[Background Material and Data on Programs within the Jurisdiction of the Committee on Ways and Means (Green Book)]
[Appendices]
[Appendix I. Budget Tables]
[From the U.S. Government Printing Office, www.gpo.gov]
[1996 Green Book] APPENDIX I. BUDGET TABLES
TABLE I-1.--THE TEN-YEAR BUDGET OUTLOOK, BY FISCAL YEAR, 1996-2006
--------------------------------------------------------------------------------------------------------------------------------------------------------
Year
Budget category --------------------------------------------------------------------------------------------------
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
--------------------------------------------------------------------------------------------------------------------------------------------------------
In billions of dollars
--------------------------------------------------------------------------------------------------
Revenues............................................. $1,428 $1,483 $1,544 $1,609 $1,681 $1,758 $1,840 $1,931 $2,023 $2,124 $2,232
Outlays:
Discretionary.................................... 533 546 546 563 579 596 614 632 651 671 691
Mandatory:
Social Security.............................. 348 365 383 402 422 444 467 490 515 540 567
Medicare..................................... 196 216 236 257 279 308 329 357 389 424 463
Medicaid..................................... 96 105 115 126 138 152 166 183 201 221 243
Federal civilian and military retirement..... 73 76 80 83 87 91 95 99 105 110 115
Other........................................ 172 188 199 204 217 217 229 241 248 263 268
--------------------------------------------------------------------------------------------------
Subtotal................................... 885 950 1,013 1,072 1,143 1,207 1,286 1,370 1,458 1,558 1,656
==================================================================================================
Deposit insurance................................ -10 -5 -2 -2 -2 -2 -1 -1 -1 -1 -1
Net interest..................................... 240 246 257 271 283 296 311 328 346 365 385
Offsetting receipts.............................. -75 -84 -77 -76 -79 -81 -85 -88 -90 -93 -96
--------------------------------------------------------------------------------------------------
Total...................................... 1,572 1,654 1,737 1,828 1,925 2,016 2,125 2,242 2,365 2,500 2,636
==================================================================================================
Deficit.............................................. 144 171 194 219 244 259 285 311 342 376 403
Debt held by the public.............................. 3,770 3,967 4,181 4,422 4,687 4,966 5,266 5,593 5,947 6,333 6,746
==================================================================================================
As a percentage of GDP
--------------------------------------------------------------------------------------------------
Revenues............................................. 19.1 18.9 18.8 18.7 18.6 18.5 18.5 18.5 18.5 18.5 18.5
Outlays:
Discretionary.................................... 7.1 7.0 6.6 6.5 6.4 6.3 6.2 6.1 5.9 5.8 5.7
Mandatory:
Social Security.............................. 4.6 4.6 4.6 4.6 4.6 4.6 4.6 4.6 4.6 4.6 4.7
Medicare..................................... 2.6 2.8 2.9 3.0 3.1 3.2 3.3 3.4 3.6 3.7 3.8
Medicaid..................................... 1.3 1.3 1.4 1.5 1.5 1.6 1.7 1.8 3.8 1.9 2.0
Civil service and military retirement........ 1.0 1.0 1.0 1.0 1.0 0.9 1.0 0.9 1.0 1.0 1.0
Other........................................ 2.3 2.4 2.4 2.4 2.4 2.3 2.3 2.3 2.3 2.3 2.2
--------------------------------------------------------------------------------------------------
Subtotal................................... 11.7 12 12.3 12.4 12.6 12.7 12.9 13.1 13.3 13.6 13.7
==================================================================================================
Deposit insurance................................ -0.1 -0.1 (\1\) (\1\) (\1\) (\1\) (\1\) (\1\) (\1\) (\1\) (\1\)
Net interest..................................... 3.2 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.2 3.2 3.2
Offsetting receipts.............................. -1 -1.1 -0.9 -0.9 -0.9 -0.9 -0.9 -0.8 -0.8 -0.8 -0.8
--------------------------------------------------------------------------------------------------
Total...................................... 21 21.1 21.1 21.2 21.3 21.3 21.4 21.5 21.6 21.8 21.9
==================================================================================================
Deficit.............................................. 1.9 2.2 2.4 2.5 2.7 2.7 2.9 3.0 3.1 3.3 3.3
Debt held by the public.............................. 50.3 50.5 50.8 51.3 51.8 52.3 52.9 53.6 54.3 55.2 56.0
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Less than 0.05 percent of GDP.
Note.--Congressional Budget Office expects that under current policies, revenues will remain just under 19 percent of GDP (see the table above), but
spending growth will outstrip revenues. Outlays climb by 2 percent of GDP in the 1998-2003 period. Within the spending totals, some categories grow
and others shrink. The government's big health care programs--Medicare and Medicaid--continue to soar, and together they represent 7 percent of GDP in
2003 (compared with 5.2 percent in 1998). Net interest outlays inch up from 3.7 percent of GDP in 1998 to 4.5 percent in 2003. Social Security
benefits stay at about 4.9 percent of GDP. In 2003, the big demands that the baby-boom generation will place on Social Security and Medicare are still
more than 5 years away. Most other spending programs roughly preserve their 1998 shares. A sole exception is discretionary spending--defense,
international, and domestic. These programs are assumed in the baseline projections, to keep up with inflation once the Budget Enforcement Act's caps
expire in 1995. They, therefore, dwindle gradually as a share of GDP, from 7.4 percent in 1998 (already a historic low) to 6.9 percent in 2003.
Economic assumptions are critical to these projections. In the 1999-2003 period, Congressional Budget Office posits that real economic growth will
continue at about 2 percent a year. The unemployment rate remains at about 5.6 percent, down very slightly from 1998's level. Short-term interest
rates (as measured by 3-month Treasury bills) and longer term rates (such as 10-year Treasury notes) are also assumed to remain constant, at 4.9 and
6.4 percent, respectively. Inflation continues at 2.7 percent. Five-year budget projections are highly uncertain, and 10-year extrapolations are even
more so. Some key uncertainties surround the assumptions about economic performance (chiefly, real economic growth and interest rates), and others are
more narrowly budget related: uncertainty about the continued surge in medical care expenditures, the size and timing of outlays for deposit
insurance, etc. Congressional Budget Office's projections, uncertain though they are, nevertheless call into question the comfortable notion that the
deficit will eventually go away of its own accord.
In certain instances, subtotals, totals and the deficit are not exact due to rounding.
Source: Congressional Budget Office.
TABLE I-2.--CONGRESSIONAL BUDGET OFFICE PROJECTIONS FOR OUTLAYS UNDER CURRENT-POLICY ECONOMIC ASSUMPTIONS WITH DISCRETIONARY INFLATION
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fiscal year
-----------------------------------------------------------------------------------------------
Outlay category Actual
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
--------------------------------------------------------------------------------------------------------------------------------------------------------
In billions of dollars
-----------------------------------------------------------------------------------------------
Discretionary: \1\
Defense............................................. $274 $265 $272 $278 $286 $297 $299 $311 $320 $330 $344 $351
Domestic and international.......................... 272 267 272 278 286 293 301 310 320 330 340 351
Violent Crime Reduction Trust Fund.................. (\2\) 1 2 3 4 3 3 4 4 4 4 4
Unspecified reductions.............................. 0 0 0 -12 -12 -14 -8 -11 -12 -13 -17 -15
-----------------------------------------------------------------------------------------------
Subtotal.......................................... 546 533 546 546 563 579 596 614 632 651 671 691
===============================================================================================
Mandatory spending...................................... 822 875 946 1,011 1,070 1,141 1,205 1,285 1,369 1,457 1,557 1,655
Offsetting receipts..................................... -80 -75 -84 -77 -76 -79 -81 -85 -88 -90 -93 -96
Net interest............................................ 232 240 246 257 271 283 296 311 328 346 365 385
-----------------------------------------------------------------------------------------------
Total............................................. 1,519 1,572 1,654 1,737 1,828 1,925 2,016 2,125 2,242 2,365 2,500 2,636
Onbudget...................................... 1,230 1,272 1,340 1,410 1,491 1,573 1,648 1,743 1,844 1,952 2,071 2,190
Offbudget \3\................................. 289 300 314 327 337 352 368 382 398 413 429 446
===============================================================================================
As a percentage of GDP
-----------------------------------------------------------------------------------------------
Discretionary: \1\
Defense............................................. 3.8 3.5 3.5 3.4 3.3 3.3 3.2 3.1 3.1 3.0 3.0 2.9
Domestic and international.......................... 3.8 3.6 3.5 3.4 3.3 3.2 3.2 3.1 3.1 3.0 3.0 2.9
Violent Crime Reduction Trust Fund.................. (\4\) (\4\) (\4\) (\4\) (\4\) (\4\) (\4\) (\4\) (\4\) (\4\) (\4\) (\4\)
Unspecified reductions.............................. 0 0 0 -0.1 -0.1 -0.2 -0.1 -0.1 -0.1 -0.1 -0.2 -0.1
-----------------------------------------------------------------------------------------------
Subtotal.......................................... 7.6 7.1 7.0 6.6 6.5 6.4 6.3 6.2 6.1 5.9 5.8 5.7
===============================================================================================
Mandatory spending...................................... 11.4 11.7 12.0 12.3 12.4 12.6 12.7 12.9 13.1 13.3 13.6 13.7
Offsetting receipts..................................... -1.1 -1.0 -1.1 -0.9 -0.9 -0.9 -0.9 -0.9 -0.8 -0.8 -0.8 -0.8
Net interest............................................ 3.2 3.2 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.2 3.2 3.2
-----------------------------------------------------------------------------------------------
Total............................................. 21.2 21.0 21.1 21.1 21.2 21.3 21.3 21.4 21.5 21.6 21.8 21.9
Onbudget...................................... 17.1 17.0 17.1 17.1 17.3 17.4 17.4 17.5 17.7 17.8 18.0 18.2
Offbudget \3\................................. 4.0 4.0 4.0 4.0 3.9 3.9 3.9 3.8 3.8 3.8 3.7 3.7
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Projections assume that discretionary spending is adjusted for inflation up to the statutory caps that are in effect through 1998. All discretionary
spending other than spending from the Violent Crime Reduction Trust Frund is assumed to equal the caps in 1998 and to grow from that level at the rate
of inflation in later years. Unspecified reductions show the cuts that would be needed to satisfy the caps.
