ABSTRACT

Analysis of the President's Budgetary Proposals for Fiscal Year 2008   [open pdf - 5MB]

From the Document: "At the request of the Senate Committee on Appropriations, the Congressional Budget Office (CBO) has analyzed the President's budget request for fiscal year 2008. The analysis is based on CBO's own economic assumptions and estimating techniques, and incorporates the Joint Committee on Taxation's (JCT's) estimates for provisions that affect the tax code. In addition, it incorporates updated estimates from JCT for the President's health insurance proposal. This report provides more detail and analysis about the President's budgetary proposals - and about CBO's updated baseline budget projections - than did the preliminary report that CBO released on March 2. If enacted, the proposals in the President's budget would add $37 billion to the deficit this year, reducing revenues by $9 billion and boosting outlays by $28 billion (mostly for military operations in Iraq and Afghanistan). As a result, the deficit in 2007 would total $214 billion, or 1.6 percent of gross domestic product (GDP), according to CBO's estimates. By comparison, the deficit in 2006 was $248 billion, or 1.9 percent of GDP."

Report Number:
CBO Pub. No. 2908; Congressional Budget Office Publication Number 2908
Author:
Publisher:
Date:
2007-03
Copyright:
Public Domain
Retrieved From:
Congressional Budget Office: https://www.cbo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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