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Topic: Congressional Budget Office

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1998

	Congressional Budget Office projects $172 billion deficit in '07 \| KOMO 1000 News Radio - News, Weather and Sports - ...
		WASHINGTON (AP) - The budget deficit for the current year will be $172 billion, according to new estimates by the Congressional Budget Office.
		The latest CBO figures, disclosed by a congressional aide, also predict the budget could come back into surplus by 2012, although that would require President Bush's tax cuts to expire at the end of 2010.
		The CBO figures, to be officially released later Wednesday, show the budget registering a $12 billion surplus by 2012.
	www.komoradio.com /news/business/5341566.html (487 words)

	Congressional Budget Office - Wikipedia, the free encyclopedia
		The Congressional Budget Office is a federal agency within the legislative branch of the United States government.
		It was created by the Congressional Budget and Impoundment Control Act of 1974.
		The main goal is to provide Congress with objective, timely, nonpartisan analyses needed for economic and budget decisions and with the information and estimates required for the Congressional budget process.
	en.wikipedia.org /wiki/Congressional_Budget_Office (142 words)

	The New Congressional Budget Office Forecast And the Remarkable Deterioration of the Surplus, 9/3/02
		CBO now projects that for any given level of the U.S. economy, the amount of federal tax revenue that the economy will generate is significantly lower than CBO previously thought.
		The CBO data show that last year’s tax cut accounts for 56 percent of the deterioration in the ten-year surplus that was caused by legislation.
		Most of the increases in government spending that CBO now projects, relative to its projections of January 2001, represent increases in expenditures for interest payments on the debt that are a result of the sharp reductions in projected revenue collections.
	www.cbpp.org /9-3-02bud.htm (1631 words)

	The Implications of the Social Security Projections Issued by the Congressional Budget Office, 6/14/04
		A new Congressional Budget Office analysis released today, which has been several years in the making, projects that the long-term shortfall in Social Security financing is 47 percent smaller than the Social Security Trustees have projected.
		CBO projects the shortfall to be 1.0 percent of taxable payroll, or 47 percent less than the Trustees project.
		Social Security’s modest impact on the nation’s long-term budget problems are confirmed by projections of the long-term “fiscal gap” — the amount by which revenues must be raised and/or spending cut in order to stabilize the federal debt as a share of the economy and prevent a debt explosion that could cause serious economic damage.
	www.cbpp.org /6-14-04bud.htm (1965 words)

	Congressional Budget Office predicts increased joblessness (Site not responding. Last check: 2007-10-21)
		The CBO predicted the aftermath of Katrina would see job losses of 400,000 in coming months, a reduction in growth of as much as a full percentage point in the second half of this year and that September gas prices will average about 40 percent higher than before the storm.
		CBO said overall economic growth, as measured by the gross domestic product, could be reduced by between 0.5 percentage point and a full percentage point for the second half of this year but this downshift in growth should be temporary as long as gasoline prices retreat to pre-Katrina levels.
		The CBO said estimates of the impact on employment in September range from a decline of 150,000 jobs to a drop of as many as half a million jobs.
	www.thejournalnews.com /apps/pbcs.dll/article?AID=/20050908/BUSINESS01/509080330/1066 (932 words)

	Congressional Budget Office Report
		Outside CBO, valuable comments and assistance were provided by Lex Miller of Watson Wyatt and Company, Ron Gebhardtsbauer at the American Academy of Actuaries, Carolyn Merck at the Congressional Research Service, and Margaret Wrightson and Jennifer Cruise at the General Accounting Office.
		CBO selected the age, salary, and years of service for each hypothetical employee to illustrate a variety of typical circumstances.
		See Congressional Budget Office, Comparing Federal Salaries with Those in the Private Sector, CBO Memorandum (July 1997), the findings of which are summarized in the last section of this memorandum.
	eea.natca.net /cbo_report.htm (6424 words)

	CBO Star Wars Cost Estimate - Attachment
		CBO estimates that H.R. 3144 would cost nearly $10 billion over the next five years, or about $7 billion more than is currently programmed for national missile defense.
		CBO adds another $3 billion to these estimates to hedge against potential risks associated with the development programs.
		CBO assumes that the ground-based layer would include 300 interceptors deployed at 3 sites and would cost $13 billion, or about $4.5 billin more than the costs of meeting the minimum requirements.
	www.fas.org /spp/starwars/congress/1996_r/cbo1505a.htm (948 words)

