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THE BUDGET OUTLOOK
THE CONSEQUENCES OF PERSISTENT
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adjusted appropriations assets average BASELINE BUDGET PROJECTIONS baseline projections Baseline Revenues billion in 1990 billions of dollars borrowing budget authority budget deficits Budget Outlays budget resolution capacity utilization capital inflows CBO BASELINE CBO's Congressional Budget Office Consumer Price Index consumption Corporate debt held debt-to-GNP ratio decline deficit reduction domestic economic assumptions effects entitlement estimates exchange rates excise taxes federal debt federal deficit Federal Reserve Federal Reserve Board Figure fiscal year 1985 fixed investment forecast errors foreign fourth quarter GNP growth government debt grow growth rate increase inflation rate interest rates inventories investment large deficits loans Low-growth alternative Medicare monetary policy NAIRU national defense nominal interest rate nondefense discretionary spending off-budget Offsetting Receipts payments percent of GNP percentage points production programs real growth recovery reduced rise savings share of GNP Social Security SOURCE surplus TABLE Total Deficit Treasury bill trust funds U.S. Department unified budget