2010 Budget Updated Summary Tables May 2009

Updated Summary Tables May, 2009 Budget of the U.S. Government Fiscal Year 2010 Office of Management and Budget www.budget.gov THE BUDGET DOCUMENTS A New Era of Responsibility: Renewing America’s Promise contains the Budget Message of the President, information on the President’s priorities, and budget overviews organized by agency. This document was published on February 26, 2009. Since publication of this initial volume, the Administration has produced updated budget estimates based on new technical and other information. The following volumes are based on those new estimates, and updated summary tables were published in the following volume. Updated Summary Tables, May, 2009, Budget of the United States Government, Fiscal Year 2010 contains a set of summary tables updated and expanded from the February FY 2010 President’s Budget overview. Analytical Perspectives, Budget of the United States Government, Fiscal Year 2010 contains analyses that are designed to highlight specified subject areas or provide other significant presentations of budget data that place the budget in perspective. This volume includes economic and accounting analyses; information on Federal receipts and collections; analyses of Federal spending; information on Federal borrowing and debt; baseline or current services estimates; and other technical presentations. The Analytical Perspectives volume also contains supplemental material with several detailed tables, including tables showing the budget by agency and account and by function, subfunction, and program, that is available on the Internet and as a CD-ROM in the printed document. Historical Tables, Budget of the United States Government, Fiscal Year 2010 provides data on budget receipts, outlays, surpluses or deficits, Federal debt, and Federal employment over an extended time period, generally from 1940 or earlier to 2010 or 2014. To the extent feasible, the data have been adjusted to provide consistency with the 2010 Budget and to provide comparability over time. Appendix, Budget of the United States Government, Fiscal Year 2010 contains detailed information on the various appropriations and funds that constitute the budget and is designed primarily for the use of the Appropriations Committees. The Appendix contains more detailed financial information on individual programs and appropriation accounts than any of the other budget documents. It includes for each agency: the proposed text of appropriations language; budget schedules for each account; legislative proposals; explanations of the work to be performed and the funds needed; and proposed general provisions applicable to the appropriations of entire agencies or group of agencies. Information is also provided on certain activities whose transactions are not part of the budget totals. AUTOMATED SOURCES OF BUDGET INFORMATION The information contained in these documents is available in electronic format from the following sources: Internet. All budget documents, including documents that are released at a future date, spreadsheets of many of the budget tables, and a public use budget database are available for downloading in several formats from the Internet at www.budget.gov/budget. Links to documents and materials from budgets of prior years are also provided. Budget CD-ROM. The CD-ROM contains all of the budget documents in fully indexed PDF format along with the software required for viewing the documents. The CDROM has many of the budget tables in spreadsheet format and also contains the materials that are included on the separate Analytical Perspectives CD-ROM. For more information on access to electronic versions of the budget documents (except CD-ROMs), call (202) 512-1530 in the D.C. area or toll-free (888) 293-6498. To purchase the budget CD-ROM or printed documents call (202) 512-1800. GENERAL NOTES 1. All years referred to are fiscal years, unless otherwise noted. 2. Detail in this document may not add to the totals due to rounding. U.S. GOVERNMENT PRINTING OFFICE WASHINGTON 2009 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: (202) 512-1800 Toll-Free 1-866-512-1800 Fax: (202) 512-2104 Mail: Stop IDCC, Washington, DC 20402-0001 ISBN 978-0-16-083083-9 Table of Contents Page Table S–1. Table S–2. Table S–3. Table S–4. Table S–5. Table S–6. Table S–7. Table S–8. Table S–9. Budget Totals .......................................................................................................................3 Effect of Budget Proposals on Projected Deficits ...............................................................4 Baseline Projection of Current Policy by Category ...........................................................6 Proposed Budget by Category .............................................................................................8 Proposed Budget by Category as a Percent of GDP .........................................................11 Proposed Budget by Category Adjusted for Inflation and Population Growth ............................................................................................................13 Bridge from Budget Enforcement Act Baseline to Baseline Projection of Current Policy ....................................................................................................................15 Change in the Baseline Projection of Current Policy from February to May . ...............16 Change in Proposed Budget from February to May ........................................................18 Table S–10. Change in Proposed Budget by Category from February to May ...................................19 Table S–11. Mandatory and Receipt Proposals ....................................................................................21 Table S–12. Funding Levels for Appropriated (“Discretionary”) Programs by Agency ......................28 Table S–13. Comparison of Economic Assumptions .............................................................................30 Table S–14. Federal Government Financing and Debt ........................................................................31 UPDATED SUMMARY TABLES MAY, 2009 (In billions of dollars and as a percent of GDP) Totals 2008 Budget Totals in Billions of Dollars: Receipts .............................................................. Outlays ............................................................... Deficit ........................................................... Debt held by the public ...................................... Debt net of financial assets ............................... Gross domestic product (GDP) ............................... Budget Totals as a Percent of GDP: Receipts .............................................................. Outlays ............................................................... Deficit ........................................................... Debt held by the public ...................................... Debt net of financial assets ............................... 17.7% 21.0% 3.2% 40.8% 37.2% 15.1% 28.1% 12.9% 59.9% 49.4% 15.8% 24.4% 8.5% 67.1% 56.0% 17.3% 23.3% 6.0% 70.1% 59.1% 18.7% 22.1% 3.4% 69.6% 59.0% 18.9% 21.8% 2.9% 68.7% 58.4% 18.9% 21.8% 2.9% 68.5% 58.5% 19.1% 21.8% 2.7% 68.5% 58.8% 19.1% 22.4% 3.2% 69.0% 59.5% 19.2% 22.4% 3.2% 69.4% 60.1% 19.3% 22.4% 3.1% 69.6% 60.7% 19.4% 22.8% 3.4% 70.1% 61.5% 17.9% 22.7% 4.8% 18.6% 22.5% 4.0% 2,524 2,983 459 5,803 5,297 14,222 2,157 3,998 1,841 8,531 7,032 14,240 2,333 3,591 1,258 9,882 8,249 14,729 2,685 3,615 929 10,873 9,154 15,500 3,075 3,633 557 11,468 9,710 16,470 3,305 3,817 512 12,027 10,222 17,498 3,480 4,016 536 12,595 10,757 18,386 3,662 4,190 528 13,159 11,284 19,205 3,841 4,487 645 13,835 11,929 20,060 4,021 4,696 675 14,535 12,603 20,952 4,218 4,905 688 15,241 13,290 21,884 4,429 5,207 779 16,027 14,068 22,858 14,879 18,672 3,793 35,049 42,157 7,108 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010-2014 2010-2019 Table S–1. Budget Totals 3 Table S–2. Effect of Budget Proposals on Projected Deficits (Deficit increases (+) or decreases (–) in billions of dollars) Totals 2009 Projected deficits in the baseline projection of current policy 1 ............................................................................................. Percent of GDP ................................................................................ Reserve funds: Health reform: Health savings2 ......................................................................... Limit the rate at which itemized deductions reduce tax liability to 28 percent 2 .......................................................... Reduce the tax gap and make other reforms2 .......................... Net total with additional savings and cost of health care benefits .................................................................................. Climate revenues: Dedicated to climate policy (clean energy technologies) ........ Dedicated to Making Work Pay ............................................... Placeholder for potential additional financial stabilization efforts ... Tax cuts for families and businesses 3, 4 .............................................. Other revenue changes and loophole closers ...................................... Proposed changes in mandatory programs and user fees .................. Proposed changes in appropriated (“discretionary”) programs: Cost of overseas contingency operations ........................................ Defense (050) excluding overseas contingency operations 5 .......... Non-defense discretionary .............................................................. Subtotal, appropriated programs ............................................ Subtotal, policy proposals ......................................................... Upper-income tax provisions dedicated to deficit reduction Credit and other indirect interest effects ........................................... Debt service .......................................................................................... Total reduction in projected deficits ...................................... Resulting deficits in 2010 Budget ................................................. Percent of GDP ................................................................................ ...... ...... 250 28 –* 8 –40 * 3 –37 248 * –25 * 224 1,841 12.9% ...... ...... ...... 45 –3 13 –57 9 21 –27 29 –1 –42 2 –12 1,258 8.5% ...... ...... ...... 40 –20 9 –107 7 14 –86 –57 –28 –33 5 –114 929 6.0% –15 –62 ...... 85 –33 4 –140 3 27 –110 –130 –47 –27 * –204 557 3.4% –15 –62 ...... 91 –38 –4 –151 –2 39 –114 –142 –56 –24 –9 –231 512 2.9% –15 –62 ...... 96 –40 –10 –157 –4 46 –115 –146 –65 –21 –20 –252 536 2.9% –15 –63 ...... 101 –41 –13 –163 –6 53 –116 –146 –72 –18 –32 –269 528 2.7% –15 –63 ...... 106 –42 6 –168 –7 57 –117 –126 –78 –14 –45 –262 645 3.2% –15 –64 ...... 109 –43 10 –173 –8 60 –121 –124 –84 –9 –59 –275 675 3.2% –15 –64 ...... 113 –45 13 –178 –9 62 –125 –123 –90 –3 –73 –290 688 3.1% –15 –64 ...... 116 –47 15 –183 –10 65 –128 –124 –96 3 –89 –307 779 3.4% –45 –186 ...... 357 –133 12 –612 13 148 –452 –447 –196 –147 –23 –813 3,793 4.8% –120 –504 ...... 902 –351 43 –1,477 –26 444 –1,059 –1,090 –615 –189 –322 –2,215 ...... ...... –1 ...... –2 ...... –2 ...... –5 –9 –4 ...... –18 –25 –5 ...... –24 –28 –7 ...... –52 –30 –6 ...... –34 –31 –7 ...... –40 –33 –6 ...... –42 –35 –7 ...... –43 –37 –7 ...... –49 –39 –8 ...... –101 –92 –24 ...... –309 –267 –59 ...... 1,617 11.4% 2010 1,270 8.6% 2011 1,043 6.7% 2012 761 4.6% 2013 743 4.2% 2014 788 4.3% 2015 797 4.1% 2016 907 4.5% 2017 949 4.5% 2018 977 4.5% 2019 2010–2014 2010–2019 1,086 4.7% 4,606 5.7% 9,323 5.1% 4 UPDATED SUMMARY TABLES 7,108 4.0% MAY, 2009 Table S–2. Effect of Budget Proposals on Projected Deficits—Continued (Deficit increases (+) or decreases (–) in billions of dollars) Totals 2009 Memorandum, proposed changes in appropriated (“discretionary”) budgetary resources: Overseas contingency operations ................................................... Defense (050) excluding overseas contingency operations 5 .......... Non-defense discretionary .............................................................. –50 * 8 –65 10 31 –148 6 30 –153 1 49 –157 –3 53 –162 –4 57 –167 –5 57 –172 –6 59 –177 –7 60 –182 –8 61 –187 –9 63 –685 11 220 –1,570 –23 520 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010–2014 2010–2019 Total, appropriated funding ..................................................... –42 –23 –112 –102 –107 –109 –115 –118 –124 –129 –133 –454 –1,073 *$500 million or less. 1 See Tables S-3 and S-7 for information on the baseline projection of current policy. 2 Non-additive. 3 Includes refundable tax credits. 4Includes the effects of proposed financing system modifications for the Federal Aviation Administration and of continuing certain expiring provisions through calendar year 2010. 5 Since the publication of the February budget overview, the actuaries at the Department of Defense have increased estimates of discretionary accrual payments for Tricare and other programs. This technical change increases the projection of baseline defense costs after 2012. The proposed budget authority for Defense is virtually unchanged from the February budget overview. 