Fannie Freddie Market Valuation and Balance Sheet

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145

SUMMARY TABLES


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148 SUMMARY TABLES

Ta

bleS2.EectoBudge

tProposalsonProjected

DecitsContinued

(Decitincreases(+)ordecreases()inbillionsodollars)

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Totals

2011

2015

2011

2020

Memorandum,proposedchangesinappropriated

(discretionary)budgetary

resources:

Overseascontingencyopera

tions

33

28

84

86

88

90

93

95

98

101

10

3

320

810

Security(exceptOCO)

8

16

27

30

33

37

38

39

39

40

4

1

144

341

Non-security

14

19

31

29

27

32

34

34

32

2

5

120

278

Total,appropriatedun

ding

41

30

75

86

85

80

87

91

93

93

8

7

296

747

Memorandum,decitreductionexclusiveoOCO

proposalsandrelateddebts

ervice

117

84

65

136

140

135

131

153

173

192

20

8

391

1,249

Note:FiguresdisplayedinthetabledonotrefecttheimpactoanyrecommendationsromtheFiscalCommission

*$500millionorless

1SeetablesS3andS7or

inormationonthebaselineprojectiono

currentpolicy

2AllowanceorpendinghealthreormlegislationSeeTableS8oru

rtherdetail

3Acomprehensivemarket-b

asedclimatechangepolicywillbedecitneutralbecauseproceedsromemissionsallowanceswillbeusedtocompensatevulnerableamilies,

communities,andbusinessesduringthetransitiontoacleanenergyeconomyReceiptswillalsobereservedorinvestmentstoreducegreenhousega

semissions,

includingsupportoclean

energytechnologies,andinadaptingtotheimpactsoclimatechange,bothdomesticallyandindevelopingcountries

4Includesreundabletaxcredits

5Includestheeectsocontinuingcertainexpiringprovisionsthroughcalendaryear2011

6Includeslimitingitemized

deductions,tradeinitiatives,andotherta

xinitiativesonTableS8

7IncludesPAYGOimpacto

changesinmandatoryprogramsincluded

inappropriationslanguage


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150 SUMMARY TABLES

Tab

leS3.BaselineProject

ionoCurrentPolicyby

Category1Continued

(Inbillionsodollars)

2009

2010

20

11

2012

2013

2014

2015

2016

2017

2018

2019

2020

Totals

201

12015

20112020

Memorandum,unding(budgetaryresources)or

appropriatedprograms:

Security

824

814

834

854

874

895

917

939

963

988

1,013

1,040

4,374

9,318

Non-security

689

447

456

465

477

488

499

511

523

536

549

563

2,385

5,067


ding

1,513

1,2601

,290

1,319

1,351

1,383

1,4161,450

1,486

1,524

1,562

1,602

6,760

14,385

*$500millionorless

1SeeTableS7orinormationonadjustmentstotheBudgetEnorcementAct(BEA)baseline

2OutlaysorTARPin2011

andsubsequentyearsresultromobligationsortheHomeAordableModication

Program,andotherestimatedTARPobligationsincurred

throughOctober3,2010

3T

heseamountsrepresentaplaceholderormajordisastersrequirin

gFederalassistanceorrelieandreconstructionSuchassistancemightbeprovidedintheormo

discretionaryormandatoryoutlaysortaxrelieTheseamountsareincludedasoutlaysorconvenience


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152 SUMMARY TABLES

TableS4.Propo

sedBudgetbyCategory

Continued


2009

20102

011

2012

2013

2014

20152

016

2017

2018

2019

2020

Totals

20

11201520112020

On-budgetdecit

1,550

1,634

1,363

949

863

852

910

952

952

959

1,075

1,153

4,937

10,028

O-budgetsurplus()

