04-18-StandBudget - A CBO REPORT The Cyclically Adjusted...

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The Congress of the United States O Congressional Budget Office CBO The Cyclically Adjusted and Standardized Budget Measures April 2008 A REPORT
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Notes Numbers in the text and tables may not add up to totals because of rounding. Unless otherwise indicated, all of the years referred to are federal fiscal years. Spreadsheets showing historical values for the variables of the cyclically adjusted and standard- ized budgets are available at www.cbo.gov.
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Preface T his report offers alternative measures of the budget that incorporate adjustments for cyclical and other factors. It is one of a series of reports that the Congressional Budget Office (CBO) issues each year to fulfill the requirement of section 202(e) of the Congressional Bud- get and Impoundment Control Act of 1974 that CBO submit to the Committees on the Bud- get periodic reports about fiscal policy and provide baseline projections of the federal budget. The report is based on information presented in CBO’s An Analysis of the President’s Budgetary Proposals for Fiscal Year 2009, published in March of this year. Frank Russek wrote the report, with assistance from Adam Weber, under the supervision of John Peterson and Robert Dennis. Leah Mazade edited the report, and Maureen Costantino prepared it for publication. Lenny Skutnik printed the copies, Linda Schimmel handled the print distribution, and Simone Thomas prepared the electronic version for CBO’s Web site (www.cbo.gov). Peter R. Orszag Director April 2008
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Contents Summary 1 Why Adjust Measures of the Budget Deficit or Surplus? 2 The Cyclically Adjusted Deficit or Surplus 3 The Standardized-Budget Deficit or Surplus 4 Details of CBO’s Projections of the Standardized-Budget Deficit 5 Tables 1. Measures of the Federal Budget Deficit 3 2. Details of the Standardized-Budget Deficit in Billions of Dollars 6 3. Details of the Standardized-Budget Deficit as a Percentage of Potential Gross Domestic Product 7 4. Details of the “Other Adjustments” to the Standardized-Budget Deficit 9 5. The Standardized-Budget Surplus or Deficit and Related Series in Billions of Dollars, 1962 to 2009 10 6. The Standardized-Budget Surplus or Deficit and Related Series as a Percentage of Potential Gross Domestic Product, 1962 to 2009 12 Figure 1. Three Measures of Budget Deficits and Surpluses 2
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The Cyclically Adjusted and Standardized Budget Measures Summary In March 2008, the Congressional Budget Office (CBO) released its most recent baseline projections of federal revenues, outlays, and budget balances for the next 10 years. 1 Those projections are subject to baseline procedures under which CBO assumes the continuation of current laws and policies affecting taxes and manda- tory programs and extrapolates the growth of discretion- ary spending by using projected rates of inflation. Those baseline projections incorporate the estimated effects of the Economic Stimulus Act of 2008 (Public Law 110- 185), but they do not incorporate any additional funding for the wars in Iraq and Afghanistan beyond the $88 bil- lion in budget authority already enacted for 2008.
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This note was uploaded on 03/29/2010 for the course EDUCATION 111 taught by Professor Jones during the Spring '10 term at Bowling Green.

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04-18-StandBudget - A CBO REPORT The Cyclically Adjusted...

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