The Federal Government's Long-Term Fiscal Outlook: January 2010 Update

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Other written product issued by the Government Accountability Office with an abstract that begins "Since 1992, GAO has published long-term fiscal simulations of what might happen to federal deficits and debt levels under varying policy assumptions. We developed our long-term model in response to a bipartisan request from Members of Congress who were concerned about the long-term effects of fiscal policy. More recently, GAO has also begun publishing separate long-term fiscal simulations for the state and local government sector. GAO runs two simulations: (1) "Baseline Extended" follows the Congressional Budget Office's (CBO) January 2010 baseline estimates for the first 10 ... continued below

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United States. Government Accountability Office. March 2, 2010.

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Description

Other written product issued by the Government Accountability Office with an abstract that begins "Since 1992, GAO has published long-term fiscal simulations of what might happen to federal deficits and debt levels under varying policy assumptions. We developed our long-term model in response to a bipartisan request from Members of Congress who were concerned about the long-term effects of fiscal policy. More recently, GAO has also begun publishing separate long-term fiscal simulations for the state and local government sector. GAO runs two simulations: (1) "Baseline Extended" follows the Congressional Budget Office's (CBO) January 2010 baseline estimates for the first 10 years and then simply holds revenue and spending other than large entitlement programs constant as a share of gross domestic product (GDP); and (2) the "Alternative" simulation is based on historical trends and policy preferences. Discretionary spending grows with GDP rather than inflation during the first 10 years, Medicare physician payment rates are not reduced as in CBO's baseline, all tax provisions are extended to 2020, and the alternative minimum tax (AMT) exemption amount is indexed to inflation through 2020; revenues are then brought back to their historical level. This update incorporates CBO's most recent baseline projections that were released in January 2010."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • March 2, 2010

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  • June 11, 2014, 5:03 a.m.

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United States. Government Accountability Office. The Federal Government's Long-Term Fiscal Outlook: January 2010 Update, text, March 2, 2010; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc291130/: accessed November 19, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.