Obama Summary Tables on Budget 2012

8/7/2019 Obama Summary Tables on Budget 2012

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169

SUMMARY TABLES


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THE BUDGET FOR FISCAL YEAR 2012 171

Tab

leS1.BudgetTotals

(InbillionsofdollarsandasapercentofGDP)

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Totals

2012-

2016

2012-

2021

BudgetTotalsinBillionsofDollars:

Receipts..........................................................

2,163

2,174

2,627

3,003

3,333

3,583

3,819

4,042

4,257

4,473

4,686

4,923

16,366

38,747

Outlays...........................................................

3,456

3,819

3,729

3,771

3,977

4,190

4,468

4,669

4,876

5,154

5,422

5,697

20,134

45,952

Deficit.......................................................

1,293

1,645

1,101

768

645

607

649

627

619

681

735

774

3,769

7,205

Debtheldbythepublic..................................

9,019

10,856

11,881

12,784

13,562

14,301

15,064

15,795

16,513

17,284

18,103

18,967

Debtnetoffinancialassets...........................

7,894

9,505

10,585

11,344

11,988

12,595

13,243

13,869

14,488

15,169

15,903

16,677

Grossdomesticproduct(GDP)...........................

14,508

15,080

15,813

16,752

17,782

18,804

19,791

20,755

21,679

22,624

23,608

24,633

BudgetTotalsasaPercent

ofGDP:

Receipts..........................................................

14.9%

14.4%

16

.6%

17.9%

18.7%

19.1%

19.3%

19.5%

19.6%

19.8%

19.9%

20.0%

18.3%

19.0%

Outlays...........................................................

23.8%

25.3%

23

.6%

22.5%

22.4%

22.3%

22.6%

22.5%

22.5%

22.8%

23.0%

23.1%

22.7%

22.7%

Deficit.......................................................

8.9%

10.9%

7.0%

4.6%

3.6%

3.2%

3.3%

3.0%

2.9%

3.0%

3.1%

3.1

%

4.3%

3.7%

Debtheldbythepublic..................................

62.2%

72.0%

75

.1%

76.3%

76.3%

76.1%

76.1%

76.1%

76.2%

76.4%

76.7%

77.0%

Debtnetoffinancialassets...........................

54.4%

63.0%

66

.9%

67.7%

67.4%

67.0%

66.9%

66.8%

66.8%

67.0%

67.4%

67.7%

Memorandum,budgettota

lswithAMT

relieffullypaidfor:

Inbillionsofdollars:

Deficit.......................................................

1,293

1,645

1,101

768

645

579

475

452

415

445

463

464

Debtheldbythepublic

...........................

9,019

10,856

11,881

12,784

13,562

14,274

14,862

15,419

15,932

16,467

17,015

17,568

Debtnetoffinancialas

sets.....................

7,894

9,505

10,585

11,344

11,988

12,567

13,041

13,493

13,907

14,352

14,815

15,278

AsapercentofGDP:

Deficit.......................................................

8.9%

10.9%

7

.0%

4.6%

3.6%

3.1%

2.4%

2.2%

1.9%

2.0%

2.0%

1.9%

Debtheldbythepublic

...........................

62.2%

72.0%

75

.1%

76.3%

76.3%

75.9%

75.1%

74.3%

73.5%

72.8%

72.1%

71.3%

Debtnetoffinancialas

sets.....................

54.4%

63.0%

66

.9%

67.7%

67.4%

66.8%

65.9%

65.0%

64.2%

63.4%

62.8%

62.0%


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Ta

bleS2.EffectofBudge

tProposalsonProjected

DeficitsContinued

(Deficitincreases(+)ordecreases()inbillionsofdollars)

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Totals

2012-

2016

2012-

2021

Memorandum,costsavoidedbyallowingupper-

incometaxcutstoexpire:

Additionalcostofextendingthe2001and2003tax

cutsforhigh-incometaxp

ayers...............................

...

...

...

6

35

53

63

73

82

89

96

102

10

9

230

709

Additionalcostofextendingthecurrentestatetax

cut............................................................................

*

*

1

8

9

10

12

13

14

15

1

6

28

98

Debtservice..................................................................

...

