This volume is one of a series of reports on the state of the budget and the economy that the Congressional Budget Office (CBO) issues each year. It satisfies the requirement of section 202(e) of the Congressional Budget Act of 1974 for CBO to submit to the Committees on the Budget periodic reports about fiscal policy and to furnish baseline projections of the federal budget. In accordance with CBO’s mandate to provide impartial analysis, the report makes no recommendations.
1 The Budget Outlook 1
A Review of 2007 3
The Concept Behind CBO’s Baseline Projections 5
CBO’s Baseline Projections for 2008 to 2018 5
Changes in CBO’s Baseline Since August 2007 9
Uncertainty and Budget Projections 11
Federal Debt Held by the Public 15
The Long-Term Budget Outlook 18
2 The Economic Outlook 21
The Threat to the Economy From the Turmoil in the
Financial Markets 23
The Prospect of Slow Economic Growth in the Near Term 30
The Persistent Risk of Higher Inflation 39
The Outlook Through 2018 41
Projections of Income 44
Changes in the Outlook Since August 2007 45
How CBO’s Forecast Compares With Others 47
3 The Spending Outlook 51
Mandatory Spending 55
Discretionary Spending 69
Net Interest 75
4 The Revenue Outlook 79
Sources of Revenues 79
CBO’s Current Revenue Projections in Detail 82
The Effects of Expiring Tax Provisions 99
Policymakers, members of government, governmental agencies, and businesses will all want information on the Federal Budget since this data can affect future policy decisions and business and market trends. In addition, members of the general public who want to be informed about, and understand, the Federal Budget will enjoy this publication.
Product Details
- Federal Budgets
- Economic Conditions