\2\ Less than $500 million.
\3\ Social Security and the Postal Service.
\4\ Less than 0.05 percent of gross domestic product.
Source: Congressional Budget Office.
TABLE I-3.--OUTLAYS FOR MAJOR SPENDING CATEGORIES IN NOMINAL DOLLARS AND AS A PERCENTAGE OF GDP FOR SELECTED
YEARS 1965-95
----------------------------------------------------------------------------------------------------------------
Fiscal year
Spending category --------------------------------------------------------------
1965 1970 1975 1980 1985 1990 1995
----------------------------------------------------------------------------------------------------------------
In nominal dollars (billions)
--------------------------------------------------------------
Defense discretionary............................ $51.0 $81.9 $87.6 $134.6 $253.1 $300.1 $273.5
International discretionary...................... 4.7 4.0 8.2 12.8 17.4 19.1 20.1
Domestic discretionary........................... 22.1 34.3 62.0 128.7 145.2 181.2 252.0
--------------------------------------------------------------
Subtotal, discretionary...................... 77.8 120.2 157.8 276.1 415.7 500.4 545.7
==============================================================
Social Security.................................. 17.1 29.6 63.6 117.1 186.4 246.5 333.3
Medicare......................................... 0 6.8 14.1 34.0 69.7 107.4 177.1
Medicaid......................................... 0.3 2.7 6.8 14.0 22.7 41.1 89.1
AFDC, SSI, food stamps........................... 2.8 4.7 14.1 22.2 30.4 39.7 67.2
Deposit insurance................................ -0.4 -0.5 0.5 -0.4 -2.2 57.9 -17.9
Other entitlements and mandatories............... 12.0 17.7 52.2 75.4 94.2 75.3 92.4
Net interest..................................... 8.6 14.4 23.2 52.5 129.5 184.2 232.2
--------------------------------------------------------------
Total........................................ 118.2 195.6 332.3 590.9 946.4 1,252.5 1,519.1
==============================================================
Memo: GDP........................................ 687.0 1,009.6 1,554.2 2,718.9 4,108.0 5,682.9 7,180.7
--------------------------------------------------------------
As a percentage of GDP
--------------------------------------------------------------
Defense discretionary............................ 7.4 8.1 5.6 5.0 6.2 5.3 3.8
International discretionary...................... 0.7 0.4 0.5 0.5 0.4 0.3 0.3
Domestic discretionary........................... 3.2 3.4 4.0 4.7 3.5 3.2 3.5
--------------------------------------------------------------
Subtotal, discretionary...................... 11.3 11.9 10.2 10.2 10.1 8.8 7.6
==============================================================
Social Security.................................. 2.5 2.9 4.1 4.3 4.5 4.3 4.6
Medicare......................................... 0.0 0.7 0.9 1.2 1.7 1.9 2.5
Medicaid......................................... 0.0 0.3 0.4 0.5 0.6 0.7 1.2
AFDC, SSI, food stamps........................... 0.4 0.5 0.9 0.8 0.7 0.7 0.9
Deposit insurance................................ -0.1 -0.0 0 0 -0.1 1.0 -0.2
Other entitlements and mandatories............... 1.7 1.8 3.4 2.8 2.3 1.3 1.3
Net interest..................................... 1.3 1.4 1.5 1.9 3.2 3.2 3.2
--------------------------------------------------------------
Total........................................ 17.2 19.4 21.4 21.7 23.0 22.0 21.2
==============================================================
Memo: Social Security, Medicare and Medicaid..... 2.5 3.9 5.4 6.0 6.8 6.9 8.3
--------------------------------------------------------------
As a percentage of budget
--------------------------------------------------------------
Defense discretionary............................ 43.2 41.9 26.4 22.8 26.7 24.0 18.0
International discretionary...................... 4.0 2.0 2.5 2.2 1.8 1.5 1.3
Domestic discretionary........................... 18.7 17.5 18.7 21.8 15.3 14.5 16.6
--------------------------------------------------------------
Subtotal, discretionary...................... 65.8 61.4 47.5 46.7 43.9 40.0 35.9
==============================================================
Social Security.................................. 14.4 15.2 19.1 19.8 19.7 19.7 21.9
Medicare......................................... 0 3.5 4.2 5.8 7.4 8.6 11.7
Medicaid......................................... 0.3 1.4 2.0 2.4 2.4 3.3 5.9
AFDC, SSI, food stamps........................... 2.4 2.4 4.2 3.8 3.2 3.2 4.4
Deposit insurance................................ -0.3 -0.3 0.2 -0.1 -0.2 4.6 -1.2
Other entitlements and mandatories............... 10.2 9.0 15.8 12.8 10.0 6.0 6.1
Net interest..................................... 7.3 7.4 7.0 8.9 13.7 14.7 15.3
--------------------------------------------------------------
Total........................................ 100.0 100.0 100.0 100.0 100.0 100.0 100.0
----------------------------------------------------------------------------------------------------------------
Note.--Totals may not be exact due to rounding.
Source: Congressional Budget Office.
TABLE I-4.--CONGRESSIONAL BUDGET OFFICE OUTLAY PROJECTIONS FOR SELECTED PROGRAMS WITHIN THE JURISDICTION OF THE
COMMITTEE ON WAYS AND MEANS FOR FISCAL YEARS 1995-2001
[In billions of dollars]
----------------------------------------------------------------------------------------------------------------
Fiscal year
---------------------------------------------------------------------
Program 1995
actual 1996 1997 1998 1999 2000 2001
----------------------------------------------------------------------------------------------------------------
Social Security........................... $301.6 $318 $334.8 $353.4 $370 $388.6 $408
OASI.................................. 268 281 294.6 309.7 322.9 337.9 353.6
DI.................................... 33.6 37 40.2 43.7 47.1 50.7 54.4
Medicare.................................. 124.2 160 177.3 195.1 215.6 237.8 263.4
HI.................................... 77.9 100.8 110.5 119.5 130.1 141.7 155.5
SMI................................... 46.3 59.2 66.8 75.6 85.5 96.1 107.9
Trade adjustment.......................... 0.1 0.2 0.2 0.2 0.2 0.2 0.2
Unemployment insurance.................... 36.3 27.8 24.6 25.4 25.7 26 27
Family support............................ 16 17 18 18 19 20 20
EIC--outlays.............................. 8.8 9.9 15.3 18.1 20.1 20.1 21.7
SSI....................................... 21 25 24 24 29 32 35
Title XX--social services................. 2.8 2.9 3.2 3.3 2.8 2.8 2.8
Child welfare............................. 0.3 0.3 0.3 0.3 0.3 0.3 0.3
Foster care and adoption assistance....... 2.6 3 3.6 3.8 4 4.4 4.7
Child health insurance credit............. 0.6 0.7 0 0 0 0 0
Child care and development block grant.... 0.7 0.9 1.3 1.2 1.2 1 1
SMI premium............................... -16.1 -17.4 -19.9 -19.9 -22.5 -22.7 -27.4
---------------------------------------------------------------------
Total............................... 498.9 548.3 582.7 622.9 665.4 707.5 756.7
----------------------------------------------------------------------------------------------------------------
Source: Congressional Budget Office.