...

...

*

1

3

6

10

14

19

25

31

3

8

19

147

Total,costsavoidedbyallowingupper-income

taxcutstoexpire..............................................

*

6

36

64

78

94

108

121

134

149

16

3

278

953

Memorandum,budgetauth

oritysavingsfrom

DepartmentofDefense(DOD)request:

SavingsversusDOD2011F

utureYearsDefense

Plan...........................................................................

...

...

...

13

11

11

18

24

n/a

n/a

n/a

n/a

n/a

78

n/a

*$500millionorless.

1SeetablesS-3andS-7forinformationontheadjustedbaseline.

2 Includestheeffectsofcontinuingcertainexpiringprovisionsthroughcalendaryear2012.

3 Includesincentivestoprom

oteregionalgrowth,tradeinitiativesand

othertaxinitiativesonTableS-8.


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TableS3.Adjust

edBaselinebyCategoryContinued

(Inbillionsofdollars)

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Totals

2012

2016

2012

2021

On-budgetdeficit...........................................................

1,370

1,653

1,168

928

859

934

1,044

995

997

1,063

1,133

1,19

5

4,934

10,316

Off-budgetsurplus()...................................................

77

56

77

82

89

93

106

105

107

103

88

7

8

447

928


orityforappropriated

programs:

Security..........................................................................

856

848

864

882

901

921

941

963

985

1,008

1,032

1,05

6

4,510

9,554

Non-security.................................................................

402

382

424

425

435

444

454

465

476

488

500

51

3

2,183

4,625

Total,appropriatedfun

ding...................................

1,258

1,231

1,287

1,307

1,337

1,366

1,396

1,428

1,461

1,496

1,532

1,56

9

6,693

14,179

*$500millionorless.

1 SeeTableS7forinformat

iononadjustmentstotheBudgetEnforce

mentAct(BEA)baseline.

2 OutlaysforTARPin2011andsubsequentyearsresultfromobligationsincurredthroughOctober3,2010fortheHomeAffordableModification

3 TheseamountsrepresentaplaceholderformajordisastersrequiringFederalassistanceforreliefandreconst

ruction.Suchassistancemightbeprovidedintheformof

discretionaryormandato

ryoutlaysortaxrelief.Theseamountsareincludedasoutlaysforconvenience.


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TableS4.Propo

sedBudgetbyCategoryContinued


2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Totals

2012-

2016

2012-

2021

On-budgetdeficit..............................................................

1,3701

,703

1,177

848

730

697

753

729

723

784

823

852

4,205

8,115

Off-budgetsurplus()......................................................

77

58

76

81

86

90

104

102

104

102

87

78

437

910


orityforappropriated

programs:

Security.............................................................................

856

879

846

791

811

828

846

861

878

894

911

929

4,122

8,595

Non-security....................................................................

402

401

397

397

397

397

406

415

427

438

454

457

1,993

4,182

Total,appropriatedfun

ding......................................

1,2581

,280

1,243

1,188

1,208

1,2251

,252

1,276

1,304

1,332

1,3651,385

6,115

12,777

*$500millionorless.

1 OutlaysforTARPin2011andsubsequentyearsresultfromobligati

onsincurredthroughOctober3,2010fortheHomeAffordableModificationProgramandotherTARP

programs.

2 Theseamountsrepresenta

placeholderformajordisastersrequiringFederalassistanceforreliefandreconstruction.Suchassistancemightbeprovidedintheformof

discretionaryormandatoryoutlaysortaxrelief.Theseamountsareincludedasoutlaysforconvenience.


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Tab

leS5.ProposedBudge

tbyCategoryasaPercentofGDPContinued

(AsapercentofGDP)

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Averages

2012-

2016

2012-

2021

On-budgetdeficit.....................................................

9.4

11.3

7.4

5.1

4.1

3.7

3.8

3.5

3.3

3.5

3.5

3.5

4.8

4.1

Off-budgetsurplus().............................................

0.5

0.4

0.5

0.5

0.5

0.5

0.5

0.5

0.5

0.5

0.4

0.3

0.5

0.5


orityfor

appropriatedprograms:

Security....................................................................

