An Analysis of the President's 2013 Budget
Abstract
This report by the Congressional Budget Office (CBO) presents an analysis of the proposals contained in the President's budget request for fiscal year 2013. The analysis is based on CBO's economic projections and estimating techniques (rather than the Administration's) and incorporates estimates by the staff of the Joint Committee on Taxation for the President's tax proposals. In conjunction with analyzing the President's budget, CBO has updated its baseline budget projections, which were previously issued in January 2012. Unlike its estimates of the President's budget, CBO's baseline projections largely reflect the assumption that current tax and spending laws will remain unchanged, so as to provide a benchmark against which potential legislation can be measured. Under that assumption, CBO estimates that the deficit would total $1.2 trillion in 2012 and that cumulative deficits over the 2013-2022 period would amount to $2.9 trillion. The President's budget request specifies spending and revenue policies for the 2013-2022 period and also includes initiatives that would have budgetary effects in fiscal year 2012.
Document Details
- Document Type
- Technical Report
- Publication Date
- Mar 01, 2012
- Accession Number
- ADA558545
Entities
People
- Barry Blom
Organizations
- Congressional Budget Office