2007 Budget of the United States Government - tables

SUMMARY TABLES THE BUDGET FOR FISCAL YEAR 2007 Table S–1. Budget Totals (Dollar amounts in billions) 2005 Budget Totals: Receipts ....................................................... Outlays ......................................................... Deficit ..................................................... 2006 2007 2008 2009 2010 2011 2,154 2,472 318 12,290 2,285 2,709 423 13,030 2,416 2,770 354 13,761 2,590 2,814 223 14,521 2,714 2,922 208 15,296 2,878 3,061 183 16,102 3,035 3,240 205 16,955 Gross Domestic Product (GDP) .............. Budget Totals as a Percent of GDP: Receipts ....................................................... Outlays ......................................................... Deficit ..................................................... 17.5% 20.1% 2.6% 17.5% 20.8% 3.2% 17.6% 20.1% 2.6% 17.8% 19.4% 1.5% 17.7% 19.1% 1.4% 17.9% 19.0% 1.1% 17.9% 19.1% 1.2% 313 314 Table S–2. Discretionary Totals (Net budget authority; dollar amounts in billions) Change: 2006–2007 Dollar Percent 2006 2007 Enacted Request Discretionary budget authority: Department of Defense ......................................................................................... Homeland Security (non-Department of Defense) ...................................... Other Operations of Government ...................................................................... Total, Discretionary budget authority ............................................................. Enacted supplemental and emergency funding: Global War on Terror .............................................................................................. Hurricane Response 1 .......................................................................................... Pandemic Influenza Preparedness ................................................................... Total, Enacted supplemental and emergency funding .......................... 410.8 32.1 400.4 843.3 439.3 33.1 398.3 870.7 28.5 1.0 2.2 27.3 6.9% 3.3% 0.5% 3.2% 50.0 4.6 3.8 58.4 Estimated future emergency requests: 2 Global War on Terror ............................................................................................. Hurricane Response ............................................................................................. Pandemic Influenza Preparedness .................................................................. Total, Estimated future emergency requests .............................................. 1 2 70.0 18.0 — 88.0 50.0 — 2.3 52.3 In total, $84.5 billion has been provided in 2005 and 2006 for response to the Gulf Coast Hurricanes through both discretionary and mandatory emergency funding, including amounts for the Social Services Block Grant and Flood Insurance. Estimated future emergency needs are included as Allowances in the 2007 Budget. The Administration anticipates transmitting official requests for these funds at a later time. SUMMARY TABLES THE BUDGET FOR FISCAL YEAR 2007 Table S–3. Growth in Discretionary Budget Authority by Major Agency (Net budget authority; dollar amounts in billions) Growth: Agency 2001 Actual 19.2 5.1 302.5 40.1 20.0 54.0 14.0 28.4 10.3 18.4 11.9 21.7 14.6 10.3 22.4 4.7 7.8 0.3 4.0 2.8 14.3 4.4 6.0 6.7 643.8 2006 2007 Enacted Request 21.1 6.4 410.8 56.5 23.5 69.2 30.5 34.3 10.8 21.0 11.3 30.2 14.6 11.5 33.1 5.3 7.6 0.3 5.3 3.8 16.3 5.6 7.3 6.9 843.3 19.7 6.1 439.3 54.4 23.6 67.6 30.9 33.6 10.1 19.5 10.9 33.9 13.2 11.6 35.7 4.7 7.3 0.3 5.9 4.3 16.8 6.0 7.9 7.3 870.7 2006–2007 Dollar Agriculture..................................................................................................... Commerce .................................................................................................... Defense ......................................................................................................... Education ...................................................................................................... Energy ............................................................................................................ Health and Human Services .................................................................. Homeland Security .................................................................................... Housing and Urban Development ........................................................ Interior ............................................................................................................ Justice ............................................................................................................ Labor............................................................................................................... State and Other International Programs............................................ Transportation.............................................................................................. Treasury ......................................................................................................... Veterans Affairs........................................................................................... Corps of Engineers ................................................................................... Environmental Protection Agency ........................................................ Executive Office of the President ......................................................... Judicial Branch ............................................................................................ Legislative Branch...................................................................................... National Aeronautics and Space Administration ............................ National Science Foundation ................................................................. Social Security Administration............................................................... Other Agencies ........................................................................................... Total, Discretionary Spending .............................................................. Average 2001–2007 0.4% 3.1% 6.4% 5.2% 2.7% 3.8% 14.1% 2.9% 0.2% 1.0% 1.5% 7.7% 1.6% 1.9% 8.1% 0.2% 1.1% 4.0% 6.7% 7.6% 2.8% 5.2% 4.5% 1.5% 5.2% Cumulative 2001–2007 2.5% 20.4% 45.2% 35.7% 17.6% 25.2% 121.0% 18.7% 1.2% 6.0% 8.7% 55.8% 9.3% 12.3% 59.5% 1.0% 6.6% 26.4% 47.9% 55.1% 17.8% 35.9% 30.2% 9.3% 35.2% Percent 6.5% 3.7% 6.9% 3.8% 0.1% 2.3% 1.3% 1.8% 5.9% 7.2% 3.9% 12.2% 9.4% 0.5% 8.0% 11.2% 4.0% 0.6% 9.9% 12.1% 3.2% 7.9% 6.8% 6.0% 3.2% 1.4 0.2 28.5 2.1 0.0 1.6 0.4 0.6 0.6 1.5 0.4 3.7 1.4 0.1 2.6 0.6 0.3 0.0 0.5 0.5 0.5 0.4 0.5 0.4 27.3 Note: Supplementals and emergencies, both enacted and anticipated, are excluded. 