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THE BUDGET OUTLOOK
THE CONSEQUENCES OF PERSISTENT
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accounts adjusted appropriations assets average Balanced Budget Act baseline budget projections baseline deficit baseline projections billions of dollars budget authority budget deficit budget resolution Bureau of Economic capital CBO baseline CBO's Congressional Budget Office consumption Corporate costs debt held decline deficit targets domestic economic assumptions economic growth effect Employment Cost Index entitlement estimates exports factors federal deficit Federal Reserve Federal Reserve Board Figure fiscal policy fiscal year 1987 fixed investment foreign fourth quarter GNP growth gross national product grow growth rate higher income increase inflation Insurance interest rates investment labor loan measure Medicare monetary policy NAIRU NIPA nominal GNP off-budget Offsetting Receipts On-budget OPEC outlook output payments percent change percent of GNP percentage point potential output productivity programs real GNP real growth recent reduce reflect sector sequestration slowdown Social Security SOURCE TABLE tion Total Treasury Bill trust funds U.S. Department unemployment rate