007 (see Table 5); a small rate of growth-0.4 percent per year-would yield on-budget balance in 2012 (see Table 6). You should note that the revenue adjustments in all the scenarios include-as you specified in your request-all expiring tax provisions. Some of those provisions are from the stimulus bill enacted earlier this year and were generally not intended or expected to be extended; extension of those provisions accounts for an estimated $264 billion in revenues over the 2003-2012 period. Box 1-1 from The Budget and Economic Outlook.- An Update (August 2002) discussed the estimated impact of extending expiring revenue provisions. A copy of that box is attached. 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