315 316 Table S–4. Discretionary Funding By Appropriations Subcommittee (Net budget authority in billions of dollars) 2006 2007 Change Enacted Request 2006–2007 18.5 399.2 30.1 20.7 30.5 25.9 141.8 3.8 45.2 58.7 68.8 — 843.3 17.2 423.2 29.4 23.7 30.9 25.2 137.8 4.2 52.5 59.7 67.1 0.4 870.7 1.3 24.0 0.7 3.0 0.4 0.8 4.0 0.5 7.3 1.0 1.8 0.4 27.3 Appropriations Subcommittee Agriculture and Rural Development .................................................................................... Defense ......................................................................................................................................... Energy and Water Development........................................................................................... Foreign Operations .................................................................................................................... Homeland Security .................................................................................................................... Interior and Environment ......................................................................................................... Labor, Health and Human Services, and Education ..................................................... Legislative Branch...................................................................................................................... Military Quality of Life and Veterans Affairs ...................................................................... Science, State, Justice, and Commerce ............................................................................ Transportation, Treasury, Housing and Urban Development, Judiciary, and District of Columbia............................................................................................................... Allowances ................................................................................................................................... Total, excluding supplemental and emergency funding ................................ Notes: Supplementals and emergencies, both enacted and anticipated, are excluded. The House and Senate adopted different spending committee structures in the 2006 appropriations season. This table is consistent with the structures in which the 2006 appropriations bills were enacted. SUMMARY TABLES THE BUDGET FOR FISCAL YEAR 2007 Table S–5. Homeland Security Funding By Agency (Budget authority in millions of dollars) 2006 Enacted Homeland Security Funding: Agriculture .......................................................................................................... Commerce .......................................................................................................... Defense-Military (DOD) 1 ............................................................................ Energy ................................................................................................................. Health and Human Services ....................................................................... Homeland Security.......................................................................................... Interior.................................................................................................................. Justice .................................................................................................................. State ..................................................................................................................... Transportation ................................................................................................... Treasury .............................................................................................................. Veterans Affairs ................................................................................................ Corps of Engineers ......................................................................................... Environmental Protection Agency ............................................................. General Services Administration ............................................................... National Aeronautics and Space Administration .................................. National Science Foundation ...................................................................... Smithsonian Institution .................................................................................. Social Security Administration .................................................................... Other Agencies................................................................................................. Total, Homeland Security Funding 2 ...................................................... Less, Defense-Military (DOD) ..................................................................... Less, Mandatory Homeland Security Funding 3 ................................. Less, Discretionary Fee-Funded Activities 4 ........................................ Net Non-DOD Discretionary Homeland Security 2 .......................... 1 2 3 4 Supplemental 2007 Request 564 181 16,441 1,704 4,300 25,503 56 2,976 1,107 182 117 310 72 129 99 213 344 83 177 304 54,862 16,441 2,232 4,127 32,062 — — — — — 173 — 16 — — — — — — — — — — — — 189 — — — 189 650 218 16,699 1,700 4,565 27,776 55 3,279 1,213 206 134 314 43 183 96 203 387 80 184 297 58,282 16,699 2,455 6,019 33,109 Reported DOD homeland security funding has been revised upward in all years to reflect better estimating methodologies for DOD homeland security programs. See the Homeland Security Funding Analysis chapter of the Analytical Perspectives volume for more details. Amounts are rounded to the nearest million at the account level, which accounts for any discrepancies with the Homeland Security Funding Analysis chapter in the Analytical Perspectives volume. Mandatory homeland security programs include Agriculture Quarantine and Inspections, Border Protection, and Immigration Enforcement. Discretionary fee-funded homeland security programs include Visa Processing, Airport Security, and Social Security physical and computer security measures. 