Accession Number : ADA519656


Title :   The Budget and Economic Outlook: Fiscal Years 2010 to 2020


Corporate Author : CONGRESSIONAL BUDGET OFFICE (U S CONGRESS) WASHINGTON DC


Full Text : https://apps.dtic.mil/dtic/tr/fulltext/u2/a519656.pdf


Report Date : Jan 2010


Pagination or Media Count : 181


Abstract : The Congressional Budget Office (CBO) projects that if current laws and policies remained unchanged, the federal budget would show a deficit of about $1.3 trillion for fiscal year 2010 (see Summary Table 1). At 9.2 percent of gross domestic product (GDP), that deficit would be slightly smaller than the shortfall of 9.9 percent of GDP ($1.4 trillion) posted in 2009. Last year's deficit was the largest as a share of GDP since the end of World War II, and the deficit expected for 2010 would be the second largest. Moreover, if legislation is enacted in the next several months that either boosts spending or reduces revenues, the 2010 deficit could equal or exceed last year's shortfall. The large 2009 and 2010 deficits reflect a combination of factors: an imbalance between revenues and spending that predates the recession and turmoil in financial markets, sharply lower revenues and elevated spending associated with those economic conditions, and the costs of various federal policies implemented in response to those conditions.


Descriptors :   *FEDERAL BUDGETS , *ECONOMICS , REVENUE SHARING , FINANCE , UNITED STATES GOVERNMENT , POLICIES , LEGISLATION


Subject Categories : Economics and Cost Analysis


Distribution Statement : APPROVED FOR PUBLIC RELEASE