	U.S. Senate: Reference Home > Virtual Reference Desk > Budget (Site not responding. Last check: 2007-10-21)
		The Senate Committee on the Budget was established in 1974 by the Congressional Budget Act (pdf).
		The annual budget resolution is an agreement between the House and Senate on a budget plan for the upcoming fiscal year and at least the following four fiscal years.
		The budget resolution is in the form of a concurrent resolution, so it is not sent to the President for his signature and thus does not become law, but it does provide a framework for subsequent legislative action on the appropriations bills.
	www.senate.gov /reference/reference_index_subjects/Budget_vrd.htm (263 words)

	OMB Watch - Congressional Budget Office Projections: No Change in Bleak Long-Term Fiscal Outlook
		CBO also has increased their estimate of the total deficits over the next ten years by more than $1.1 trillion to $2.1 trillion.
		CBO has confirmed what many private analysts have reported: the recent jump in federal revenue is due to short-term, temporary factors that are unsustainable, and over the long-term the country still faces large and difficult fiscal challenges.
		Yet even the CBO's long-term projections do not reveal just how troubling our budgetary outlook is. The CBO is required by law to assume the continuation of current policies, the most important for its current estimates being the expiration over the next five years of most of the tax cuts legislated in 2001 and 2003.
	www.ombwatch.org /article/articleview/3059/1/2?TopicID= (519 words)

	Congressional Budget Office Projects $477 Billion Deficit
		Critics from both parties say the actual shortfalls could be even worse than projected because the budget office excluded the cost of extending tax cuts and other items that are set to expire in coming years.
		The budget office projected that for the decade ending in 2013, the red ink will total $2.38 trillion.
		As Bush took office in January 2001, the budget office projected surpluses totaling $5.6 trillion for the decade ending in 2011.
	home.earthlink.net /~platter/articles/040126-ap-cbo.html (898 words)

	[No title] (Site not responding. Last check: 2007-10-21)
		The Office shall be headed by a Director; and there shall be a Deputy Director who shall perform such duties as may be assigned to him by the Director and, during the absence or incapacity of the Director or during a vacancy in that office, shall act as Director.
		During that session of Congress such revenue estimates shall be transmitted by the Congressional Budget Office to any committee of the House of Representatives or the Senate requesting such estimates, and shall be used by such Committees in determining such estimates.
		Officers and employees of the Congressional Budget Office shall be subject to the same statutory penalties for unauthorized disclosure or use as officers or employees of the department, agency, establishment, or regulatory agency or commission from which it is obtained.
	uscode.house.gov /download/pls/2C17.txt (3563 words)

	washingtonpost.com: 2004 Deficit to Reach $480 Billion, Report Forecasts
		Should the cuts be allowed to vanish, the federal budget would be nearly balanced by 2011 and have a $161 billion surplus by 2012, congressional forecasters say.
		In July, Bush's budget office released projections showing a $455 billion deficit for this year would decline to $62 billion by 2008, absent policy changes the president had requested.
		"Balancing the budget is an important goal of government, but not as important as the safety and prosperity of its citizens," said Hazen Marshall, staff director of the Senate Budget Committee.
	www.washingtonpost.com /ac2/wp-dyn/A46805-2003Aug26?language=printer (910 words)

	USATODAY.com - CBO: Bush budget would produce $2.75 trillion deficits over decade (Site not responding. Last check: 2007-10-21)
		The forecast — $737 billion worse than the budget office expects should Congress ignore Bush's tax and spending plans — is sure to factor into this year's presidential and congressional campaigns.
		The nonpartisan budget office also forecast that Bush's fiscal plans would produce deficits of $478 billion this year and $356 billion in 2005.
		Wary of the impact on deficits, Republican congressional leaders already have said they will not move this year on Bush's proposal to extend the tax cuts, which is the pillar of his plan for strengthening the economy.
	www.usatoday.com /news/washington/2004-02-27-budget_x.htm (706 words)