TABLE I-5.--HISTORICAL OUTLAYS FOR ENTITLEMENTS AND OTHER MANDATORY SPENDING, SELECTED FISCAL YEARS 1975-95
[In billions of dollars]
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Fiscal year
Category ---------------------------------------------------------------------------------------------------------------------------------------
1975 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Means-tested programs:
Student loans \1\................................... $0.1 $1.4 $2.3 $3.0 $2.6 $3.2 $3.5 $3.3 $2.5 $2.8 $3.9 $4.4 $4.8 $1.7 $2.2 $2.8 $4.4
Medicaid............................................ 6.8 14.0 16.8 17.4 19.0 20.1 22.7 25.0 27.4 30.5 34.6 41.1 52.5 67.8 75.8 82.0 89.1
Food stamps......................................... 4.6 9.1 11.3 11.0 12.7 12.4 12.5 12.4 12.4 13.1 13.7 15.9 19.6 22.8 24.6 25.4 25.6
Child nutrition..................................... 1.5 3.4 3.4 3.0 3.3 3.5 3.7 3.8 4.0 4.3 4.6 5.0 5.5 6.1 6.6 7.0 7.5
Earned income tax credit............................ 0 1.3 1.3 1.2 1.2 1.2 1.1 1.4 1.4 2.7 4.0 4.4 4.9 8.2 9.4 11.7 15.2
Supplemental security income........................ 4.3 5.7 6.5 6.9 7.9 7.6 8.7 9.3 9.9 11.4 11.5 11.5 14.8 17.9 21.2 24.5 24.5
Family support...................................... 5.1 7.3 8.2 8.0 8.4 8.9 9.2 9.9 10.5 10.8 11.2 12.2 14.1 15.7 16.4 17.3 18.1
Veterans' pensions.................................. 2.7 3.6 3.8 3.9 3.9 3.9 3.8 3.9 3.8 3.9 4.0 3.6 4.0 3.7 3.5 3.4 3.0
Other............................................... 0.3 0.1 0.3 0.4 0.3 0.5 0.8 0.9 1.0 1.0 1.3 1.8 2.1 2.5 2.7 3.0 3.2
---------------------------------------------------------------------------------------------------------------------------------------
Total, means-tested programs...................... 25.4 45.9 53.9 54.8 59.3 61.3 66.0 69.9 72.9 80.5 88.8 99.9 122.3 146.5 162.3 177.3 190.6
=======================================================================================================================================
Non-means-tested programs:
Medicare............................................ 14.1 34.0 41.3 49.2 55.5 61.0 69.7 74.2 79.9 85.7 94.3 107.4 114.2 129.4 143.2 159.6 177.1
Social Security..................................... 63.6 117.1 137.9 153.9 168.5 176.1 186.4 196.5 205.1 216.8 230.4 246.5 266.7 285.1 302.0 316.9 333.3
---------------------------------------------------------------------------------------------------------------------------------------
Subtotal.......................................... 77.7 151.1 179.2 203.1 224.0 237.1 256.1 270.7 285.0 302.5 324.7 353.9 380.9 414.5 445.1 476.5 510.4
=======================================================================================================================================
Other retirement and disability:
Federal civilian \3\................................ 7.4 15.5 18.6 20.6 22.1 23.3 24.6 25.0 27.6 30.3 31.8 33.7 36.9 37.0 38.8 40.3 42.7
Military............................................ 6.2 11.9 13.7 14.9 15.9 16.5 15.8 17.6 18.1 19.0 20.2 21.5 23.1 24.5 25.7 26.7 27.8
Other............................................... 4.7 4.7 5.1 5.2 5.2 4.9 5.1 4.9 5.1 4.9 5.2 4.7 4.4 5.1 4.2 5.3 4.7
---------------------------------------------------------------------------------------------------------------------------------------
Subtotal.......................................... 18.3 32.1 37.4 40.7 43.2 44.7 45.5 47.5 50.8 54.2 57.2 59.9 64.4 66.6 68.7 72.3 75.2
=======================================================================================================================================
Other programs:
Unemployment compensation........................... 12.8 16.9 18.3 22.2 29.7 17.0 15.8 16.1 15.5 13.6 13.9 17.5 25.1 36.9 35.4 26.4 21.3
Farm price supports................................. 0.6 2.8 4.0 11.7 18.9 7.3 17.7 25.8 22.4 12.2 10.6 6.5 10.1 9.2 15.6 9.9 5.8
Social services..................................... 2.9 3.7 3.9 3.4 3.5 4.4 3.5 4.0 4.1 4.2 4.6 5.1 5.6 5.2 5.1 5.6 5.5
Veterans' benefits \3\.............................. 10.2 11.0 12.2 12.5 12.7 12.8 12.9 12.9 13.0 14.8 14.9 13.4 14.4 15.7 18.0 18.0 18.3
General revenue sharing............................. 6.1 6.8 5.1 4.6 4.6 4.6 4.6 5.1 0.1 0 0 0 0 0 0 0 0
Other............................................... 10.4 21.2 26.6 19.8 15.8 17.1 27.9 7.7 6.4 12.3 12.5 10.4 13.1 16.7 11.4 11.1 14.6
---------------------------------------------------------------------------------------------------------------------------------------
Subtotal.......................................... 30.2 45.5 51.8 52.0 55.5 46.2 66.6 55.5 46.0 43.5 42.6 35.4 43.2 83.7 50.6 38.0 41.9
Total, non-means-tested programs.................. 139.0 245.6 286.7 318.0 352.4 345.0 384.0 389.8 397.3 413.8 438.4 466.7 513.6 564.8 599.8 613.2 631.0
Total outlays..................................... 164.4 291.5 340.6 372.8 411.7 406.3 450.0 459.7 470.2 494.3 527.2 566.6 635.9 711.3 762.1 790.6 821.5
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Formerly known as guaranteed student loans.
\2\ Includes Civil Service, Foreign Service, Coast Guard, other retirement programs, and annuitants' health benefits.
\3\ Includes veterans' compensation, readjustment benefits, life insurance, and housing programs.
Source: Congressional Budget Office.
TABLE I-6.--CONGRESSIONAL BUDGET OFFICE OUTLAY PROJECTIONS FOR MANDATORY SPENDING, FISCAL YEARS 1995-2006
[By fiscal year, in billions of dollars]
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Actual
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Means-tested programs
----------------------------------------------------------------------------------------------------------------------------------
Medicaid..................................................... $89.070 $95.737 $104.781 $115.438 $126.366 $138.154 $151.512 $166.444 $182.955 $201.174 $221.239 $243.238
Food stamps \1\.............................................. 25.554 26.220 28.094 29.702 31.092 32.476 33.847 35.283 36.663 38.152 39.717 41.310
Supplemental security income................................. 24.510 24.017 27.904 30.210 32.576 37.995 34.515 40.348 43.192 46.210 53.523 52.741
Family support............................................... 18.066 18.371 18.805 19.307 19.935 20.557 21.245 21.937 22.624 23.305 23.989 24.681
Veterans' pensions........................................... 3.024 2.771 2.961 2.938 3.366 3.714 3.234 3.601 3.729 3.892 4.420 4.345
Child nutrition.............................................. 7.465 8.011 8.483 9.033 9.597 10.165 10.751 11.352 11.969 12.606 13.263 13.936
Earned income credit......................................... 15.244 18.440 20.191 20.894 21.691 22.586 23.412 24.157 25.033 25.881 26.749 27.641
Student loans \2\............................................ 4.378 1.616 2.203 2.470 2.709 2.873 3.000 3.122 3.246 3.375 3.510 3.602
Other........................................................ 3.226 3.712 4.050 4.434 4.830 5.255 5.701 6.165 6.658 7.182 7.739 8.327
----------------------------------------------------------------------------------------------------------------------------------
Total, means-tested programs............................. 190.557 196.895 217.472 234.426 252.162 273.775 287.217 312.409 336.089 361.777 394.149 419.821
==================================================================================================================================
Non-means-tested programs
----------------------------------------------------------------------------------------------------------------------------------
Social Security.............................................. 333.273 348.186 365.403 383.402 402.351 422.412 444.081 466.767 490.399 514.689 540.011 566.826
Medicare..................................................... 177.125 196.051 215.516 236.419 257.411 279.466 303.179 328.522 357.012 388.940 424.073 463.017
----------------------------------------------------------------------------------------------------------------------------------
Subtotal................................................. 510.396 544.237 580.919 619.821 659.762 701.878 747.260 795.289 847.411 903.629 964.064 1,029.843
==================================================================================================================================
Other retirement and disability:
Federal civilian \3\....................................... 42.732 43.734 46.370 48.838 51.448 54.238 57.055 60.064 63.413 67.089 71.046 75.261
Military................................................... 27.797 28.707 29.848 30.881 31.949 33.022 34.122 35.259 36.461 37.713 39.008 40.348
Other...................................................... 4.697 4.767 4.536 4.660 4.763 4.882 5.009 5.031 5.153 5.168 5.249 5.329
----------------------------------------------------------------------------------------------------------------------------------
Subtotal................................................. 75.226 77.208 80.754 84.379 88.160 92.142 96.186 100.354 105.027 109.950 115.303 120.938
==================================================================================================================================
Unemployment compensation.................................... 21.305 23.579 25.555 26.613 27.644 28.698 29.814 30.989 32.215 33.510 34.840 36.228
Deposit insurance............................................ -17.859 -9.866 -4.538 -1.930 -2.090 -2.400 -1.910 -1.120 -0.930 -0.740 -0.690 -0.685
Other programs:
Veterans' benefits \4\..................................... 18.300 17.197 18.699 18.964 19.514 20.955 18.838 20.284 20.554 20.840 22.293 21.474
Farm price supports........................................ 5.756 6.555 7.177 7.361 7.164 6.618 5.546 5.271 5.484 5.482 5.040 5.040
Social services............................................ 5.528 5.424 5.735 5.856 5.882 5.878 5.916 5.978 6.049 6.123 6.222 6.324
Credit reform liquidating accounts......................... -2.257 -7.078 -6.588 -5.771 -6.063 -6.025 -5.624 -5.817 -6.180 -6.120 -6.747 -6.811
Other...................................................... 14.585 18.682 20.391 21.280 18.345 19.954 22.007 21.010 23.255 23.015 22.780 22.794
----------------------------------------------------------------------------------------------------------------------------------
Subtotal................................................. 41.912 40.780 45.414 47.710 44.842 47.380 46.683 46.726 49.162 49.340 49.588 48.821
Total, non-means-tested programs......................... 630.962 675.938 728.104 776.593 818.318 867.698 918.033 972.238 1,032.885 1,095.689 1,163.125 1,235.145
Total, all mandatory spending............................ 821.539 874.833 945.576 1,011.019 1,070.480 1,141.473 1,205.250 1,284.647 1,368.954 1,457.466 1,557.274 1,654.966
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Includes nutrition assistance to Puerto Rico.
