Baseline Budget Projections Under Alternative Assumptions

Description

The Congressional Budget Office (CBO) estimates a baseline budget based on simple rules prescribed by law. Statute requires CBO to project a baseline of revenues and outlays under current law over the next 10 years. Arguably, a “better guess” of the probable path of the federal budget under current policy might be achieved by modifying four assumptions in the CBO baseline. First, that discretionary spending will remain constant as a share of GDP rather than growing at the rate of inflation. Second, that military operations in Iraq and Afghanistan will continue and should be counted in the baseline rather than ... continued below

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6 pages.

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Esenwein, Gregg A. & Labonte, Marc February 8, 2005.

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This report is part of the collection entitled: Congressional Research Service Reports and was provided by UNT Libraries Government Documents Department to Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 71 times . More information about this report can be viewed below.

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Description

The Congressional Budget Office (CBO) estimates a baseline budget based on simple rules prescribed by law. Statute requires CBO to project a baseline of revenues and outlays under current law over the next 10 years. Arguably, a “better guess” of the probable path of the federal budget under current policy might be achieved by modifying four assumptions in the CBO baseline. First, that discretionary spending will remain constant as a share of GDP rather than growing at the rate of inflation. Second, that military operations in Iraq and Afghanistan will continue and should be counted in the baseline rather than omitted. Third, that recent tax reduction will be extended rather than allowed to expire. Fourth, that the alternative minimum tax (AMT) relief will be extended rather than allowing the AMT to “take back” the reductions in regular income tax.

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6 pages.

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Congressional Research Service Reports

The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1970's through the present--covering a variety of topics from agriculture to foreign policy to welfare.

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Creation Date

  • February 8, 2005

Added to The UNT Digital Library

  • Oct. 18, 2005, 2:37 p.m.

Description Last Updated

  • Feb. 9, 2017, 2:52 p.m.

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Esenwein, Gregg A. & Labonte, Marc. Baseline Budget Projections Under Alternative Assumptions, report, February 8, 2005; Washington D.C.. (digital.library.unt.edu/ark:/67531/metacrs7466/: accessed September 24, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.