FY2011 Budget Proposals and Projections
Abstract
This report provides an overview of major budget estimates and projections for the FY2011 federal budget cycle. The report presents and compares budget projections calculated by the Obama Administration's Office of Management and Budget (OMB) and the Congressional Budget Office (CBO). In addition, the report discusses major budgetary issues. The congressional budget process usually begins once the Administration submits its budget to Congress. The Senate Budget Committee passed a version of a budget resolution (S.Con.Res. 60) in April, and the House adopted a deeming resolution (H.Res. 1500; H.Res. 1493) in July. The current economic climate continues to pose major challenges to policymakers shaping the FY2011 federal budget. Although the economy has shown some signs of recovery from an economic recession that many economists consider the most severe since the Great Depression, unemployment remains at high levels. While the U.S. economy grew at an annual rate of 5.0% in the last quarter of 2009 in inflation-adjusted terms, after falling sharply in the last quarter of 2008 and the first quarter of 2009, annualized growth was 3.7% in the first quarter of 2010 and 1.6% in the second quarter. The national unemployment rate stood at 9.5% in July 2010 and is projected to decline slowly. Weakness in residential and commercial real estate, high household debt levels, and fiscal challenges facing state and local governments may contribute to a long and slow economic recovery. The recession and the prospect of a slow recovery have strongly affected budget estimates and projections. OMB issued updated budget projections in July 2010, and CBO issued a budget baseline update in August 2010.
Document Details
- Document Type
- Technical Report
- Publication Date
- Sep 01, 2010
- Accession Number
- ADA529704
Entities
People
- D. A. Austin
Organizations
- Library of Congress