PDA

View Full Version : Upcoming Budget number projections


pikesome
03-16-2008, 03:14 PM
While looking for info about that "earmark" amendment I found this: (http://cboldt.blogspot.com/)



The concurrent resolution has an abundance of eye-popping figures.

Text of S.Con.Res.70

(1) FEDERAL REVENUES.--For purposes of the enforcement of this resolution:
(A) The recommended levels of Federal revenues are as follows:

Fiscal year 2008: $1,871,888,000,000.
Fiscal year 2009: $2,013,878,000,000.
Fiscal year 2010: $2,199,989,000,000.
Fiscal year 2011: $2,432,588,000,000.
Fiscal year 2012: $2,656,131,000,000.
Fiscal year 2013: $2,755,116,000,000.

Projected increase in tax revenues:
2009: + 8% [ 8% increase from FY 2008]
2010: + 9% [18% increase from FY 2008]
2011: +11% [30% increase from FY 2008]
2012: + 9% [42% increase from FY 2008]
2013: + 4% [47% increase from FY 2008]

wazu
03-16-2008, 07:05 PM
Wasn't Bush's latest proposed budget for $3.1 trillion?

pikesome
03-16-2008, 07:30 PM
Wasn't Bush's latest proposed budget for $3.1 trillion?

Dunno.

This sounds like a "this is how we think it's going to play out for planning purposes".

Notice the massive jump in spending without an increase in revenue. I'm not sure where the projections come from, it doesn't say.

SECTION 1. CONCURRENT RESOLUTION ON THE BUDGET FOR FISCAL YEAR 2009.

(a) Declaration.--Congress declares that this resolution is the concurrent resolution on the budget for fiscal year 2009 and that this resolution sets forth the appropriate budgetary levels for fiscal years 2008 and 2010 through 2013.

Amnorix
03-17-2008, 07:04 AM
First off, projections are not much more than "hopes", and are based on a number of assumptions, many of which will be blown up by whatever new legislation is done on the revenue front with the new administration.

Second, I suspect a number of these revenue jumps involve sunsetting of tax cuts that Bush implemented early in his term, some of which will no doubt be extended (Child care tax credit, etc.)? Maybe? Not sure.

Third, revenues are still waaaay less than expenditures. Bush's current budget has a massive deficit.

Finally, all these numbers are a bit gimmicked because the amounts aren't held constant for inflation. A 4% increase is real dollars is more like a 0% increase in inflation-adjusted dollars.