2008 Budget of the United States Government - tables

SUMMARY TABLES Table S–1. Budget Totals (Dollar amounts in billions) THE BUDGET FOR FISCAL YEAR 2008 2006 Budget Totals: Receipts ................................................................. Outlays ................................................................... Deficit(–)/Surplus(+) ..................................... Gross Domestic Product (GDP) ........................ Budget Totals as a Percent of GDP: Receipts ................................................................. Outlays ................................................................... Deficit(–)/Surplus(+) ...................................... 18.4% 20.3% 1.9% 2,407 2,655 248 13,061 2007 2008 2009 2010 2011 2012 2,540 2,784 244 13,761 2,662 2,902 239 14,515 2,798 2,985 187 15,306 2,955 3,049 94 16,112 3,104 3,157 54 16,938 3,307 3,246 +61 17,786 18.5% 20.2% 1.8% 18.3% 20.0% 1.6% 18.3% 19.5% 1.2% 18.3% 18.9% 0.6% 18.3% 18.6% 0.3% 18.6% 18.3% +0.3% 151 Table S–2. Discretionary Funding by Category (Net budget authority; dollar amounts in billions) 2006 Actual Base Discretionary: Security Funding 2 .................................................................................... Non-Security Funding.............................................................................. Total, Discretionary ................................................................................... 152 2007 Current Law 1 500.4 372.4 872.8 70.0 0.2 — 1.8 72.0 99.6 3.4 103.0 2008 Request 553.9 375.9 929.8 Change from 2007 Dollar +53.5 +3.6 +57.0 Percent 10.7% 1.0% 6.5% 474.2 369.1 843.4 120.4 24.7 6.1 2.2 153.3 Enacted Supplemental and Emergency Funding: Global War on Terror ................................................................................ Hurricane Response ................................................................................ Pandemic Influenza Preparedness..................................................... Border Security and Other ..................................................................... Total, Enacted .............................................................................................. Requested Supplemental and Emergency Funding: Global War on Terror ................................................................................ Hurricane Response ................................................................................ Total, Requested ......................................................................................... 145.2 — 145.2 Discretionary Outyears (Net budget authority in billions of dollars) 2009 Base Discretionary: Security Funding 3 ......................................................... Non-Security Funding 4 ............................................... Total, Discretionary ......................................................... Supplemental and Emergency Funding: Global War on Terror ..................................................... 1 2010 597.0 383.4 980.4 2011 604.6 387.3 991.9 2012 615.0 391.2 1,006.2 SUMMARY TABLES 581.1 379.7 964.7 50.0 2 3 4 Base funding levels are equal to the amounts enacted in the 2007 Department of Defense and Homeland Security Acts with other Government operations equal to the estimated full-year funding levels provided by P.L. 109-289, Division B, as amended. These levels are adjusted to reflect the current congressional discretionary topline of $872.8 billion, with the funding difference allocated among the categories. This category is comprised of funding for the Department of Defense, homeland security activities Government-wide (see Table S-4), and funding for international affairs (Function 150). Department of Defense levels are consistent with the Future Years Defense Plan, and the homeland security levels are consistent with the Future Years Homeland Security Plan. These amounts exclude the budgetary effects of the Administration’s reauthorization proposal of the Federal Aviation Administration (FAA). That proposal would transform the current tax-financing system for FAA to a cost-based user-fee system. For more information, see the Transportation chapter in this volume and related sections in the Appendix and Analytical Perspectives volumes of the Budget. If this proposal were enacted, the Administration would adjust its discretionary cap proposal downward in these years to reflect the offsetting collections that would result from this user-based fee system. Table S–3. Discretionary Funding by Major Agency (Net budget authority in billions of dollars) 2006 Agency 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 .................................................................................. Small Business Administration ............................................................................... Social Security Administration................................................................................ Other Agencies ............................................................................................................ Total, Discretionary Spending 1 THE BUDGET FOR FISCAL YEAR 2008 2007 Request 19.7 6.1 439.3 54.4 23.6 67.6 30.9 33.6 10.5 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 0.6 7.9 6.7 871.0 Current Law 1 19.6 5.6 429.6 56.0 22.8 69.1 32.0 34.7 10.3 19.4 11.7 28.7 10.7 11.4 33.2 4.7 7.5 0.3 5.3 3.7 16.2 5.6 0.4 7.6 6.5 852.8 2008 Request 20.2 6.6 481.4 56.0 24.3 69.3 34.3 35.2 10.6 20.2 10.6 35.0 12.1 12.1 39.4 4.9 7.2 0.3 6.1 4.4 17.3 6.4 0.5 7.9 7.5 929.8 Actual 21.1 6.4 410.7 56.5 23.6 69.1 30.7 34.1 10.8 21.1 11.3 30.2 14.6 11.4 32.9 5.3 7.6 0.3 5.3 3.8 16.3 5.6 0.5 7.4 6.7 843.4 ............................................................................... Note: Amounts exclude enacted and requested supplemental and emergency funding. Funding levels are equal to the amounts enacted in the 2007 Department of Defense and Homeland Security Acts with other Government operations equal to the estimated full-year funding levels provided by P.L. 109-289, Division B, as amended. 