5 Table S–3. Baseline Projection of Current Policy by Category 1 (In billions of dollars) Totals 2008 Outlays: Appropriated (“discretionary”) programs: Defense (050) including cost of overseas contingency operations .............................. Non-defense discretionary ............................. Subtotal, appropriated programs ............. Mandatory programs: Social Security ................................................ Medicare ......................................................... Medicaid .......................................................... Troubled Asset Relief Program (TARP) 2 ....... Other mandatory programs ........................... Subtotal, mandatory programs ................ Net interest ........................................................... Disaster costs3 ....................................................... Total outlays ................................................... Receipts: Individual income taxes ........................................ Corporation income taxes ..................................... Social insurance and retirement receipts: Social Security payroll taxes ........................ Medicare payroll taxes .................................. Unemployment insurance .............................. Other retirement ............................................ Excise taxes ........................................................... Estate and gift taxes ............................................. Customs duties ...................................................... Deposits of earnings, Federal Reserve System .... Other miscellaneous receipts ............................... Total receipts .................................................. Deficit ................................................................... On-budget deficit ................................................... Off-budget surplus (–) ........................................... 658 194 40 9 67 29 28 34 17 2,524 459 642 –183 655 192 44 9 66 26 24 25 16 2,185 1,617 1,753 –137 683 196 51 9 76 20 25 28 16 2,374 1,270 1,405 –134 718 210 57 9 82 21 29 34 16 2,675 1,043 1,195 –152 757 222 63 9 85 22 34 38 17 2,968 761 933 –172 803 235 66 9 87 24 37 39 17 3,187 743 935 –192 843 247 67 9 89 25 40 42 17 3,354 788 986 –198 879 258 66 9 90 27 43 44 18 3,537 797 992 –195 926 272 60 9 92 29 46 45 18 3,714 907 1,108 –200 963 283 59 9 93 31 48 47 18 3,890 949 1,141 –192 1,005 295 59 9 94 33 49 49 18 4,082 977 1,162 –185 1,049 308 62 9 95 35 51 51 18 4,286 1,086 1,260 –174 3,805 1,111 304 43 419 113 165 181 84 14,557 4,606 5,454 –848 8,626 2,526 610 87 882 266 401 416 173 34,066 9,323 11,117 –1,794 1,146 304 953 175 1,050 221 1,210 288 1,372 347 1,484 385 1,586 389 1,684 420 1,780 438 1,883 457 1,992 481 2,105 504 6,703 1,630 16,148 3,930 612 386 201 ...... 411 1,610 253 ...... 2,983 675 425 262 260 696 2,319 167 4 3,801 696 452 290 8 590 2,037 176 11 3,644 722 497 275 10 536 2,039 283 16 3,718 750 507 284 10 422 1,973 376 18 3,729 791 565 304 8 428 2,097 445 20 3,930 839 631 327 6 427 2,230 501 23 4,142 892 650 353 3 436 2,334 555 25 4,333 948 720 380 1 487 2,536 605 26 4,621 1,009 751 408 * 499 2,666 657 27 4,839 1,073 780 438 ...... 506 2,798 708 29 5,060 1,141 871 471 ...... 534 3,018 762 30 5,372 3,799 2,652 1,479 42 2,403 10,375 1,781 88 19,163 8,862 6,425 3,529 46 4,866 23,727 5,068 226 43,389 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010-2014 2010-2019 6 612 508 1,120 726 586 1,312 755 666 1,421 753 627 1,380 766 595 1,361 783 586 1,369 800 587 1,388 821 599 1,420 841 612 1,454 862 627 1,489 884 641 1,525 906 655 1,562 3,857 3,062 6,919 8,172 6,196 14,368 UPDATED SUMMARY TABLES MAY, 2009 Table S–3. Baseline Projection of Current Policy by Category 1—Continued (In billions of dollars) Totals 2008 Memorandum: Funding (“budgetary resources”) for appropriated programs: Defense (050) including funding for overseas contingency operations .............................. Non-defense discretionary ............................. 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010-2014 2010-2019 686 533 741 797 741 542 757 553 775 566 794 579 814 593 834 606 855 621 876 635 898 650 921 666 3,882 2,833 8,266 6,011 Total, appropriated funding ..................... 1,219 1,537 1,283 1,310 1,341 1,374 1,407 1,441 1,475 1,511 1,548 1,587 6,715 14,277 *$500 million or less. 1 See Table S-7 for information on adjustments to the Budget Enforcement Act (BEA) baseline. 2 Outlays for TARP in 2010 and subsequent years result from the Home Affordable Modification Program. 3 These amounts represent the statistical probability of a major disaster requiring federal assistance for relief and reconstruction. Such assistance might be provided in the form of discretionary or mandatory outlays or tax relief. These amounts are included as outlays for convenience. 7 Table S–4. Proposed Budget by Category (In billions of dollars) Totals 2008 Outlays: Appropriated (“discretionary”) programs: Defense (050) including cost of overseas contingency operations ......................................................................... Non-defense discretionary ................................................... Subtotal, appropriated programs ................................... Mandatory programs: Social Security ...................................................................... Medicare ............................................................................... Medicaid ................................................................................ Troubled Asset Relief Program (TARP) 1 ............................ Placeholder for potential additional financial stabilization efforts ............................................................................... Other mandatory programs ................................................. Subtotal, mandatory programs ...................................... Net interest ................................................................................. Disaster costs 2 ............................................................................ Total outlays ......................................................................... Receipts: Individual income taxes .............................................................. Corporation income taxes ........................................................... Social insurance and retirement receipts: Social Security payroll taxes .............................................. Medicare payroll taxes ........................................................ Unemployment insurance .................................................... Other retirement .................................................................. Excise taxes ................................................................................. Estate and gift taxes ................................................................... Customs duties ............................................................................ Deposits of earnings, Federal Reserve System .......................... Climate revenues ........................................................................ Other miscellaneous receipts ..................................................... Total receipts ........................................................................ Deficit ......................................................................................... On-budget deficit ......................................................................... Off-budget surplus (–) ................................................................. 658 194 40 9 67 29 28 34 ...... 17 2,524 655 192 44 9 66 26 24 25 ...... 16 2,157 683 196 52 9 75 20 24 28 ...... 16 2,333 719 210 57 9 73 21 29 34 ...... 16 2,685 929 1,081 –152 758 222 63 9 77 22 34 38 77 17 3,075 557 730 –172 804 236 66 9 78 24 37 39 77 17 3,305 512 704 –192 844 247 67 9 79 25 40 42 77 17 3,480 536 734 –199 880 258 66 9 80 27 43 44 78 17 3,662 528 724 –197 927 272 60 9 81 29 46 45 78 18 3,841 645 847 –202 964 283 59 9 82 31 48 47 79 18 4,021 675 867 –192 1,006 295 57 9 83 33 49 49 79 18 4,218 688 873 –185 1,050 308 62 9 83 35 51 51 79 18 4,429 779 953 –175 3,808 1,112 306 43 382 113 164 181 231 83 14,879 3,793 4,642 –849 8,635 2,528 610 87 791 266 1,146 304 953 147 1,051 179 1,211 306 1,381 378 1,501 417 1,613 420 1,711 450 1,809 468 1,916 487 2,029 511 2,147 536 6,758 1,700 16,369 4,153 612 386 201 ...... ...... 411 1,610 253 ...... 2,983 675 425 262 260 250 704 2,576 143 4 3,998 696 452 290 8 ...... 604 2,050 136 11 3,591 721 496 275 10 ...... 548 2,050 254 16 3,615 750 506 284 10 ...... 465 2,015 349 18 3,633 790 564 304 8 ...... 465 2,130 412 20 3,817 838 630 326 6 ...... 461 2,261 460 23 4,016 890 650 352 3 ...... 463 2,357 504 25 4,190 946 720 379 1 ...... 532 2,578 546 26 4,487 1,007 750 407 * ...... 546 2,711 590 27 4,696 1,072 780 438 ...... ...... 556 2,845 631 29 4,905 1,141 871 471 ...... ...... 586 3,068 675 30 5,207 3,796 2,648 1,478 42 ...... 2,542 10,506 1,611 88 18,672 8,851 6,418 3,525 46 ...... 5,224 24,065 4,558 226 42,157 612 508 1,120 687 589 1,275 707 687 1,394 653 641 1,294 629 622 1,251 630 625 1,255 639 634 1,273 652 652 1,304 667 669 1,336 682 686 1,368 697 703 1,400 713 720 1,433 3,257 3,210 6,467 6,669 6,640 13,309 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010-2014 2010-2019 8 UPDATED SUMMARY TABLES 400 416 624 171 35,049 7,108 8,907 –1,799 459 1,841 1,258 642 –183 1,978 –137 1,393 –134 MAY, 2009 Table S–4. Proposed Budget by Category—Continued (In billions of dollars) Totals 2008 Memorandum: Funding (“budgetary resources”) for appropriated programs: Defense (050) including funding for overseas contingency operations ......................................................................... Non-defense discretionary ................................................... Total, appropriated funding ........................................... Recovery Act: Discretionary outlays ........................................................... Mandatory outlays ............................................................... Receipts ................................................................................. ...... ...... ...... 37 83 –77 114 124 –152 71 61 –6 30 14 7 10 13 * 2 28 1 1 4 1 * 2 * * –1 1 * 3 –1 * 3 1 228 241 –150 229 250 –148 686 533 1,219 691 804 1,495 687 573 1,260 615 583 1,198 624 615 1,239 634 632 1,266 648 650 1,298 662 663 1,325 677 680 1,357 693 695 1,388 708 711 1,419 725 729 1,454 3,208 3,053 6,261 6,673 6,531 13,204 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010-2014 2010-2019 Total, Recovery Act ......................................................... ...... 198 390 138 38 23 30 4 2 –3 4 2 619 628 *$500 million or less. 1 Outlays for TARP in 2010 and subsequent years result from the Home Affordable Modification Program. 2 These amounts represent the statistical probability of a major disaster requiring federal assistance for relief and reconstruction. Such assistance might be provided in the form of discretionary or mandatory outlays or tax relief. These amounts are included as outlays for convenience. 9 10 Composition of Policy Outlays and Revenues Policy Outlays by Category 2010 Defense including Overseas Contingency Operations Disaster Costs Net Interest Excise Taxes Unemployment Insurance Non-Defense Discretionary Other Mandatory Programs Medicaid Medicare Medicare Payroll Taxes Social Security Payroll Taxes Other Miscellaneous Receipts Borrowing and Other Net Financing Policy Revenues by Source 2010 Social Security Individual Income Taxes Corporation Income Taxes 2013 Defense including Overseas Contingency Operations 2013 Other Miscellaneous Receipts Excise Taxes Unemployment Insurance Medicare Payroll Taxes UPDATED SUMMARY TABLES Disaster Costs Net Interest Other Mandatory Programs Borrowing and Other Net Financing Non-Defense Discretionary Social Security Medicare Medicaid Social Security Payroll Taxes Individual Income Taxes Corporation Income Taxes MAY, 2009 Table S–5. Proposed Budget by Category as a Percent of GDP (As a percent of GDP) Totals 2008 Outlays: Appropriated (“discretionary”) programs: Defense (050) including cost of overseas contingency operations ................................. Non-defense discretionary ................................ Subtotal, appropriated programs ................ Mandatory programs: Social Security ................................................... Medicare ............................................................ Medicaid ............................................................. Troubled Asset Relief Program (TARP) 1 ......... Placeholder for potential additional financial stabilization efforts ....................................... Other mandatory programs .............................. Subtotal, mandatory programs ................... Net interest .............................................................. Disaster costs 2 ......................................................... Total outlays ...................................................... Receipts: Individual income taxes ........................................... Corporation income taxes ........................................ Social insurance and retirement receipts: Social Security payroll taxes ........................... Medicare payroll taxes ..................................... Unemployment insurance ................................. Other retirement ............................................... Excise taxes .............................................................. Estate and gift taxes ................................................ Customs duties ......................................................... Deposits of earnings, Federal Reserve System ....... Climate revenues ..................................................... Other miscellaneous receipts .................................. Total receipts ..................................................... Deficit ...................................................................... On-budget deficit ...................................................... Off-budget surplus (–) .............................................. 4.6 1.4 0.3 0.1 0.5 0.2 0.2 0.2 ...... 0.1 17.7 3.2 4.5 –1.3 4.6 1.3 0.3 0.1 0.5 0.2 0.2 0.2 ...... 0.1 15.1 12.9 13.9 –1.0 4.6 1.3 0.4 0.1 0.5 0.1 0.2 0.2 ...... 0.1 15.8 8.5 9.5 –0.9 4.6 1.4 0.4 0.1 0.5 0.1 0.2 0.2 ...... 0.1 17.3 6.0 7.0 –1.0 4.6 1.4 0.4 0.1 0.5 0.1 0.2 0.2 0.5 0.1 18.7 3.4 4.4 –1.0 4.6 1.3 0.4 * 0.4 0.1 0.2 0.2 0.4 0.1 18.9 2.9 4.0 –1.1 4.6 1.3 0.4 * 0.4 0.1 0.2 0.2 0.4 0.1 18.9 2.9 4.0 –1.1 4.6 1.3 0.3 * 0.4 0.1 0.2 0.2 0.4 0.1 19.1 2.7 3.8 –1.0 4.6 1.4 0.3 * 0.4 0.1 0.2 0.2 0.4 0.1 19.1 3.2 4.2 –1.0 4.6 1.4 0.3 * 0.4 0.1 0.2 0.2 0.4 0.1 19.2 3.2 4.1 –0.9 4.6 1.3 0.3 * 0.4 0.1 0.2 0.2 0.4 0.1 19.3 3.1 4.0 –0.8 4.6 1.3 0.3 * 0.4 0.2 0.2 0.2 0.3 0.1 19.4 3.4 4.2 –0.8 4.6 1.3 0.4 0.1 0.5 0.1 0.2 0.2 0.3 0.1 17.9 4.8 5.8 –1.0 4.6 1.3 0.3 * 0.4 0.1 0.2 0.2 0.3 0.1 18.6 4.0 4.9 –1.0 8.1 2.1 6.7 1.0 7.1 1.2 7.8 2.0 8.4 2.3 8.6 2.4 8.8 2.3 8.9 2.3 9.0 2.3 9.1 2.3 9.3 2.3 9.4 2.3 8.1 2.0 8.6 2.2 4.3 2.7 1.4 ...... ...... 2.9 11.3 1.8 ...... 21.0 4.7 3.0 1.8 1.8 1.8 4.9 18.1 1.0 * 28.1 4.7 3.1 2.0 0.1 ...... 4.1 13.9 0.9 0.1 24.4 4.7 3.2 1.8 0.1 ...... 3.5 13.2 1.6 0.1 23.3 4.6 3.1 1.7 0.1 ...... 2.8 12.2 2.1 0.1 22.1 4.5 3.2 1.7 * ...... 2.7 12.2 2.4 0.1 21.8 4.6 3.4 1.8 * ...... 2.5 12.3 2.5 0.1 21.8 4.6 3.4 1.8 * ...... 2.4 12.3 2.6 0.1 21.8 4.7 3.6 1.9 * ...... 2.7 12.9 2.7 0.1 22.4 4.8 3.6 1.9 * ...... 2.6 12.9 2.8 0.1 22.4 4.9 3.6 2.0 ...... ...... 2.5 13.0 2.9 0.1 22.4 5.0 3.8 2.1 ...... ...... 2.6 13.4 3.0 0.1 22.8 4.6 3.2 1.8 0.1 ...... 3.1 12.8 1.9 0.1 22.7 4.7 3.4 1.9 * ...... 2.8 12.8 2.4 0.1 22.5 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010-2014 2010-2019 4.3 3.6 7.9 4.8 4.1 9.0 4.8 4.7 9.5 4.2 4.1 8.4 3.8 3.8 7.6 3.6 3.6 7.2 3.5 3.4 6.9 3.4 3.4 6.8 3.3 3.3 6.7 3.3 3.3 6.5 3.2 3.2 6.4 3.1 3.2 6.3 4.0 3.9 7.9 3.6 3.6 7.2 11 Table S–5. Proposed Budget by Category as a Percent of GDP—Continued (As a percent of GDP) Totals 2008 Memorandum: Funding (“budgetary resources”) for appropriated programs: Defense (050) including funding for overseas contingency operations ................................. Non-defense discretionary ................................ Total, appropriated funding ........................ Recovery Act: Discretionary outlays ........................................ Mandatory outlays ............................................ Receipts .............................................................. ...... ...... ...... 0.3 0.6 –0.5 0.8 0.8 –1.0 0.5 0.4 –* 0.2 0.1 * 0.1 0.1 * * 0.2 * * * * * * * * –* * * * –* * * * 0.3 0.3 –0.2 0.1 0.2 –0.1 4.8 3.8 8.6 4.8 5.6 10.5 4.7 3.9 8.6 4.0 3.8 7.7 3.8 3.7 7.5 3.6 3.6 7.2 3.5 3.5 7.1 3.4 3.5 6.9 3.4 3.4 6.8 3.3 3.3 6.6 3.2 3.2 6.5 3.2 3.2 6.4 3.9 3.7 7.6 3.6 3.5 7.1 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010-2014 2010-2019 12 Total, Recovery Act ...................................... ...... 1.4 2.6 0.9 0.2 0.1 0.2 * * –* * * 0.8 0.4 *0.05 percent of GDP or less. 1 Outlays for TARP in 2010 and subsequent years result from the Home Affordable Modification Program. 2 These amounts represent the statistical probability of a major disaster requiring federal assistance for relief and reconstruction. Such assistance might be provided in the form of discretionary or mandatory outlays or tax relief. These amounts are included as outlays for convenience. UPDATED SUMMARY TABLES MAY, 2009 Table S–6. Proposed Budget by Category Adjusted for Inflation and Population Growth (In billions of dollars, based on 2010 prices and population) 2010 Outlays: Appropriated (“discretionary”) programs: Defense (050) including cost of overseas contingency operations .................... Non-defense discretionary ................................................................................. Subtotal, appropriated programs ................................................................. Mandatory programs: Social Security .................................................................................................... Medicare ............................................................................................................. Medicaid .............................................................................................................. Troubled Asset Relief Program (TARP) 1 .......................................................... Placeholder for potential additional financial stabilization efforts ................. Other mandatory programs ............................................................................... Subtotal, mandatory programs .................................................................... Net interest ................................................................................................................ Disaster costs 2 ........................................................................................................... Total outlays ....................................................................................................... Receipts: Individual income taxes ............................................................................................. Corporation income taxes .......................................................................................... Social insurance and retirement receipts: Social Security payroll taxes ............................................................................ Medicare payroll taxes ...................................................................................... Unemployment insurance .................................................................................. Other retirement ................................................................................................ Excise taxes ................................................................................................................ Estate and gift taxes .................................................................................................. Customs duties ........................................................................................................... Deposits of earnings, Federal Reserve System ......................................................... Climate revenues ....................................................................................................... Other miscellaneous receipts .................................................................................... Total receipts ...................................................................................................... Deficit ........................................................................................................................ On-budget deficit ........................................................................................................ Off-budget surplus (–) ................................................................................................ 683 196 52 9 75 20 24 28 ...... 16 2,333 1,258 1,393 –134 700 205 56 8 71 21 28 33 ...... 16 2,615 905 1,053 –148 717 210 60 8 72 21 32 36 73 16 2,909 527 690 –163 738 216 61 8 71 22 34 36 71 16 3,033 470 646 –176 751 220 59 8 70 22 36 37 69 15 3,098 477 654 –177 760 223 57 7 69 23 37 38 67 15 3,162 456 625 –170 777 228 50 7 68 24 38 38 66 15 3,217 541 709 –169 784 230 48 7 67 25 39 38 64 14 3,268 548 704 –156 793 233 45 7 65 26 39 39 62 14 3,325 542 688 –146 803 236 47 7 64 27 39 39 61 14 3,387 596 729 –134 1,051 179 1,180 298 1,307 357 1,377 383 1,435 374 1,477 389 1,516 392 1,557 396 1,600 403 1,642 410 696 452 290 8 ...... 604 2,050 136 11 3,591 703 483 268 10 ...... 534 1,997 248 15 3,521 710 479 268 10 ...... 440 1,906 330 17 3,436 725 518 278 7 ...... 426 1,955 378 19 3,503 746 560 290 5 ...... 410 2,012 410 20 3,575 768 561 304 2 ...... 399 2,035 436 21 3,618 793 603 318 1 ...... 445 2,159 458 22 3,758 818 610 331 * ...... 444 2,203 479 22 3,816 845 615 345 ...... ...... 438 2,243 497 23 3,867 872 666 360 ...... ...... 448 2,347 517 23 3,983 707 687 1,394 636 624 1,261 595 589 1,183 578 573 1,151 569 564 1,133 563 563 1,126 559 561 1,119 554 558 1,112 550 554 1,104 546 551 1,096 2011 2012 2013 2014 2015 2016 2017 2018 2019 13 Table S–6. Proposed Budget by Category Adjusted for Inflation and Population Growth—Continued (In billions of dollars, based on 2010 prices and population) 2010 Memorandum: Funding (“budgetary resources”) for appropriated programs: Defense (050) including funding for overseas contingency operations ........... Non-defense discretionary ................................................................................. Total, appropriated funding ......................................................................... Recovery Act: Discretionary outlays ......................................................................................... Mandatory outlays ............................................................................................. Receipts ............................................................................................................... 114 124 –152 69 60 –6 29 14 7 9 12 * 2 25 1 1 3 1 * 1 * * –1 1 * 2 –1 * 2 * 2 687 573 1,260 599 568 1,167 590 582 1,172 582 580 1,162 577 579 1,155 572 573 1,144 567 569 1,137 563 565 1,128 558 560 1,119 554 558 1,112 2011 2012 2013 2014 2015 2016 2017 2018 2019 14 Total, Recovery Act ....................................................................................... 390 135 36 21 26 3 1 –2 3 *$500 million or less. 1 Outlays for TARP in 2010 and subsequent years result from the Home Affordable Modification Program. 2 These amounts represent the statistical probability of a major disaster requiring federal assistance for relief and reconstruction. Such assistance might be provided in the form of discretionary or mandatory outlays or tax relief. These amounts are included as outlays for convenience. UPDATED SUMMARY TABLES MAY, 2009 Table S–7. Bridge from Budget Enforcement Act Baseline to Baseline Projection of Current Policy (Deficit increases (+) or decreases (–) in billions of dollars) Totals 2008 BEA baseline deficit/surplus (–) ......................................... Adjustments to reflect current policies: Index to inflation the 2009 parameters of the AMT as enacted in the American Recovery and Reinvestment Act ..................................................................................... Continue the 2001 and 2003 tax cuts 1 ............................... Account for additional expected Medicare physician payments .......................................................................... Continue Diabetes funding, Transitional Medical Assistance and Qualified Individuals programs ............ Correct baseline growth rates for pay and social insurance administrative expenses .................................................. Subtotal ........................................................................... Adjustments to reflect costs of overseas contingency operations and disasters: Remove part-year overseas contingency operations funding (as enacted for 2009) ........................................ Insert full-year overseas contingency operations funding (as enacted for 2008) ........................................................ Remove part-year international funding (as enacted for 2009) .................................................................................. Insert International emergency funding (as enacted for 2008) ................................................................................. Remove non-recurring emergency funding ......................... Insert statistical probability of future major disaster costs 2 ................................................................................ Subtotal ........................................................................... Adjustment to Pell Status, for comparability: 3 –15 15 ...... ...... ...... ...... –18 18 ...... 81 * 81 –23 23 ...... 147 2 148 –23 23 ...... 369 13 382 –18 18 ...... 428 34 461 –18 18 ...... 478 57 535 –18 18 ...... 522 81 603 –19 19 ...... 560 108 667 –19 19 ...... 587 138 725 –19 19 ...... 611 169 780 –20 20 ...... 640 203 843 977 –20 20 ...... 677 241 918 1,086 –101 101 ...... 1,944 186 2,130 4,606 –198 198 ...... 5,019 1,045 6,064 9,323 ...... ...... ...... ...... ...... ...... ...... –41 118 –2 4 –3 4 81 –61 178 –3 7 –13 11 119 –65 190 –4 8 –15 16 130 –67 197 –4 9 –16 18 137 –69 203 –4 9 –17 20 142 –70 208 –4 9 –18 23 148 –72 213 –4 10 –18 25 153 –73 218 –5 10 –19 26 158 –74 223 –5 10 –19 27 163 –75 228 –5 10 –20 29 167 –77 233 –5 10 –20 30 172 –332 976 –20 43 –80 88 675 –703 2,091 –43 93 –176 226 1,488 459 2009 1,535 2010 1,122 2011 661 2012 300 2013 208 2014 185 2015 129 2016 183 2017 169 2018 134 2019 2010-2014 2010-2019 168 1,489 1,614 ...... ...... ...... ...... ...... ...... ...... * ...... ...... ...... * 14 4 12 ...... –2 28 69 149 22 1 –2 239 34 230 28 2 –2 291 39 261 37 2 –2 336 46 290 39 2 –3 375 55 312 41 2 –3 407 64 328 39 2 –3 429 73 344 33 2 –4 448 85 360 29 2 –4 473 97 377 33 3 –4 505 203 935 137 6 –12 1,269 576 2,655 311 18 –29 3,531 Remove Pell Grants from appropriated category ................ Add Pell Grants to mandatory category .............................. Subtotal ........................................................................... Total program adjustments .................................................. Debt service on adjustments ............................................... Total adjustments ........................................................... Baseline projection of current policy deficit .................. 459 1,617 1,270 1,043 761 743 788 797 907 949 *$500 million or less. 1 In continuing the 2001 and 2003 tax cuts, the estate tax is maintained at its 2009 parameters. 2 These amounts represent the statistical probability of a major disaster requiring federal assistance for relief and reconstruction. 3 The amount of the reclassification equals the existing and projected amounts of Pell as increased on a one-time basis by the Recovery Act. 15 Table S–8. Change in the Baseline Projection of Current Policy from February to May (In billions of dollars) Totals 2009 February deficits in the baseline projection of current policy ......................................................................................... Percent of GDP .......................................................................... Reestimate of the Recovery Act: Receipts .............................................................................. Discretionary outlays ......................................................... Mandatory outlays ............................................................. Debt service ....................................................................... Subtotal, Recovery Act .............................................................. Reestimate of 2009 Omnibus Appropriation: Discretionary outlays ......................................................... Debt service ........................................................................ Subtotal, Omnibus .................................................................... Further technical revisions: Receipts .............................................................................. Discretionary outlays: Defense (050) including funding for overseas contingency operations ............................................ Other appropriated programs ..................................... Mandatory outlays: TARP ............................................................................. Deposit insurance ......................................................... Other ............................................................................. Interest ............................................................................... Subtotal, technical revisions .................................................... Total changes since February .................................................. May deficits in the baseline projection of current policy ....... Percent of GDP .......................................................................... 36 5 –4 13 68 –23 19 113 108 1,617 11.4% 24 1 –2 8 20 8 –2 57 92 1,270 8.6% 7 2 –5 10 2 –4 –5 6 10 1,043 6.7% 9 2 –* 10 –8 * –9 5 4 761 4.6% 16 2 * 8 –10 3 –3 16 9 743 4.2% 14 3 –* 6 –34 3 5 –4 –3 788 4.3% 8 4 * 3 –34 –1 15 –6 –14 797 4.1% 9 4 –* 1 –7 –4 25 29 30 907 4.5% 15 5 –* * 1 –5 43 59 57 949 4.5% 8 6 –* ...... 2 –5 56 67 71 977 4.5% 13 7 –1 ...... –* –4 67 82 84 1,086 4.7% 70 9 –7 42 –30 10 –14 81 113 4,606 124 34 –8 46 –68 –9 193 311 340 9,323 –1 –* –1 –1 –* –1 –2 –* –2 –2 –* –2 –2 –* –2 –2 –* –2 –2 –* –2 –2 –1 –2 –2 –1 –3 –2 –1 –3 –2 –1 –3 –8 –1 –9 –18 –4 –22 –5 5 –5 –* –5 30 21 –14 * 37 3 3 –1 1 6 –2 –2 3 2 1 –1 –9 4 2 –5 –1 –8 12 1 3 –2 –4 –2 1 –6 –1 –2 5 1 3 –2 –* 2 1 1 1 –* 5 2 7 –1 –* 4 2 5 28 4 4 6 41 23 –3 17 13 51 1,509 10.6% 2010 1,178 8.0% 2011 1,033 6.7% 2012 757 4.6% 2013 734 4.2% 2014 791 4.3% 2015 811 4.2% 2016 878 4.4% 2017 893 4.3% 2018 906 4.1% 2019 1,002 4.4% 2010–2014 2010–2019 4,494 8,983 16 UPDATED SUMMARY TABLES MAY, 2009 Table S–8. Change in the Baseline Projection of Current Policy from February to May—Continued (In billions of dollars) Totals 2009 Memorandum: February funding (“budgetary resources”) for appropriated programs ............................................................................... Change in funding: Defense (050) including funding for overseas contingency operations 1 .......................................... Other appropriated programs ..................................... Total change in funding ......................................... 1,538 6 –6 –1 1,286 1 –3 –3 1,312 1 –3 –2 1,342 2 –3 –1 1,374 2 –3 –* 1,406 3 –3 * 1,440 4 –3 1 1,474 5 –3 2 1,509 5 –3 2 1,545 6 –3 3 1,583 7 –3 4 9 –14 –6 36 –29 6 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010–2014 2010–2019 May funding for appropriated programs ................................ 1,537 1,283 1,310 1,341 1,374 1,407 1,441 1,475 1,511 1,548 1,587 * $500 million or less. 1 Since the publication of the February budget overview, the actuaries at the Department of Defense have increased estimates of discretionary accrual payments for Tricare and other programs. This technical change increases the projection of baseline defense costs after 2012. 17 Table S–9. Change in Proposed Budget from February to May (In billions of dollars) Totals 2009 2010 February Policy deficit .................................................................. Percent of GDP .......................................................................................... Change in baseline projection of current policy ........................... Change in estimates of proposals: Reserve fund for climate revenues: Dedicated to climate policy (clean energy technologies) ............ Dedicated to Making Work Pay ................................................... Tax cuts for families and businesses 1 .............................................. Other revenue changes and loophole closers ................................... Mandatory programs and user fees .................................................. Appropriated (“discretionary”) programs: Overseas contingency operations 2 .............................................. Defense (050) excluding overseas contingency operations 3 ...... Other appropriated programs ..................................................... Subtotal, appropriated programs .......................................... Upper-income tax provisions dedicated to deficit reduction ........... Subtotal, change in estimates of policy proposals ........................ Credit and other indirect interest effects ................................................ Debt service ............................................................................................... Total change in policy proposals ....................................................... Total changes since February ............................................................. May Policy deficit ..................................................................................... ...... ...... –1 * 7 –9 * –1 –10 ...... –3 –16 –* –19 89 1,841 ...... ...... –4 –2 18 3 3 2 8 1 21 –26 –* –5 87 1,258 ...... ...... 20 –3 4 12 1 –2 10 * 32 –24 –* 7 18 929 ...... 2 –5 –5 4 –1 –1 –2 –4 2 –6 –21 –1 –28 –24 557 ...... 2 –6 –1 –2 –1 –4 –1 –5 3 –9 –18 –2 –30 –20 512 ...... 2 –6 3 –7 –* –6 1 –6 2 –12 –15 –4 –31 –34 536 ...... 3 –7 2 –14 * –7 * –7 3 –20 –13 –7 –41 –55 528 ...... 3 –8 2 2 * –8 2 –5 3 –3 –9 –10 –21 8 645 ...... 3 –8 2 3 * –8 4 –4 3 –1 –5 –13 –19 38 675 ...... 3 –8 2 3 * –9 5 –4 3 –1 * –16 –17 54 688 ...... 3 –8 1 3 * –10 6 –4 2 –2 6 –21 –17 67 779 ...... 7 * –8 15 12 –6 –3 3 8 26 –104 –8 –86 26 3,793 ...... 22 –38 2 12 13 –49 15 –21 21 –2 –124 –75 –201 139 7,108 1,752 12.3% 108 2010 1,171 8.0% 92 2011 912 5.9% 10 2012 581 3.5% 4 2013 533 3.0% 9 2014 570 3.1% –3 2015 583 3.0% –14 2016 637 3.2% 30 2017 636 3.0% 57 2018 634 2.9% 71 2019 2010–2014 2010–2019 712 3.1% 84 113 340 3,767 6,969 18 UPDATED SUMMARY TABLES Percent of GDP .......................................................................................... 12.9% 8.5% 6.0% 3.4% 2.9% 2.9% 2.7% 3.2% 3.2% 3.1% 3.4% *$500 million or less. 1 Includes refundable tax credits and the effects of proposed financing system modifications for the Federal Aviation Administration. 2 Changes in outlay estimates for Overseas Contingency Operations reflect the additional detail provided in the President’s 2009 supplemental proposal transmitted on April 9, 2009. The February budget overview presented only a placeholder for these activities. 3 Since the publication of the February budget overview, the actuaries at the Department of Defense have increased estimates of discretionary accrual payments for Tricare and other programs. This technical change increases the projection of baseline defense costs after 2012. MAY, 2009 Table S–10. Change in Proposed Budget by Category from February to May (In billions of dollars) Totals 2009 Change in Outlays: Appropriated (“discretionary”) programs: Defense (050) including cost of overseas contingency operations ............................................................................. Non-defense discretionary ....................................................... Subtotal, appropriated programs ....................................... Mandatory programs: Social Security .......................................................................... Medicare ................................................................................... Medicaid .................................................................................... Troubled Asset Relief Program (TARP) 1 ................................ Placeholder for potential additional financial stabilization efforts .................................................................................... Other mandatory programs ..................................................... Subtotal, mandatory programs .......................................... Net interest ..................................................................................... Disaster costs 2 ................................................................................ Total outlays ............................................................................. Change in Receipts: Individual income taxes .................................................................. Corporation income taxes ............................................................... Social insurance and retirement receipts: Social Security payroll taxes .................................................. Medicare payroll taxes ............................................................ Unemployment insurance ........................................................ Other retirement ...................................................................... Excise taxes ..................................................................................... Estate and gift taxes ....................................................................... Customs duties ................................................................................ Deposits of earnings, Federal Reserve System .............................. Climate revenues ............................................................................ Other miscellaneous receipts ......................................................... Total receipts ............................................................................ Change in deficit .......................................................................... On-budget deficit ............................................................................. Off-budget surplus (–) ..................................................................... * * –* * –5 * * –3 ...... –* –30 89 88 1 1 * –1 * –3 * 1 5 ...... –* –48 87 81 6 –* –* –1 * –2 –2 * 5 ...... –* –28 18 8 9 1 * –2 * –2 –2 * 3 –2 –* –6 –24 –32 8 * * –1 * –2 –2 * * –2 –* –18 –20 –30 10 1 * 1 * –1 –2 –* –* –2 –1 –20 –34 –43 9 1 * 5 * –1 –2 –* * –3 * –13 –55 –64 9 1 * 3 * –1 –2 * * –3 * –15 8 –1 10 1 * –3 * –1 –3 * * –3 * –20 38 27 11 1 * * * –1 –3 * * –3 * –16 54 42 12 1 * * * –1 –3 1 1 –3 * –18 67 54 13 4 1 –3 * –9 –8 1 13 –7 –1 –119 26 –15 42 7 2 3 * –13 –21 3 14 –22 –1 –201 139 42 –5 –18 –9 –43 –31 3 –12 9 –15 3 –12 –3 –8 –4 –8 –6 –6 –7 –4 –7 –5 –8 –79 –30 –111 –62 13 * 3 13 ...... 31 60 3 ...... 59 1 –1 –* 8 ...... 33 41 –28 ...... 39 2 –1 1 10 ...... –1 10 –28 ...... –10 3 6 4 10 ...... –17 6 –29 ...... –30 3 9 5 8 ...... –27 –2 –22 ...... –38 3 26 5 6 ...... –67 –27 –13 ...... –53 3 –* 5 3 ...... –65 –55 –4 ...... –68 2 –4 5 1 ...... –13 –9 7 ...... –6 2 –6 4 * ...... –6 –6 26 ...... 18 1 –1 3 ...... ...... –6 –3 41 ...... 38 2 –1 3 ...... ...... –8 –4 54 ...... 