\2\ Formerly known as guaranteed student loans.
\3\ Includes Civil Service, Foreign Service, Coast Guard, other retirement programs, and annuitants' health benefits.
\4\ Includes veterans' compensation, readjustment benefits, life insurance, and housing programs.
Note.--Spending for major benefit programs shown in this table includes benefits only. Outlays for administrative costs of most benefit programs are classified as nondefense discretionary
spending, and Medicare premium collections are offsetting receipts.
Source: Congressional Budget Office.
TABLE I-7.--OUTLAYS FOR MAJOR SPENDING CATEGORIES, FISCAL YEARS 1962-95
[In billions of dollars]
----------------------------------------------------------------------------------------------------------------
Entitlements
National and other Nondefense Net Offsetting Total
Fiscal year defense mandatory discretionary interest receipts outlays
spending spending
----------------------------------------------------------------------------------------------------------------
1962.................................. $52.6 $34.7 $19.5 $6.9 $-6.8 $106.8
1963.................................. 53.7 36.2 21.5 7.7 -7.9 111.3
1964.................................. 55.0 38.9 24.1 8.2 -7.7 118.5
1965.................................. 51.0 39.7 26.8 8.6 -7.9 118.2
1966.................................. 59.0 43.4 31.2 9.4 -8.4 134.5
1967.................................. 72.0 50.9 34.4 10.3 -10.2 157.5
1968.................................. 82.2 59.7 35.8 11.1 -10.6 178.1
1969.................................. 82.7 64.7 34.6 12.7 -11.0 183.6
1970.................................. 81.9 72.6 38.3 14.4 -11.5 195.6
1971.................................. 79.0 86.9 43.5 14.8 -14.1 210.2
1972.................................. 79.3 100.9 49.1 15.5 -14.1 230.7
1973.................................. 77.1 116.1 53.1 17.3 -18.0 245.7
1974.................................. 80.7 131.0 57.3 21.4 -21.2 269.4
1975.................................. 87.6 169.6 70.2 23.2 -18.3 332.3
1976.................................. 89.9 189.4 85.4 26.7 -19.6 371.8
1977.................................. 97.5 204.0 99.3 29.9 -21.5 409.2
1978.................................. 104.6 227.7 113.8 35.5 -22.8 458.7
1979.................................. 116.8 247.3 122.9 42.6 -25.6 503.5
1980.................................. 134.6 291.5 141.5 52.5 -29.2 590.9
1981.................................. 158.0 339.6 149.7 68.8 -37.9 678.2
1982.................................. 185.9 370.9 139.9 85.0 -36.0 745.8
1983.................................. 209.9 410.7 143.3 89.8 -45.3 808.4
1984.................................. 228.0 405.7 151.2 111.1 -44.2 851.8
1985.................................. 253.1 448.3 162.6 129.5 -47.1 946.4
1986.................................. 273.8 461.8 164.5 136.0 -45.9 990.3
1987.................................. 282.5 474.2 161.5 138.7 -53.0 1,003.9
1988.................................. 290.9 504.9 173.4 151.8 -57.0 1,064.1
1989.................................. 304.0 549.1 184.7 169.3 -63.9 1,143.2
1990.................................. 300.1 626.7 200.3 184.2 -58.8 1,252.7
1991.................................. 319.7 701.8 213.6 194.5 -106.0 1,323.8
1992.................................. 302.6 715.8 231.9 199.4 -68.8 1,380.9
1993.................................. 292.4 736.1 248.5 198.8 -67.1 1,408.2
1994.................................. 282.3 783.1 261.6 203 -69.1 1,460.8
1995.................................. 273.5 821.5 272.1 232.2 -80.2 1,519.1
----------------------------------------------------------------------------------------------------------------
Source: Congressional Budget Office.
TABLE I-8.--OUTLAYS FOR MAJOR SPENDING CATEGORIES, AS A PERCENTAGE OF GDP, FISCAL YEARS 1962-95
----------------------------------------------------------------------------------------------------------------
Entitlements
National and other Nondefense Net Offsetting Total
Fiscal year defense mandatory discretionary interest receipts outlays
spending spending
----------------------------------------------------------------------------------------------------------------
1962.................................. 9.3 6.1 3.5 1.2 -1.2 18.8
1963.................................. 9.0 6.0 3.6 1.3 -1.3 18.6
1964.................................. 8.6 6.1 3.7 1.3 -1.2 18.5
1965.................................. 7.4 5.8 3.9 1.3 -1.1 17.2
1966.................................. 7.8 5.7 4.1 1.2 -1.1 17.8
1967.................................. 8.9 6.3 4.3 1.3 -1.3 19.4
1968.................................. 9.4 6.9 4.2 1.3 -1.2 20.5
1969.................................. 8.7 6.8 3.6 1.3 -1.2 19.4
1970.................................. 8.1 7.2 3.8 1.4 -1.1 19.4
1971.................................. 7.3 8.1 4.0 1.4 -1.3 19.5
1972.................................. 6.7 8.6 4.2 1.3 -1.2 19.6
1973.................................. 5.9 8.9 4.1 1.3 -1.4 18.8
1974.................................. 5.6 9.1 4.0 1.5 -1.5 18.7
1975.................................. 5.6 10.9 4.5 1.5 -1.2 21.4
1976.................................. 5.2 10.9 4.9 1.5 -1.1 21.5
1977.................................. 4.9 10.3 5.0 1.5 -1.1 20.8
1978.................................. 4.7 10.3 5.2 1.6 -1.0 20.7
1979.................................. 4.7 9.9 5.0 1.7 -1.0 20.2
1980.................................. 5.0 10.7 5.2 1.9 -1.1 21.7
1981.................................. 5.2 11.1 4.9 2.3 -1.2 22.3
1982.................................. 5.8 11.5 4.4 2.6 -1.1 23.2
1983.................................. 6.1 12.0 4.2 2.6 -1.3 23.6
1984.................................. 6.0 10.6 3.9 2.9 -1.2 22.3
1985.................................. 6.2 10.9 3.9 3.2 -1.1 23.0
1986.................................. 6.3 10.6 3.8 3.1 -1.1 22.7
1987.................................. 6.1 10.3 3.5 3.0 -1.1 21.8
1988.................................. 5.9 10.2 3.5 3.1 -1.1 21.5
1989.................................. 5.7 10.3 3.4 3.2 -1.2 21.3
1990.................................. 5.3 11.0 3.5 3.2 -1.0 22.0
1991.................................. 5.5 12.0 3.6 3.3 -1.8 22.6
1992.................................. 4.9 11.6 3.8 3.2 -1.1 22.5
1993.................................. 4.5 11.4 3.8 3.1 -1.0 21.8
1994.................................. 4.1 11.5 3.8 3.0 -1.0 21.4
1995.................................. 3.8 11.4 3.8 3.2 -1.1 21.2
----------------------------------------------------------------------------------------------------------------
Note.--GDP = gross domestic product.
Source: Congressional Budget Office.
TABLE I-9.--REVENUES BY MAJOR SOURCE, FISCAL YEARS 1962-95
[In billions of dollars]
----------------------------------------------------------------------------------------------------------------
Estate
Individual Corporate Social Excise and Customs Miscellaneous Total
Fiscal year income income insurance taxes gift duties receipts revenues
taxes taxes taxes taxes
----------------------------------------------------------------------------------------------------------------
1962........................ $45.6 $20.5 $17.0 $12.5 $2.0 $1.1 $0.8 $99.7
1963........................ 47.6 21.6 19.8 13.2 2.2 1.2 1.0 106.6
1964........................ 48.7 23.5 22.0 13.7 2.4 1.3 1.1 112.6
1965........................ 48.8 25.5 22.2 14.6 2.7 1.4 1.6 116.8
1966........................ 55.4 30.1 25.5 13.1 3.1 1.8 1.9 130.8
1967........................ 61.5 34.0 32.6 13.7 3.0 1.9 2.1 148.8
1968........................ 68.7 28.7 33.9 14.1 3.1 2.0 2.5 153.0
1969........................ 87.2 36.7 39.0 15.2 3.5 2.3 2.9 186.9
1970........................ 90.4 32.8 44.4 15.7 3.6 2.4 3.4 192.8
1971........................ 86.2 26.8 47.3 16.6 3.7 2.6 3.9 187.1
1972........................ 94.7 32.2 52.6 15.5 5.4 3.3 3.6 207.3
1973........................ 103.2 36.2 63.1 16.3 4.9 3.2 3.9 230.8
1974........................ 119.0 38.6 75.1 16.8 5.0 3.3 5.4 263.2
1975........................ 122.4 40.6 84.5 16.6 4.6 3.7 6.7 279.1
1976........................ 131.6 41.4 90.8 17.0 5.2 4.1 8.0 298.1
1977........................ 157.6 54.9 106.5 17.5 7.3 5.2 6.5 355.6
1978........................ 181.0 60.0 121.0 18.4 5.3 6.6 7.4 399.6
1979........................ 217.8 65.7 138.9 18.7 5.4 7.4 9.3 463.3
1980........................ 244.1 64.6 157.8 24.3 6.4 7.2 12.7 517.1
1981........................ 285.9 61.1 182.7 40.8 6.8 8.1 13.8 599.3
1982........................ 297.7 49.2 201.5 36.3 8.0 8.9 16.2 617.8
1983........................ 288.9 37.0 209.0 35.3 6.1 8.7 15.6 600.6
1984........................ 298.4 56.9 239.4 37.4 6.0 11.4 17.0 666.5
1985........................ 334.5 61.3 265.2 36.0 6.4 12.1 18.5 734.1
1986........................ 349.0 63.1 283.9 32.9 7.0 13.3 19.9 769.1
1987........................ 392.6 83.9 303.3 32.5 7.5 15.1 19.3 854.1
1988........................ 401.2 94.5 334.3 35.2 7.6 16.2 19.9 909.0
1989........................ 445.7 103.3 359.4 34.4 8.7 16.3 22.8 990.7
1990........................ 466.9 93.5 380.0 35.3 11.5 16.7 27.3 1,031.3
1991........................ 467.8 98.1 396.0 42.4 11.1 15.9 22.8 1,054.3
1992........................ 476.0 100.3 413.7 45.6 11.1 17.4 26.5 1,090.5
1993........................ 509.7 117.5 428.3 48.1 12.6 18.8 18.6 1,153.5
1994........................ 543.1 140.4 461.5 55.2 15.2 20.1 22.3 1,257.7
1995........................ 590.2 157.0 484.5 57.5 14.8 19.3 31.9 1,355.2
----------------------------------------------------------------------------------------------------------------
Source: Congressional Budget Office.
