[Analytical Perspectives]
[Index]
[From the U.S. Government Printing Office, www.gpo.gov]
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INDEX
A
Abandoned mine reclamation fund, 270
Accounting:
Accrual, large farm corporations, 43
Bad debts, thrifts, 43
Depreciation, income forecast method, 43
Inventories, cost market method, 43
Inventories, cost method, 43
Inventories, cost or market method, 43
Administration tax proposals, see Chapter 3, Federal receipts.
Agriculture, tax expenditures, 76, 84
Airport and airway trust fund, 47
Allowances, concept, 337
Appropriations, budget, 333
Assets, Federal, 15, 17-19, 29
Assets, physical, 18, 26, 29
Attorney payments, 45
Authority to borrow, budget, 333
Average-cost basis, stocks, securities, 39
B
Balance sheet, Federal, 17
Balances of budget authority, 339
Obligated, concept, 333
Unobligated, concept, 333
Bank examination fee, 46
Baseline, see Current Services.
Baseline, definition, 337, 339
Basis adjustment rules under Section 1033, 44
Basis for budget figures, 337
Beneficiary estimates, mandatory, 210-211
Borrowing, Federally assisted, 194, 196
Bosnia, tax-relief for troops, 38, 47
Breach, 339
Brownfields, 38
Budget, definition, 339
Budget authority:
Advance appropriation, 334
Advance funding, 334
Appropriations, 333
Authority to borrow, 333
Balances of, 333, 339
Contract authority, 333
Current or permanent, 334
Current services:
By agency, 231
By function, 230
By function and program, 232
Definite or indefinite, 334
Definition, 339
Federal programs by agency and account, 385
Forward funding, 334
By function and program, 343
Grants to State and local governments, 171-177
Investment, 91
Obligations incurred, 334, 339
Off-budget Federal entities, 283
Outlays, 334, 340
Reappropriations, 334
Relationship to outlays, 281
Spending authority from offsetting collections, 333
Spendout rate, 335
Budget authority: Physical, research and development, education and
training, see Investment.
Budget Enforcement Act, 283
Budget Office, Congressional, 3, 7-8
Budget outlays:
Comparison of actual with initial baseline estimates for
1995, 276
Federal programs by agency and account, 385
Federal programs by function, 357
By function and program, 357
Grants to State and local governments, 167, 171-177
Including offsetting collections from the public,
by agency, 375
Investment, 91
Loan subsidies to State and local governments, 167
Off-budget Federal entities, 283-284
On-budget and off-budget transactions, 283
Reconciliation of final amounts for 1995, 278-279
Reconciliation with amounts published by Treasury for
1995, 278
Relationship to budget authority, 281
Budget process:
Calendar, 329
Congressional action, 326
Enforcement, 327
Execution, 329
Formulation, 325
Budget receipts:
Administration proposals, 36
Changes in, 35
Comparison of actual with initial baseline estimates for
1995, 275-276
Effect of proposals, 48
Enacted legislation, 36
Federal, on-budget and off-budget, 35
Growth in, 35
Off-budget Federal entities, 283-284
On-budget and off-budget transactions, 283-284
Reconciliation of final amounts for 1995, 278-279
By source, summary, 35, 51
Budget totals, 339
Budget year, data for, 337
Budgetary resources, 333
C
Calendar, budget, 329
Cap, budget, 339
Capital, investment, 331
Capital spending, see Investment.
