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30 Tax Foundation's Washington News 1 (1978)

handle is hein.tera/wingnews0032 and id is 1 raw text is: TAX FO UN DAT 10 N'S WASH IN G TO Nde January 27, 197n Vel. L NeI 1725 K Street, Washington, D. C. 20006 $500 BILLION 1979 BUDGET RETREATS FROM PLEDGE OF BALANCE BY 1981 President Carter on January 23 submitted to the Congress the first com- plete budget prepared by his Administration, calling for expenditures totaling $500.2 billion, and estimating receipts -- taking account of his proposed tax reductions and reforms -- at $439.6 billion, with a resulting deficit of $60.6 billion. The gross Federal debt is estimated to rise to $073.7 billion by the end of fiscal year 1979. The budget also presents revised estimates for the current fiscal year, which differ significantly from the revisions announced last November. Receipts in 1978 are -now estimated at $400.4 billion (as compared to the November estimate of $401.4 billion), outlays are expected to total $462.2 billion (or $2.4 billion higher than forecast last November), with the deficit of $61.8 billion being $3.5 billion higher than estimated in November. Calling the $500 billion expenditure level restrained,' the Chief Executive stated in his budget message that it was directed at overcoming crucial problems and represented a shift in the spending priorities of the past. Also noting that the budget reflects the zero-base review promised during his election campaign, President Carter said that the budget includes dollar savings and program improvements resulting from that process, though the dollar savings are not specified. The budget message and explanatory materials appear to represent a retreat from the President's repeated pledge of budget balance by fiscal 1981. In his transmittal message the President said only that his budget places us on a path that will permit a balanced budget in the future if the private economy continues its recovery over the coming years. At another point, in discussing the effects of the budget proposals in future years, the budget indicates the spending proposals included are intended to place us on a path permitting a stable budget balance.' However, though projections presented through fiscal year 1983 indicate substantial surpluses beginning in 1981, the budget document emphasizes that the projections should not be interpreted as suggesting that such surpluses will in fact occur. The budget proposals now, of course, are subject to Congressional review and action. In considering the President's tax and spending recommendations Congress is likely to make changes which will affect the totals. On the spending side there will doubtless be pressures for increases, but any prospects for meaningful reductions are greatly limited by the fact that three-fourths of total outlays -- almost $375 billion in 1979 -- are considered uncontrollable under present laws.

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