TABLE I-10.--REVENUES BY MAJOR SOURCE AS A PERCENTAGE OF GDP, FISCAL YEARS 1962-95
----------------------------------------------------------------------------------------------------------------
Estate
Individual Corporate Social Excise and Customs Miscellaneous Total
Fiscal year income income insurance taxes gift duties receipts revenues
taxes taxes taxes taxes
----------------------------------------------------------------------------------------------------------------
1962........................ 8.0 3.6 3.0 2.2 0.4 0.2 0.1 17.6
1963........................ 7.9 3.6 3.3 2.2 0.4 0.2 0.2 17.8
1964........................ 7.6 3.7 3.4 2.1 0.4 0.2 0.2 17.6
1965........................ 7.1 3.7 3.2 2.1 0.4 0.2 0.2 17.9
1966........................ 7.3 4.0 3.4 1.7 0.4 0.2 0.2 17.3
1967........................ 7.6 4.2 4.0 1.7 0.4 0.2 0.3 18.4
1968........................ 7.9 3.3 3.9 1.6 0.4 0.2 0.3 17.6
1969........................ 9.2 3.9 4.1 1.6 0.4 0.2 0.3 19.7
1970........................ 9.0 3.3 4.4 1.6 0.4 0.2 0.3 19.1
1971........................ 8.0 2.5 4.4 1.5 0.3 0.2 0.4 17.4
1972........................ 8.1 2.7 4.5 1.3 0.5 0.3 0.3 17.6
1973........................ 7.9 2.8 4.8 1.2 0.4 0.2 0.3 17.6
1974........................ 8.3 2.7 5.2 1.2 0.4 0.2 0.4 18.3
1975........................ 7.9 2.6 5.4 1.1 0.3 0.2 0.4 18.0
1976........................ 7.6 2.4 5.2 1.0 0.3 0.2 0.5 17.2
1977........................ 8.0 2.8 5.4 0.9 0.4 0.3 0.3 18.0
1978........................ 8.2 2.7 5.5 0.8 0.2 0.3 0.3 18.0
1979........................ 8.7 2.6 5.6 0.8 0.2 0.3 0.4 18.5
1980........................ 9.0 2.4 5.8 0.9 0.2 0.3 0.5 19.0
1981........................ 9.4 2.0 6.0 1.3 0.2 0.3 0.5 19.7
1982........................ 9.3 1.5 6.3 1.1 0.2 0.3 0.5 19.2
1983........................ 8.4 1.1 6.1 1.0 0.2 0.3 0.5 17.5
1984........................ 7.8 1.5 6.3 1.0 0.2 0.3 0.4 17.9
1985........................ 8.1 1.5 6.5 0.9 0.2 0.3 0.5 17.9
1986........................ 8.0 1.4 6.5 0.8 0.2 0.3 0.5 17.6
1987........................ 8.5 1.8 6.6 0.7 0.2 0.3 0.4 18.5
1988........................ 8.1 1.9 6.7 0.7 0.2 0.3 0.4 18.3
1989........................ 8.3 1.9 6.7 0.6 0.2 0.3 0.4 18.5
1990........................ 8.2 1.6 6.7 0.6 0.2 0.3 0.5 18.1
1991........................ 8.0 1.7 6.8 0.7 0.2 0.3 0.4 18.0
1992........................ 7.7 1.6 6.7 0.7 0.2 0.3 0.4 17.7
1993........................ 7.9 1.8 6.6 0.7 0.2 0.3 0.3 17.8
1994........................ 7.9 2.1 6.8 0.8 0.2 0.3 0.3 18.4
1995........................ 8.2 2.2 6.7 0.8 0.2 0.3 0.4 18.9
----------------------------------------------------------------------------------------------------------------
Note.--GDP = gross domestic product.
Source: Congressional Budget Office.
TABLE I-11.--FEDERAL REVENUES BY SOURCE FOR SELECTED YEARS IN NOMINAL DOLLARS AS A PERCENTAGE OF GDP AND TOTAL
REVENUES \1\
----------------------------------------------------------------------------------------------------------------
Fiscal year
Revenue source --------------------------------------------------------------
1965 1970 1975 1980 1985 1990 1995
----------------------------------------------------------------------------------------------------------------
In nominal dollars (billions)
--------------------------------------------------------------
Individual income................................ $48.8 $90.4 $122.4 $244.1 $334.5 $466.9 $590.2
Corporate income................................. 25.5 32.8 40.6 64.6 61.3 93.5 157.0
Social insurance................................. 22.2 44.4 84.5 157.8 265.2 380.0 484.5
Excise........................................... 14.6 15.7 16.6 24.3 36.0 35.3 57.5
Estate and gift.................................. 2.7 3.6 4.6 6.4 6.4 11.5 14.8
Other............................................ 3.0 5.9 10.4 19.9 30.6 44.0 51.2
--------------------------------------------------------------
Total...................................... 116.8 192.8 279.1 517.1 734.1 1,031.3 1,355.2
==============================================================
As a percentage of GDP
--------------------------------------------------------------
Individual income................................ 7.1 9.0 7.9 9.0 8.1 8.2 8.2
Corporate income................................. 3.7 3.3 2.6 2.4 1.5 1.6 2.2
Social insurance................................. 3.2 4.4 5.4 5.8 6.5 6.7 6.7
Excise........................................... 2.1 1.6 1.1 0.9 0.9 0.6 0.8
Estate and gift.................................. 0.4 0.4 0.3 0.2 0.2 0.2 0.2
Other............................................ 0.4 0.5 0.6 0.8 0.8 0.8 0.7
--------------------------------------------------------------
Total...................................... 17.0 19.1 18.0 19.0 17.9 18.1 18.9
==============================================================
As a percentage of revenues
--------------------------------------------------------------
Individual income................................ 41.8 46.9 43.9 47.2 45.6 45.3 43.6
Corporate income................................. 21.8 17.0 14.6 12.5 8.4 9.1 11.6
Social insurance................................. 19.0 23.0 30.3 30.5 36.1 36.9 35.8
Excise........................................... 12.5 8.1 5.9 4.7 4.9 3.4 4.2
Estate and gift.................................. 2.3 1.9 1.7 1.2 0.9 1.1 1.1
Other............................................ 2.6 3.0 3.7 3.9 4.2 4.3 3.8
--------------------------------------------------------------
Total...................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0
----------------------------------------------------------------------------------------------------------------
\1\ Projected.
Note.--GDP = gross domestic product.
Source: Congressional Budget Office.
TABLE I-12.--CONGRESSIONAL BUDGET OFFICE BASELINE REVENUE PROJECTIONS BY SOURCE AND AS A PERCENTAGE OF GDP, 1995-
2001
[By fiscal year, in billions of dollars]
----------------------------------------------------------------------------------------------------------------
Revenue source 1995 1996 1997 1998 1999 2000 2001
----------------------------------------------------------------------------------------------------------------
Projections
--------------------------------------------------------------
Individual income................................ $590.2 $636.1 $661.2 $694.1 $729.9 $768.7 $810.5
Corporate income................................. 157.0 169.2 171.1 172.0 171.2 190.9 173.8
Social insurance................................. 484.5 503.9 530.8 553.3 580.1 608.8 635.9
Excise........................................... 57.5 52.2 50.9 51.8 52.6 52.9 53.8
Estate and gift.................................. 14.8 16.4 17.2 18.1 19.0 19.9 20.9
Customs duties................................... 19.3 19.9 20.2 20.7 21.1 22.2 23.5
Other............................................ 31.9 30.4 31.8 33.6 35.1 37.1 39.2
--------------------------------------------------------------
Total...................................... 1,355.2 1,428.3 1,483.3 1,543.6 1,609.0 1,680.6 1,757.6
==============================================================
As a percentage of GDP
--------------------------------------------------------------
Individual income................................ 8.2 8.5 8.4 8.4 8.5 8.5 8.5
Corporate income................................. 2.2 2.3 2.2 2.1 2.0 1.9 1.8
Social insurance................................. 6.7 6.7 6.8 6.7 6.7 6.7 6.7
Excise........................................... 0.8 0.7 0.6 0.6 0.6 0.6 0.6
Estate and gift.................................. 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Customs duties................................... 0.3 0.3 0.3 0.3 0.2 0.2 0.2
Other............................................ 0.4 0.4 0.4 0.4 0.4 0.4 0.4
--------------------------------------------------------------
Total...................................... 18.9 19.1 18.9 18.8 18.7 18.6 18.5
----------------------------------------------------------------------------------------------------------------
Note.--GDP = gross domestic product.