153 Table S–4. Homeland Security Funding by Agency (Budget authority in millions of dollars) 2006 Actual Homeland Security Funding: 3 Agriculture............................................................................. Commerce ............................................................................ Defense (DOD) ................................................................... Energy .................................................................................... Health and Human Services .......................................... Homeland Security ............................................................ Justice .................................................................................... State........................................................................................ Treasury ................................................................................. Transportation...................................................................... Veterans Affairs ................................................................... Environmental Protection Agency ................................ General Services Administration .................................. Intelligence Community Management Account ...... National Aeronautics and Space Administration .... National Science Foundation ......................................... Nuclear Regulatory Commission.................................. Smithsonian Institution ..................................................... Social Security Administration....................................... Other Agencies ................................................................... Total, Homeland Security Funding ............................. Less, Defense-Military (DOD) ....................................... Less, Mandatory Homeland Security Funding 4 ... Less, Discretionary Fee-Funded Activities ............... Net Non-DOD Discretionary Homeland Security . 1 2 3 4 154 2007 Current Law 1 523 1,193 16,538 1,695 4,313 26,876 3,090 1,239 109 179 245 133 74 56 199 344 66 80 194 256 57,402 16,538 3,489 4,397 32,978 Supplemental/ Emergency 2 — — — — — 1,816 96 — 3 — — — — — — — — — — — 1,915 — — — 1,915 Request 718 219 17,465 1,833 4,424 29,671 3,331 1,406 117 200 270 153 42 58 194 375 69 93 217 256 61,111 17,465 2,290 4,986 36,370 2008 Supplemental/ Emergency 2 — — — — — 223 85 — — — — — — — — — — — — — 308 — — — 308 Supplemental/ Emergency — — 1,031 — — 1,416 30 — 1 — — — — — — — — — — — 2,478 1,031 — — 1,447 598 181 16,477 1,701 4,352 25,156 2,996 1,107 114 182 299 129 99 56 213 344 79 83 176 296 54,638 16,477 2,257 3,514 32,390 SUMMARY TABLES Funding levels are equal to the amounts enacted in the 2007 Department of Defense and Homeland Security Acts with other levels equal to the estimated full-year funding levels provided by P.L. 109-289, Division B, as amended. Includes $1.7 billion in funding enacted in the 2007 Homeland Security and Defense Acts. 2007 and 2008 also include an additional $0.2 billion and $0.3 billion, respectively, in the Administration’s pending supplemental requests for the Global War on Terror. For more detail on homeland security funding, consult the Homeland Security Funding Analysis chapter in the Analytical Perspectives volume of the Budget. Dollar amounts in this table are rounded to the nearest million at the account level, which accounts for any discrepancies with the Analytical Perspectives chapter. Mandatory homeland security programs include $1 billion from anticipated spectrum auction receipts provided in the Deficit Reduction Act of 2005 for the Department of Commerce to make grants to public safety agencies for communications interoperability purposes. Table S–5. Mandatory Proposals (In millions of dollars) Total 2008–2012 2008–2017 THE BUDGET FOR FISCAL YEAR 2008 2007 Mandatory Proposals, including Savings and Augmentations: Agriculture: Reauthorize Farm Bill ...................................... Reauthorize Food Stamp Program: Restrict Food Stamp Categorical Eligibility ....................................................... Exclude retirement accounts from Food Stamp asset test ....................................... Exclude special military pay from Food Stamp income test ................................... Food Safety and Inspection Service User Fees ................................................................... Grain Inspection, Packers and Stockyards Administration User Fees ........................... Crop Insurance User Fee ............................... Animal Welfare Fee........................................... Total, Agriculture ............................................ Defense: Increase National Defense Strategic Materials Stockpile Sales ........................... Education: Reform the Federal Student Aid Programs: Increase the Pell Grant Maximum Award to $5,400 over Five Years ........ Increase Academic Competitiveness Grant awards by 50 percent ................. Increase Aggregate Loan Limits and Annual Limits for Undergraduate Third-Year and Beyond Students ........ — 2008 2009 2010 2011 2012 500 500 500 500 500 2,500 5,000 — — — — — — — — 63 44 1 96 22 — 9 355 132 89 1 98 22 15 13 310 136 138 1 100 23 15 13 352 139 141 1 102 23 15 14 349 141 144 1 104 24 15 14 347 611 556 5 500 115 60 63 1,712 1,360 1,323 10 1,053 242 135 142 3,401 — 69 145 198 145 25 582 583 — — 532 72 2,375 308 3,256 373 4,133 317 5,039 8 15,335 1,078 43,058 1,078 — 68 151 187 205 259 870 2,550 155 156 Table S–5. Mandatory Proposals—Continued (In millions of dollars) Total 2008–2012 11,189 1,502 845 3,223 2,153 1,222 93 2,944 2008–2017 29,494 2,715 2,309 6,358 3,454 1,572 913 128 2007 Reduce Lender Subsidy Payments by 50 basis points........................................... Increase Lender Risk Sharing and Improve Program Efficiency .................. Increase Lender Consolidation Fee ....... Recall Federal Perkins Loan Revolving Funds ............................................................ Adjust Guaranty Agency Default Retention Rates ........................................ Adopt Unit Cost Basis for Guaranty Agency Fees............................................... Other Student Loan Reforms .................... Net impact ................................................... Energy: Repeal Oil and Gas Research and Development Program ................................ Health and Human Services (HHS): Adopt Medicare Reforms ................................ Medicaid/State Children’s Health Insurance Program (SCHIP): Adopt Medicaid Reforms ............................ Augment Medicaid ........................................ Reauthorize SCHIP ...................................... Net Impact ................................................... Reduce Social Services Block Grant ......... Temporary Assistance for Needy Families (TANF) ............................................................... Title V Abstinence Education Program ...... Food and Drug Administration Re-Inspection and Export Certification Fees ................................................................... 2008 2009 2010 2011 2012 — — — — — — — — 688 776 56 419 1,370 1,018 2 3,653 2,165 160 159 498 173 37 3 355 2,558 175 186 713 188 53 12 68 2,792 189 210 814 205 58 22 364 2,986 202 234 779 217 56 64 768 — — 20 4,696 40 9,113 50 13,077 50 17,463 50 21,695 210 66,044 460 252,432 — 35 — 35 — — 5 –1,925 885 710 330 — — 25 –2,170 205 1,095 870 425 240 44 –2,385 — 620 1,765 495 296 49 –2,680 — 890 1,790 500 309 50 –2,850 — 845 2,005 500 326 50 –12,010 1,090 4,160 6,760 1,920 1,171 218 –29,090 1,090 9,680 18,320 4,420 2,768 468 SUMMARY TABLES — 27 28 28 29 30 142 302 THE BUDGET FOR FISCAL YEAR 2008 Table S–5. Mandatory Proposals—Continued (In millions of dollars) Total 2008–2012 6 47 1 23,896 46 6 52 27 6 19 73,425 230 30 260 2008–2017 62 1 4 272,173 460 60 520 2007 Foster Care District of Columbia Federal Medical Assistance Percentage Rate .... Foster Care Child Welfare Program Option ................................................................ Child Support Enforcement............................ Total, HHS ........................................................ Housing and Urban Development (HUD): Ginnie Mae Premium Increase ..................... Government-Sponsored Enterprises Oversight Fee ................................................. Total, HUD ....................................................... Interior: Arctic National Wildlife Refuge Lease Bonuses: State of Alaska’s Share: Receipts ....................................................... Expenditures .............................................. Federal Share: Receipts ....................................................... Net Impact .............................................. Match National Park Centennial Challenge Fund Gift Receipts .................. Return to Net Receipts Sharing ................... Amend Bureau of Land Management (BLM) Federal Land Sale Authority ........ Repeal Energy Policy Act Fee Prohibition and Mandatory Permit Funds ................... Recover Pick-Sloan Project Cost ................. Implement Friant Settlement ......................... 2008 2009 2010 2011 2012 — — — 40 — — — 5 8 5 5,010 46 6 52 5 5 8 10,134 46 6 52 6 4 6 15,012 46 6 52 5 44 1 19,373 46 6 52 — — — — — — — — — — — — — — 20 41 5 36 23 14 3,502 3,502 3,502 3,502 55 47 28 37 23 17 2 2 2 2 80 46 40 38 23 17 503 503 503 503 100 44 70 36 23 17 3 3 3 3 100 49 44 37 23 17 4,010 4,010 4,010 4,010 355 227 186 184 115 82 4,025 4,025 4,025 4,025 855 447 334 309 230 167 157 158 Table S–5. Mandatory Proposals—Continued (In millions of dollars) Total 2008–2012 10 134 183 47 426 4,758 2008–2017 97 4 4,416 2007 Eliminate BLM Range Improvement Fund ................................................................... Require Upfront Payment of Coal Bonus Bids .................................................................... Total, Interior ................................................... Labor: Reform Pension Benefit Guaranty Corporation Premiums ................................ Unemployment Insurance Integrity Proposal 1 ....................................................... Reform Federal Employees’ Compensation Act ........................................ Reauthorize Trade Adjustment Assistance ....................................................... Total, Labor ...................................................... Treasury: Payment Transaction Integrity ....................... Extend the Rum Carryover for Puerto Rico .................................................................... Debt Collection: Eliminate the 10-year Statute of Limitations on Non-tax Debt owed to Federal Agencies ......................... Total, Treasury ........................................... Veterans Affairs: Pharmacy Co-Payments ................................. Income-Based Medical Care Enrollment Fee ..................................................................... Third-Party Insurance Co-Payment Offset ................................................................. Total, Veterans Affairs .................................. 