An Analysis of the President's Mid-Session Review of the Budget for Fiscal Year 2001
CONGRESSIONAL BUDGET OFFICE (U S CONGRESS) WASHINGTON DC
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The President is required by law to submit a budget by early February of each year, as well as a supplemental update before July 16. The update, ill general, has con- tained revised estimates of the budget surplus, receipts, outlays, and other summary information, with only minor changes, if any, in legislative proposals. However, both last year and this year, the Mid-Session Review has also contained significant new policy proposals. Therefore, as requested by the House and Senate Committees on the Budget, the Congressional Budget Office CBO has analyzed the Administra- tions Mid-Session Review of the fiscal year 2001 budget. CBO estimates that the policies reflected in the Mid-Session Review would result in cumulative total budget surpluses of 1.4 trillion over the 2001-2005 period and 3.2 trillion over the 2001-2010 period see Tables 1 and 2. Those estimates exceed the corresponding projections by the Administration by 0.2 trillion and 0.3 trillion, respectively, mostly because CBO projects slightly higher revenues over those periods. On-budget surpluses over the five-year and 10-year periods would reach 159 billion and 349 billion, respectively. Revenues and spending for Social Security and the Postal Service are currently excluded from the on-budget totals the Administration would do the same for Medicares Hospital Insurance program.
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