137

78

96

120

136

146

158

175

174

174

167

151

656

1,496

Primarydecit

1,226

1,368

1,016

486

291

196

181

151

97

52

123

163

2,170

2,755

Netinterest

187

188

251

343

436

510

571

627

681

733

786

840

2,110

5,777

Memorandum,unding(budg

etaryresources)or


Security

824

855

879

798

819

840

864

885

906

929

953

978

4,198

8,849

Non-security

689

447

441

446

446

459

472

479

489

502

517

538

2,265

4,789


ding

1,513

1,302

1,320

1,244

1,265

1,299

1,336

1,363

1,395

1,431

1,470

1,515

6,464

13,638


*$500millionorless



Programs,andotherestimatedTARPob

ligationsincurred


2Refectson-budgeteectsonlySeeTableS8orurtherdetail

3T


gFederalassistanceorrelieandreconstructionSuchassistancemightbeprovidedintheormo



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THE BUDGET FOR FISCAL YEAR 2011 153

PolicyOutlay

sbyCategory

OtherMand

atory

Programs

and

DisasterC

osts

NetInterest

SecurityDiscretionary

Non-Security

Discretionary

SocialSecurity

Med

icare

Medicaid

Polic

yRevenuesby

Source

Borrowingand

OtherNet

Financing

Social

Security

P

ayrollTaxes

ExciseTaxes

Corporation

IncomeTax

es

Unemployment

Insurance

Medicare

Payroll

Taxes

Individual

IncomeTaxes

OtherReceipts

2011

2011

2015

2015 B

orrowing

andOtherNet

Fin

ancing

Social

Security

P

ayrollTaxes

ExciseTaxes

Corporation

IncomeTaxes

Unemployment

Insurance

MedicarePayroll

Taxes

Indiv

idual

IncomeTaxes

OtherReceipts

SecurityDiscretio

nary

Non-Security

Discretionary S

ocial

Security

Medicar

e

Medicaid

NetInterest O

therMand

atory

Programs

and

DisasterC

osts


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Tab

leS5.ProposedBudge

tbyCategoryasaPercentoGDPContinued

(AsapercentoGDP)

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Averages

2011

2015

2011-

2020

On-budgetdecit

109

112

89

59

50

47

47

47

45

43

47

48

58

52

O-budgetsurplus()

10

05

06

07

08

08

08

09

08

08

07

06

08

08

Primarydecit

86

94

66

30

17

11

09

07

05

02

05

07

27

16

Netinterest

13

13

16

21

25

28

30

31

32

33

34

35

24

29


etaryresources)or


Security

58

58

57

49

48

46

45

44

43

42

41

41

49

46

Non-security

48

31

29

28

26

25

25

24

23

23

22

22

26

25

Subtotal,appropriated

programs

106

89

86

77

74

71

70

68

66

65

64

63

76

70


*005percentoGDPorles

s

1OutlaysorTARPin2011andsubsequentyearsresultromobligati

onsortheHomeAordableModication



2Refectson-budgeteectso

nlySeeTableS8orurtherdetail

3Theseamountsrepresenta

placeholderormajordisastersrequiringFederalassistanceorrelieandreconstructionSuchassistancemightbeprovide

dintheormo



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TableS6.ProposedBudgetbyCategory

AdjustedorInfationandPopulationGrowthContinued

(Inbillionsodollars,basedon2011pricesandpopulation)

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

On-budgetdecit

1,363

922

815

781

810

823

798

7

79

848

883

O-budgetsurplus()

96

117

128

134

141

151

146

1

41

131

115

Primarydecit

1,016

472

275

179

161

130

81

42

97

125

Netinterest

251

333

411

467

508

542

571

5

96

620

643


etaryresources)orappropriatedprograms:

Security

879

775

773

769

769

764

760

7

55

751

749

Non-security

441

434

421

421

420

414

410

4

08

408

412

Subtotal,appropriated

programs

1,320

1,209

1,194

1,190

1,189

1,178

1,169

1,1

63

1,159

1,160


*$500millionorless





2Refectson-budgeteectsonlySeeTableS8orurtherdetail

3T


gFederalassistanceorrelieandreconstructionSuchassistancemightbeprovid

edintheormo



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158 SUMMARY TABLES

TableS7.BridgeFromBudgetEnorcementAct

BaselinetoBas

elineProjectionoCurre

ntPolicy

(Decitincreases(+)ordecreases()inbillionsodollars)

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Totals

2011

2015

2011

2020

BEAbaselinedecit...................................................