Source: Congressional Budget Office.
TABLE I-13.--REVENUES, OUTLAYS, AND DEFICITS, FISCAL YEARS 1962-95
[In billions of dollars]
----------------------------------------------------------------------------------------------------------------
Deficit (-) or surplus
------------------------------
Fiscal year Revenues Outlays Social Postal
Onbudget Security Service
----------------------------------------------------------------------------------------------------------------
1962......................................................... $99.7 $106.8 $-5.9 $-1.3 $0
1963......................................................... 106.6 111.3 -4.0 -0.8 0
1964......................................................... 112.6 118.5 -6.5 0.6 0
1965......................................................... 116.8 118.2 -1.6 0.2 0
1966......................................................... 130.8 134.5 -3.1 -0.6 0
1967......................................................... 148.8 157.5 -12.6 4.0 0
1968......................................................... 153.0 178.1 -27.7 2.6 0
1969......................................................... 186.9 183.6 -0.5 3.7 0
1970......................................................... 192.8 195.6 -8.7 5.9 0
1971......................................................... 187.1 210.2 -26.1 3.0 0
1972......................................................... 207.3 230.7 -26.4 3.1 0
1973......................................................... 230.8 245.7 -15.4 0.5 0
1974......................................................... 263.2 269.4 -8.0 1.8 0
1975......................................................... 279.1 332.3 -55.3 2.0 0
1976......................................................... 298.1 371.8 -70.5 -3.2 0
1977......................................................... 355.6 409.2 -49.8 -3.9 0
1978......................................................... 399.6 458.7 -54.9 -4.3 0
1979......................................................... 463.3 504.0 -38.7 -2.0 0
1980......................................................... 517.1 590.9 -72.7 -1.1 0
1981......................................................... 599.3 678.2 -74.0 -5.0 0
1982......................................................... 617.8 745.8 -120.1 -7.9 0
1983......................................................... 600.6 808.4 -208.0 0.2 0
1984......................................................... 666.5 851.8 -185.7 0.3 0
1985......................................................... 734.1 946.4 -221.7 9.4 0
1986......................................................... 769.1 990.3 -238.0 16.7 0
1987......................................................... 854.1 1,003.9 -169.3 19.6 0
1988......................................................... 909.0 1,064.1 -194.0 38.8 0
1989......................................................... 990.7 1,143.2 -205.2 52.4 0.3
1990......................................................... 1,031.3 1,252.5 -277.8 58.2 -1.6
1991......................................................... 1,054.3 1,323.6 -321.6 53.5 -1.3
1992......................................................... 1,090.5 1,380.9 -340.5 50.7 -0.7
1993......................................................... 1,153.5 1,408.7 -300.5 46.8 -1.4
1994......................................................... 1,257.7 1,460.8 -258.8 56.8 -1.1
1995......................................................... 1,355.2 1,519.1 -226.3 64.4 -2.0
----------------------------------------------------------------------------------------------------------------
Source: Congressional Budget Office.
TABLE I-14.--REVENUES, OUTLAYS, AND DEFICITS AS A PERCENTAGE OF GDP, FISCAL YEARS 1962-95
[As a percentage of GDP]
----------------------------------------------------------------------------------------------------------------
Deficit (-) or surplus
-----------------------------
Revenues Outlays Social Postal
Onbudget Security Service
----------------------------------------------------------------------------------------------------------------
1962.......................................................... 17.6 18.8 -1.0 -0.2 0
1963.......................................................... 17.8 18.6 -0.7 -0.1 0
1964.......................................................... 17.6 18.5 -1.0 0.1 0
1965.......................................................... 17.0 17.2 -0.2 (\2\) 0
1966.......................................................... 17.3 17.8 -0.4 -0.1 0
1967.......................................................... 18.4 19.4 -1.6 0.5 0
1968.......................................................... 17.6 20.5 -3.2 0.3 0
1969.......................................................... 19.7 19.4 -0.1 0.4 0
1970.......................................................... 19.1 19.4 -0.9 0.6 0
1971.......................................................... 17.4 19.5 -2.4 0.3 0
1972.......................................................... 17.6 19.6 -2.2 0.3 0
1973.......................................................... 17.6 18.8 -1.2 (\2\) 0
1974.......................................................... 18.3 18.7 -0.6 0.1 0
1975.......................................................... 18.0 21.4 -3.6 0.1 0
1976.......................................................... 17.2 21.5 -4.1 -0.2 0
1977.......................................................... 18.0 20.8 -2.5 -0.2 0
1978.......................................................... 18.0 20.7 -2.5 -0.2 0
1979.......................................................... 18.5 20.2 -1.6 -0.1 0
1980.......................................................... 19.0 21.7 -2.7 (\2\) 0
1981.......................................................... 19.7 22.3 -2.4 -0.2 0
1982.......................................................... 19.2 23.2 -3.7 -0.2 0
1983.......................................................... 17.5 23.6 -6.1 (\2\) 0
1984.......................................................... 17.4 22.3 -4.9 (\2\) 0
1985.......................................................... 17.9 23.0 -5.4 0.2 0
1986.......................................................... 17.6 22.7 -5.4 0.4 0
1987.......................................................... 18.5 21.8 -3.7 0.4 0
1988.......................................................... 18.3 21.5 -3.9 0.8 0
1989.......................................................... 18.5 21.3 -3.8 1.0 (\2\)
1990.......................................................... 18.1 22.0 -4.9 1.0 (\2\)
1991.......................................................... 18.0 22.6 -5.5 0.9 (\2\)
1992.......................................................... 17.7 22.5 -5.5 0.8 (\2\)
1993.......................................................... 17.8 21.8 -4.6 0.7 (\2\)
1994.......................................................... 18.4 21.4 -3.8 0.8 (\2\)
1995.......................................................... 18.9 21.2 -3.2 0.9 (\2\)
----------------------------------------------------------------------------------------------------------------
\1\ End of year.
\2\ Less than 0.05 percent.
Note.--GDP = gross domestic product.
Source: Congressional Budget Office.
TABLE I-15.--FEDERAL FINANCES AND THE FEDERAL DEBT, 1955-96
[In billions of dollars]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Total deficit Federal debt, end of year
---------------------------------------------------------------------------------------
Gross Held by government Held by the public
Fiscal year ---------------------- accounts ---------------------
Amount Percentage ----------------------
of GDP Anount Percentage Percentage Anount Percentage
of GDP Anount of GDP of GDP
--------------------------------------------------------------------------------------------------------------------------------------------------------
1955............................................................ -3.0 -0.8 274.4 71.5 47.8 12.4 226.6 59.0
1956............................................................ 3.9 1.0 272.7 65.7 50.5 12.2 222.2 53.5
1957............................................................ 3.4 0.8 272.3 62.3 52.9 12.1 219.3 50.2
1958............................................................ -2.8 -0.6 279.7 62.6 53.3 11.9 226.3 50.6
1959............................................................ -12.8 -2.7 287.5 60.1 52.8 11.0 234.7 49.0
1960............................................................ 0.3 0.1 290.5 57.4 53.7 10.6 236.8 46.8
1961............................................................ -3.3 -0.6 292.6 56.6 54.3 10.5 238.4 46.1
1962............................................................ -7.1 -1.3 302.9 54.7 54.9 9.9 248.0 44.7
1963............................................................ -4.8 -0.8 310.3 53.0 56.3 9.6 254.0 43.4
1964............................................................ -5.9 -0.9 316.1 50.4 59.2 9.5 256.8 41.0
1965............................................................ -1.4 -0.2 322.3 48.0 61.5 9.2 260.8 38.8
1966............................................................ -3.7 -0.5 328.5 44.5 64.8 8.8 263.7 35.7
1967............................................................ -8.6 -1.1 340.4 43.0 73.8 9.3 266.6 33.7
1968............................................................ -25.2 -3.0 368.7 43.4 79.1 9.3 289.5 34.1
1969............................................................ 3.2 0.4 365.8 39.5 87.7 9.5 278.1 30.0
1970............................................................ -2.8 -0.3 380.9 38.6 97.7 9.9 283.2 28.7
1971............................................................ -23.0 -2.2 408.2 38.8 105.1 10.0 303.0 28.8
1972............................................................ -23.4 -2.0 435.9 38.0 113.6 9.9 322.4 28.1
1973............................................................ -14.9 -1.2 466.3 36.5 125.4 9.8 340.9 26.7
1974............................................................ -6.1 -0.4 483.9 34.5 140.2 10.0 343.7 24.5
1975............................................................ -53.2 -3.5 541.9 35.9 147.2 9.7 394.7 26.1
1976............................................................ -73.7 -4.4 629.0 37.3 151.6 9.0 477.4 28.3
TQ.............................................................. ........ .......... 643.6 36.2 148.1 8.3 495.5 27.8
1977............................................................ -53.7 -2.8 706.4 36.8 157.3 8.2 549.1 28.6
1978............................................................ -59.2 -2.7 776.6 36.0 169.5 7.9 607.1 28.2
1979............................................................ -40.2 -1.7 828.9 34.1 189.2 7.8 639.8 26.3
1980............................................................ -73.8 -2.8 908.5 34.4 199.2 7.5 709.3 26.8
1981............................................................ -79.0 -2.7 994.3 33.5 209.5 7.1 784.8 26.5
1982............................................................ -128.0 -4.1 1,136.8 36.4 217.6 7.0 919.2 29.4
1983............................................................ -207.8 -6.3 1,371.2 41.3 240.1 7.2 1,131.0 34.1
1984............................................................ -185.4 -5.0 1,564.1 42.3 264.2 7.1 1,300.0 35.2
1985............................................................ -212.3 -5.3 1,817.0 45.8 317.6 8.0 1,499.9 37.8
1986............................................................ -221.2 -5.2 2,120.1 50.3 383.9 9.1 1,736.7 41.2
1987............................................................ -149.8 -3.4 2,345.6 52.7 457.4 10.3 1,888.7 42.4
1988............................................................ -155.2 -3.2 2,600.8 54.1 550.5 11.4 2,050.8 42.7
1989............................................................ -152.5 -2.9 2,867.5 55.4 678.2 13.1 2,189.9 42.3
1990............................................................ -221.2 -4.0 3,206.3 58.5 795.8 14.5 2,410.7 44.0
1991............................................................ -269.4 -4.7 3,599.0 63.4 910.4 16.0 2,688.1 47.4
1992............................................................ -290.4 -4.9 4,002.1 67.6 1,003.3 16.9 2,998.8 50.6
1993............................................................ -255.1 -4.1 4,351.4 69.5 1,103.9 17.6 3,247.5 51.9
1994............................................................ -203.1 -3.1 4,643.7 70.0 1,211.6 18.3 3,432.1 51.7
1995............................................................ -163.9 -2.3 4,921.0 70.3 1,317.6 18.8 3,603.4 51.4
1996 \1\........................................................ -145.6 -2.0 5,207.3 71.0 1,438.6 19.6 3,768.7 51.4
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ 1996 figures are estimates.