Captive insurance companies, 42
Carryback and carryforward rules, 40, 42
CBO-Administration comparison:
Inflation, 8
Interest rates, 8
Profits and other incomes, 8
Real GDP, 8
Unemployment, 8
CBO-Administration projection comparison, 7-9
Civil Service Retirement, employee contributions, 46
Civil service retirement and disability trust fund, 259
Collections:
Governmental receipts, 331, 340
Offsetting, credited to expenditure accounts, 332
Offsetting collections, 331, 340
Offsetting receipts:
Governmental, 332
Intragovernmental transactions, 332
Proprietary from the public, 332
Collections from the public, offsetting, 53
Commerce and housing credit, tax expenditures, 77, 85
Congressional action, 326
Congressional Budget Office, 3-4, 7-8
Consumer Price Index, 3
Continuous levy, IRS, 46
Contract authority, budget, 333
Contributions to private foundations, 48
Controlled corporation stock distribution, 41
Conversions:
C corporations to S corporations, 41
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Involuntary, 44
Convertible debt, original issue discount, 38
Corporate-owned life insurance policy loans, 38
Coverage of the budget:
Agencies, accounts, programs, projects and activities, 330
Budget totals, 339
Capital investment, 331
Current operating expenditures, 331
Federal government and budget totals, 330
Functional classification, 330
Funds, type of, 331
Credit, Federal:
Budgeting, 284
Cost, estimated, 119-121
Debt collection, 144-146
Direct loan obligations, 149
Direct loan subsidy rates, budget authority, loan levels, 147
Direct loan transactions, agency or program, 154-159
Direct loans, 335, 339
Education loans, 130
Export and investment credits, 128-129
Farm loans, 124-126
Federal Credit Reform Act of 1990, 283
Financing account, 335
Government risk, 119-165
Government-sponsored enterprises, 123-125, 131-135
Guaranteed loan commitments, 149
Guaranteed loan subsidy rates, budget authority, loan
levels, 148
Guaranteed loans, 335, 339
Housing, 133-137
Limitations on credit loan levels, 152-153
Liquidating accounts, 335
Loan guarantees, 120
Mortgages, single family, 134
Performance measurement framework, 121-123
Program account, 335, 339
Reform implementation, 142
Rural business and cooperative development loan, 126
Rural electric and telephone loan, 126
Small business, 127-128
Spectrum Auction, 130
Subsidy reestimates, 143-144
Summary of direct loans, 149
Summary of guaranteed loans, 149
Terminations for default, guaranteed loan, 150-151
Write-offs, direct loans, 150-151
Current operating expenditures, 331
Current services:
Budget authority by agency, 231
Budget authority by function, 230
Conceptual basis for estimates, 219
Economic assumptions, 220
Major programmatic assumptions, 221
Outlays by agency, 229
Outlays by category, 227
Outlays by function, 228
Public physical capital, 113-114
Receipts by source, 225
Current year, data for, 337
D
Debt, Federal:
Agency, 188, 190-191, 193-194
Deficit, 187-191
Federal borrowing and, 188-191, 196-197
Federal deficit, 194
Federal funds deficit, 194
Gross Federal, 187-190
Held by foreign residents, 196
Held by Government accounts, 192-196
Held by the public, 187-192, 190
Limitations, 191-192, 194-196
Treasury, 188, 194
Trends, 187-188
Trust fund surplus, 190, 194
Debt collection, 144-146
Debt instruments:
Interest accrual, 40
Interest deduction, 38
Deductions:
Contributions to private foundations, 48
Dividends received, 39
Education and training, 37
Interest, certain debt instruments, 38
Interest, corporate-owned life insurance policy loans, 38
Original issue discount, convertible debt, 38
Self-employed health insurance, 37, 46
Tax-exempt interest expense, 39
Deficit:
Borrowing and repayment, 336
Comparison of actual with initial baseline estimates for
1995, 277
Definition, 339
Economic forecasts, 8-9
Federal, 187-191
Federal funds, as part of unified, 257
Federal funds, financing, 194
Off-budget Federal entities, 283-284
On-budget and off-budget comparison, 283-284
Outlook, 20
Reconciliation of final amounts for 1995, 278-279
Reduction fund, 215
Structural vs. cyclical, 10
Trade, 9
Trend, 3
Definition of budget terms, 339
Dependent children tax credit, 36
Depreciation, income forecast method, 43
Diesel fuel tax, kerosene, 46
Diesel fuel tax, refunds, 45
Direct loan, 335, 339
Direct loan transactions of the Federal Government, 154-159
Direct spending, definition, 339
Disability insurance (DI), Federal, 283
Discretionary, appropriations, definition, 339
Distressed area tax incentives, 38
Dividends received deduction, 39
Dividends received holding period, 39
Drug control funding, Federal, 295
E
Earned income tax credit (EITC), 47
Economic and demographic projections, 20
Economic and social indicators, 29
Economic assumptions:
Administration and CBO forecasts, comparison, 4, 7
Administration forecasts deficits, 5
CBO-Administration projection comparison, 8-9
Congressional Budget Office, 3-4, 7-8
Consumer Price Index, 3, 6-7
Current baseline, 5
Current services, 220
Deficit, structural vs. cyclical, 10
Economic growth, 5
Employment Cost Index, 4
Fiscal bonus, 8
Gross domestic product (GDP), 3-7
Impact of changes, 10
Incomes, 5-6
Inflation, 3, 6
Inflation and interest rates, 11-12
Interest cost of higher Federal borrowing, 4, 12-13
Interest rates, 5-6, 12-13
Post-policy vs pre-policy, 8
Real growth and employment, 5
Recent developments, 3
Residual, the, 6
Rules of thumb, 12
Savings, investment and trade balance, 9
Sensitivity of the budget, 11
Statistical biases, 8
Unemployment, 6
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Unemployment rate, 3, 6, 12-13
Economic forecasts, 8-9
Economic growth, 5
Economic projections, key assumptions, 5
Education, training, employment and social services, tax expenditures, 80, 85
Education and training incentive, 37
Education capital, 26, 30
Education loans, performance measures, 131
Emergency spending, 339
Employee benefit costs, 4
Employee contributions, CSRS and FERS, 46
Employer provided educational assistance, 48
Employment, Federal, see Federal employees.