5.9

5.8

5.3

4.7

4.6

4.4

4.3

4.1

4.0

4.0

3.9

3.8

4.7

4.3

Non-security...........................................................

2.8

2.7

2.5

2.4

2.2

2.1

2.1

2.0

2.0

1.9

1.9

1.9

2.3

2.1

Subtotal,appropriatedprograms....................

8.7

8.5

7.9

7.1

6.8

6.5

6.3

6.1

6.0

5.9

5.8

5.6

6.9

6.4

*0.05percentofGDPorless.



programs.





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TableS6.ProposedBudgetinPo

pulation-andInflation-A

djustedDollarsContin

ued

(Inbillionsofconstantdollars,adjustedforpopulationgro

wth)

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

On-budgetdeficit........................................................................................................

1,177

824

689

639

669

629

605

6

36

648

651

Off-budgetsurplus()................................................................................................

76

78

81

83

93

88

87

83

69

60


orityforappropriatedprograms:

Security.......................................................................................................................

846

769

766

759

752

743

735

7

26

718

710

Non-security..............................................................................................................

397

385

374

363

361

358

357

3

55

357

349

Subtotal,appropriatedprograms......................................................................

1,243

1,154

1,140

1,122

1,113

1,101

1,092

1,0

81

1,075

1,059

Memorandum,indexofpopulationgrowthandinflation................................

1.00

1.03

1.06

1.09

1.12

1.16

1.19

1.23

1.27

1.31

*$500millionorless.



programs.





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182 SUMMARY TABLES

TableS7.BridgeFromBudgetEnforcementAct

BaselinetoAdjustedBaseline

(Deficitincreases(+)ordecreases()inbillionsofdollars)

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Totals

2012

2016

2012

2021

BEAbaselinedeficit...................................................

1,293

1,593

1,036

643

463

496

552

460

417

438

472

488

3,189

5,465

Adjustmentstobaseline:

Indextoinflationthe2011parametersoftheAMT....

...

...

...

...

....

..

33

106

106

124

142

162

183

206

230

256

512

1,550

Continuethe2001and2003taxcutsformiddle-

incometaxpayers..................................................

...

...

...

...

....

..

1

69

142

144

146

148

149

150

151

152

501

1,250

Extendestate,gift,andgen

eration-skipping

transfertaxesat2009pa

rameters.......................

...

...

...

1

2

5

24

26

29

32

35

37

39

42

86

270

ReflectincrementalcostoffundingexistingPell

maximumgrantaward.........................................

...

...

...

...

....

..

12

12

12

12

12

12

12

12

12

12

58

118

Subtotal...............................................................

...

...

...

1

48

192

284

306

329

354

378

405

432

461

1,159

3,189

Adjustmenttoreflectcostsofpossible

emergencies1...........................................................

...

...

...

2

6

8

8

9

10

10

10

10

10

10

42

92

Reclassifysurfacetransportationoutlays:

Removeoutlaysfromappro

priatedcategory...........

41

47

54

51

60

61

62

64

67

68

70

70

287

627

Addoutlaystomandatoryc

ategory.........................

41

47

54

51

60

61

62

64

67

68

70

70

287

627

Subtotal...............................................................

...

...

...

...

....

..

...

...

...

...

...

...

...

...

...

...

...

...

....

...

..

...

...

...

...

...

...

...

...

...

...

...

...

.

...

...

..

...

...

...

...

...

...

Totalprogramadjustments......................................

...

...

...

4

54

200

292

315

339

364

388

415

442

471

1,200

3,280

Debtserviceonadjustment

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

...

...

...

*

*

4

15

30

47

66

85

107

131

157

97

642

Totaladjustments...............................................

...

...

...

4

54

204

307

345

386

429

474

522

573

628

1,297

3,923

Adjustedbaselinedeficit..........................................

1,293

1,597

1,090

846

770

841

938

890

891

960

1,045

1,116

4,486

9,387

*$500millionorless.

1Theseamountsrepresenta

placeholderformajordisastersrequiring

Federalassistanceforreliefandreconstruction.Suchassistancemightbeprovide

dintheformof



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S9.Brid

geBetweenTotalManda

toryandReceiptProposalsandPAYGOScorekeeping


20112016

20112021

Grandtotal,mandatoryandreceiptproposalsfromTab

leS8...................................................................................................