317 318 Table S–6. Mandatory Proposals (In millions of dollars) Total 2007–2011 2007–2016 2006 Reforms Resulting in Savings: Agriculture: Commodity Program changes .................................................... Restrict Food Stamp categorical eligibility ............................. Allow State Food Stamp agencies to access the National Directory of New Hires (NDNH) ............................................. Subtotal, Agriculture .............................................................. Defense: Increase National Defense Stockpile Sales ........................... Energy: Repeal Oil and Gas Research and Development Program .......................................................................................... Health and Human Services: Medicare ............................................................................................. Medicaid/State Children’s Health Insurance Program ....... Child Support Enforcement ......................................................... Child Welfare Program option ..................................................... Subtotal, Health and Human Services ................................ Interior: Arctic National Wildlife Refuge lease bonuses: State of Alaska’s share: Receipts ..................................................................................... Expenditures ............................................................................ Federal share: Receipts ..................................................................................... Amend Bureau of Land Management (BLM) Land Sale Authority ......................................................................................... Eliminate BLM Range Improvement Fund ............................. Recover Pick-Sloan Project Cost............................................... Repeal Energy Bill Fee Prohibition ........................................... Subtotal, Interior .......................................................................... 2007 2008 2009 2010 2011 — — — — — 1,081 76 — 1,157 1 1,079 154 1 1,234 50 945 155 1 1,101 72 965 159 1 1,125 80 917 162 1 1,080 96 4,988 706 4 5,698 299 8,933 1,585 9 10,527 347 — — — — — — 20 2,452 723 2 22 3,155 40 5,485 876 1 5 6,357 50 7,948 1,062 3 55 8,958 50 9,343 1,116 5 27 10,491 50 10,663 1,168 6 61 11,898 210 35,891 4,945 17 6 40,859 460 105,016 11,859 60 1 116,936 — — — — — — — — — — — 1 7 23 5 36 3,502 3,502 3,502 28 10 23 27 3,590 2 2 2 40 10 23 27 102 503 503 503 42 10 23 27 605 3 3 3 71 10 23 24 131 4,010 4,010 4,010 182 47 115 110 4,464 4,025 4,025 4,025 351 97 230 209 4,912 SUMMARY TABLES THE BUDGET FOR FISCAL YEAR 2007 Table S–6. Mandatory Proposals—Continued (In millions of dollars) Total 2007–2011 2007–2016 16,680 1,738 45 18,463 37,056 3,774 140 40,970 2006 Labor: Reform Pension Benefit Guaranty Corporation .................... Unemployment Insurance Integrity legislation: Benefit Payment Recoveries ................................................... Reform Federal Employee’s Compensation Act .................. Subtotal, Labor............................................................................. Treasury: Eliminate 10-year Statute-of-Limitations on Non-Tax Debt.................................................................................................. Federal Communications Commission (FCC): Extend Spectrum Auction Authority .......................................... Terminate the Telecommunications Development Fund ... Subtotal, FCC ............................................................................... Office of Personnel Management: Amend Federal Employee Health Benefits Program Statute ............................................................................................. Total, Reforms Resulting in Savings .................................... User Fee Proposals: Agriculture: Food Safety and Inspection Service User Fees* ................. Grain Inspection User Fees* ....................................................... Animal Plant Health Inspection User Fees* ........................... Agricultural Marketing Service User Fees* ............................ Federal Crop Insurance User Fees* ......................................... Health and Human Services: FDA User Fee Proposal* .............................................................. Homeland Security: Extend Customs User Fees......................................................... Treasury: Alcohol and Tobacco Tax and Trade Bureau User Fees* . 2007 2008 2009 2010 2011 — — — — — — 3 3 4,195 482 8 4,685 4,181 515 10 4,706 4,164 365 11 4,540 4,140 376 13 4,529 — — — — 11 — 5 5 6 — 5 5 6 — 6 6 6 — 7 7 6 — 7 7 35 — 30 30 65 1,000 65 1,065 — — 34 4,422 134 16,101 231 15,233 306 17,210 367 18,164 1,072 71,130 3,431 178,713 — — — — — — — — 105 20 8 2 — 26 — 29 155 20 11 2 15 27 — 29 148 21 11 2 15 27 — 29 151 21 12 2 15 28 — 29 154 22 12 2 15 28 — 29 713 104 54 10 60 135 — 145 1,535 220 117 20 135 286 5,830 290 319 320 Table S–6. Mandatory Proposals—Continued (In millions of dollars) Total 2007–2011 2007–2016 281 36 1,200 2,739 73,869 546 76 3,625 12,680 191,393 2006 Environmental Protection Agency (EPA): Pesticide Fees*................................................................................. Pre-Manufacturing Notification Fee*......................................... FCC: Authorize Spectrum License Fees ............................................ Total, User Fee Proposals ....................................................... Subtotal, Reforms Resulting in Savings and User Fee Proposals ......................................................................................... Program Augmentations: Agriculture: Exclude retirement savings in Food Stamp Program ......... Energy: Bonneville Power Administration borrowing authority ........ Health and Human Services: Medicaid/State Children’s Health Insurance Program ....... Cover the Kids outreach grants .................................................. Grants to States for chronically ill .............................................. Temporary Assistance for Needy Families ............................. Foster Care District of Columbia Federal Medical Assistance Percentage Rate .................................................. Treasury: Extend the Rum Carryover for Puerto Rico ........................... Office of Personnel Management: Make Changes to Federal Retirement Improvement Act .. Social Security Administration: Extend Supplemental Security Income eligibility for refugees.......................................................................................... Total, Program Augmentations ............................................... 2007 2008 2009 2010 2011 — — — — — 56 4 50 300 4,722 66 8 150 483 16,584 53 8 300 614 15,847 53 8 300 619 17,829 53 8 400 723 18,887 — — — — — — — 69 — 47 — 1,227 100 250 40 5 95 — 96 — 686 100 375 149 6 24 3 145 — 539 100 493 425 6 — 5 149 — 425 100 506 473 6 — 7 152 — 601 100 523 488 6 — 9 589 — 3,478 500 2,146 1,575 29 119 24 1,415 200 6,773 1,000 5,000 4,070 65 119 85 — 69 70 1,834 75 1,514 74 1,787 — 1,666 — 1,879 219 8,679 219 18,946 SUMMARY TABLES THE BUDGET FOR FISCAL YEAR 2007 Table S–6. Mandatory Proposals—Continued (In millions of dollars) Total 2007–2011 2007–2016 2006 User Fee Proposals with Mandatory Spending: Marketing Agreements and Orders User Fees: Receipts .............................................................................................. Spending............................................................................................. Net effect ........................................................................................ Increase Indian Gaming Commission Fees 1 ........................... Foreign Labor Certification User Fees: Receipts .............................................................................................. Spending............................................................................................. Net effect ........................................................................................ Immigration Examination Fees: Receipts .............................................................................................. Spending............................................................................................. Net effect ........................................................................................ Army Corps of Engineers: Additional Recreation User Fees and Contributions: Receipts.......................................................................................... Spending ........................................................................................ Net effect ................................................................................... Total, User Fee Proposals with Mandatory Spending........................................................................... Subtotal, Including Program Augmentations and User Fee Proposals with Mandatory Spending ........ Further Hurricane Response: National Flood Insurance (emergency)........................................ Social Security Personal Accounts (off-budget) ................... 2007 2008 2009 2010 2011 — — — — — — — — — — 12 12 — — 35 35 — 31 25 6 12 12 — 4 35 35 — 31 31 — 13 13 — 5 35 35 — 31 31 — 13 13 — 5 35 35 — 31 31 — 13 13 — 5 35 35 — 31 31 — 63 63 — 19 175 175 — 155 149 6 132 132 — 44 350 350 — 310 304 6 — — — — 69 5,040 — — — — — 9 — 9 15 2,903 560 — 720 — 188 532 17 8 9 5 15,075 — — 1,250 383 4 871 17 16 1 4 14,056 — — 1,679 368 68 1,243 17 17 — 5 16,158 — 24,182 1,876 422 79 1,375 17 17 — 5 17,003 — 57,429 2,015 427 69 1,519 77 58 19 6 65,196 560 81,611 7,540 1,600 400 5,540 162 143 19 19 172,428 560 712,144 19,778 3,897 903 14,978 Outlay Effects of Tax Proposals: 1 Health Tax Credit.................................................................................. Child Tax Credit .................................................................................... Earned Income Tax Credit ................................................................ Total, Outlay Effects of Tax Proposals ..................................... 321 322 Table S–6. Mandatory Proposals—Continued (In millions of dollars) Total 2007–2011 2007–2016 2006 Other Mandatory Proposals: Use Escrow Account for USPS Retiree Health Benefits: On-budget effect .............................................................................. Off-budget effect .............................................................................. Unified budget effect .................................................................. Refinance Black Lung Disability Trust Fund debt: Black Lung Disability Trust Fund................................................ Interest receipts on repayable advances ................................ Net effect ........................................................................................ County Payments Safety Net: County Payments ............................................................................ National Forest Land Sales ......................................................... Net effect ........................................................................................ Full-time Attendance Required for Child’s Social Security Benefits at age 16 (off-budget) ................................................... Enforcement of Windfall Elimination Provision/Government Pension Offset (off-budget) .......................................................... Replace Disability Insurance/Worker’s Comp Offset with Uniform Offset (off-budget) .......................................................... Eliminate Lump Sum Death Benefit (off-budget)...................... Correct trust accounting deficiencies in individual Indian money investments (non-paygo) ................................................ Indirect Effects (Third Scorecard): Amend Federal Employee Health Benefits Program statute.............................................................................................. Unemployment Insurance Integrity legislation ...................... Food Stamp Impact of Commodity Supplemental Food Program elimination ................................................................... 2007 2008 2009 2010 2011 1,220 1,220 — — — — — — — — — — — 6 1,203 1,203 — 2,282 2,282 — 78 78 — 11 — 8 171 — 1,175 1,175 — 450 450 — 303 303 — 84 — 35 203 — 1,140 1,140 — 453 453 — 179 179 — 150 — 50 205 — 1,098 1,098 — 461 461 — 120 120 — 155 133 63 205 — 1,049 1,049 — 470 470 — 97 97 — 159 294 72 205 — 5,665 5,665 — 448 448 — 777 777 — 559 427 228 989 — 10,138 10,138 — 3,069 3,069 — 777 777 — 1,461 2,431 402 2,014 — — — — 28 — 49 86 58 61 139 124 53 182 129 48 220 135 45 655 446 256 2,035 1,215 439 SUMMARY TABLES THE BUDGET FOR FISCAL YEAR 2007 Table S–6. Mandatory Proposals—Continued (In millions of dollars) Total 2007–2011 2007–2016 411 29 847 1,356 21,166 1,467 121 967 84 2,142 4,166 551,103 5,086 179 2006 Refine Department of Defense Medicare-Eligible Retiree Health Care Accrual Calculation ........................................... Temporary Assistance for Needy Families impact of Social Services Block Grant reduction and Other........... Subtotal, Indirect Effects ...................................................... Total, Other Mandatory Proposals ............................... Grand Total .............................................................................................. Memorandum: Savings Net of Program Augmentations Medicaid/State Children’s Health Insurance Program ........... Food Stamp Program ......................................................................... 2007 2008 2009 2010 2011 — — — 6 5,115 — — 73 108 258 68 1,744 504 29 77 20 186 136 14,339 190 59 82 116 34 371 13,182 523 11 87 29 159 397 9,004 691 11 92 12 210 520 41,426 567 11 * Once the fees are enacted, the Administration will work to reclassify them to offset discretionary spending beginning in 2008. 