Employment Cost Index, 4
Employment opportunity, increased, 4
Empowerment zones, 38
Enacted legislation, 36
Enforcement, 327
Enterprise communities, 38
Environmental tax, 47
Exchanges, like-kind, 44
Excise taxes:
Expired trust fund:
Airport and airway, 47
Hazardous substance superfund, 47
Leaking underground storage tank (LUST), 48
Kerosene, 46
Luxury, 46
Oil spill, 45
Oil spill liability, 45
Refund, diesel fuel, 45
Execution, budget, 329
Executive Order 12857, see chapter 15, Review of Direct Spending and
Receipts.
Executive order 12858, 215
Expatriation tax, 46
Expired provisions:
Trust fund excise taxes:
Airport and airway, 47
Hazardous substance superfund, 47
Leaking underground storage tank, 48
Trust fund other:
Contributions to private foundations, 48
Employer-provided educational assistance, 48
Orphan drug tax credit, 48
Research and experimentation tax credit, 48
Targeted jobs tax credit, 48
Export strategy, 161
Extinguishment, gains and losses, 40
Extraordinary dividends, 40
F
Farm corporations, accrual accounting, 43
Federal Accounting Standards Advisory Board, 15
Federal aid to State and local governments:
Historical perspectives, 169-170
Programs, 167-169
Federal civilian employees retirement funds, 259, 264
Federal employee pay raise, 47
Federal employees:
Civilian, 181
Concept and definition, 337
Employment in the Executive Branch, total, 179
Executive Branch, 180-182
Federal Workforce Restructuring Act, 179
Judicial Branch, 181-182
Legislative Branch, 181-182
Military, 181-182
Personnel compensation and benefits, 183
Total employment, 182
Federal employees health benefits fund, 264
Federal Employees Retirement System, employee
contributions, 46
Federal employment, 337
Federal funds, 339
Deficit, as part of unified, 257
Deficit, financing, 194-196
Discussion, 255
Income and outgo, 256-257
Specific funds:
Abandoned mine reclamation fund, 270
Nuclear waste disposal fund, 271
Overseas private investment corporation, 270
Uranium enrichment decontamination and decommissioning fund,
271
Federal payments to corporations for services, 44
Federal programs by agency and account, 385
Agriculture, Department of, 396-405
Allowances, 498
Budget totals, 499
Commerce, Department of, 406-409
Defense, Department of - Civil, 421-423
Defense, Department of - Military, 410-420
Education, Department of, 424-426
Energy, Department of, 427-429
Environmental Protection Agency, 474-475
Executive Office of the President, 390-391
Federal government totals, 500
Funds Appropriated to the President, 392-395
General Services Administration, 476-477
Health and Human Services, Department of, 430-434
Housing and Urban Development, Department of, 435-438
Interior, Department of, 439-446
The Judiciary, 388
Justice, Department of, 447-451
Labor, Department of, 452-454
Legislative Branch, 385
National Aeronautics and Space Administration, 478-479
Off-budget totals, 499
Office of Personnel Management, 480
Other Independent Agencies, 483-497
Small Business Administration, 481
Social Security Administration, 482
State, Department of, 456-457
Transportation, Department of, 458-464
Treasury, Department of, 465-469
Veterans Affairs, Department of, 470-473
Federal programs by function:
Administration of justice, 354, 368
Agriculture, 346, 360
Allowances, 356, 370
Commerce and housing credit, 347, 361
Community and regional development, 348, 363
Education, training, employment and social services, 349, 363
Energy, 344, 358
General government, 354, 368
General Science, space, and technology, 344, 358
Health, 350, 365
Income security, 351, 365
International affairs, 343, 357
Medicare, 351, 365
National defense, 343, 357
Natural resources and environment, 345, 359
Net interest, 355, 370
Social security, 352, 366
Transportation, 348, 362
Undistributed offsetting receipts, 356, 370
Veterans benefits and services, 352, 367
Financial accounting standards, 142
Financing, means of:
Credit financing accounts, 336, 339
Deposit fund account balances, 336
Exchange of cash, 337
Exercise of monetary power, 336
Financing account, 339
Fiscal bonus, 8
Fiscal year, 339
Fixed assets, see Investment.