	10-year plan: $2.75 trillion in new debt / Congressional Budget Office analyzes White House proposal
		By contrast, CBO says the deficit under Bush's budget policies would be only $478 billion this year, and then fall to $258 billion in 2009, before climbing to $289 billion by 2014.
		The CBO projections indicate that by 2014, the president's spending and tax cut policies would push the government into a hole that would be $737 billion deeper than if Congress ignored Bush's policy prescriptions.
		He said that even under the CBO projections, the deficit, as expressed as a percentage of the economy, would be cut in half, from 4.2 percent of the economy this year to 1.8 percent of the economy.
	www.sfgate.com /cgi-bin/article.cgi?file=/c/a/2004/02/28/MNG1I5AGTQ1.DTL (668 words)

	Boston.com / News / Nation / Washington / Bush budget seen maintaining
		The analysis by the nonpartisan Congressional Budget Office said Bush's plans for spending and taxes would yield deficits through the decade ending in 2015 totaling $2.58 trillion.
		That is $1.6 trillion higher than they would be if none of the president's fiscal plans becomes law, the budget office said, the chief factor being his plan to make already-enacted tax cuts permanent.
		The congressional office said it thinks cumulative deficits over the next decade will be $125 billion higher than it estimated only last January.
	www.boston.com /news/nation/washington/articles/2005/03/05/bush_budget_seen_maintaining_deficits (478 words)

	Congressional Budget Office Expects Larger Surplus - April 23, 1998
		The new estimate was provided to House Budget Committee Chairman John Kasich, who was meeting with the Republican leadership behind closed doors Thursday to outline his budget proposal.
		The CBO director also was scheduled to brief congressional budget leaders and top staff members later Thursday.
		The last CBO estimate was in March, when the agency projected an $8 billion surplus for the current fiscal year.
	www.cnn.com /ALLPOLITICS/1998/04/23/budget.surplus (234 words)

	Cliff Notes - Appendix B
		CBO also prepares cost estimates for proposals at other stages of the legislative process at the request of a committee of jurisdiction, a budget committee, or the Congressional leadership.
		CBO interprets that directive to include the disclosure of the critical assumptions and analytic methodologies used to prepare the estimates.
		CBO analysts consult with the staff of the committee of jurisdiction (for a reported bill) or the sponsoring Member (for an introduced bill or amendment) when questions of interpretation arise, but they draw their own conclusions on an impartial and objective basis.
	budget.senate.gov /republican/major_documents/reference/cliff_notes/cliffapb.htm (1518 words)

	Democratic Policy Committee
		The new Congressional Budget Office (CBO) forecast underscores the dramatic fiscal reversal under President Bush and leaves little doubt that this is the most fiscally irresponsible Administration in our history.
		CBO projects that the record will be broken again this year, with the deficit climbing to $477 billion.
		The $5.6 trillion surplus CBO projected three years ago is now a $2.9 trillion deficit over that same decade, a $8.5 trillion reversal.
	democrats.senate.gov /~dpc/pubs/108-2-024.html (385 words)

	HHS - Office of Budget (OB)
		The office maintains active communication with OMB and the Congress, responds to information requests in an accurate and timely manner, and works with these organizations to achieve the Department’s budget priorities.
		The Budget Office also provides guidance and technical assistance to HHS operating divisions, reviews and analyzes policy proposals, promotes program integrity and other management priorities, and leads the resolution of issues arising from budget execution activities.
		The Budget Office main phone number is (202) 690-7393, and the FAX number is (202) 690-6896.
	www.hhs.gov /budget (397 words)

	Congressional Budget Office projects higher 2000 budget surplus - May 12, 2000
		The CBO, the nonpartisan budget analysis arm of Congress, also said that the portion of the surplus excluding Social Security reserves should top $40 billion, up from its previous $26 billion estimate for fiscal 2000, which ends September 30.
		However, the CBO cautioned in its monthly report that it remains unclear whether there would a long-term surplus improvement because of economic uncertainty.
		The latest CBO budget projection is the first to include revenues from this year's federal tax returns.
	edition.cnn.com /2000/ALLPOLITICS/stories/05/12/cbo.surplus (715 words)