2008 2009 2010 2011 2012 — — — 7 2 80 10 121 3,696 10 115 177 10 54 623 — — — — — — — — — 9 — 9 273 76 1,390 484 23 6 1,891 281 26 1,387 494 29 18 1,892 290 — 1,400 351 33 24 1,760 298 — 1,295 355 43 25 1,668 306 — 5,472 1,684 137 73 7,220 1,448 102 10,569 3,619 493 123 14,558 3,105 102 — — — — — — 11 208 311 — 44 355 6 261 304 138 44 486 6 296 306 134 44 484 6 304 307 129 43 479 6 312 342 125 43 510 35 1,381 1,570 526 218 2,314 65 3,068 SUMMARY TABLES 3,352 1,094 421 4,867 THE BUDGET FOR FISCAL YEAR 2008 Table S–5. Mandatory Proposals—Continued (In millions of dollars) Total 2008–2012 2008–2017 2007 Army Corps of Engineers: Additional Recreation User Fees, Lease Receipts, and Contributions: Receipts ....................................................... Spending...................................................... Net effect ................................................. Commodity Futures Trading Commission: User Fees ............................................................. Environmental Protection Agency: Pesticide and Pre-Manufacturing Notification fees ............................................. Federal Communications Commission (FCC): Spectrum License Fee Authority .................. Auction Prospective Ancillary Terrestrial Component Spectrum ................................. Extend Spectrum Auction Authority ............ Auction Domestic Satellite Spectrum ......... Eliminate Telecommunications Development Fund ....................................... Total, FCC ........................................................ Office of Personnel Management (OPM): Federal Employees Health Benefits Program Proposals ....................................... Improve Equity and Administration of the Federal Retirement System....................... Replace Non-Foreign Cost of Living Adjustment with Locality Pay .................... Total, OPM .................................................. — — — — 2008 2009 2010 2011 2012 7 — 7 86 10 7 3 89 13 10 3 92 16 13 3 95 19 16 3 99 65 46 19 461 192 164 28 1,009 — 70 65 68 74 65 342 682 — — — 130 — 130 50 150 — 252 5 457 150 150 — 105 6 411 300 150 — 100 7 557 300 150 — 100 7 557 400 150 200 75 7 832 1,200 750 200 632 32 2,814 3,628 1,500 1,200 690 67 7,085 — — — — 38 3 1 36 140 8 1 133 240 11 1 230 318 14 1 303 382 17 4 361 1,118 53 2 1,063 3,595 162 109 3,324 159 160 Table S–5. Mandatory Proposals—Continued (In millions of dollars) Total 2008–2012 2008–2017 2007 Social Security Administration: Temporarily Extend Length of Time-Limited Supplemental Security Income Eligibility for Refugees ................. Total, Mandatory Proposals, including Savings and Augmentations ................ Social Security Personal Accounts (Off-Budget) .......................................................... Outlay Effects of Tax Proposals: 1 Improve the Health Coverage Tax Credit ...... Child Tax Credit: Clarify uniform definition of a child .............. Reduce computational complexity of refundable child tax credit .......................... Earned Income Tax Credit (EITC): Clarify uniform definition of a child .............. Simplify EITC eligibility requirement regarding filing status, presence of children, and work and immigration status ................................................................. Provide a flat $15,000 deduction for family coverage ($7,500 for individual coverage) for those with and who purchase health insurance ........................ Total, Outlay Effects of Tax Proposals 2008 2009 2010 2011 2012 — 90 56 9,700 55 17,396 55 18,773 — 23,106 — 26,940 166 95,915 166 309,334 — — — — — 29,348 29,348 637,441 — — — — 4 55 — 127 10 59 375 137 12 75 388 174 14 71 400 165 15 72 417 169 55 332 1,580 772 139 785 3,773 1,824 — 210 33 17 17 14 129 104 SUMMARY TABLES — — — 388 231 297 4,629 4,021 4,705 4,100 4,715 4,086 14,280 11,522 37,886 31,539 THE BUDGET FOR FISCAL YEAR 2008 Table S–5. Mandatory Proposals—Continued (In millions of dollars) Total 2008–2012 2008–2017 2007 Other Mandatory Proposals and Indirect Effects: Transfer of Royalty Oil to the Strategic Petroleum Reserve ........................................... Disability Insurance Impact of Increased Program Integrity Efforts ................................. Supplemental Security Income Impact of Increased Program Integrity Efforts ............ Enforce Windfall Elimination Provision / Government Pension Offset (off-budget) .. Require Full-time Attendance for Child’s Social Security Benefits at Age 16 (off-budget) .......................................................... Replace Disability Insurance/Worker’s Comp Offset with Uniform Offset (off-budget) .......................................................... Amend Federal Employee Health Benefits Program Statute ................................................. Unemployment Insurance Integrity Proposal 1 ............................................................ National Park Centennial Challenge Fund (spending of gift receipts) 1 ........................... Food Stamp Impact of Commodity Supplemental Food Program Elimination . Impact of Replacing Non-Foreign Cost of Living Adjustment with Locality Pay on Civil Service Retirement and Disability Fund ....................................................................... Cash Investment Practices Modernization ... Federal Housing Administration General and Special Risk Insurance Funds Impact of Mark-to-Market Extension ......................... 2008 2009 2010 2011 2012 — — — — — 17 14 — — 124 385 — 903 360 856 — — 586 1,061 142 — 634 355 311 903 1,721 2,671 453 10,873 4,536 3,352 2,531 — 11 87 157 163 169 587 1,551 — — — — — 4 27 — 20 44 32 89 58 55 55 77 147 122 80 48 139 196 126 100 44 218 230 130 100 41 470 689 436 355 232 1,085 2,163 1,184 855 396 — — 2 10 8 10 15 10 23 10 31 10 79 50 361 100 9 13 16 16 15 7 67 76 161 162 Table S–5. Mandatory Proposals—Continued (In millions of dollars) Total 2008–2012 10 14 — 8 2008–2017 20 — — — 2007 Morris K. Udall Scholarship Fund .................... Forest County Safety Net Payments ............... Correct Trust Accounting Deficiencies in Individual Indian Money Investments ......... TANF Impact of Social Services Block Grant Reduction ............................................................. Black Lung Disability Trust Fund Refinancing: 1 Black Lung Disability Trust Fund .................. Interest Payments on Repayable Advances ......................................................... Net Impact ....................................................... Foreign Labor Certification Fee: Receipts ................................................................ Spending............................................................... Net effect .......................................................... Total, Other Mandatory Proposals and Indirect Effects .............................. Grand Total ................................................................ 2008 2 — 6 — 2 467 — 43 2009 2 135 — 50 2010 2 118 — 8 2011 2 57 — 43 2012 2 143 — 50 — — — — — — 1 91 2,315 2,315 — 65 65 — 402 10,490 437 437 — 65 65 — 334 18,029 432 432 — 65 65 — 307 15,058 424 424 — 65 65 — 1,909 20,910 424 424 — 65 65 — 1,399 5,098 598 598 — 325 325 — 4,351 59,389 3,089 3,089 — 650 650 — 469 359,191 Memorandum: Outlay Effects of Tax Extensions Assumed in Baseline: 1 Child Tax Credit Extension ............................. Earned Income Tax Credit: Marriage Penalty Relief.................................................. Total .................................................................... 1 — — — — — — — — — — — — 46 366 320 11,937 1,623 13,560 11,983 1,257 13,240 70,652 8,966 79,618 SUMMARY TABLES Affects both receipts and outlays. Only the outlay effect is shown here. For receipt effects, see Table S-6. Table S–6. Effect of Proposals on Receipts (In millions of dollars) Total 2008–2012 2008–2017 THE BUDGET FOR FISCAL YEAR 2008 2007 Make Permanent Certain Tax Relief Enacted in 2001 and 2003 (assumed in 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 1 ............................................................. Education incentives .................................................................... Repeal of estate and generation-skipping transfer taxes, and modification of gift taxes ................................................ Other incentives for families and children ............................ Total, make permanent certain tax relief enacted in 2001 and 2003.................................................................. Tax Incentives: Simplify and encourage saving: Expand tax-free savings opportunities ............................. Consolidate employer-based savings accounts ............ Total, simplify and encourage saving ....................... Encourage entrepreneurship and investment: Increase expensing for small business ............................. Invest in health care: Provide a flat $15,000 deduction for family coverage ($7,500 for individual coverage) for those with and who purchase health insurance 1 .................................. Expand and make health savings accounts (HSAs) more flexible ........................................................................... Improve the Health Coverage Tax Credit 1 ..................... 344 — — — — — — 156 — 188 2008 2009 2010 2011 2012 683 — — — — — — 1,373 — 690 695 — — — — — — 2,290 — 1,595 3,595 3,405 3,728 — — — — 3,067 6 13,789 13,789 17,477 4,947 71,892 5,265 5,380 739 26,845 179 146,513 1,491 7,269 3,376 113,251 21,128 7,971 1,336 57,652 866 211,358 14,515 28,151 12,051 185,143 26,393 13,351 2,075 91,227 1,039 373,945 89,973 79,059 20,158 793,780 135,380 41,317 9,673 442,490 5,341 1,617,171 — — — — 1,527 80 1,447 1,597 3,545 120 3,425 2,180 3,023 132 2,891 1,541 1,075 141 934 1,135 1,314 150 1,464 847 7,856 623 7,233 7,300 592 1,484 2,076 10,095 — — — — 318 1 31,433 593 3 38,892 784 4 30,843 937 5 20,033 1,037 5 121,201 3,669 18 5,150 10,366 51 163 164 Table S–6. Effect of Proposals on Receipts—Continued (In millions of dollars) Total 2008–2012 2008–2017 — 124,888 1 5,268 2007 Allow the orphan drug tax credit for certain pre-designation expenses ................................................. Total, invest in health care ............................................ Provide incentives for charitable giving: Permanently extend tax-free withdrawals from IRAs for charitable contributions................................................ Permanently extend enhanced charitable deduction for contributions of food inventory .................................. Extend permanently the deduction for corporate donations of computer technology................................. Permanently increase limits on contributions of property interests made for conservation purposes Permanently extend basis adjustment to stock of S corporations contributing appreciated property ........ Reform excise tax based on investment income of private foundations .............................................................. 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 permanently the above-the-line deduction for qualified out-of-pocket classroom expenses .............. Allow the saver’s credit for contributions to qualified tuition programs .................................................................... Total, strengthen education .......................................... Protect the environment: Extend permanently expensing of brownfields remediation costs ................................................................. 2008 2009 2010 2011 2012 — — — 319 — 32,029 — 39,680 — 31,785 — 21,075 — — — — — — — — — 120 44 50 48 3 61 2 2 330 255 96 118 35 15 91 3 5 618 235 106 147 22 21 97 9 10 647 171 116 154 18 25 103 13 17 617 147 127 162 21 28 110 14 24 633 928 489 631 144 92 462 41 58 2,845 1,867 1,345 1,570 265 301 1,163 104 286 6,901 — — — 18 63 81 180 163 343 183 176 359 185 189 374 188 200 388 754 791 1,545 1,739 SUMMARY TABLES 1,966 3,705 61 244 400 352 342 331 1,669 2,851 THE BUDGET FOR FISCAL YEAR 2008 Table S–6. Effect of Proposals on Receipts—Continued (In millions of dollars) Total 2008–2012 2008–2017 31 1,700 184 3,035 2007 Eliminate the volume cap for private activity bonds for water infrastructure .............................................................. Total, protect the environment..................................... Restructure assistance to New York City for continued recovery from the attacks of September 11th: Provide tax incentives for transportation infrastructure Total, tax incentives......................................................... Simplify the Tax Laws for Families: Clarify uniform definition of a child 1 ...................................... Simplify EITC eligibility requirement regarding filing status, presence of children, and work and immigration status 1 ................................................................. Reduce computational complexity of refundable child tax credit 1 ................................................................................... Total, simplify the tax laws for families ............................. Improve Tax Compliance: 2 Expand information reporting ................................................... Improve compliance by businesses ....................................... Strengthen tax administration ................................................... Expand penalties........................................................................... Total, improve tax compliance.............................................. Improve Tax Administration and Other Miscellaneous Proposals: Implement IRS administrative reforms and extend IRS authority to fund undercover operations 5 ....................... 2008 2009 2010 2011 2012 — 61 1 245 3 403 5 357 9 351 13 344 — 61 200 1,325 200 32,348 200 39,893 200 33,528 200 24,951 1,000 132,045 2,000 33,080 17 64 48 31 40 15 198 350 — — 17 31 — 95 25 — 23 22 — 9 22 — 18 21 — 6 59 — 139 164 — 186 — — — — — 232 143 — 3 378 1,075 91 — 5 1,171 1,848 38 1 11 1,898 2,488 21 1 18 2,528 2,903 20 1 20 2,944 8,546 313 3 57 8,919 28,849 421 17 178 29,465 — — — — — — — — 165 166 Table S–6. Effect of Proposals on Receipts—Continued (In millions of dollars) Total 2008–2012 2008–2017 2007 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 .................................. Repeal excise tax on local telephone service 3 ................ Modify financing of the Airport and Airway trust fund 3 .. Anticipated receipt of donations to the National Park Service through the National Park Centennial Challenge Fund ......................................................................... Transition from the non-foreign COLA to locality pay for employees in non-foreign areas .......................................... Total, improve tax administration and other miscellaneous proposals 2 ........................................... Improve Unemployment Insurance: Strengthen the financial integrity of the unemployment insurance system by reducing improper benefit payments and tax avoidance 3 ............................................ Extend unemployment insurance surtax 3 .......................... Total, improve unemployment insurance 3 ....................... Modify Energy Provisions: Repeal reduced recovery period for natural gas distribution lines ........................................................................ Modify amortization for certain geological and geophysical expenditures ...................................................... Indirect effect of energy proposals 4 ..................................... Total, modify energy provisions ...................................... Promote Trade: Implement free trade agreements and modify other trade-related provisions 3 ..................................................... 2008 2009 2010 2011 2012 — 86 552 — 2 148 463 — 14 155 148 6,407 28 163 74 6,705 28 171 74 7,005 23 180 74 7,326 95 817 833 27,443 126 1,859 1,211 69,732 — — 466 100 1 212 100 2 6,284 100 3 6,485 100 4 6,776 100 5 7,092 500 15 26,849 1,000 50 67,908 — — — — 1,073 1,073 29 1,542 1,571 29 1,580 1,609 16 1,617 1,601 64 1,633 1,569 22 7,445 7,423 1,469 1,526 57 — — — — 52 15 45 22 88 55 93 50 107 81 163 25 119 67 92 94 106 56 98 64 472 274 491 255 906 SUMMARY TABLES 582 1,019 469 — 241 502 760 994 1,240 3,737 13,072 THE BUDGET FOR FISCAL YEAR 2008 Table S–6. Effect of Proposals on Receipts—Continued (In millions of dollars) Total 2008–2012 2008–2017 2007 2008 2009 2010 2011 2012 Extend Expiring Provisions: Alternative Minimum Tax relief for individuals ................... Research & Experimentation (R&E) tax credit ................... Work opportunity tax credit ...................................................... First-time homebuyer credit for DC ........................................ Authority to issue Qualified Zone Academy Bonds .......... Deferral of gains from sales of electric transmission property ........................................................................................ Disclosure of tax return information related to terrorist activity 5 ...................................................................................... Excise tax on coal .................................................................... Exception for retirement plan distributions provided individuals called to active duty for at least 179 days.. Total, extend expiring provisions 3 ................................. 3 9,123 — — — — 63 — — * 9,186 9,386 9,574 47,922 3,221 71 1 3 48 — — * 51,266 52,166 51,476 11,431 7,071 192 19 8 52 — — * 4,089 33,825 32,230 — 9,145 162 — 13 65 — — * 9,385 66,771 52,982 — 10,601 80 — 18 39 — — * 10,738 194,308 47,795 — 11,799 51 — 20 5 — — * 11,865 251,935 40,577 36,491 41,837 556 20 62 199 — — * 79,165 599,005 225,060 36,491 117,309 582 20 162 41 — 1,081 * 153,442 1,854,496 237,325 Total budget proposals, including proposals assumed in the baseline 3 ................................................. Total budget proposals, excluding proposals assumed in the baseline 3 ................................................. *$500,000 or less. 1 Affects both receipts and outlays. Only the receipt effect is shown here. For the outlay effect, see Table S-5. 2 “Tax gap”-related proposals. 3 Net of income offsets. 4 Indirect effect on receipts of proposed alternative fuels and fuel efficiency standards. These proposals are discussed in the Energy chapter of the Budget volume. 5 No net budgetary impact. 167 Table S–7. Budget Summary by Category (In billions of dollars) 168 2006 Outlays: Discretionary: Security .............................................................. Non-security ..................................................... Total, discretionary .................................... Mandatory: Social Security: Current program ......................................... Personal accounts ..................................... Medicare............................................................ Medicaid and SCHIP .................................... Other ................................................................... Total, mandatory ........................................ Net interest............................................................ Total outlays .............................................................. Receipts...................................................................... Deficit(–)/surplus(+) ........................................... On-budget deficit ................................................ Off-budget surplus.............................................. 566 451 1,017 2007 2008 2009 2010 2011 2012 622 458 1,080 658 456 1,114 655 443 1,099 617 439 1,056 609 436 1,045 603 435 1,039 544 — 325 186 357 1,412 227 2,655 2,407 248 434 186 582 — 367 198 318 1,465 239 2,784 2,540 244 427 183 608 — 386 209 324 1,527 261 2,902 2,662 239 451 212 640 — 409 223 340 1,613 274 2,985 2,798 187 413 226 678 — 434 239 361 1,712 281 3,049 2,955 94 339 245 717 — 475 257 380 1,829 284 3,157 3,104 54 318 264 761 29 482 277 374 1,923 285 3,246 3,307 61 187 248 SUMMARY TABLES Table S–8. Receipts by Source—Summary (In billions of dollars) 2006 Actual 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 ................................................................ 1,043.9 353.9 837.8 (229.4) (608.4) 74.0 27.9 24.8 45.0 Estimate 2007 1,168.8 342.1 873.4 (239.2) (634.1) 57.1 25.3 26.8 46.7 2008 1,246.6 314.9 927.2 (253.1) (674.1) 68.1 25.7 29.2 50.7 2009 1,331.1 319.8 974.2 (262.8) (711.4) 63.1 27.4 30.7 52.0 2010 1,428.3 325.5 1,029.3 (276.0) (753.3) 63.6 21.7 32.7 53.6 2011 1,517.3 340.6 1,085.7 (289.9) (795.8) 68.6 1.7 34.3 55.5 2012 1,636.6 366.6 1,138.8 (303.4) (835.3) 71.3 0.5 35.7 57.8 THE BUDGET FOR FISCAL YEAR 2008 Total receipts ........................................................................... 2,407.3 2,540.1 2,662.5 2,798.3 2,954.7 3,103.6 3,307.3 (On-budget) ............................................................................ (1,798.9) (1,906.0) (1,988.4) (2,086.9) (2,201.4) (2,307.8) (2,472.0) (Off-budget) ............................................................................ (608.4) (634.1) (674.1) (711.4) (753.3) (795.8) (835.3) 169 Table S–9. Comparison of Economic Assumptions (Calendar years) Projections 2007 GDP (billions of current dollars): 2008 Budget...................................................................................... CBO January .................................................................................... Blue Chip Consensus January................................................... Real GDP (chain-weighted): 1 2008 Budget...................................................................................... CBO January .................................................................................... Blue Chip Consensus January................................................... Chain-weighted GDP Price Index: 1 2008 Budget...................................................................................... CBO January .................................................................................... Blue Chip Consensus January................................................... Consumer Price Index (all-urban): 1 2008 Budget...................................................................................... CBO January .................................................................................... Blue Chip Consensus January................................................... Unemployment rate: 2 2008 Budget...................................................................................... CBO January .................................................................................... Blue Chip Consensus January................................................... Interest rates: 2 91-day Treasury bills: 2008 Budget ................................................................................. CBO January................................................................................ Blue Chip Consensus January .............................................. 10-year Treasury notes: 2008 Budget ................................................................................. CBO January................................................................................ Blue Chip Consensus January .............................................. 13,946 13,805 13,843 2.7 2.3 2.4 2.5 1.9 2.1 2.1 1.9 2.0 4.6 4.7 4.8 2008 14,711 14,472 14,561 3.0 3.0 3.0 2.4 1.8 2.1 2.6 2.3 2.3 4.8 4.9 4.9 2009 15,507 15,196 15,323 3.1 3.1 3.1 2.2 1.8 2.1 2.5 2.2 2.3 4.8 5.0 4.9 2010 16,316 15,923 16,116 3.0 3.0 3.0 2.1 1.8 2.1 2.4 2.2 2.3 4.8 5.0 4.9 2011 17,148 16,647 16,937 3.0 2.7 2.9 2.0 1.8 2.1 2.3 2.2 2.3 4.8 5.0 4.9 2012 18,003 17,395 17,805 2.9 2.7 3.0 2.0 1.8 2.1 2.3 2.2 2.4 4.8 5.0 4.9 3.0 2.8 2.9 2.2 1.8 2.1 2.4 2.2 2.3 4.8 4.9 4.9 Average 2007–2012 170 4.7 4.8 4.9 5.0 4.8 4.8 4.6 4.5 4.8 5.1 5.0 5.0 4.4 4.4 4.7 5.2 5.1 5.2 4.2 4.4 4.5 5.3 5.2 5.2 4.1 4.4 4.5 5.3 5.2 5.2 4.1 4.4 4.6 5.3 5.2 5.3 4.4 4.5 4.7 SUMMARY TABLES 5.2 5.1 5.1 Sources: Congressional Budget Office; Blue Chip Economic Indicators, Aspen Publishers, Inc. January 2007 Blue Chip Consensus forecast for 2007 and 2008; Blue Chip October 2006 long-run extension for 2009—2012. 1 Year-over-year percent change. 2 Annual averages, percent. Table S–10. Federal Government Financing and Debt (Dollar amounts in billions) Actual 2006 Financing: Unified budget deficit ( )/surplus(+) ............................................................ Financing other than borrowing from the public: Net purchases of non-Federal securities by the National Railroad Retirement Investment Trust ( ) .......................................................... Changes in: Treasury operating cash balance (–) .................................................. 1 THE BUDGET FOR FISCAL YEAR 2008 Estimate 2007 244 2008 239 2009 187 2010 94 2011 54 2012 61 248 2 16 13 1 5 21 11 237 237 1 7 — 1 11 7 10 254 254 * — — 1 17 7 23 262 262 * — — 1 15 7 21 208 208 * — — 1 18 6 23 118 118 1 — — 1 19 5 23 77 77 * — — 1 20 4 24 37 37 Checks outstanding, etc. .................................................................... Seigniorage on coins ..................................................................................... Credit net financing disbursements (–): Direct loan financing accounts .............................................................. Guaranteed loan financing accounts .................................................. Total, financing other than borrowing from the public............... Total, requirement to borrow from the public ...................... 2 Change in debt held by the public................................................................. Changes in Debt Subject to Statutory 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 ........................................... 237 309 3 549 254 302 * 557 262 306 1 568 208 355 3 565 118 382 2 502 77 400 3 480 37 410 2 375 8,426 5 8,420 8,982 5 8,977 9,550 5 9,545 10,114 3 10,111 10,614 2 10,612 11,092 * 11,092 11,465 2 11,467 171 172 Table S–10. Federal Government Financing and Debt—Continued (Dollar amounts in billions) Actual 2006 Debt Outstanding, End of Year: Gross Federal debt: 5 Debt issued by Treasury .............................................................................. Debt issued by other agencies .................................................................. Total, gross Federal debt ......................................................................... Held by: Debt held by Government accounts ........................................................ Debt held by the public 6 .............................................................................. As a percent of GDP ................................................................................. 8,426 26 8,451 3,622 4,829 37.0% 8,982 26 9,008 3,924 5,083 36.9% 9,550 25 9,575 4,230 5,345 36.8% 10,114 24 10,138 4,585 5,554 36.3% 10,614 24 10,638 4,966 5,671 35.2% 11,092 23 11,115 5,366 5,748 33.9% 11,465 22 11,487 5,776 5,711 32.1% Estimate 2007 2008 2009 2010 2011 2012 * $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 $8,965 billion, enacted on March 20, 2006. 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 2006, the Federal Reserve Banks held $768.9 billion of Federal securities and the rest of the public held $4,060.0 billion. Debt held by the Federal Reserve Banks is not estimated for future years. SUMMARY TABLES