Foreign military sales trust fund, 265
Foreign oil and gas extraction income, 42
Foreign tax credit:
Carryback and carryforward rules, 42
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Interest allocation exception, 42
Foreign trade, 9
Foreign trusts, 47
Formulation, 325
Functional classification, 330
Funds, type of, 331
G
Gain recognition:
Controlled corporation stock, 41
Extinguishment, 40
Extraordinary dividends, 40
Stocks, securities, 39
Gambling winnings, 45
General fund, 340
General government, tax expenditures, 83, 85
Generalized System of Preferences, 46
Government risk, 119-165
Government-sponsored enterprises, 123-125, 131-135, 196
Grants:
To State and local governments, 26
By agency, 167
By function, 171-177
Trends, 170
Gross domestic product (GDP), 3-7, 273
Guaranteed loan, 335, 339
Guaranteed loan transactions of the Federal Government, 160-163
H
Hazardous Substance Superfund Trust Fund:
Environmental tax, 47
Expired excise taxes, 47
Health, tax expenditures, 81, 85
Health spending, 21
Highway trust fund, 257, 266
I
Income:
Foreign oil and gas extraction, 42
Subpart F, 42
Income tax, tax expenditures, 61
Individual Retirement Accounts (IRAs), 36
Inflation, 4, 6
Information returns, penalties, 45
Infrastructure, see Investment.
Insurance, Federal:
Budgeting, 283
Crop insurance, 140-141
Deposit, 120, 137
Disability (DI), Federal, 283
Disaster, natural, 139-140
Flood, 140
Old-age and survivors (OASI), Federal, 283
Pension, 139
VA Life, 142
Interest accrual, certain debt instruments, 40
Interest deduction, certain debt instruments, 38
Interest deduction, corporate-owned life insurance policy
loans, 38
Interest rates, 4
Internal Revenue Service (IRS):
Continuous levy, 46
Penalties, information returns, 45
Penalties, substitute returns, 45
Reporting, attorney payments, 45
Reporting, payments to corporations by Federal
agencies, 44
Tax shelter registration, 44
User fees, 45
Intragovernmental funds, 340
Inventory accounting, cost or market method, 43
Investment:
Capital budget, 106-113
Capital stocks (physical, research and development,
education), 101-106
Composition of Federal, 92-97
Definition, 91, 97, 101
Description, 91
Education and training, 92, 95
Federal capital, 107-110
Fixed assets, 97
National capital, 110-113, 200
Needs assessments (references), 114-116
Physical capital, 92, 96-97, 101-103, 105-106, 113-114
Planning, 97
Research and development, 92, 95, 117
Involuntary conversion of property, 44
K
Kerosene, taxed as diesel fuel, 46
L
Laws, principal budget, 338
Leaking underground storage tank trust fund (LUST), 48
Legislation, enacted:
Self-Employed Health Insurance Act, 36
Telecommunications Act of 1996, 36
Lending and borrowing by government-sponsored
enterprises, 164-165
Liabilities, Federal, 19-20, 30
Like-kind exchanges, 44
Limitations on Federal debt, 193
Liquidating account, 340
Loan asset sales, 285-292
Budgetary scoring, 285-286
Current program sales, 290
Identifying future assets for sale, 288-290
Non-performing loans, 291
Potential, 286
Previous, 285
Private sector valuation, 286-287
Unsuitable programs for, 291-292
Loan guarantee, 335, 339
Loan guarantees, see also Guaranteed loan.