49 12 39 13 42 ...... –78 29 –121 ...... –92 21 28 33 46 ...... –176 –48 3 ...... –62 –3 –1 –4 9 17 26 14 –6 8 * –7 –6 –2 –13 –14 –3 –11 –13 –2 –7 –9 –2 –3 –4 –2 –* –2 –2 1 –1 –2 2 –* 19 –19 * 9 –26 –16 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010–2014 2010–2019 19 97 Table S–10. Change in Proposed Budget by Category from February to May—Continued (In billions of dollars) Totals 2009 Memorandum: Funding (“budgetary resources”) for appropriated programs: Defense (050) including funding for overseas contingency operations ............................................................................. Non-defense discretionary ....................................................... Total, appropriated funding ............................................... Recovery Act: Discretionary outlays ............................................................... Mandatory outlays ................................................................... Receipts ..................................................................................... 5 –5 5 21 –14 –30 3 –1 –3 –2 3 2 –9 4 1 –8 12 1 –4 –2 2 –2 5 1 –* 2 2 –* 5 –1 –* 4 1 4 4 –28 –3 17 –23 1 –1 * 1 –4 –3 1 –3 –2 * –2 –1 –* –* –* –* * –* –1 * –1 –1 1 * –1 3 2 –1 3 2 –1 4 3 2 –8 –7 –3 2 –1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010–2014 2010–2019 20 UPDATED SUMMARY TABLES Total, Recovery Act ........................................................ –5 37 4 –1 –7 2 –8 2 –1 5 3 36 37 *$500 million or less. 1 Change in outlays for TARP in 2010 and subsequent years result from the Home Affordable Modification Program. 2 These amounts represent the statistical probability of a major disaster requiring federal assistance for relief and reconstruction. Such assistance might be provided in the form of discretionary or mandatory outlays or tax relief. These amounts are included as outlays for convenience. MAY, 2009 Table S–11. Mandatory and Receipt Proposals (Deficit increases (+) or decreases (–) in millions of dollars) Totals 2009 Tax Provisions: 1 Tax Cuts for Families and Individuals: Provide making work pay tax credit 2 ........................................ Expand earned income tax credit 2 ............................................. Expand refundability of the child tax credit 2 ............................ Expand saver’s credit and automatic enrollment in IRAs 2, 3 ... Provide American opportunity tax credit 2 ................................. Total, tax cuts for families and individuals .......................... Tax Cuts for Businesses: Eliminate capital gains taxation on small businesses .............. Make research and experimentation tax credit permanent ..... ...... ...... ...... 3,111 ...... 5,486 ...... 6,142 ...... 6,785 134 7,384 1,918 8,260 617 344 7,960 4,404 8,559 782 700 8,530 6,530 8,869 860 1,187 9,103 8,490 9,190 588 1,562 1,908 –900 134 28,908 1,300 30,342 31,064 13,729 –6,418 –13,719 –1,106 –17,822 –32,232 –23,054 –9,402 –6,854 –548 –448 –115 –471 –879 5,835 74,462 –9,300 70,997 77,082 17,243 –16,757 –23,478 –4,728 –61,054 –86,509 –60,050 –24,492 –18,542 –2,924 –1,216 –297 –1,234 9,680 10,281 9,942 11,289 9,527 595 9,873 689 ...... ...... ...... ...... ...... ...... ...... 31,080 61,668 61,949 62,233 62,658 63,256 63,626 64,052 64,488 ...... ...... 200 ...... 17 ...... 632 594 2,666 8,822 3,553 4,350 2,601 8,707 5,054 4,931 2,575 8,674 6,366 5,526 2,610 8,766 7,451 5,879 2,659 8,859 8,363 6,316 2,708 8,944 9,083 6,689 2,762 9,039 6,985 2,821 9,142 7,246 216,930 7,859 26,203 15,805 15,401 282,198 535,010 21,419 70,953 60,617 48,516 736,515 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010–2014 2010–2019 9,689 10,226 200 32,323 81,059 83,242 85,374 87,364 89,453 91,050 92,527 93,923 Expand net operating loss carryback ......................................... 27,800 35,700 –10,700 –10,200 –7,900 –5,600 –3,900 –2,700 –1,800 –1,300 Total, tax cuts for businesses ................................................ 27,800 38,811 –5,214 –4,058 –1,115 Modify Federal Aviation Administration Financing 4 ............ ...... 28 ...... ...... –5 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 6,402 7,225 5,449 7,599 668 7,980 593 Continue Certain Expiring Provisions Through Calendar Year 2010 2 ..................................................................................... Other Revenue Changes and Loophole Closers: Reinstate Superfund taxes ......................................................... Tax carried interest as ordinary income .................................... Codify “economic substance doctrine” ........................................ Repeal LIFO method of accounting for inventories ................... Reform U.S. international tax system: Reform business entity classification rules .......................... Defer deduction of expenses, except R&E expenses, related to deferred income ............................................................. Reform foreign tax credit: Determine the foreign tax credit on a pooling basis .................................................... Reform foreign tax credit: Prevent splitting of foreign income and foreign taxes ................................................... Limit shifting of income through intangible property transfers ............................................................................. Limit earnings stripping by expatriated entities ................. Prevent repatriation of earnings in certain cross-border reorganizations .................................................................. Repeal 80/20 company rules .................................................. Prevent the use of equity swaps to avoid dividend withholding taxes ............................................................... ...... –1,197 –1,632 –1,755 –1,834 –1,905 –1,979 –2,056 –2,149 –2,250 ...... –2,585 –3,811 –3,860 –3,463 –2,899 –2,345 –1,869 –1,479 –1,167 –58 –112 –202 –308 –426 –546 –642 –724 –809 –901 ...... ...... –2,992 –6,748 –8,082 –8,431 –8,590 –8,545 –8,630 –9,036 ...... –4,932 –8,556 –9,147 –9,597 –9,917 –10,267 –10,741 –11,352 –12,000 ...... –3,754 –6,321 –6,434 –6,545 –6,731 –6,992 –7,311 –7,732 –8,230 ...... –1,531 –2,578 –2,624 –2,669 –2,745 –2,852 –2,982 –3,154 –3,357 ...... ...... ...... ...... ...... ...... –999 –1,792 –1,968 –2,095 –2,194 –2,277 –2,348 –2,408 –2,461 –37 –70 –19 –86 –373 –102 –120 –31 –121 –281 –169 –126 –32 –129 –126 –240 –132 –33 –135 –99 –314 –139 –34 –139 –100 –391 –146 –35 –144 –101 –471 –153 –36 –151 –104 –556 –161 –38 –160 –109 –644 –169 –39 –169 –114 21 –1,407 Table S–11. Mandatory and Receipt Proposals—Continued (Deficit increases (+) or decreases (–) in millions of dollars) Totals 2009 Modify tax rules for dual capacity taxpayers ....................... Combat under-reporting of income on accounts and entities in offshore jurisdictions ........................................ Subtotal, reform U.S. international tax system .............. Require information reporting for rental property expense payments ................................................................................. Eliminate oil and gas company preferences: Levy tax on certain offshore oil and gas production ............ Repeal enhanced oil recovery credit 5 .................................... Repeal credit for oil and gas produced from marginal wells 5 .................................................................................. Repeal expensing of intangible drilling costs ....................... Repeal deduction for tertiary injectants ............................... Repeal exception to passive loss limitations for working interests in oil and natural gas properties ....................... Repeal percentage depletion for oil and natural gas wells ........ Repeal domestic manufacturing tax deduction for oil and natural gas companies ....................................................... Increase geological and geophysical amortization period for independent producers to seven years ........................ Subtotal, eliminate oil and gas company preferences .... Eliminate advanced earned income tax credit 2 ......................... Total, other revenue changes and loophole closers .............. Upper-Income Tax Provisions Dedicated to Deficit Reduction: Reinstate the 36-percent and 39.6-percent rates for those taxpayers with income over $250,000 (married) and $200,000 (single) ..................................................................... Reinstate the personal exemption phaseout and limitation on itemized deductions for those taxpayers with income over $250,000 (married) and $200,000 (single) ............................. Impose 20-percent tax rate on capital gains and dividends for those taxpayers with income over $250,000 (married) and $200,000 (single) ..................................................................... Total, upper-income tax provisions dedicated to deficit reduction ............................................................................. Trade Initiatives: Promote trade .............................................................................. ...... ...... 2 5 9 13 18 25 30 35 37 29 28,044 174 –64,678 ...... 2010 ...... 2011 –260 2012 –449 53 2013 –471 115 2014 –492 –449 2015 –515 –769 2016 –538 –843 2017 –562 –876 2018 –588 –914 2019 2010–2014 2010–2019 –615 –953 –1,672 –4,380 –80,055 –1,315 –2,100 ...... ...... –1,863 –31 –19 –2,953 –4,923 –668 –12,557 –437 –133,429 –4,490 –8,735 –209,896 –3,035 –5,300 ...... ...... –3,349 –62 –49 –8,251 –13,292 –1,189 –31,492 –872 –351,312 22 ...... –2,482 –1,617 ...... –2,482 –13,678 –20,298 –21,111 –22,486 –23,597 –24,586 –25,735 –27,172 –28,751 ...... ...... ...... ...... ...... ...... ...... ...... ...... –175 ...... ...... ...... ...... ...... ...... ...... ...... –265 –500 ...... ...... –347 –5 –2 –316 –280 –500 ...... ...... –595 –9 –5 –752 –290 –500 ...... ...... –526 –9 –6 –925 –305 –600 ...... ...... –395 –8 –6 –960 –315 –600 ...... ...... –269 –7 –6 –330 –600 ...... ...... –226 –6 –6 –340 –600 ...... ...... –237 –6 –6 –360 –700 ...... ...... –266 –6 –6 –375 –700 ...... ...... –488 –6 –6 –996 –1,033 –1,065 –1,091 –1,113 –757 –1,310 –1,392 –1,464 –1,531 –1,600 –1,670 –1,745 –1,823 ...... ...... –41 –154 –240 –233 –187 –140 –91 –56 –47 ...... ...... –1,968 –3,325 –3,598 –3,666 –3,596 –3,611 –3,675 –3,870 –4,183 ...... –125 –76 –77 –78 –81 –83 –85 –87 –89 –91 –5 –2,840 –19,881 –32,617 –37,748 –40,343 –41,372 –42,168 –43,031 –44,558 –46,754 ...... ...... 182 182 ...... –14,584 –27,625 –30,798 –33,769 –36,489 –39,312 –42,366 –45,502 –49,115 ...... –6,958 –15,241 –17,428 –19,101 –20,682 –22,264 –23,850 –25,432 –27,071 –600 –6,641 –3,672 –7,412 –12,060 –14,832 –15,970 –17,495 –18,873 –20,235 –600 –28,183 –46,538 –55,638 –64,930 –72,003 –77,546 –83,711 –89,807 –96,421 –106,776 –58,728 –30,385 –195,889 –319,560 –178,027 –117,790 –615,377 UPDATED SUMMARY TABLES Total, tax provisions ...................................................................... 28,005 41,973 –8,279 Climate Revenues: Dedicated to climate policy (clean energy technologies) .................. Dedicated to making work pay tax credit ......................................... Total, climate revenues 6 ............................................................... ...... ...... ...... ...... ...... ...... 6,118 –2,677 –9,091 –12,248 –13,977 –17,394 –21,739 –27,364 ...... –15,000 –15,000 –15,000 –15,000 –15,000 –15,000 –15,000 –15,000 ...... –61,668 –61,949 –62,233 –62,658 –63,256 –63,626 –64,052 –64,488 ...... –76,668 –76,949 –77,233 –77,658 –78,256 –78,626 –79,052 –79,488 –45,000 –185,850 –230,850 –120,000 –503,930 –623,930 MAY, 2009 Table S–11. Mandatory and Receipt Proposals—Continued (Deficit increases (+) or decreases (–) in millions of dollars) Totals 2009 Mandatory Initiatives and Savings: 7 Agriculture: Animal Plant and Health Inspection Service (APHIS) fees ............ Eliminate Cotton Storage payments ................................................. Food Safety and Inspection Service (FSIS) performance fee ........... Grain Inspection, Packers, and Stockyards Administration (GIPSA) fees ................................................................................... Reduce direct payments to farms with sales above $500,000 ......... Reduce Crop Insurance premiums/underwriting gains and increase fees ................................................................................... Reform payments to high-income farmers ....................................... Reauthorize Child Nutrition ............................................................. Reform Market Access Program ........................................................ Total, Agriculture ........................................................................ Corps of Engineers: Preserve cost-sharing of inland waterways capital costs (receipt effect) .............................................................................................. Defense: Implement concurrent receipt policy: Effect on military retirement ...................................................... Accrual payments to the Military Retirement Fund (nonPAYGO) .................................................................................... Military Retirement Fund offsetting receipts (non-PAYGO) .... Total, Defense .............................................................................. Education: Eliminate entitlements for financial intermediaries under the Family Federal Education Loan Program ................................... Make Pell Grant funding mandatory and increase and index maximum awards ........................................................................... Modernize and expand the Federal Perkins loan program .............. Create a new College Access and Completion Fund ........................ Total, Education .......................................................................... Energy: Repeal ultra-deepwater oil and gas research and development program .......................................................................................... Environmental Protection Agency: Pesticide and pre-manufacture notification (PMN) fees .................. ...... –52 –56 –55 –67 –69 –69 –71 –71 –73 –73 –299 –656 ...... –20 –40 –50 –50 –50 –30 –10 ...... ...... ...... –210 –250 ...... ...... ...... ...... 194 370 –370 194 313 381 –381 313 408 394 –394 408 505 407 –407 505 507 421 –421 507 590 435 –435 590 621 450 –450 621 653 465 –465 653 685 481 –481 685 722 497 –497 722 1,927 1,973 –1,973 1,927 5,198 4,301 –4,301 5,198 ...... –75 –100 –68 –79 –89 –156 –155 –183 –182 –180 –411 –1,267 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... –20 –52 –4 –27 –85 ...... –58 850 –4 600 –27 –58 –4 –30 –480 –429 –24 1,000 –34 –86 –27 –56 –4 –30 –28 –56 –4 –31 –29 –57 –4 –31 –30 –57 –4 –31 –31 –58 –5 –32 –32 –58 –5 –32 –33 –59 –5 –32 –34 –59 –5 –33 –131 –279 –20 –149 –3,640 –2,050 –108 4,850 –158 –1,685 –291 –570 –44 –309 –9,765 –5,184 –126 9,850 –358 –6,796 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010–2014 2010–2019 –625 –1,225 –1,225 –1,225 –1,225 –1,225 –1,225 –1,225 –427 –10 1,000 –40 –219 –595 –9 1,000 –40 –988 –599 –7 1,000 –40 –610 –5 1,000 –40 –620 –4 1,000 –40 –627 –3 1,000 –40 –634 –3 1,000 –40 –642 –3 1,000 –40 –992 –1,002 –1,015 –1,022 –1,031 –1,041 ...... –3,636 –6,037 –5,099 –3,605 –3,121 –3,422 –3,752 –3,970 –4,264 –4,535 ...... ...... ...... –87 –726 100 2,578 –661 500 9,747 10,863 14,351 12,853 14,195 15,576 17,046 18,831 –540 500 4,608 –606 500 –692 500 –687 400 9,144 –678 ...... –671 ...... –661 ...... –635 ...... –21,498 37,452 –3,225 2,100 14,829 –41,441 115,953 –6,557 2,500 70,455 ...... –4,349 –3,620 7,152 11,038 9,765 10,935 12,121 13,661 23 Table S–11. Mandatory and Receipt Proposals—Continued (Deficit increases (+) or decreases (–) in millions of dollars) Totals 2009 Health and Human Services (HHS): Create home visitation program ....................................................... CHIP impact ................................................................................ Medicaid impact .......................................................................... Create a LIHEAP trigger .................................................................. Extend TANF supplemental grants .................................................. High-risk insurance pools .................................................................. Improve child support enforcement tools ......................................... CMS survey and certification revisit user fee .................................. CMS survey and certification recertification user fee ...................... CMS survey and certification offsetting receipts ............................. Teen pregnancy prevention ............................................................... Total, HHS ................................................................................... Homeland Security: CBP inspection user fees ................................................................... Housing and Urban Development: Expand HOPE for Homeowners program ........................................ Provide funding for the Affordable Housing Trust Fund ................. Total, Housing and Urban Development .................................... Interior: Increase return from minerals on Federal lands: Abandoned Mine Lands (AML) Payments to Certified States ..... Fee on nonproducing oil and gas leases ..................................... Repeal Energy Policy Act fee prohibition and mandatory permit funds ............................................................................ Reserve funds for insular affairs assistance ..................................... Recover Pick-Sloan project cost ......................................................... Total, Interior .............................................................................. Labor: Change Extended Unemployment Insurance benefits trigger ........ Implement unemployment insurance integrity legislation 8 ........... Reform Trade Adjustment Assistance ............................................... Total, Labor .................................................................................. Treasury: Reflect placeholder for potential additional financial stabilization effort ............................................................................................... 250,000 Levy payments to Federal contractors with delinquent tax debt: ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 8,700 –519 114 8,295 2,500 –573 530 2,457 600 –384 780 996 600 –393 1,059 1,266 1,300 –233 1,010 2,077 1,700 –238 1,034 2,496 1,700 –241 1,057 2,516 1,800 595 1,092 3,487 2,100 –30 1,128 3,198 12,400 –1,869 2,483 13,014 21,000 –2,016 7,804 26,788 ...... ...... ...... ...... ...... ...... –142 –122 –42 7 –23 –322 –164 –121 –32 6 –23 –334 –208 –115 –33 6 –23 –373 –210 –107 –33 5 –23 –368 –206 –109 –33 5 –23 –366 –90 –112 –33 4 –23 –254 –90 –114 –9 4 –23 –232 –94 –116 –9 4 –23 –238 –158 –119 –9 4 –23 –305 –161 –121 –9 4 –23 –310 –930 –574 –173 29 –115 –1,763 –1,523 –1,156 –242 49 –230 –3,102 207 ...... 207 1,237 20 1,257 667 140 807 ...... 250 250 ...... 250 250 ...... 240 240 ...... 100 100 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 1,904 900 2,804 1,904 1,000 2,904 ...... –124 –124 –124 –124 –124 –124 –124 –124 –71 ...... –620 –1,063 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 87 ...... –1 329 ...... 20 3 9 ...... –9 20 458 213 –1 –6 414 255 35 3 23 23 –46 42 955 362 –1 –11 437 319 20 5 23 49 –72 48 1,179 528 –2 –22 450 319 ...... 8 24 78 –101 49 1,330 710 ...... –37 450 319 ...... 8 24 82 –106 50 1,500 904 ...... –55 450 319 ...... 8 25 83 –108 50 1,676 1,112 ...... –81 450 319 ...... 8 25 86 –111 50 1,858 1,332 ...... –113 450 319 ...... 8 26 88 –114 50 2,046 1,564 ...... –149 450 319 ...... 8 26 91 –117 50 2,242 1,753 ...... –189 450 319 ...... 8 27 94 –121 50 2,391 1,900 –4 –77 2,080 1,212 75 27 104 231 –335 209 5,422 8,565 –4 –664 4,330 2,807 75 67 233 673 –906 459 15,635 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010–2014 2010–2019 24 UPDATED SUMMARY TABLES MAY, 2009 Table S–11. Mandatory and Receipt Proposals—Continued (Deficit increases (+) or decreases (–) in millions of dollars) Totals 2009 Improve debt collection administrative procedures (receipt effect) 8 ...................................................................................... Increase levy authority to 100 percent for vendor payments (receipt effect) 8 ........................................................................ Revise terrorism risk insurance program 8 ....................................... ...... ...... ...... 2010 –77 –61 ...... 2011 –115 –87 –21 2012 –119 –86 337 2013 –124 –90 –228 2014 –109 –78 –351 2015 –113 –82 –267 2016 –118 –85 –140 2017 –122 –88 –47 2018 –127 –92 26 2019 2010–2014 2010–2019 –132 –96 47 –544 –402 –263 –1,209 –1,156 –845 –644 –2,645 Total, Treasury ............................................................................ 250,000 –138 –223 132 –442 –538 –462 –343 –257 –193 –181 Veterans Affairs: Implement concurrent receipt policy: Effect on Veterans disability payments ...................................... ...... 47 49 51 53 54 54 54 53 53 52 Federal Communications Commission: Auction domestic satellite spectrum ................................................. ...... –100 –75 –25 ...... ...... ...... ...... ...... ...... ...... Provide permanent auction authority ............................................... ...... ...... ...... ...... –200 –200 –200 –200 –200 –200 –200 Spectrum license user fee .................................................................. –50 –200 –300 –425 –550 –550 –550 –550 –550 –550 –550 Total, FCC .................................................................................... –50 –300 –375 –450 –750 –750 –750 –750 –750 –750 –750 Other Independent Agencies: Discrimination claims settlement ..................................................... ...... 690 230 230 ...... ...... ...... ...... ...... ...... ...... FDIC, Deposit insurance premium reprieve ..................................... 7,500 10,763 6,833 2,392 –2,731 –8,504 –14,330 7 –15 5 –2 Morris K. Udall Scholarship Fund (not subject to PAYGO) ............. ...... 2 4 4 4 4 4 4 5 5 5 NCUA, Share insurance premium reprieve ...................................... ...... 5,166 –170 –461 –901 –1,481 –2,064 –770 –35 –37 –39 Total, Other independent agencies ............................................. 7,500 16,621 6,897 2,165 –3,628 –9,981 –16,390 –759 –45 –27 –36 Social Security Administration: Program integrity: require states and localities to provide pension information (not subject to PAYGO) ............................................. ...... ...... ...... ...... –166 –362 –480 –512 –472 –449 –418 Multi-Agency: Implement program integrity allocation adjustments 8 .................. ...... –1,072 –3,519 –5,579 –8,055 –10,964 –6,553 –4,373 –3,282 –2,620 –2,440 Total, mandatory initiatives and savings ................................. 257,657 12,725 Total, mandatory and receipt proposals and climate policies .. 285,662 54,698 8,839 4,332 –4,431 –9,681 –12,630 6,450 9,759 12,886 14,595 254 –200 –400 –2,025 –2,625 1,150 8,753 18 2,153 12,074 –528 –29,189 11,786 –191,020 520 –200 –1,400 –4,775 –6,375 1,150 –5,582 41 –793 –5,184 –2,859 –48,457 42,846 –645,762 560 –66,218 –84,057 –96,005–102,536 –85,783 –86,261 –87,905 –92,257 HEALTH REFORM RESERVE FUND Aligning incentives toward quality: Encourage hospitals serving Medicare beneficiaries to reduce readmission rates .............................................................................. Create hospital quality incentive payments .............................. Encourage primary care physicians to administer the flu vaccine to Medicare beneficiaries ........................................... Enable physicians to form voluntary groups that coordinate care for Medicare beneficiaries and to receive performancebased payments for the coordinated care ............................... Total, aligning incentives toward quality ............................. Promoting efficiency and accountability: Establish competitive bidding for Medicare Advantage ........... Promote efficient provision of acute care through bundled Medicare payments covering hospital and post-acute settings ..................................................................................... ...... ...... ...... ...... ...... ...... ...... ...... ...... * * ...... ...... ...... ...... –400 * –680 –570 * –840 –930 –1,020 –1,110 –1,200 –1,280 –1,370 –2,450 –2,980 * * –5,430 –47,590 –820 –8,430 –12,110 * * –20,540 –177,200 –16,100 –840 –1,170 –1,540 –1,700 –1,830 –1,960 –2,100 * * * * * * * * * * * * * * * * –400 –1,250 –1,680 –2,100 –2,560 –2,810 –3,030 –3,240 –3,470 ...... –11,220 –16,810 –19,560 –21,680 –25,870 –26,080 –25,820 –30,160 ...... ...... –150 –670 –1,690 –2,520 –3,400 –3,710 –3,960 25 Table S–11. Mandatory and Receipt Proposals—Continued (Deficit increases (+) or decreases (–) in millions of dollars) Totals 2009 Address financial conflicts of interest in physician-owned specialty hospitals ................................................................... Ensure that Medicare makes appropriate payments for imaging services through the use of radiology benefit managers ................................................................................. Provide private sector enhancements to ensure Medicare pays accurately ................................................................................ Promote cost-effective purchase and delivery of Medicaid prescription drugs by (1) increasing the Medicaid rebate amounts, (2) extending to and collecting rebates on behalf of managed care plans, and (3) applying rebates to new formulations of existing drugs ................................................ Promote increased generic medication utilization by establishing a pathway for FDA approval of generic biologics a .................................................................................. Expand availability of family planning services under Medicaid ................................................................................... Ensure appropriate Medicaid payments through use of the National Correct Coding Initiative (NCCI) edits .................. Improve Medicare home health payments to align with costs . Reallocate Medicare and Medicaid Improvement Funds .......... Total, promoting efficiency and accountability ..................... Encouraging Shared Responsibility: Require certain higher-income beneficiaries enrolled in the Medicare drug benefit to pay higher premiums, as is currently required for physician and outpatient services ..... Total, Medicare/Medicaid savings (–) ......................................... Limit the tax rate at which itemized deductions reduce tax liability to 28 percent ..................................................................... Reduce the tax gap/improve compliance and make reforms to close tax loopholes: Reduce the tax gap/improve compliance: Expand information reporting .............................................. Improve compliance by businesses ....................................... Strengthen tax administration ............................................. Expand penalties ................................................................... Make reforms to close tax loopholes: Financial institutions and products ...................................... Insurance companies and products ....................................... Tax accounting methods ........................................................ Modify estate and gift tax valuation discounts and other reforms ............................................................................... Subtotal, reduce the tax gap/.improve compliance and make reforms to close tax loopholes ................................. Modify alternative fuel mixture credit ............................................. Total, revenues (–) .......................................................................... Total, specified savings (–) ..................................................... ...... ...... ...... 2010 * ...... –60 2011 * –10 –130 2012 * –20 –160 2013 * –20 –190 2014 * –20 –210 2015 * –30 –230 2016 * –30 –240 2017 * –40 –270 2018 * –40 –290 2019 2010–2014 2010–2019 * –40 –320 * –70 –750 * –250 –2,100 26 ...... –1,440 –1,720 –1,680 –1,780 –1,900 –2,050 –2,130 –2,270 –2,430 –2,550 ...... ...... ...... ...... ...... ...... ...... ...... 20 ...... –10 –5 –470 –1,110 –1,330 –1,570 –1,880 –5 –10 –10 –15 –20 –8,520 10 –5 –175 –12,150 –23,230 –93,300 –19,950 –6,350 –65 –620 –34,070 –23,830 –280,535 ...... –10 –25 –40 –45 –55 –75 –85 –90 –95 –100 ...... –460 –2,450 –2,730 –3,100 –3,410 –3,760 –4,170 –4,390 –4,580 –5,020 ...... ...... ...... ...... ...... –23,230 –150 –150 –150 –150 ...... ...... –1,970 –4,335 –15,850 –22,075 –49,070 –30,140 –36,315 –38,030 –38,700 –44,050 ...... ...... –390 –590 –670 –760 –870 –980 –1,110 –1,270 –1,430 ...... –1,970 –5,125 –17,690 –24,425 –51,930 –33,570 –40,105 –42,170 –43,210 –48,950 ...... ...... –9,241 –24,945 –27,687 –29,647 –31,386 –33,091 –34,911 –36,873 –38,878 –2,410 –101,140 –91,520 –8,070 –309,145 –266,659 ...... ...... ...... ...... –59 ...... ...... ...... –139 –3 –8 –1 –254 –318 ...... –758 –5 –13 –2 –948 –1,054 –1,108 –1,173 –1,222 –1,282 –1,347 –1,414 –5 –5 –6 –6 –6 –7 –7 –7 –15 –17 –17 –19 –20 –22 –22 –22 –2 –2 –4 –4 –4 –5 –6 –6 –4,007 –24 –70 –11 –1,740 –4,904 –4,121 –8,556 –23,433 –702 –115,655 –216,795 –10,445 –57 –175 –36 UPDATED SUMMARY TABLES –4,157 –12,729 –6,471 –24,158 –58,228 –702 –325,589 –634,734 –383 –341 –367 –395 –425 –455 –483 –512 –542 –758 –1,156 –1,302 –1,370 –1,422 –1,492 –1,566 –1,638 –1,707 –27 –984 –1,914 –1,196 –1,207 –268 –279 –292 –304 –736 –1,615 –1,837 –2,065 –2,303 –2,556 –2,822 –3,103 –3,403 –3,718 –59 –1,459 –3,561 –5,288 –6,726 –6,399 –6,812 –6,289 –6,747 –7,227 –7,720 –533 –702 ...... ...... ...... ...... ...... ...... ...... ...... ...... –592 –2,161 –12,802 –30,233 –34,413 –36,046 –38,198 –39,380 –41,658 –44,100 –46,598 –592 –4,131 –17,927 –47,923 –58,838 –87,976 –71,768 –79,485 –83,828 –87,310 –95,548 MAY, 2009 Table S–11. Mandatory and Receipt Proposals—Continued (Deficit increases (+) or decreases (–) in millions of dollars) Totals 2009 Additional savings not yet determined .............................. Benefits not yet determined .................................................. TBD TBD 2010 TBD TBD 2011 TBD TBD 2012 TBD TBD 2013 TBD TBD 2014 TBD TBD 2015 TBD TBD 2016 TBD TBD 2017 TBD TBD 2018 TBD TBD 2019 2010–2014 2010–2019 TBD TBD TBD TBD TBD TBD ...... Net total of health reform ............................................................. ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... *Savings negligible or undetermined at this time. a The Administration continues to analyze the potential for additional Federal savings. Note: For receipt effects, positive figures indicate lower receipts. For outlay effects, positive figures indicate higher outlays. For net costs, positive figures indicate higher deficits. 1 Receipt effects unless otherwise noted. 2 The estimates for this proposal include effects on outlays. The outlay effects included in the totals above are listed below: 2009 2010 ...... ...... ...... 200 ...... 62 –125 2011 ...... ...... 489 ...... 21 –76 2012 2,599 8,822 1,148 1,860 ...... –77 2013 2,536 8,707 835 1,939 ...... –78 2014 2,510 8,674 837 2,018 ...... –81 2015 2,547 8,766 859 2,162 ...... –83 2016 2,596 8,859 890 2,335 ...... –85 2017 2,644 8,944 913 2,434 ...... –87 2018 2,697 9,039 932 2,489 ...... –89 2019 2010–2014 2010–2019 62,114 7,645 26,203 3,509 5,817 83 –437 163,313 20,884 70,953 8,059 17,910 83 –872 2,755 9,142 956 2,673 ...... –91 Provide making work pay tax credit ................................................. Expand Earned Income Tax Credit ................................................... Expand refundability of the child tax credit .................................... Expand saver’s credit and automatic enrollment in IRAs ............... Provide American opportunity tax credit ......................................... Continue remaining expiring provisions through calendar year 2010 ................................................................................................ Eliminate advanced earned income tax credit ................................. 3 The ...... ...... ...... ...... ...... ...... ...... 703 20,749 20,448 20,214 20,194 20,267 20,204 20,239 20,295 Total outlay effects of receipt proposals ..................................... ...... 137 1,137 35,101 34,387 34,172 34,445 34,862 35,052 35,307 35,730 104,934 280,330 estimates for this proposal include start-up costs associated with establishing a new agency to administer the automatic workplace pensions program. 4 The Budget assumes that some aviation excise taxes are modified and replaced with direct user charges. The estimated cost of reducing the excise taxes is reflected here. The user charges are considered discretionary and offset discretionary budget authority and outlays. 5 This provision is estimated to have zero receipt effects under the Administration’s current projections for energy prices. 6 Shown here are those proceeds from auctioning emission allowances that are reserved for clean energy technology initiatives and to compensate families through the Making Work Pay tax cut. These proceeds are included in the grand totals as receipts, though they could alternatively be considered offsets to outlays. Any additional revenue will be used to compensate vulnerable households, communities and businesses for increased energy costs. 7 Outlay effects unless otherwise noted. 8 The estimates for this proposal include effects on receipts. The receipt effects included in the totals above are listed below: 2009 Preserve cost-sharing of inland waterways capital costs ................. Implement unemployment insurance integrity legislation: Subject to PAYGO .................................................................. Not subject to PAYGO ............................................................ Revise terrorism risk insurance program ......................................... Levy payments to Federal contractors with delinquent tax debt: Improve debt collection administrative procedures ................. Increase levy authority to 100 percent for vendor payments ... Implement program integrity allocation adjustments—IRS ........... Total receipt effects of mandatory proposals ............................. ...... ...... ...... ...... –77 –61 –115 –87 –119 –86 –124 –90 –109 –78 –113 –82 –118 –85 –617 –231 –122 –88 –462 –159 –127 –92 –371 667 –132 –96 –380 –90 –544 –402 –13,350 –13,747 –1,156 –845 –16,640 –14,694 ...... ...... ...... ...... ...... ...... –32 –2 39 –36 7 493 –33 53 150 –27 31 317 –68 234 511 –66 234 576 –66 240 522 –278 1,301 416 –127 540 285 –128 89 999 –733 2,638 3,309 ...... 2010 –75 2011 –100 2012 –68 2013 –79 2014 –89 2015 –156 2016 –155 2017 –183 2018 –182 2019 2010–2014 2010–2019 –180 –411 –1,267 –290 –1,119 –2,348 –3,864 –5,729 –1,460 –503 –1,416 –2,157 –3,987 –5,684 –1,134 27 Table S–12. Funding Levels for Appropriated (“Discretionary”) Programs by Agency (Budget authority in billions of dollars) 2009-2010 2010 2009 Recovery Estimate Act Request Discretionary Policy by Agency: Departments: Agriculture ..................................................................................................... International Food Aid Supplemental Funding - Enacted .................... International Food Aid and other Supplemental Funding - Proposed .. Commerce ...................................................................................................... Census Bureau ......................................................................................... Defense (DOD) ............................................................................................... DOD Base, excluding Overseas Contingency Operations ....................... DOD Overseas Contingency Operations - Enacted 1 ............................... DOD Overseas Contingency Operations - Proposed 1, 2 ........................... Education 3 ..................................................................................................... Energy ............................................................................................................ Energy - 2009 one-time cost ..................................................................... Health and Human Services (HHS) 4 ........................................................... Homeland Security (DHS) 5 .......................................................................... Housing and Urban Development ................................................................ Interior ........................................................................................................... Justice ............................................................................................................ Labor .............................................................................................................. State and Other International Programs Funding 6 ................................... State and International Programs Base Funding .................................. State and International Supplemental Funding—Enacted ................... State and International Supplemental Funding—Proposed ................. Transportation 7 ............................................................................................. Budget Authority ...................................................................................... Obligation Limitations ............................................................................ Treasury ......................................................................................................... Veterans Affairs 8 ........................................................................................... Veterans Affairs - 2009 one-time cost ...................................................... Major Agencies: Corps of Engineers ........................................................................................ Corps of Engineers—2009 one-time cost ................................................. Environmental Protection Agency ................................................................ General Services Administration ................................................................. 11.2 5.8 7.6 0.8 4.6 ...... 7.2 5.9 5.1 ...... 10.5 0.6 5.2 ...... 10.6 0.7 5.2 ...... 10.7 0.6 5.3 ...... 10.8 0.6 5.3 ...... 10.9 0.6 26.1 ...... 53.5 3.2 54.8 ...... 110.9 6.4 25.0 0.4 0.5 9.4 3.1 655.1 513.3 65.9 75.8 41.4 33.8 7.5 80.4 41.9 40.7 11.3 25.7 12.9 47.1 36.6 3.7 6.8 70.5 16.8 53.7 12.6 47.8 0.2 6.9 ...... ...... 7.9 1.0 7.4 7.4 ...... ...... 81.1 38.7 ...... 22.4 2.8 13.6 3.0 4.0 4.8 0.6 0.6 ...... ...... 48.1 48.1 ...... 0.3 1.4 ...... 25.7 ...... ...... 13.8 7.4 663.8 533.8 ...... 130.0 46.7 26.4 ...... 80.5 41.1 43.7 12.0 24.0 13.2 52.1 52.1 ...... ...... 72.3 57.5 14.8 13.4 53.0 ...... 26.7 ...... ...... 8.0 1.3 591.8 541.8 ...... 50.0 53.6 26.5 ...... 84.3 42.0 45.0 12.2 27.8 13.3 56.3 56.3 ...... ...... 64.1 21.3 42.9 13.7 54.5 ...... 27.1 ...... ...... 7.8 1.0 600.7 550.7 ...... 50.0 58.5 27.0 ...... 85.5 41.6 46.6 12.4 28.0 13.4 60.6 60.6 ...... ...... 64.1 24.3 39.8 14.2 56.0 ...... 27.4 ...... ...... 8.5 1.0 611.1 561.1 ...... 50.0 61.6 27.4 ...... 87.5 41.1 47.8 12.6 28.1 13.5 65.1 65.1 ...... ...... 65.2 23.4 41.8 14.7 57.6 ...... 27.8 ...... ...... 8.7 1.0 624.5 574.5 ...... 50.0 64.5 27.8 ...... 90.7 40.6 49.0 12.8 28.3 13.5 69.5 69.5 ...... ...... 66.4 21.4 45.0 15.3 59.2 ...... 134.6 ...... ...... 46.9 11.7 3,092.0 2,762.0 ...... 330.0 284.9 135.1 ...... 428.5 206.5 232.1 62.1 136.2 67.0 303.6 303.6 ...... ...... 332.1 147.9 184.2 71.4 280.3 ...... 283.7 ...... ...... 94.6 22.3 6,435.1 5,855.1 ...... 580.0 626.4 283.8 ...... 923.5 423.6 498.8 130.9 285.7 138.2 690.8 690.8 ...... ...... 682.9 261.6 Outyears 2011 2012 2013 2014 Totals 2010-2014 2010-2019 28 UPDATED SUMMARY TABLES 421.3 158.7 592.9 ...... MAY, 2009 Table S–12. Funding Levels for Appropriated (“Discretionary”) Programs by Agency—Continued (Budget authority in billions of dollars) 2009 Estimate National Aeronautics and Space Administration ........................................ National Science Foundation ........................................................................ Small Business Administration .................................................................... Social Security Administration 4 ................................................................... Corporation for National and Community Service ...................................... National Infrastructure Bank ...................................................................... Climate Policy (Clean Energy Technologies) ...................................................... Other Agencies ..................................................................................................... Grand Total, Discretionary Budget Authority ................................................ Grand Total, Discretionary Budgetary Resources ........................................ Memorandum: Grand Total, Discretionary Budgetary Resources adjusted for Inflation and Population ........................................................................................................ 17.8 6.5 0.6 8.6 0.9 ...... ...... 18.3 1,174.1 1,227.9 2009-2010 2010 Recovery Act Request 1.0 3.0 0.7 1.1 0.2 ...... ...... 0.3 267.0 267.0 18.7 7.0 0.8 9.3 1.1 5.0 ...... 19.8 1,245.0 1,259.8 Outyears 2011 18.6 7.2 0.9 10.3 1.3 5.0 ...... 18.6 1,155.6 1,198.4 2012 18.6 8.5 0.9 10.9 1.7 5.0 15.0 18.4 1,199.2 1,239.0 2013 18.6 9.1 0.9 11.4 2.0 5.0 15.0 18.4 1,224.5 1,266.3 2014 18.9 9.7 1.1 12.0 2.4 5.0 15.0 18.3 1,252.9 1,297.9 Totals 2010-2014 93.4 41.6 4.5 53.8 8.6 25.0 45.0 93.5 6,077.2 6,261.4 2010-2019 191.7 97.9 10.5 120.0 25.8 25.2 120.0 191.8 12,783.1 13,204.4 1,257.7 273.5 1,259.8 1,167.2 1,172.1 1,161.9 1,155.2 5,916.2 11,555.5 Grand Total, Discretionary Budgetary Resources as a Percent of GDP ........... 8.6% 1.9% 8.6% 7.7% 7.5% 7.2% 7.1% 7.6% 7.1% Notes: 1 The DOD Overseas Contingency Operations totals for 2009 Enacted and Proposed and 2010 Proposed include amounts that will be transferred to the US Coast Guard in DHS. 2 The Budget includes placeholder estimates of $50 billion per year for Overseas Contingency Operations in 2011 and beyond. These estimates do not reflect any specific policy decisions. 3 Adjusted for advance appropriations, FY 2009 funding for the Department of Education is $46.2 billion. All numbers exclude funding for Pell Grants. 4 Funding from the Hospital Insurance and Supplementary Medical Insurance trust funds for administrative expenses incurred by the Social Security Administration that support the Medicare program are included in the HHS total and not in the Social Security Administration total. 5 The DHS level includes $1.8 billion for BioShield in 2009 and –$1.6 billion in 2010 for a transfer of BioShield balances to HHS; adjusted for BioShield, the DHS totals for 2009 and 2010 are $40.1 billion and $42.7 billion, respectively. These levels also exclude $0.2 billion in transfers, both in 2009 and 2010, from the Navy to the Coast Guard in Overseas Contingency Operation funding. 6 The Administration assumes the Congress will enact increases in the Government’s quota subscription to the International Monetary Fund. Because this is an exchange of financial assets, the Administration also assumes this transaction should not score as discretionary budget authority or outlays. 7 Effective with 2011, the Budget assumes that the air traffic control system will be funded with direct charges levied on users of the system. The direct user charges are considered to be discretionary and offset discretionary budget authority and outlays, while the aviation excise taxes are considered to be a receipt. Because of this budgetary treatment, this scenario results in lower discretionary budget authority starting in 2011, which is reflected here. It also reduces aviation excise taxes. This is shown in Table S-11. 8 The Veterans Affairs total is net of medical care collections. 29 Table S–13. Comparison of Economic Assumptions (Calendar years) 2011 2008 Nominal GDP: 2010 Budget ............................................................... Congressional Budget Office (March 2009) ............. April Blue Chip Consensus ...................................... Real GDP growth (year-over-year): 2010 Budget ............................................................... Congressional Budget Office (March 2009) ............. April Blue Chip Consensus ...................................... Real GDP growth (fourth-quarter-over-fourth-quarter): 2010 Budget ............................................................... Congressional Budget Office (March 2009) ............. April Blue Chip Consensus ...................................... GDP Price Index: 1 ..................................................... 2010 Budget ............................................................... Congressional Budget Office (March 2009) ............. April Blue Chip Consensus ...................................... Consumer Price Index (CPI-U): 1 ............................ 2010 Budget ............................................................... Congressional Budget Office (March 2009) ............. April Blue Chip Consensus ...................................... Unemployment Rate: 2 .............................................. 2010 Budget ............................................................... Congressional Budget Office (March 2009) ............. April Blue Chip Consensus ...................................... Interest Rates: 2 .......................................................... 91-Day Treasury Bills (discount basis): 5.8 5.8 5.8 8.1 8.8 8.9 7.9 9.0 9.5 7.1 7.7 8.1 6.0 6.6 7.1 5.2 5.6 6.4 5.0 5.1 5.9 5.0 4.9 5.7 5.0 4.8 5.6 5.0 4.8 5.5 5.0 4.8 5.5 5.0 4.8 5.5 3.8 3.8 3.8 –0.6 –0.7 –0.8 1.6 1.4 1.7 1.8 1.2 2.1 2.0 1.0 2.3 2.1 1.0 2.4 2.1 1.2 2.5 2.1 1.6 2.5 2.1 1.9 2.5 2.1 1.9 2.5 2.1 1.9 2.5 2.1 1.9 2.5 2.2 2.2 2.2 1.2 1.5 1.4 1.1 0.8 1.3 1.5 0.5 1.7 1.7 0.6 1.9 1.8 0.6 2.2 1.8 0.9 2.2 1.8 1.4 2.3 1.8 1.5 2.3 1.8 1.6 2.3 1.8 1.6 2.3 1.8 1.6 2.3 –0.2 –0.9 –0.8 0.3 –1.5 –1.3 3.5 4.1 2.7 4.4 4.1 3.6 4.6 4.1 3.3 3.8 3.9 2.9 2.6 3.2 2.9 2.6 2.6 2.6 2.6 2.4 2.6 2.6 2.3 2.6 2.6 2.2 2.6 2.6 2.2 2.6 1.3 1.1 1.1 –1.2 –3.0 –2.6 3.2 2.9 1.8 4.0 4.0 3.4 4.6 4.1 3.4 4.2 4.0 3.0 2.9 3.5 2.9 2.6 2.7 2.7 2.6 2.5 2.6 2.6 2.4 2.6 2.6 2.3 2.6 2.6 2.2 2.6 14,281 14,257 14,263 14,291 14,047 14,080 14,902 14,576 14,524 15,728 15,233 15,304 16,731 15,950 16,172 17,739 16,684 17,024 18,588 17,421 17,903 19,415 18,138 18,779 20,279 18,873 19,672 21,181 19,624 20,607 22,124 20,381 21,587 23,108 21,164 22,613 2009 2010 2012 2013 2014 2015 2016 2017 2018 2019 30 UPDATED SUMMARY TABLES 2010 Budget ....................................................... Congressional Budget Office (March 2009) ...... April Blue Chip Consensus ............................... 10-Year Treasury Notes: 2010 Budget ....................................................... Congressional Budget Office (March 2009) ...... 1.4 1.4 1.4 3.7 3.7 0.2 0.3 0.3 2.8 2.9 1.6 0.9 0.9 4.0 3.4 3.4 1.8 2.8 4.8 4.0 3.9 3.0 3.6 5.1 4.6 4.0 3.9 4.0 5.2 5.0 4.0 4.4 4.2 5.2 5.3 4.0 4.7 4.3 5.2 5.4 4.0 4.7 4.2 5.2 5.5 4.0 4.8 4.2 5.2 5.6 4.0 4.8 4.2 5.2 5.6 4.0 4.8 4.2 5.2 5.6 5.4 April Blue Chip Consensus ............................... 3.7 2.9 3.5 4.5 4.9 5.2 5.4 5.4 5.4 5.4 5.4 Sources: Administration; CBO, A Preliminary Analysis of the President’s Budget and an Update of CBO’s Budget and Economic Outlook, March 2009; April 2009 Blue Chip Economic Indicators, Aspen Publishers, Inc. (2011–2019 from March 2009 Blue Chip long run extension). 1 Year-over-year percent change. 2 Annual averages, percent. MAY, 2009 Table S–14. Federal Government Financing and Debt (Dollar amounts in billions) Actual 2008 Financing: Unified budget deficit .......................................................................... Other transactions affecting borrowing from the public: Changes in financial assets and liabilities: 1 Change in Treasury operating cash balance ......................... Net disbursements of credit financing accounts: Direct loan accounts .......................................................... Guaranteed loan accounts ................................................. Troubled Asset Relief Program (TARP) equity purchase accounts ......................................................................... Financing accounts for potential additional financial stabilization efforts ........................................................ Net purchases of non-Federal securities by the National Railroad Retirement Investment Trust (NRRIT) .............. Net change in other financial assets and liabilities 2 ............ Subtotal, changes in financial assets and liabilities ........ Seigniorage on coins ..................................................................... Total, other transactions affecting borrowing from the public .............................................................................. Total, requirement to borrow from the public (equals 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 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 .............................................................. 4,183 5,803 4,336 8,531 4,574 9,882 4,801 10,873 5,097 11,468 5,413 12,027 5,755 12,595 6,117 13,159 6,420 13,835 6,713 14,535 7,006 15,241 7,263 16,027 9,961 25 9,986 12,842 25 12,867 14,432 25 14,456 15,650 24 15,674 16,542 24 16,566 17,417 23 17,440 18,327 23 18,350 19,253 22 19,276 20,234 22 20,255 21,228 20 21,248 22,229 18 22,248 23,272 18 23,290 limitation 4 ................................ 9,961 –1 9,960 12,842 1 12,843 14,432 1 14,433 15,650 2 15,652 16,542 4 16,546 17,417 5 17,422 18,327 6 18,333 19,253 7 19,261 20,234 9 20,242 21,228 9 21,237 22,229 10 22,239 23,272 10 23,283 768 267 3 1,039 2,729 153 2 2,883 1,351 238 1 1,590 991 226 2 1,219 595 297 2 893 559 316 2 877 568 342 1 911 564 362 2 927 676 304 2 982 700 292 2 995 706 294 2 1,002 786 257 1 1,044 296 27 6 ...... ...... –7 –12 310 –1 309 768 –302 567 4 166 460 –8 ...... 888 –1 887 2,729 ...... 128 –5 –10 –20 –1 ...... 93 –1 92 1,351 ...... 91 5 –10 –22 –1 ...... 62 –1 62 991 ...... 70 7 –14 –24 –1 ...... 39 –1 38 595 ...... 82 7 –14 –26 –1 ...... 47 –1 46 559 ...... 80 7 –24 –29 –1 ...... 33 –1 32 568 ...... 78 6 –15 –32 –1 ...... 37 –1 36 564 ...... 73 5 –10 –35 –2 ...... 32 –1 31 676 ...... 70 5 –9 –38 –1 ...... 27 –1 26 700 ...... 69 3 –9 –42 –2 ...... 19 –1 18 706 ...... 65 1 –6 –51 –1 ...... 8 –1 7 786 459 1,841 1,258 929 557 512 536 528 645 675 688 779 Estimate 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 31 Table S–14. Federal Government Financing and Debt—Continued (Dollar amounts in billions) Actual 2008 Debt Held by the Public Net of Financial Assets: Debt held by the public ....................................................................... Less financial assets net of liabilities: Treasury operating cash balance ................................................ Credit financing account balances: Direct loan accounts ............................................................... Guaranteed loan accounts ...................................................... TARP equity purchase accounts ............................................ Financing accounts for potential additional financial stabilization efforts ............................................................. Government-sponsored enterprise preferred stock .................... Non-Federal securities held by NRRIT ....................................... Other assets net of liabilities ....................................................... Total, financial assets net of liabilities .................................. 1A 32 Estimate 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 5,803 372 196 –42 ...... ...... 2 25 –46 505 8,531 70 763 –38 166 460 108 16 –46 1,499 9,882 70 891 –43 157 440 149 16 –46 1,633 10,873 70 983 –39 147 418 173 14 –46 1,719 11,468 70 1,052 –32 133 394 173 13 –46 1,758 12,027 70 1,135 –25 118 368 173 12 –46 1,805 12,595 70 1,215 –19 94 339 173 11 –46 1,838 13,159 70 1,293 –12 79 307 173 10 –46 1,874 13,835 70 1,367 –7 69 272 173 8 –46 1,906 14,535 70 1,437 –2 60 234 173 7 –46 1,933 15,241 70 1,506 1 51 192 173 5 –46 1,951 16,027 70 1,571 2 45 140 173 4 –46 1,959 Debt held by the public net of financial assets ................ 5,297 7,032 8,249 9,154 9,710 10,222 10,757 11,284 11,929 12,603 13,290 14,068 decrease in the Treasury operating cash balance (which is an asset) is a means of financing a deficit and therefore has a negative sign. An increase in checks outstanding (which is a liability) is also a means of financing a deficit and therefore also has a negative 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. Also includes the impact of changes to the U.S. quota and U.S. participation in the New Arrangements to Borrow at the International Monetary Fund. 3 Consists mainly of debt issued by the Federal Financing Bank (which is not subject to limit), debt held by the Federal Financing Bank, 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 $12,104 billion, as enacted on February 17, 2009. 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 2008, the Federal Reserve Banks held $491.1 billion of Federal securities and the rest of the public held $5,311.6 billion. Debt held by the Federal Reserve Banks is not estimated for future years. 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