	Congressional Budget Office (from United States government) -- Britannica Student Encyclopedia
		The Congressional Budget Office was established in 1974 as an agency to help Congress oversee the federal budget process, aid in fiscal policy, review tax policies, and study the allocation of federal funds.
		In national finance, the period covered by a budget is usually a year, known as a financial or fiscal year, which may or may not correspond with the calendar year.
		Provides a profile of the division, a citizen's guide, a description of the budget process, an explanation of financial terms, a guide to the state government's interaction with other levels of government, and access to publications.
	www.britannica.com /ebi/article-209653 (949 words)

	CONGRESSIONAL BUDGET OFFICE / On the record: Douglas Holtz-Eakin
		As director of the nonpartisan Congressional Budget Office, Holtz-Eakin is the legislature's chief numbers cruncher, charged with giving lawmakers objective and independent analysis of the fiscal effects of proposed laws.
		Since he was appointed to a four-year term in February 2003, Holtz-Eakin has regularly poked his finger in the eyes of Democrats and Republicans alike, for example, raising flags on the cost of the Bush administration's tax cut programs.
		The president's budget, you can see the strategy is to focus on discretionary spending.
	www.sfgate.com /cgi-bin/article.cgi?f=/c/a/2005/02/13/BUGPRBA2A31.DTL (2445 words)

	Tax Burden Shifts to the Middle (washingtonpost.com)
		Since 2001, President Bush's tax cuts have shifted federal tax payments from the richest Americans to a wide swath of middle-class families, the Congressional Budget Office has found, a conclusion likely to roil the presidential election campaign.
		The CBO study, due to be released today, found that the wealthiest 20 percent, whose incomes averaged $182,700 in 2001, saw their share of federal taxes drop from 64.4 percent of total tax payments in 2001 to 63.5 percent this year.
		"CBO is nonpartisan, it's independent, and right now it works for a Republican Congress with a former Bush economist at its head," said Jason Furman, economic director of the presidential campaign of Sen. John F. Kerry (D-Mass.).
	www.washingtonpost.com /wp-dyn/articles/A61178-2004Aug12.html (567 words)

	Economist's View: Wanted: Nonpartisan Congressional Budget Office Director
		At the expiration of a term of office, the person serving as Director may continue in the position until a successor is appointed.
		CBO's Staff:The Director appoints all CBO staff, including the Deputy Director, and all appointments are based solely on professional competence, without regard to political affiliation.
		CBO is composed primarily of economists and public policy analysts.
	economistsview.typepad.com /economistsview/2005/12/wanted_nonparti.html (772 words)

	CONGRESSIONAL BUDGET OFFICE, Washington, DC (Site not responding. Last check: 2007-10-21)
		CBO is a nonpartisan agency that provides the Congress with the objective and timely analyses needed for economic and budget decisions.
		CBO offers challenging, substantive economics and public policy work in a collegial environment that provides opportunity for research on numerous policy-relevant topics.
		Positions involve writing CBO studies, preparing testimonies, developing and working with research-based microsimulation models for use in policy analysis and forecasting, performing analyses of proposed federal legislation, consulting with Congressional staff on policy development and carrying out original research.
	www.aeaweb.org /joe/0410d/html/joe251.html (404 words)

	Committee Reports (Site not responding. Last check: 2007-10-21)
		CBO estimates that implementing the bill would cost $38 million over the 2005-2009 period, assuming appropriation of the necessary amounts.
		CBO's estimate of AST's expenses over the 2005-2007 period is based on the $12 million appropriated for the agency for fiscal year 2004, including adjustments for anticipated inflation.
		CBO estimates that extending and expanding DOT's indemnification authority through 2007 would have no significant budgetary impact over the next five years largely because operators of commercial space vehicles must have significant private insurance coverage in order to be licensed.
	www.congress.gov /cgi-bin/cpquery?&dbname=cp108&&r_n=hr429.108&sel=TOC_43788& (1531 words)

	June Ellenoff O'Neill '51, Former Director of the Congressional Budget Office
		Her topic was "CBO and the Budget Outlook: 2002 and Beyond." This profile was prepared in April 1997.
		The CBO is widely regarded as one of the most independent and rigorously objective research organizations (both inside and outside of government).
		O'Neill also spent several years at the Congressional Budget Office and as a senior economist on the staff of the President's Council of Economic Advisers.
	www2.bxscience.edu /alum/profiles/oneill.htm (1108 words)

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