Loans, see Credit, Federal.
Luxury excise tax, 46
M
Mandatory outlays, current levels, 211-212
Mandatory spending, 340
Mandatory Targets or Caps, 209
Adjustments for current levels, 209
Adjustments for Presidential proposals, 214
Means of financing, see Financing, means of.
Medicare:
Actuarial balance, 25
Hospital insurance trust fund, 258, 266
Supplementary medical insurance trust fund, 259-260, 266-267
Middle-class Bill of Rights, 36
Military retirement fund, 259, 267
N
National income and product accounts, 273
National wealth, 26-28
Natural resources and environment, tax expenditures, 76, 84
Nuclear waste disposal fund, 271
O
Obligated balances, 333, 339
Obligations, 340
Obligations incurred, 334
Off-budget, 340
Off-budget entities:
Postal Service, 283
Social Security trust funds:
Disability insurance (DI), Federal, 283
Old-age and survivors insurance (OASI), Federal, 283
Offsetting collections, 331, 340
Offsetting collections from the public, 53
Offsetting receipts by type, 57-59
Offsetting receipts from the public, 53
Oil spill excise tax, 45
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Old-age and survivors and disability insurance (OASDI),
Federal, 265
Old-age and survivors insurance (OASI), Federal, 283
Omnibus Budget Reconciliation Act, 215
Omnibus Trade and Competitiveness Act, 9
On-budget, 340
On-budget and off-budget comparison, 283-284
Original issue discount, convertible debt, 38
Orphan drug tax credit, 48
Outlays, 334, 340
Current services:
By agency, 229
By category, 227
By function, 228
By function and program, 233
Outlays, including offsetting collections from the public, 375
Outlays to the public, 375
Outyears, data for, 337
Overseas private investment corporation, 270
P
Past year, data for, 337
Pay raise, Federal employee, 47
Pay-as-you-go (PAYGO), 340
Penalties, information returns, 45
Penalties, substitute returns, 45
Pension plan simplification, 37
Percentage depletion, 40
Performance measurement, Federal credit, 121-123
Performance-based organizations:
Federal Housing Administration, 135
Postal Service, 283
Preferred stock as ``boot'', 40
Preview Report:
Discretionary Sequestration Report, 201
Pay-as-you-go-Sequestration report, 205
Proposals to extend and amend the BEA and other reforms to
strengthen the Budget Process, 207
Principal budget laws, 338
Principal residence sale, 44
Public enterprise funds, 340
Puerto Rico tax credit, 41
R
Railroad retirement trust funds, 268
Receipts:
Current services, by source, 225
Governmental, 331, 340
Offsetting, 332, 340
From the public, offsetting, 53
By type, offsetting, 57-59
Refund, diesel fuel tax, 45
Registration, tax shelter, 44
Regulations, 284
Relationship of budget authority to outlays, 281
Research and development, see Investment.
Capital, 27, 31
Investment, 117
Research and experimentation tax credit, 48
S
Securities fees, 46
Self-employed Health Insurance Act, 36
Self-employed health insurance deduction, 37, 46
Sequester, 340
Small business, performance measures, 128
Small business estate tax relief, 37
Small business expensing, 37
Social security, actuarial balance, 25
Social security trust funds, 258, 265
Disability insurance (DI), Federal, 283
Old-age and survivors insurance (OASI), Federal, 283
Special funds, 340
Spending authority from offsetting collections, 333
Statistical biases, 8
Stock, controlled corporation distributions, 41
Stock, preferred as ``boot'', 40
Stock transfer, 41
Stocks, securities, average-cost basis, 39
Stocks, securities, gain recognition, 39
Subpart F income, 42
Subsidy, 340
Substitute returns, penalties, 45
Supplemental appropriation, 340
Surplus:
Borrowing and repayment, 336
Definition, 340
On-budget and off-budget comparison, 283-284
Trust funds, 257
T
Targeted jobs tax credit, 48
Tax compliance, tax-exempt entities, 47
Tax credits:
Dependent children, 36
Earned income tax, 47
Orphan drug, 48
Research and experimentation, 48
Targeted jobs, 48
Tax expenditures, 284
Agriculture, 76, 84
Baselines, 72
Commerce and housing credit, 77, 85
Community and regional development, 80
Definition, 61
Education, training, employment, and social services, 80, 85
Energy, 75
Estimate interpretation, 68
General government, 83, 85
General science, space, and technology, 75
Health, 81, 85
Income security, 81
Income tax, 61
Interest, 83
International affairs, 74
National defense, 74
Natural resources and environment, 76, 84
Outlay equivalents, 69
Performance measures, 73
Present-value estimates, 68
Social security, 83
State and local governments, 167
Transportation, 79
Unified transfer tax, 83
Veterans benefits and services, 83
Tax proposals, see Chapter 3, Federal Receipts.
