Description: The Congressional Budget Office (CBO) released the first of its annual budget reports in late January. The baseline estimates from CBO run through FY2013. CBO’s baseline estimates are similar in construction to those produced by the Office of Management and Budget (OMB) for the President. CBO’s January baseline has a $145 billion deficit in FY2004 (down from $199 billion in FY2003), that becomes a small surplus of $65 billion in FY2008. The report also included an update to CBO’s January baseline that pushed the deficit for FY2004 to $200 billion from $145 billion. The revisions move the return to a surplus from FY2007 to FY2008 and reduce the cumulative FY2004- FY2013 surplus from $1,336 billion (January) to $891 billion (March). CBO’s estimates of the President’s budget, a recasting of the policies using CBO assumptions and budget estimating methods, raise the expected deficit for FY2004 to $338 billion from the OMB estimated $307 billion.

Description: This is a select chronology of, and a finding guide for information on, congressional and presidential actions and documents related to major budget events in calendar year 2002, covering the FY2003 budget. Brief information is provided for the President’s budget, congressional budget resolutions, appropriations measures (regular, continuing, supplementals, and rescissions), budget reconciliation, House and Senate votes, line-item vetoes, publications, testimony, charts, and tables.

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Description: In March, CBO released its report analyzing the President’s policies. CBO’s estimates of the President’s budget, a recasting of the policies using CBO assumptions and budget estimating methods, raise the expected deficit for FY2004 to $338 billion from the OMB estimated $307 billion. The report also included an update to CBO’s January baseline that pushed the deficit for FY2004 to $200 billion from $145 billion. The revisions delay the return-to-a-surplus from FY2007 to FY2008 and reduce the cumulative FY2004-FY2013 surplus from $1,336 billion (January) to $891 billion (March).

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