Source: Executive Office of the President (1996, tables 1.1, 1.2, 7.1).
TABLE I-16.--CONGRESSIONAL BUDGET OFFICE PROJECTIONS OF INTEREST COSTS AND FEDERAL DEBT, 1996-2001
----------------------------------------------------------------------------------------------------------------
Fiscal year
Source Actual ----------------------------------------------------
1995 1996 1997 1998 1999 2000 2001
----------------------------------------------------------------------------------------------------------------
Net interest outlays (billions of dollars)
------------------------------------------------------------
Interest on public debt (gross interest) \1\....... 332 344 353 368 386 402 421
Interest received by trust funds:
Social Security................................ -33 -37 -41 -45 -50 -55 -61
Other trust funds \2\.......................... -60 -61 -61 -60 -59 -58 -56
------------------------------------------------------------
Subtotal..................................... -93 -98 -101 -105 -109 -121 -117
============================================================
Other interest \3\................................. -7 -6 -6 -6 -6 -7 -8
------------------------------------------------------------
Total, net interest, outlays................. 232 240 246 257 271 283 296
============================================================
Federal debt, end of year (billions of dollars)
------------------------------------------------------------
Gross Federal debt................................. 4,921 5,191 5,483 5,789 6,120 6,478 6,845
Debt held by government accounts:
Social Security................................ 483 547 619 695 779 871 967
Other government accounts \2\.................. 834 874 897 912 920 920 912
------------------------------------------------------------
Subtotal..................................... 1,318 1,421 1,516 1,607 1,699 1,791 1,879
============================================================
Debt held by the public............................ 3,663 3,770 3,967 4,181 4,422 4,687 4,966
Debt subject to limit \4\.......................... 4,885 5,154 5,446 5,751 6,083 6,440 6,808
------------------------------------------------------------
Federal debt as a percentage of GDP
------------------------------------------------------------
Debt held by the public............................ 50.2 50.3 50.5 50.8 51.3 51.8 52.3
----------------------------------------------------------------------------------------------------------------
\1\ Excludes interest costs of debt issued by agencies other than the Treasury (primarily deposit insurance
agencies).
\2\ Principally Civil Service Retirement, Military Retirement, Medicare, Unemployment Insurance, and the Highway
and the Airport and Airway trust funds.
\3\ Primarily interest on loans to the public and to the Resolution Trust Corporation and the Bank Insurance
Fund.
\4\ Differs from the gross Federal debt primarily because most debt issued by agencies other than the Treasury
(currently about $20 billion) is excluded from the debt limit.
Note.--Projections of interest and debt assume compliance with the discretionary spending caps in the Budget
Enforcement Act.
Source: Congressional Budget Office.
TABLE I-17.--TRUST FUND BALANCES, 1981-95
[In billions of dollars]
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Fiscal year
Account -------------------------------------------------------------------------------------------------------------------------------------
1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Social Security........................................... -$5 -$8 (\1\) (\1\) $9 $17 $20 $39 $52 $58 $54 $51 $47 $57 $60
Medicare.................................................. 3 5 $6 $6 4 6 9 15 22 15 15 14 10 1 -7
Military retirement....................................... ...... ....... ....... ....... 12 12 14 14 14 12 13 12 10 8 7
Civilian retirement \2\................................... 11 12 14 15 18 19 18 19 20 22 24 26 28 28 28
Unemployment.............................................. -1 -4 -1 4 5 4 7 8 7 6 -3 -12 1 3 8
Highway and airport....................................... -2 -1 1 4 2 1 2 2 4 2 4 2 -1 -5 -1
Other \3\................................................. 1 2 2 5 5 3 3 1 4 5 6 4 6 4 4
-------------------------------------------------------------------------------------------------------------------------------------
Total trust fund surplus.............................. 7 6 23 33 54 62 73 98 124 120 112 96 100 95 99
Federal funds deficit................................. -86 -134 -231 -218 -267 -283 -222 -253 -276 -342 -381 -386 -355 -299 -263
Overall deficit....................................... -79 -128 -208 -185 -212 -221 -150 -155 -153 -221 -270 -290 -255 -203 -164
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Less than $500 million.
\2\ Includes Civil Service Retirement, Foreign Service Retirement, and several smaller funds.
\3\ Includes primarily Railroad Retirement, Employees' Health Insurance and Life Insurance, Hazardous Substance Superfund, Foreign Military States, Veterans Life Insurance Trust Fund, other
trust funds, Overseas Private Investment Corp., Abandoned Mine Redemption Fund, Nuclear Disposal Fund, and Uranium Enrichment Decontamination and Decommissioning Fund.
Source: Congressional Budget Office.
TABLE I-18.--CONGRESSIONAL BUDGET OFFICE PROJECTIONS OF TRUST FUND BALANCES
[In billions of dollars]
----------------------------------------------------------------------------------------------------------------
Fiscal year
Trust Fund -----------------------------------------------------------
1996 1997 1998 1999 2000 2001
----------------------------------------------------------------------------------------------------------------
Social Security \1\................................. $64 $72 $76 $84 $92 $97
Medicare \2\........................................ -5 -14 -21 -28 -36 -46
Military Retirement................................. 3 2 2 1 1 1
Civilian Retirement \3\............................. 28 28 28 28 29 30
Unemployment........................................ 6 5 4 3 3 4
Highway and Airport................................. -2 -4 -3 -3 -3 -3
Other \4\........................................... 3 3 3 3 4 4
-----------------------------------------------------------
Total trust fund surplus \5\.................... 97 92 89 89 89 86
Federal funds deficit \5\....................... -241 -263 -283 -308 -334 -345
Total deficit................................... -144 -171 -194 -219 -244 -259
===========================================================
Memorandum: Net transfers from Federal funds to
trust funds........................................ 229 239 255 269 286 304
----------------------------------------------------------------------------------------------------------------
\1\ Old-Age and Survivors Insurance and Disability Insurance.
\2\ Hospital Insurance and Supplementary Medical Insurance.
\3\ Civil Service Retirement, Foreign Service Retirement, and several smaller funds.
\4\ Primarily Railroad Retirement, employees' health insurance and life insurance, Superfund, and various
veterans' insurance trust funds.
\5\ Assumes that discretionary spending reductions are made in nonfund programs.
Source: Congressional Budget Office.