1 Affects both receipts and outlays. Only the outlay effect is shown here. Excludes tax extenders assumed in the baseline. 323 324 Table S–7. Effect of Proposals on Receipts (In millions of dollars) Total 2007–2011 2007–2016 2006 Make Permanent Certain Tax Cuts Enacted in 2001 and 2003 (assumed in the baseline): Dividends tax rate structure ................................................. Capital gains tax rate structure........................................... Expensing for small business.............................................. Marginal individual income tax rate reductions ............ Child tax credit 1 ..................................................................... Marriage penalty relief 2 ....................................................... Education incentives .............................................................. Repeal of estate and generation-skipping transfer taxes, and modification of gift taxes ............................. Modifications of pension plans ........................................... Other incentives for families and children ....................... Total make permanent certain tax cuts enacted in 2001 and 2003 ....................................................... Tax Incentives: Simplify and encourage saving: Expand tax-free savings opportunities ............................ Consolidate employer-based savings accounts ........... Establish Individual Development Accounts (IDAs) .... Total simplify and encourage saving........................ Encourage entrepreneurship and investment: Increase expensing for small business ............................ Invest in health care: Expand health savings accounts (HSAs) 3 ................... Provide an above-the-line deduction for high-deductible insurance premiums 4 ...................... Provide refundable tax credit for the purchase of health insurance 5 .............................................................. Improve the Health Coverage Tax Credit 6 ................... 2007 2008 2009 2010 2011 288 — — — — — — 205 — — 83 571 — — — — — — 1,102 — — 531 1,329 — 4,679 — — — — 1,728 — — 7,736 14,161 14,183 6,498 — — — — 2,181 — — 37,023 537 5,519 4,872 — — — 3 2,676 — 5 13,596 6,545 6,606 3,853 66,918 5,452 4,968 1,098 23,758 346 170 119,714 22,001 26,308 19,902 66,918 5,452 4,968 1,095 31,445 346 165 178,600 128,050 74,931 32,620 605,961 116,691 37,578 10,960 339,022 2,858 4,362 1,353,033 — — — — — — — — — 4,796 — — 4,796 2,522 1,978 2,519 254 1 10,407 542 134 9,731 3,527 4,321 3,815 861 3 7,507 579 286 6,642 2,625 6,201 3,840 1,194 4 3,970 618 326 3,026 2,037 7,720 3,691 1,404 5 383 1,826 300 2,509 1,645 8,826 3,668 1,362 5 26,297 3,565 1,046 21,686 12,356 29,046 17,533 5,075 18 122 20,063 1,763 21,948 18,713 87,212 38,127 SUMMARY TABLES 11,154 51 THE BUDGET FOR FISCAL YEAR 2007 Table S–7. Effect of Proposals on Receipts—Continued (In millions of dollars) Total 2007–2011 2007–2016 — 51,672 — 136,544 2006 Allow the orphan drug tax credit for certain pre-designation expenses 7 ........................................... Total invest in health care ............................................ Provide incentives for charitable giving: Permit tax-free withdrawals from IRAs for charitable contributions.......................................................................... Expand and increase the enhanced charitable deduction for contributions of food inventory ............ Reform excise tax based on investment income of private foundations ............................................................. Modify tax on unrelated business taxable income of charitable remainder trusts .............................................. Modify basis adjustment to stock of S corporations contributing appreciated property ................................. Repeal the $150 million limitation on qualified 501(c)(3) bonds ................................................................... Repeal certain restrictions on the use of qualified 501(c)(3) bonds for residential rental property ......... Total provide incentives for charitable giving ........ Strengthen education: Extend the above-the-line deduction for qualified out-of pocket classroom expenses ............................... Provide assistance to distressed areas: Establish Opportunity Zones ............................................... Protect the environment: Extend permanently expensing of brownfields remediation costs ................................................................ Restructure assistance to New York City: Provide tax incentives for transportation infrastructure ......................................................................... 2007 2008 2009 2010 2011 — — — 4,752 — 9,000 — 11,239 — 12,820 — 13,861 — — — — — — — — 102 44 56 1 3 2 2 210 510 96 85 6 15 3 5 720 512 106 90 6 21 6 9 750 501 116 96 6 25 10 16 770 497 127 102 6 28 11 24 795 2,122 489 429 25 92 32 56 3,245 4,706 1,345 1,074 62 301 81 278 7,847 17 — 171 221 178 411 180 439 183 451 185 482 897 2,004 1,867 4,960 98 146 163 177 168 157 811 1,503 — 200 200 200 200 200 1,000 2,000 325 326 Table S–7. Effect of Proposals on Receipts—Continued (In millions of dollars) Total 2007–2011 2007–2016 1,000 — 49,299 213 2,000 — 193,382 395 2006 Repeal certain New York City Liberty Zone incentives Total restructure assistance to New York City ...... Total tax incentives ................................................ Simplify the Tax Laws for Families: Clarify uniform definition of a child 8 .................................... Simplify EITC eligibility requirement regarding filing status, presence of children, and work and immigration status 9 ............................................................... Reduce computational complexity of refundable child tax credit 10 ............................................................................... Total simplify the tax laws for families .......................... Strengthen the Employer-Based Pension System: Ensure fair treatment of older workers in cash balance conversions and protect defined benefit plans ............. Strengthen funding for single-employer pension plans .. Reflect market interest rates in lump sum payments ...... Total strengthen the employer-based pension system ................................................................................ Close Loopholes and Improve Tax Compliance: Combat abusive foreign tax credit transactions ................ Modify the active trade or business test .............................. Impose penalties on charities that fail to enforce conservation easements ....................................................... Eliminate the special exclusion from unrelated business taxable income for gain or loss on the sale or exchange of certain brownfields ........................................ Limit related party interest deductions ................................. Clarify and simplify qualified tuition programs ................... Total close loopholes and improve tax compliance — — 115 — 2007 200 — 3,226 17 2008 200 — 4,268 66 2009 200 — 8,768 50 2010 200 — 13,403 32 2011 200 — 19,634 48 — — — 27 — 44 24 — 42 21 — 29 26 — 6 28 — 20 72 — 141 207 — 188 3 — — 3 — — — 53 536 — 589 1 6 3 62 2,290 3 2,349 2 8 8 77 153 9 85 2 8 8 89 2,336 17 2,264 3 8 9 100 1,611 24 1,535 3 8 9 381 1,274 53 946 11 38 37 1,039 9,180 274 8,415 26 89 91 — — — — 2 82 4 98 14 141 12 185 30 148 13 209 43 155 14 232 41 163 20 244 130 689 63 968 201 1,635 222 2,264 SUMMARY TABLES THE BUDGET FOR FISCAL YEAR 2007 Table S–7. Effect of Proposals on Receipts—Continued (In millions of dollars) Total 2007–2011 2007–2016 2006 Tax Administration, Unemployment Insurance, and Other: Improve tax administration: Implement IRS administrative reforms and initiate cost saving measures 11 .................................................. Reduce the tax gap................................................................. Total improve tax administration .................................... Strengthen financial integrity of unemployment insurance: Strengthen the financial integrity of the unemployment insurance system by reducing improper benefit payments and tax avoidance 12 .. Extend unemployment insurance surtax 12 ................... Total strengthen integrity of unemployment insurance 12 ...................................................................... Other proposals: Increase Indian gaming activity fees ................................ Total tax administration, unemployment insurance, and other 12 ........................................................................ Modify Energy Policy Act of 2005: Repeal reduced recovery period for natural gas distribution lines ....................................................................... Modify amortization for certain geological and geophysical expenditures ..................................................... Total modify Energy Policy Act of 2005....................... Promote Trade: Implement free trade agreements 12 ..................................... Extend GSP 12 .............................................................................. Total promote trade 12 ............................................................. 2007 2008 2009 2010 2011 — — — — 259 259 — 351 351 — 311 311 — 296 296 — 308 308 — 1,525 1,525 — 3,560 3,560 — — — — — — — — — 259 31 1,085 1,116 5 1,472 30 1,490 1,520 5 1,836 106 1,526 1,420 5 1,721 143 1,564 1,421 5 1,734 188 5,665 5,477 20 7,022 2,246 710 1,536 45 2,069 — — — — — — 12 38 50 236 412 648 44 140 184 456 617 1,073 80 206 286 593 666 1,259 112 169 281 741 723 1,464 125 88 213 832 786 1,618 373 641 1,014 2,858 3,204 6,062 833 730 1,563 8,200 3,445 11,645 327 328 Table S–7. Effect of Proposals on Receipts—Continued (In millions of dollars) Total 2007–2011 2007–2016 20,495 33,443 265 18 79 — — 54,300 280,062 101,462 20,495 86,440 266 18 179 — 750 106,648 1,667,039 314,006 2006 Extend Expiring Provisions: Minimum tax relief for individuals....................................... Research & Experimentation (R&E) tax credit ............. Combined work opportunity/welfare-to-work tax credit ........................................................................................ First-time homebuyer credit for DC ................................... Authority to issue Qualified Zone Academy Bonds ..... Disclosure of tax return information related to terrorist activity 7 ................................................................. Excise tax on coal 12 ............................................................... Total extend expiring provisions 12 ............................ Total budget proposals, including proposals assumed in the baseline 12 .......................................... Total budget proposals, excluding proposals assumed in the baseline 12 .......................................... 1 2 2007 2008 2009 2010 2011 13,664 2,097 80 1 3 — — 15,845 15,874 15,957 20,495 4,601 144 18 8 — — 25,266 28,631 28,100 — 5,944 86 — 13 — — 6,043 14,888 7,152 — 6,889 25 — 18 — — 6,932 51,707 14,684 — 7,669 7 — 20 — — 7,696 36,183 22,587 — 8,340 3 — 20 — — 8,363 148,653 28,939 Affects both receipts and outlays. Only the receipt effect is shown here. The outlay effect is $45 million for 2011 and $51,809 million for 2007–2016. Affects both receipts and outlays. Only the receipt effect is shown here. The outlay effect is -$371 million for 2011 and $7,346 million for 2007–2016. 3 Affects both receipts and outlays. Only the receipt effect is shown here. The outlay effect is $91 million for 2007, $178 million for 2008, $253 million for 2009, $310 million for 2010, $352 million for 2011, $1,184 million for 2007–2011 and $3,500 million for 2007–2016. 4 Affects both receipts and outlays. Only the receipt effect is shown here. The outlay effect is $244 million for 2007, $315 million for 2008, $319 million for 2009, $303 million for 2010, $305 million for 2011, $1,486 million for 2007–2011 and $3,200 million for 2007–2016. 5 Affects both receipts and outlays. Only the receipt effect is shown here. The outlay effect is $381 million for 2007, $747 million for 2008, $1,095 million for 2009, $1,249 million for 2010, $1,343 million for 2011, $4,815 million for 2007–2011 and $12,939 million for 2007–2016. 6 Affects both receipts and outlays. Only the receipt effect is shown here. The outlay effect is $4 million for 2007, $10 million for 2008, $12 million for 2009, $14 million for 2010, $15 million for 2011, $55 million for 2007–2011 and $139 million for 2007–2016. 7 No net budgetary impact. 8 Affects both receipts and outlays. Only the receipt effect is shown here. The outlay effect is -$170 million for 2008, -$196 million for 2009, -$250 million for 2010, -$234 million for 2011, -$850 million for 2007–2011 and -$2,224 million for 2007–2016. 9 Affects both receipts and outlays. Only the receipt effect is shown here. The outlay effect is -$188 million for 2007, $123 million for 2008, $102 million for 2009, $96 million for 2010, $95 million for 2011, $228 million for 2007–2011 and $687 million for 2007–2016. 10 Affects both receipts and outlays. Only the receipt effect is shown here. The outlay effect is -$332 million for 2008, -$342 million for 2009, -$347 million for 2010, -$357 million for 2011, -$1,378 million for 2007–2011 and -$3,263 million for 2007–2016. 11 Outlays from this proposal will be reflected in the Financial Management Service’s budget. 