Tax relief:
Brownfields, 38
Dependent children, 36
Distressed areas, 38
Education and training, 37
Empowerment zones, 38
Enterprise communities, 38
Individual Retirement Accounts (IRAs), 36
Middle-class Bill of Right, 36
Pension plans, 37
Self-employed health insurance, 37, 46
Small business estate taxes, 37
Small business expensing, 37
Troops in Bosnia, 38, 47
Tax shelter registration, 44
Tax simplification, 48
Tax-exempt entities, 47
Tax-exempt interest expense, 39
Tax-free conversions, C corporations to S corporations, 41
Term definitions, budget, 339
Thrift, bad debt accounting, 43
Trade and Competitiveness Act of 1988 Omnibus, 9
Trade promotion, 161
Trade provisions, 46
Trust fund excise taxes:
Airport and airway, 47
Hazardous substance superfund, 47
Leaking underground storage tank, 48
[[Page 514]]
Oil spill liability, 45
Trust funds:
Deficit, as part of unified, 257
Definition, 340
Discussion, 255
Income and outgo, 256-257, 261-263
Specific funds:
Federal civilian employees retirement funds, 259, 264
Federal employees health benefits fund, 264
Foreign military sales trust fund, 265
Highway trust fund, 257, 266
Medicare:
Hospital insurance trust fund, 258, 266
Supplementary medical insurance trust fund, 259-260, 266-267
Military retirement fund, 259, 267
Old-age survivors and disability insurance (OASI),
Federal, 265
Other trust funds, 269
Railroad retirement trust funds, 268
Unemployment insurance trust fund, 258, 268
Veterans life insurance trust funds, 269
Surplus, 188, 190, 194
U
Unemployment compensation, 4
Unemployment insurance taxes, 46
Unemployment insurance trust fund, 258, 268
Unemployment rate, 6
Unified transfer tax, tax expenditures, 83
Unnecessary reports to Congress, by agency
Administrative Conference of the U.S., 319
Advisory Commission on Intergovernmental Affairs, 319
Agriculture, Department of, 299-301
All agencies, 299
Appalachian Regional Commission, 319
Civil Rights Commission, 319
Commerce, Department of, 301
Defense, Department of, 301
Education, Department of, 301
Energy, Department of, 302-303
Environmental Protection Agency, 317-318
Export-Import Bank, 319
General Services Administration, 318
Health and Human Services, Department of, 303-306
Housing and Urban Development, Department of, 306
Interior, Department of, 306-309
International Trade Commission, 319
Justice, Department of, 309-310
Labor, Department of, 310-311
National Aeronautics and Space Administration, 318-319
National Science Foundation, 320
Nuclear Regulatory Commission, 320
Office of Management and Budget, 320
Office of Personnel Management (OPM), 319
Peace Corps, 320-321
State, Department of, 311-314
Transportation, Department of, 314-316
Treasury, Department of the, 316
United States Information Agency, 321
United States Trade Representative, 321-322
Veterans Affairs, Department of, 316
Unobligated balances, 333
Uranium enrichment decontamination and decommissioning fund, 271
User fees, 53
Bank examination, 46
Discretionary, 54-55
IRS, 45
Mandatory, 55
Securities, 46
V
Veterans life insurance trust funds, 269
Veterans loans, 136
Veterans loans, performance measures, 136