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BUDGET PROJECTIONS AND BUDGET CHOICES
FEDERAL DEFICITS DEBT AND BUDGET POLICY
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adjustments analysis annual assumptions average baseline benefits billion borrowing capital changes Congress Congressional Budget Office cyclical Debt Held decline defense spending deficit policies dollars domestic economic growth Economist effects of inflation enacted entitlement programs estimates federal budget federal debt federal debt-to-GNP ratio federal deficit Federal Reserve Bank federal spending finance fiscal funds government debt growth rate high-employment budget deficit House Budget Committee included income indexing inflation rate inflation tax interest costs issue James Tobin large deficits levels long-term major measure medicare ment monetary policy monetize nominal nominal interest rates nondefense discretionary numbers offset outlays percent of GNP policy component policymakers post-World potential GNP primary deficit projected proposals real growth real interest rates recovery result revenues rise sector share of GNP social security Source spending cuts steady-state budget constraint struc structural budget deficit structural deficit surplus Table tax increases tax rates Thomas Holloway Thomas Sargent tion Treasury tural