12 Net of income offsets. SUMMARY TABLES THE BUDGET FOR FISCAL YEAR 2007 Table S–8. Receipts By Source—Summary (In billions of dollars) 2005 Actual 927.2 278.3 794.1 (216.6) (577.5) 73.1 24.8 23.4 33.0 Estimate 2006 997.6 277.1 841.1 (231.1) (610.0) 73.5 27.5 25.9 42.8 2007 1,096.4 260.6 884.1 (241.8) (642.3) 74.6 23.7 28.1 48.4 2008 1,208.5 268.5 932.1 (253.0) (679.1) 75.9 24.4 31.4 49.4 2009 1,268.4 277.1 980.7 (264.5) (716.2) 77.5 26.0 31.7 52.7 2010 1,370.1 282.0 1,037.4 (278.9) (758.5) 78.9 20.1 34.0 55.7 2011 1,466.9 292.0 1,096.7 (295.1) (801.6) 83.1 1.6 36.2 58.4 Source Individual income taxes............................... Corporation income taxes .......................... Social insurance and retirement receipts ......................................................... (On-budget) ................................................ (Off-budget) ................................................ Excise taxes .................................................... Estate and gift taxes .................................... Customs duties .............................................. Miscellaneous receipts................................ Total receipts .......................................... 2,153.9 2,285.5 2,415.9 2,590.3 2,714.2 2,878.2 3,034.9 (On-budget) ............................................ (1,576.4) (1,675.5) (1,773.5) (1,911.1) (1,998.0) (2,119.7) (2,233.3) (Off-budget) ............................................ (577.5) (610.0) (642.3) (679.1) (716.2) (758.5) (801.6) 329 330 Table S–9. Economic Assumptions (Fiscal years) 2005 Gross Domestic Product (GDP): Nominal level, in billions of dollars ..... Percent change 1 ..................................... Real GDP 1 ................................................. GDP price index 1 .................................... Consumer Price Index 1 Unemployment rate 2 2 2006 2007 2008 2009 2010 2011 12,290 6.5 3.6 2.8 3.3 5.2 2.7 4.2 13,030 6.0 3.4 2.5 3.3 5.0 4.1 4.9 13,761 5.6 3.3 2.2 2.4 5.0 4.2 5.3 14,521 5.5 3.3 2.2 2.4 5.0 4.2 5.5 15,296 5.3 3.2 2.1 2.4 5.0 4.3 5.6 16,102 5.3 3.1 2.1 2.4 5.0 4.3 5.6 16,955 5.3 3.1 2.1 2.4 5.0 4.3 5.6 .......................... ............................... Interest rates: 91-day Treasury bill .................................. 10-year Treasury note ............................. 1 2 Year-over-year percent change. Annual averages, percent. SUMMARY TABLES THE BUDGET FOR FISCAL YEAR 2007 Table S–10. Comparison of Economic Assumptions (Calendar years) Projections 2006 GDP (billions of current dollars): 2007 Budget...................................................................................... CBO January .................................................................................... Blue Chip Consensus January 1 .............................................. Real GDP (chain-weighted): 2 2007 Budget...................................................................................... CBO January .................................................................................... Blue Chip Consensus January 1 ............................................... Chain-weighted GDP Price Index: 2 2007 Budget...................................................................................... CBO January .................................................................................... Blue Chip Consensus January 1 ............................................... Consumer Price Index (all-urban): 2 2007 Budget...................................................................................... CBO January .................................................................................... Blue Chip Consensus January 1 ............................................... Unemployment rate: 3 2007 Budget...................................................................................... CBO January .................................................................................... Blue Chip Consensus January 1 ............................................... Interest rates: 3 91-day Treasury bills: 2007 Budget ................................................................................. CBO January................................................................................ Blue Chip Consensus January 1 .......................................... 10-year Treasury notes: 2007 Budget ................................................................................. CBO January................................................................................ Blue Chip Consensus January 1 .......................................... 13,210 13,263 13,237 3.4 3.6 3.4 2.4 2.4 2.4 3.0 2.8 2.9 5.0 5.0 4.9 2007 13,949 13,960 13,939 3.3 3.4 3.1 2.2 1.8 2.1 2.4 2.1 2.4 5.0 5.0 4.9 2008 14,713 14,696 14,703 3.3 3.4 3.2 2.1 1.8 2.3 2.4 2.2 2.4 5.0 5.1 4.9 2009 15,493 15,455 15,505 3.1 3.3 3.1 2.1 1.8 2.2 2.4 2.2 2.5 5.0 5.2 4.9 2010 16,310 16,208 16,372 3.1 3.0 3.3 2.1 1.8 2.3 2.4 2.2 2.4 5.0 5.2 5.0 2011 17,177 16,954 17,280 3.1 2.8 3.2 2.1 1.8 2.2 2.5 2.2 2.5 5.0 5.2 4.9 3.2 3.3 3.2 2.2 1.9 2.3 2.5 2.3 2.5 5.0 5.1 4.9 Average 2006–2011 4.2 4.5 4.5 5.0 5.1 4.9 4.2 4.5 4.5 5.3 5.2 5.0 4.3 4.4 4.4 5.5 5.2 5.3 4.3 4.4 4.3 5.6 5.2 5.3 4.3 4.4 4.4 5.6 5.2 5.4 4.3 4.4 4.4 5.6 5.2 5.4 4.3 4.4 4.4 5.4 5.2 5.2 Sources: Congressional Budget Office; Blue Chip Economic Indicators, Aspen Publishers, Inc. 1 January 2006 Blue Chip Consensus forecast for 2006 and 2007; Blue Chip October 2005 long-run extension for 2008—2011. 2 Year-over-year percent changes. 3 Annual averages, percent. 331 332 Table S–11. Budget Summary by Category (In billions of dollars) 2005 Outlays: Discretionary: DOD military........................................... Homeland security ............................... Other ......................................................... Total,Discretionary........................... Mandatory: Social Security: Current program ............................... Personal accounts ........................... Medicare .................................................. Medicaid and SCHIP .......................... Other ......................................................... Total, Mandatory .............................. Net Interest ................................................. Total Outlays ................................................... Revenues ......................................................... Deficit ............................................................ 