TABLE I-19.--CONGRESSIONAL BUDGET OFFICE BASELINE, ADMINISTRATION, AND BLUE CHIP ECONOMIC PROJECTIONS, CALENDAR
YEARS 1995-2001
----------------------------------------------------------------------------------------------------------------
Forecast Projected
Projection category Estimated \1\ -----------------------------------------
1995 1996 1997 1998 1999 2000 2001
----------------------------------------------------------------------------------------------------------------
Real GDP \2\ (percentage change, year over year):
Congressional Budget Office........................ 2.1 2.0 1.9 2.0 2.1 2.1 2.1
Administration..................................... 2.1 2.2 2.3 2.3 2.3 2.3 2.3
Blue chip.......................................... 2.1 1.9 2.1 1.9 2.0 2.4 2.3
GDP deflator (percentage change, year over year):
Congressional Budget Office........................ 2.5 2.6 2.8 2.7 2.7 2.7 2.7
Administration..................................... 2.5 2.8 2.7 2.7 2.7 2.7 2.7
Blue chip.......................................... 2.5 2.3 2.4 2.4 2.5 2.5 2.4
Consumer price index \3\ (percentage change, year over
year):
Congressional Budget Office........................ 2.8 2.8 3.1 3.0 2.9 2.9 2.9
Administration..................................... 2.8 2.8 3.0 2.8 2.8 2.8 2.8
Blue chip.......................................... 2.8 2.7 2.9 2.9 2.8 2.9 2.8
Civilian unemployment rate (percent): \4\
Congressional Budget Office........................ 5.6 5.8 6.0 6.0 6.0 6.0 6.0
Administration..................................... 5.6 5.7 5.7 5.7 5.7 5.7 5.7
Blue chip.......................................... 5.6 5.8 5.9 6.3 6.3 6.1 6.1
Three-month Treasury bill rate (percent): \5\
Congressional Budget Office........................ 5.5 4.9 4.8 4.8 4.8 4.8 4.8
Administration..................................... 5.5 4.9 4.5 4.3 4.2 4.0 4.0
Blue chip.......................................... 5.5 4.8 4.8 5.2 5.1 5.0 4.9
Ten-year Treasury note rate (percent):
Congressional Budget Office........................ 6.6 6.1 6.4 6.4 6.4 6.4 6.4
Administration..................................... 6.6 5.6 5.3 5.0 5.0 5.0 5.0
Blue chip \6\...................................... 6.6 5.8 5.9 6.4 6.3 6.3 6.2
----------------------------------------------------------------------------------------------------------------
\1\ The blue chip forecast was prepared 2 months later than the other forecasts, so the blue chip data for 1993
are actual.
\2\ Based on constant 1987 dollars.
\3\ Consumer price index for all urban consumers (CPI-U).
\4\ The Bureau of Labor Statistics changed the unemployment survey in January 1994. The Congressional Budget
Office and administration forecasts for 1994 through 1999 originally used 1993 methodology. The forecast
tables reported here have been adjusted upward 0.4 percentage points to make the forecasts comparable with
currently published figures. Data for 1993, shown in italics, use pre-1994 methodology.
\5\ Consumer price index for all urban consumers (CPI-U).
\6\ The blue chip does not project a 10-year note rate. The values shown here are based on the blue chip
projection of the AAA bond rate, adjusted by Congressional Budget Office to reflect the estimated spread
between AAA bonds and 10-year Treasury notes.
Note.--The administration used Congressional Budget Office's economic forecast in its budget calculations. The
forecast labeled ``administration'' in this table reflects the administration's own forecast and includes its
estimate of its own programs' effects. The Congressional Budget Office forecast is based on data available
through December 1992 and does not reflect fourth-quarter data for gross domestic product or the consumer
price index published in January 1993. The blue chip forecasts are based on a survey of private forecasters
published on March 10, 1993. Congressional Budget Office's forecasts projections are based on current policy
assumptions, whereas the Administration's forecasts a projections are based on budget economic assumptions.
Source: Congressional Budget Office; Office of Management and Budget; Eggert Economic Enterprises, Inc., Blue
Chip Economic Indicators.
TABLE I-20.--EFFECTS ON CONGRESSIONAL BUDGET OFFICE BUDGET PROJECTIONS OF SELECTED CHANGES IN ECONOMIC
ASSUMPTIONS, 1996-2001
[By fiscal year, in billions of dollars]
----------------------------------------------------------------------------------------------------------------
Fiscal year
Category ------------------------------------------------
1996 1997 1998 1999 2000 2001
----------------------------------------------------------------------------------------------------------------
Real growth: Effect of 0.1 percentage point lower annual rate beginning January 1996
----------------------------------------------------------------------------------------------------------------
Change in revenues............................................. $-1 $-2 $-4 $-6 $-8 $-10
Change in outlays.............................................. (\1\) 9 9 1 1 2
Change in deficit.............................................. 1 2 4 7 9 12
----------------------------------------------------------------------------------------------------------------
Inflation: Effect of 1 percentage point higher annual rate beginning January 1996
----------------------------------------------------------------------------------------------------------------
Change in revenues............................................. 8 23 38 55 73 92
Change in outlays.............................................. 3 23 44 66 89 113
Change in deficit.............................................. -5 1 6 12 16 20
----------------------------------------------------------------------------------------------------------------
Interest rates: Effect of 1 percentage point higher annual rate beginning January 1996
----------------------------------------------------------------------------------------------------------------
Change in revenues............................................. 0 0 0 0 0 0
Change in outlays.............................................. 3 16 25 32 40 46
Change in deficit.............................................. 3 16 25 32 40 46
----------------------------------------------------------------------------------------------------------------
\1\ Less than $500 million.
Note.--See appendix C in Congressional Budget Office (1996) for an explanation of our revised rules of thumb
annual report.
Source: Congressional Budget Office.
TABLE I-21.--PRICE LEVELS, 1970-2002
----------------------------------------------------------------------------------------------------------------
Chain-
type All CPI-U CPI-X1
Year GDP items fiscal Food and Housing Medical CPI-X1 fiscal
price (CPI-U) year beverage \1\ care year
index
----------------------------------------------------------------------------------------------------------------
1970............................... 30.6 38.8 37.8 40.1 36.4 34.0 41.3 40.4
1971............................... 32.1 40.5 39.7 41.4 38.0 36.1 43.1 42.3
1972............................... 33.5 41.8 41.2 43.1 39.5 37.3 44.5 43.8
1973............................... 35.4 44.4 42.8 48.8 41.2 38.8 47.2 45.5
1974............................... 38.5 49.3 46.7 55.5 45.8 42.4 52.0 49.4
1975............................... 42.2 53.8 51.8 60.2 50.6 47.5 56.3 54.3
1976 \2\........................... 44.6 56.9 55.5 62.1 53.7 52.0 59.5 58.0
1977............................... 47.5 60.6 59.7 65.8 57.4 57.0 63.2 62.3
1978............................... 50.9 65.2 63.9 72.2 62.4 61.8 67.6 66.3
1979............................... 55.3 72.6 70.5 79.9 70.1 67.5 74.1 72.2
1980............................... 60.4 82.4 80.0 86.8 81.0 74.9 82.3 80.3
1981............................... 66.1 90.9 88.9 93.5 90.4 82.9 90.2 88.3
1982............................... 70.2 96.5 95.5 97.3 96.9 92.6 95.7 94.5
1983............................... 73.2 99.6 98.8 99.5 99.5 100.7 99.6 98.7
1984............................... 75.9 103.9 102.9 103.2 103.6 107.0 103.9 102.9
1985............................... 78.6 107.6 106.7 105.6 107.7 113.6 107.6 106.7
1986............................... 80.6 109.7 109.3 109.1 110.9 122.2 109.7 109.3
1987............................... 83.1 113.7 112.5 113.6 114.2 130.3 113.7 112.5
1988............................... 86.1 118.4 117.1 118.2 118.4 138.8 118.4 117.1
1989............................... 89.7 124.0 122.6 125.0 122.9 149.4 124.0 122.6
1990............................... 93.6 130.8 128.8 132.1 128.5 163.0 130.8 128.8
1991............................... 97.3 136.3 135.3 136.8 133.5 177.2 136.3 135.3
1992............................... 100.0 140.4 139.3 138.7 137.4 190.3 140.4 139.3
1993............................... 102.6 144.6 143.6 141.6 141.1 201.6 144.6 143.6
1994............................... 104.9 148.3 147.4 144.9 144.7 211.2 148.3 147.4
1995............................... 107.6 152.5 151.5 148.9 148.3 220.7 152.5 151.5
1996 \3\........................... 110.4 156.8 155.6 ............ ....... ....... 156.8 155.6
1997 \3\........................... 113.5 161.6 160.4 ............ ....... ....... 161.6 160.4
1998 \3\........................... 116.5 166.5 165.3 ............ ....... ....... 166.5 165.3
1999 \3\........................... 119.7 171.4 170.1 ............ ....... ....... 171.4 170.1
2000 \3\........................... 122.9 176.4 175.1 ............ ....... ....... 176.4 175.1
2001 \3\........................... 126.2 181.6 180.2 ............ ....... ....... 181.6 180.2
2002 \3\........................... 129.7 186.9 185.6 ............ ....... ....... 186.9 185.6
----------------------------------------------------------------------------------------------------------------
\1\ Includes alcoholic beverages, not shown separately.
\2\ In 1976, the fiscal year was moved from July-June to October-September. The 3-month period from July through
September, 1976 is not represented in this table. The value for CPI-U during this period is 57.3; the value of
CPI-X1 during this period is 59.9.
\3\ Congressional Budget Office forecast from The Economic and Budget Outlook: Fiscal Years 1997-2006, May 1996.
Note.--Data beginning in 1978 are for all urban consumers; earlier data are for urban wage earners and clerical
workers. Data for CPI-U beginning 1983 incorporate a rental equivalence measure for homeowners' costs (the
measure used in determining CPI-X1) and therefore are not strictly comparable with earlier figures.
Source: Department of Commerce, Bureau of Economic Analysis; Department of Labor, Bureau of Labor Statistics;
and Congressional Budget Office.
REFERENCES
Congressional Budget Office. (1995, August). The economic and
budget outlook: An update. Washington, DC: U.S.
Government Printing Office.
Eggert Economic Enterprises, Inc. (1996, July 10). Blue Chip
Economic Indicators. Alexandria, Virginia: Capitol
Publications.
Executive Office of the President. (1996). Budget of the United
States Government, fiscal year 1997 (Historical
Tables). Washington, DC: U.S. Government Printing
Office.
Office of Management and Budget. (1996, July). Midsession
review of the 1997 budget. Washington, DC: Author.