The Federal Budget: Outlook and Challenges
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Presentation to Women in Government Relations, Theresa Gullo, Deputy Assistant Director for Budget Analysis, June 6, 2013
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The Federal Budget: Outlook and Challenges
- 1. Congressional Budget Office The Federal Budget: Outlook and Challenges Presentation to Women in Government Relations Theresa Gullo Deputy Assistant Director for Budget Analysis June 6, 2013 This presentation draws from previous CBO work on the subject.
- 2. C O N G R E S S I O N A L B U D G E T O F F I C E Percentage of GDP CBO Projects that Over the Next Ten Years Federal Spending and Revenues Under Current Law Will be a Larger Share of the Economy than They Have Been Historically
- 3. C O N G R E S S I O N A L B U D G E T O F F I C E Spending on Social Security, Major Health Care Programs, and Interest Will Grow Relative to GDP While Discretionary Spending Will Shrink 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1 2 3 4 5 6 7 Other Mandatory Spending Major Health Care Programs Defense Discretionary Spending Social Security Nondefense Discretionary Spending Net Interest Percentage of GDP
- 4. C O N G R E S S I O N A L B U D G E T O F F I C E By 2023, Federal Spending Will Shift Further Toward Social Security and Medicare
- 5. C O N G R E S S I O N A L B U D G E T O F F I C E By 2023 the President’s Budget Proposals Would Result in More Revenues and Less Spending than Under Current Law
- 6. C O N G R E S S I O N A L B U D G E T O F F I C E Current House and Senate Budget Plans Would Make Significant Changes to Revenues and Certain Categories of Spending Relative to Current Law
- 7. C O N G R E S S I O N A L B U D G E T O F F I C E The Debt Path Under Different Budget Plans Can Vary Considerably
- 8. C O N G R E S S I O N A L B U D G E T O F F I C E Proposals to Change the Budget Can be Evaluated Using Many Different Criteria ■ How big would the government be? ■ How much and how quickly would federal debt be reduced? ■ How would the changes affect short-term and long-term economic performance? ■ Who would bear the burden of changes in spending and revenues? ■ How would the country’s and the government’s resources be allocated?