2006 2007 2008 2009 2010 2011 473 30 465 968 510 32 490 1,032 503 34 492 1,029 471 35 473 980 471 36 468 975 484 38 461 983 499 40 455 994 519 — 294 187 320 1,320 184 2,472 2,154 318 550 — 338 198 370 1,457 220 2,709 2,285 423 581 — 387 205 320 1,494 247 2,770 2,416 354 612 — 399 218 332 1,562 272 2,814 2,590 223 645 — 421 233 355 1,655 291 2,922 2,714 208 683 24 447 250 367 1,771 307 3,061 2,878 183 722 57 489 270 386 1,924 322 3,240 3,035 205 SUMMARY TABLES THE BUDGET FOR FISCAL YEAR 2007 Table S–12. Current Services Baseline Summary by Category (In billions of dollars) 2005 Outlays: Discretionary: DOD military........................................... Homeland security ............................... Other ......................................................... Total, Discretionary ......................... Mandatory: Social Security ...................................... Medicare.................................................. Medicaid and SCHIP .......................... Other ......................................................... Total, Mandatory .............................. Net Interest ................................................. Total Outlays ................................................... Revenues ......................................................... Deficit ............................................................ On-budget deficit ...................................... Off-budget surplus.................................... 2006 2007 2008 2009 2010 2011 473 30 465 968 519 294 187 320 1,320 184 2,472 2,154 318 494 175 480 32 486 998 550 338 198 365 1,451 219 2,669 2,301 367 549 182 440 34 488 962 581 390 205 319 1,495 244 2,701 2,444 257 449 192 438 35 484 957 612 405 219 340 1,575 266 2,798 2,597 201 416 216 445 35 493 973 645 429 234 359 1,668 284 2,925 2,729 196 428 233 456 36 498 990 683 457 251 371 1,762 298 3,050 2,901 149 402 252 472 38 507 1,017 723 500 270 390 1,883 310 3,210 3,064 146 420 274 333 334 Table S–13. Federal Government Financing and Debt (In billions of dollars) Estimate 2006 423 2007 354 2008 223 2009 208 2010 183 2011 205 Actual 2005 Financing: Unified budget deficit ( ) ....................................................................................... Financing other than the change in debt held by the public: Net purchases ( ) of non-Federal securities by the National Railroad Retirement Investment Trust ...................................................... Changes in: 1 Treasury operating cash balance ............................................................... Checks outstanding, etc. 2 .......................................................................... Seigniorage on coins ........................................................................................... Less: Net financing disbursements: Direct loan financing accounts .................................................................... Guaranteed loan financing accounts ........................................................ Total, financing other than the change in debt held by the public Total, requirement to borrow from the public................................. Change in debt held by the public....................................................................... Changes in Debt Subject to Limitation: Change in debt held by the public....................................................................... Change in debt held by Government accounts .............................................. Change in other factors .......................................................................................... Total, change in debt subject to statutory limitation ................................. Debt Subject to Statutory Limitation, End of Year: Debt issued by Treasury ......................................................................................... Adjustment for discount, premium, and coverage 3 .................................... Total, debt subject to statutory limitation 4 ................................................. 318 2 1 17 1 5 11 22 297 297 297 254 13 538 7,879 8 7,871 * — — 1 16 12 4 427 427 427 279 * 707 8,586 8 8,578 * — — 1 18 1 18 373 373 373 311 1 685 9,270 8 9,262 * — — 1 19 0 19 242 242 242 328 1 570 9,841 8 9,833 * — — 1 19 0 18 226 226 226 346 3 574 10,413 6 10,407 * — — 1 19 0 19 201 201 201 344 2 548 10,959 4 10,955 1 — — 1 21 1 20 225 225 225 329 3 557 11,514 3 11,512 SUMMARY TABLES Debt Outstanding, End of Year: Gross Federal debt: 5 Debt issued by Treasury .................................................................................... Debt issued by other agencies ........................................................................ Total, gross Federal debt ............................................................................... 7,879 26 7,905 8,586 26 8,611 9,270 25 9,295 9,841 25 9,865 10,413 24 10,437 10,959 23 10,983 11,514 23 11,537 THE BUDGET FOR FISCAL YEAR 2007 Table S–13. Federal Government Financing and Debt—Continued (In billions of dollars) Actual 2005 Held by: Debt held by Government accounts .............................................................. Debt held by the public 6 .................................................................................. As a percent of GDP ....................................................................................... Estimate 2006 3,593 5,019 38.5% 2007 3,904 5,391 39.2% 2008 4,232 5,633 38.8% 2009 4,578 5,859 38.3% 2010 4,922 6,061 37.6% 2011 5,251 6,286 37.1% 3,313 4,592 37.4% * $500 million or less. 1 A decrease in the Treasury operating cash balance (which is an asset) is a means of financing a deficit and therefore has a positive sign. An increase in checks outstanding (which is a liability) is also a means of financing a deficit and therefore also has a positive sign. 2 Besides checks outstanding, includes accrued interest payable on Treasury debt, uninvested deposit fund balances, allocations of special drawing rights, and other liability accounts; and, as an offset, cash and monetary assets (other than the Treasury operating cash balance), other asset accounts, and profit on sale of gold. 3 Consists mainly of Federal Financing Bank debt (which is not subject to limit), the unamortized discount (less premium) on public issues of Treasury notes and bonds (other than zero-coupon bonds), and the unrealized discount on Government account series securities. 4 The statutory debt limit is $8,184 billion, enacted on November 19, 2004. 5 Treasury securities held by the public and zero-coupon bonds held by Government accounts are almost all measured at sales price plus amortized discount or less amortized premium. Agency debt securities are almost all measured at face value. Treasury securities in the Government account series are otherwise measured at face value less unrealized discount (if any). 6 At the end of 2005, the Federal Reserve Banks held $736.4 billion of Federal securities and the rest of the public held $3,855.9 billion. Debt held by the Federal Reserve Banks is not estimated for future years. 335