Reports on the state of the US economy and the Federal budget through years 2018.

Reports on the state of the United States economy and the Federal budget.

The United States faces daunting economic and budgetary challenges. The economy has struggled to recover from the recent recession, which was triggered by a large decline in house prices and a financial crisis—events unlike anything this country has seen since the Great Depression. During the recovery, the pace of growth in the nation's output has been anemic compared with that during most other recoveries since World War II, and the unemployment rate has remained quite high. For the federal government, the sharply lower revenues and elevated spending deriving from the financial turmoil and severe drop in economic activity—combined with the costs of various policies implemented in response to those conditions and an imbalance between revenues and spending that predated the recession—have caused budget deficits to surge in the past two years. The deficits of $1.4 trillion in 2009 and $1.3 trillion in 2010 are, when measured as a share of gross domestic product (GDP), the largest since 1945—representing 10.0 percent and 8.9 percent of the nation's output, respectively. For 2011, the Congressional Budget Office (CBO) projects that if current laws remain unchanged, the federal budget will show a deficit of close to $1.5 trillion, or 9.8 percent of GDP. The deficits in CBO's baseline projections drop markedly over the next few years as a share of output and average 3.1 percent of GDP from 2014 to 2021. Those projections, however, are based on the assumption that tax and spending policies unfold as specified in current law. Consequently, they understate the budget deficits that would occur if many policies currently in place were continued, rather than allowed to expire as scheduled under current law.

One of a series of reports on the state of the budget and the economy that is issued each year; the report makes no recommendations. Contents: The Budget Outlook; The Economic Outlook; The Spending Outlook; The Revenue Outlook; Changes in the Baseline Since August 2007; Trust Funds and Measures of Debt; How Changes in Economic Assumptions Can Affect Budget Projections; The Treatment of Federal Receipts and Expenditures in the National Income and Product Accounts; Economic Projections for 2008 to 2018; Historical Budget Data; Contributors to the Revenue and Spending Projections; Glossary. Charts and tables.

NOTE: NO FURTHER DISCOUNT FOR THIS PRINT PRODUCT--OVERSTOCK SALE -- Significantly reduced list price while supplies last Estimates whether the President's budget proposals for fiscal year 2009 will result in a surplus or deficit in government spending. Economists, fiscal scholars, and American citizens may be interested in this volume. High School and above students writing research term papers on America's debt and Government spending may also be interested in this volume. Other products produced by the U.S. Congressional Budget Office (CBO) can be found here: https://bookstore.gpo.gov/agency/237

This volume is one of a series of reports on the state of the budget and the economy issued each year. The report makes no recommendations. Contents: (1) The Budget Outlook; (2) The Economic Outlook; (3) The Spending Outlook; (4) The Revenue Outlook. Appendices: (A) The American Recovery and Reinvestment Act of 2009; (B) Changes in the Baseline Since August 2009; (C) How Changes in Economic Projections Can Affect Budget Projections; (D) Trust Funds and Measures of Federal Debt; (E) Economic Projections for 2009 to 2020; (F) Historical Budget Data; (G) Contributors to the Revenue and Spending Projections. Glossary. Charts and tables.