169

525

AdjustmentsforPAY

GOscorekeeping:

RemovenetsavingsnotcountedforPAYGOpurposes:

Transportatio

nTrustFund..............................................................................................................................................................

58

93

Programintegritysavingsgeneratedbyincreaseddiscr

etionaryfunding,andothernon-PAYGOeffects................................

32

123

Total,netsavingsnotcountedforPAYGOpurposes.................................................................................................................

90

215

AdjustforphysicianpaymentreliefexemptfromstatutoryPAYGOthrough2014...........................................................................

82

82

Devotesavingsfro

mreducingthevalueofcertaintaxexpen

diturestopayforthreeyearsofAMTrelief.......................................

114

321

Total,adjustm

entsforPAYGOscorekeeping..................................................................................................................................

122

454

Totalsavingsfrommandatoryandreceiptproposalsun

derPAYGOscorekeeping...............................................................

46

71

Memorandum,PAY

GOcostsincludedinadjustedbaseline:

ExtendAMTreliefthrough2014(offsetwithsavingsfromr

educingthevalueofcertaintaxexpenditures)..................................

316

316

ExtendAMTrelieffor2015andbeyond................................................................................................................................................

196

1,234

Extendestateand

gifttaxesbeyond2011at2009paramete

rs...........................................................................................................

88

271


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198 SUMMARY TABLES

TableS10.FundingLevelsforAppropriated(Discretion

ary)ProgramsbyCateg

ory

(Budgetauthorityinbillionsofdollars)

2010

Actual

2011

Request

2012

Request

Outy

ears

Totals

2013

2014

2015

2016

20

17

2018

2019

2020

2021

2012-

2016

2012-

2021

DiscretionaryPolicybyCategory:

SecurityAgencies.........................

682.8

714.0

719.4

741.3

761.4

778.2

795.6

811.3

827.6

844.3

861.1

878.6

3,795.9

8,018.9

Non-SecurityAgenc

ies.................

401.6

401.2

396.8

396.7

396.6

396.7

406.0

414.8

426.6

437.5

453.8

456.6

1,992.7

4,182.1

Total,BaseDiscretionar

yFunding..

1,084.4

1,115.2

1,116.11,138.01,158.01,174.91,201.61,2

26.11,254.31,281.81,314.91,335.2

5,788.612,200.9

OtherDiscretionaryFunding(not

includedabove):

OverseasContingen

cy

Operations

1 ...............................

167.3

164.7

126.5

50.0

50.0

50.0

50.0

50.0

50.0

50.0

50.0

50.0

326.5

576.5

OtherSupplemental/Emergency

Funding.....................................

5.9

...

...

...

*

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

*

*

GrandTotal,Discretionary

BudgetAuthority......................

1,257.6

1,279.9

1,242.71,188.01,208.01,224.91,251.61,2

76.11,304.31,331.81,364.91,385.2

6,115.112,777.5

Memorandum,BudgetAut

hority

AdjustedforInflationan

dPopulation:2

Security................................................

898.2

902.1

845.9

768.9

766.0

758.8

752.0

742.9

734.5

726.1

717.7

709.8

3,891.6

7,522.6

Non-Security.......................................

421.2

411.9

396.8

385.4

374.3

363.5

361.1

357.8

357.1

355.2

357.4

349.0

1,881.1

3,657.6

GrandTotal.........................................

1,319.4

1,314.0

1,242.7

1,154.4

1,140.3

1,122.3

1,113.11,100.7

1,091.6

1,081.3

1,075.1

1,058.7

5,772.7

11,180.2

*$50millionorless.

1TheBudgetincludesplaceholderestimatesof$50billionperyearforOverseasContingencyOperationsin2013andbeyond.Theseestimatesdonotreflectany

specificpolicydecision

s.

2 TotalsincludeOverseas

ContingencyOperationsandOtherSupp

lemental/EmergencyFunding.