1,413

1,404

912

613

561

495

492

469

445

421

507

557

3,073

5,472

Adjustmentstorefectcurr

entpolicies:

Indextoinfationthe2009parametersotheAMT

13

64

32

38

45

53

62

72

84

97

110

233

659

Continuethe2001and2003taxcuts1

5

135

237

266

295

318

335

352

369

386

403

1,251

3,097

PreventreductioninMedicar

ephysicianpayments

7

22

27

32

34

35

38

40

43

48

53

150

371

Correctbaselinegrowthrat

esorpayincreases

2

3

3

3

3

3

3

4

4

4

14

32

Subtotal

25

219

294

333

371

403

432

461

492

527

562

1,620

4,095

Adjustmenttorefectcosts

opossible

emergencies2...........................................................

1

3

4

4

4

5

5

5

5

5

5

21

46

AdjustmentstoPellGrants

:

Refectcostoundingexist

ingmaximumgrant

award

9

12

12

12

12

12

12

12

12

13

56

118

RemovePellGrantsromappropriatedcategory

19

27

27

29

30

30

31

31

32

32

32

33

147

307

AddPellGrantstomandatorycategory

19

27

27

29

30

30

31

31

32

32

32

33

147

307

Subtotal

9

12

12

12

12

12

12

12

12

13

56

118

Totalprogramadjustments

26

231

310

349

387

420

449

478

510

545

580

1,697

4,259

Debtserviceonadjustments

*

2

11

31

51

71

94

118

146

175

209

167

909

Totaladjustments

26

233

321

379

438

491

543

597

655

720

789

1,863

5,167

Baselineprojectionocurrentpolicydecit.......

1,413

1,430

1,145

934

940

934

983

1,013

1,042

1,077

1,227

1,346

4,936

10,640

*$500millionorless

1Incontinuingthe2001and

2003taxcuts,theestatetaxismaintainedatits2009parameters

2Theseamountsrepresenta

placeholderormajordisastersrequiringFederalassistanceorrelieandreconstructionSuchassistancemightbeprovidedintheormo



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S8.MandatoryandReceiptProposalsContinued

(Decitincreases(+)ordecreases(-)inmillionsodollars)

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2011

2015

2011

2020

RestructureassistancetoNY

C:Providetax

incentivesortransportationinrastructure

200

200

200

200

200

200

200

200

200

200

1,000

2,000

Implementprogramintegrity

allocation

adjustmentsIRS

385

1,164

2,355

3,955

6,015

7,987

9,238

9,93110,37810,809

13,874

62,217

Totalreceipteectsomandatoryproposals

12,038

7,486

10,08739,23658,30180,685

96,475106,056115,799125,393136,279

180,823

760,825

3AllowancerefectstheaveragebudgetimpactsotheHouse-andSena

te-passedhealthcarereormbills,extrapolatedto2020andadjustedtoremovethe

eectsoour

provisionsalreadyincluded

explicitlyas2011BudgetproposalsThe

ouradjustmentsareorproposalstoreq

uireinormationreportingonpaymentst

ocorporations,

codiytheeconomicsubstan

cedoctrine,modiycellulosicbiouelprod

ucercredit,andextendFMAPrelietoSt

ates

4Acomprehensivemarket-basedclimatechangepolicywillbedecitne

utralbecauseproceedsromemissionsallowanceswillbeusedtocompensatevuln

erableamilies,

communities,andbusinessesduringthetransitiontoacleanenergy

economyReceiptswillalsobereservedorinvestmentstoreducegreenhousegasemissions,including

supportocleanenergytechnologies,andinadaptingtotheimpacts

oclimatechange,bothdomesticallyandindevelopingcountries

5Receipteectsunlessotherw

isenoted

6TheAdministrationcontinue

stosupportexpandingreundabilityoth

echildtaxcreditbyloweringthereundabilitythresholdto$3,000,aswellastheexpansionothe

earnedincometaxcreditormarriedcouplesbyincreasingthephase

-outthresholdby$5,000comparedtooth

erlersThesepoliciesareincorporatedinthebaseline

projectionocurrentpolicy

7ThisprovisionisestimatedtohavezeroreceipteectsundertheAdministrationscurrentprojectionsorenergyprices

8Outlayeectsunlessotherwisenoted

9Netoincomeosets


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172 SUMMARY TABLES

TableS9.BridgeBetweenTotalMandatoryand

ReceiptProp

osalsandPAYGOScorek

eeping

Decitincreases(+)ordecreases()inmillionsodolla

rs

Total1

2011-2020

totalmandatoryandreceiptproposals,Ta

bleS8

1,149,100

Plus2

010eects:PAYGOincludesalookback

provisiontocapturecurrent-yearcosts

114,309

20102020

totalmandatoryandreceiptproposa

lsandclimatepolicies,TableS8.........................................

1,034,79

1

Adjustmentstoremovecostsorsavingsornon-PAYGOitemsonS8:

Temporaryrecoverymeasures

266,351

Savin

gsromnotextendingupper-incometaxcuts

694,931

Programintegrityandothersavingsgenerated

byincreaseddiscretionaryunding

135,838

Other

non-PAYGOitems

3,847

To

tal,adjustmentsornon-PAYGOitem

s.....................................................................................................

561,26

1

TOTAL:N

etscoreablePAYGOsavingsinAdministrationsbudget...................................................................

473,53

0

Note:Figuresdisplayedinthetabledonotrefect

theimpactoanyrecommendationsrom

theFiscalCommission

1Totalsr

epresent2010-2020unlessotherwisestated


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176 SUMMARY TABLES

TableS

12.MarketValuationandBalanceSheetoFan

nieMaeandFreddieMac


2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

20192020

Totals

2011-

2015

2011-

2020

TransactionsbetweenTrea

suryand

FannieMae/FreddieMac

:

SeniorPreerredLiquidityPaymentstoFannie

Mae/FreddieMac

96

69

23

23

23

SeniorPreerredDividendPaymentsromFannie

Mae/FreddieMac

4

12

18

7

7

7

7

7

7

7

7

7

44

78

NetPayments

91

57

5

7

7

7

7

7

7

7

7

7

21

55

MarketValuationoFannieMaeandFreddie

Mac:

MarketValueoNetLiability

18

18

ValueoPrivateEquitySha

res

3

3

NetPositionoFannieMae

andFreddieMac:

Assets:

USTreasurySecuritie

s

12

OtherFinancialAssets

1,524

1,579

Cash

115

110

Other

63

54

Liabilities:

DebtOutstanding

1,615

1,607

OtherFinancialLiabilities

90

155

Equity:

TreasurySeniorPreerredStock

96

PrivateEquity

4

101

NetPosition

4

5


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TableS13.EconomicAssumptio

ns

(Calendaryears)

2008

Actual

Pr

ojections

2009

2

010

2011

2012

2013

201

4

2015

2016

2017

2018

2019

2020

GrossDomesticProduct(G

DP):

Nominallevel,billionsodo

llars

14,441

14,252

14,768

15,514

16,444

17,433

18,446

19,433

20,408

21,373

22,32

9

23,312

24,323

Percentchange,nominalGDP,year/year

26

13

36

51

60

60

58

53

50

47

45

44

43

RealGDP,percentchange,

year/year

04

25

27

38

43

42

40

36

32

28

26

25

25

RealGDP,percentchange,

Q4/Q4

19

05

30

43

43

42

39

34

31

27

26

25

25

GDPchainedpriceindex,percentchange,

year/year

21

12

09

12

16

17

17

17

18

18

18

18

18

ConsumerPriceIndex1,percentchange,

year/year.........................................................

38

03

19

15

20

20

20

20

20

21

21

21

21

Unemploymentrate,civilia

n,percent2........

58

93

100

92

82

73

65

59

55

53

52

52

52

Interestrates,percent:

91-dayTreasurybills3

14

02

04

16

30

40

41

41

41

41

41

41

41

10-yearTreasurynotes

37

33

39

45

50

52

53

53

53

53

53

53

53

Note:Amoredetailedtable

oeconomicassumptionsisinChapter2,EconomicAssumptions,intheAnalyticalPerspectivesvolumeotheBudget,Table21

1SeasonallyadjustedCPI

orallurbanconsumers

2Annualaverage

3Averagerate,secondarymarket(bankdiscountbasis)


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Fannie Freddie Market Valuation and Balance Sheet

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