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TableS12.MarketValuationandBalanceSheetofFannieMaeandFreddieMac


2009

2010

20112

012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Totals

2012

20

16

2012

2021

2009

2021

TransactionsbetweenT

reasuryand

FannieMae/FreddieMac:

SeniorPreferredLiquid

ityPayments

toFannieMae/Fredd

ieMac............

96

53

48

29

11

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

...

40

40

236

SeniorPreferredDivide

ndPayments

fromFannieMae/Fre

ddieMac......

4

12

17

21

23

17

14

11

10

9

8

8

8

86

129

163

NetPayments.....................................

100

40

30

8

12

17

14

11

10

9

8

8

8

46

89

73

MarketValuationofFan

nieMaeand

FreddieMac:1

MarketValueofNetLiability............

18

ValueofPrivateEquity

Shares.........

3

NetPositionofFannieM

aeand

FreddieMac:

Assets:

U.S.TreasurySecur

ities...............

12

68

GSEPortfolioSecur

itiesand

Loans.........................................

1,525

1,007

ConsolidatedTrustSecurities2.....

...

...

...

4,241

Cash................................................

73

105

Other..............................................

146

96

Liabilities:

GSEDebtOutstand

ing.................

1,607

1,539

ConsolidatedTrustDebt

2.............

...

...

...

3,934

OtherFinancialLia

bilities...........

155

48

Equity:

TreasurySeniorPre

ferredStock3

98

150

PrivateEquity...............................

103

153

NetPosition...................................

5

3

1Marketvaluationnotavailablefor2010becauseofNYSEdelisting.

2NewFASBaccountingstand

ardsrequiredconsolidationofVariableIn

terestEntitysecuritizationtrustsonJanuary1,2010.

3FacevalueofTreasuryseniorpreferredstockequaltooriginalliquidationpreferenceof$2billionplusTreasury

investmentsthroughSeptember30.


34/36

202 SUMMARY TABLES

TableS13.EconomicAssumptio

ns

(Calendaryears)

2009

Actual

Pr

ojections

2010

2

011

2012

2013

2014

201

5

2016

2017

2018

2019

2020

2021

GrossDomesticProduct(G

DP):

Nominallevel,billionsofdo

llars.....................

14,119

14,651

15,240

16,032

17,006

18,043

19,052

20,037

20,986

21,910

22,86

6

23,860

24,896

NominalGDPpercentchan

ge,year/year........

1.7

3.8

4.0

5.2

6.1

6.1

5.6

5.2

4.7

4.4

4.4

4.3

4.3

RealGDP,percentchange,year/year..............

2.6

2.7

2.7

3.6

4.4

4.3

3.8

3.3

2.9

2.6

2.5

2.5

2.5

RealGDP,percentchange,Q4/Q4...................

0.2

2.5

3.1

4.0

4.5

4.2

3.6

3.2

2.7

2.5

2.5

2.5

2.5

GDPchainedpriceindex,percentchange,

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

0.9

1.0

1.3

1.5

1.6

1.7

1.7

1.8

1.8

1.8

1.8

1.8

1.8

ConsumerPriceIndex,per

centchange,

year/year1......................................................

0.3

1.6

1.3

1.8

1.9

2.0

2.0

2.1

2.1

2.1

2.1

2.1

2.1

Unemploymentrate,civilia

n,percent2.......

9.3

9.6

9.3

8.6

7.5

6.6

5.9

5.5

5.3

5.3

5.3

5.3

5.3

Interestrates,percent:

91-dayTreasurybills3.....................................

0.2

0.1

0.2

1.0

2.6

3.7

4.0

4.1

4.1

4.1

4.1

4.1

4.1

10-yearTreasurynotes....................................

3.3

3.2

3.0

3.6

4.2

4.6

5.0

5.2

5.3

5.3

5.3

5.3

5.3

Note:Basedoninformation

availableasofmid-November2010,priortotheenactmentoftheTaxRelief,Unem

ploymentInsuranceReauthorization,an

dJobCreationAct

of2010.AmoredetailedtableofeconomicassumptionsisinChapt

er2,EconomicAssumptions,intheAnalyticalPerspectivesvolumeoftheBudget,Table21.

1SeasonallyadjustedCPIforallurbanconsumers.

2Annualaverage.

3Averagerate,secondarymarket(bankdiscountbasis).


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