[Budget of the United States Government]
[IV. Summary Tables]
[From the U.S. Government Publishing Office, www.gpo.gov]
[[Page 223]]
Table S-1. President's 10-Year Plan
(In billions of dollars)
----------------------------------------------------------------------------------------------------------------
Total 2002-
2011
----------------------------------------------------------------------------------------------------------------
Baseline surplus................................................................................... 5,637
Social Security surplus.......................................................................... 2,591
Tax relief....................................................................................... 1,612
Additional needs, debt service, and contingencies:
Immediate Helping Hand and Medicare modernization.............................................. 153
Additional spending and other.................................................................. 19
Debt service................................................................................... 420
Contingencies.................................................................................. 841
Memorandum:
Maximum debt retirement.......................................................................... 2,017
----------------------------------------------------------------------------------------------------------------
[[Page 224]]
Table S-2. Proposed Policy
(In billions of dollars)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Estimate Totals
------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2002-2006 2002-2011
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Baseline unified surplus............................................... 284 283 334 387 439 515 585 651 725 814 903 1,958 5,637
Policy changes:
Tax package.......................................................... -* -29 -66 -99 -132 -169 -193 -208 -221 -243 -251 -495 -1,612
Discretionary programs............................................... -1 -8 -5 -6 -8 -4 1 -* -1 -* -1 -31 -28
Immediate Helping Hand and Medicare modernization.................... -3 -11 -13 -15 -13 -13 -13 -16 -17 -20 -24 -64 -153
Other mandatory initiatives and offsets.............................. ....... -2 -2 6 2 4 -1 -* * * 1 8 9
Debt service......................................................... -* -2 -6 -12 -20 -29 -40 -54 -69 -86 -104 -68 -420
------------------------------------------------------------------------------------------------------------------------
Total, policy changes.................................................. -3 -52 -92 -125 -170 -211 -246 -278 -305 -349 -377 -649 -2,204
Debt reduction and reserve for contingencies \1\....................... 281 231 242 262 269 305 340 373 420 465 526 1,309 3,433
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
* $500 million or less.
\1\ The actual amount of annual debt retirement will vary depending upon the availability of eligible redeemable debt, and the use, if any, of the contingency reserve.
[[Page 225]]
Table S-3. Budget Summary
(In billions of dollars)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Estimate Total
------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2002-2011
--------------------------------------------------------------------------------------------------------------------------------------------------------
Outlays:
Discretionary................ 649 692 712 731 754 770 787 809 830 854 877 7,816
Mandatory:
Social Security............ 430 452 474 498 524 553 584 618 656 698 744 5,801
Medicare................... 216 226 239 252 279 292 314 336 358 384 419 3,100
Medicaid................... 129 142 153 166 181 196 214 232 253 275 298 2,109
Other mandatory............ 226 260 264 268 286 285 296 312 324 336 349 2,981
------------------------------------------------------------------------------------------------------------------------
Subtotal, mandatory.......... 1,001 1,081 1,129 1,184 1,270 1,326 1,408 1,498 1,591 1,693 1,810 13,991
Net interest................. 206 188 175 161 145 127 109 90 69 46 20 1,130
------------------------------------------------------------------------------------------------------------------------
Total outlays.................. 1,856 1,961 2,016 2,077 2,169 2,224 2,303 2,398 2,490 2,593 2,706 22,938
Receipts....................... 2,137 2,192 2,258 2,339 2,438 2,529 2,643 2,771 2,910 3,058 3,233 26,370
------------------------------------------------------------------------------------------------------------------------
Unified surplus.............. 281 231 242 262 269 305 340 373 420 465 526 3,433
On-budget surplus/contingency 125 59 49 52 32 52 69 85 117 142 184 841
Off-budget surplus........... 156 172 193 211 237 252 270 287 303 323 343 2,591
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 226]]
Table S-4. Bridge to 2002 Proposed Discretionary Spending
(Budget authority, dollar amounts in billions)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
2001 Enacted....................................................................................... 634.9
Department of Defense:
Additions:
Campaign initiatives........................................................................... 4.4
Pay, inflation, health, and other.............................................................. 9.7
Non-Department of Defense:
Additions:
Campaign initiatives........................................................................... 10.9
Pay and programmatic increases................................................................. 9.3
National Emergency Reserve..................................................................... 5.6
Technical adjustments (contract renewals, new advances, etc.).................................. 5.6
Offsets:
Non-repetition of earmarked funding............................................................ -4.3
Non-repetition of one-time funding............................................................. -4.1
Program decreases.............................................................................. -11.5
2002 Total Discretionary........................................................................... 660.6
------------
2002 Discretionary Baseline........................................................................ 660.6
----------------------------------------------------------------------------------------------------------------
Increase over 2001 Enacted............................................................... 25.7
Percentage Increase...................................................................... 4.0%
----------------------------------------------------------------------------------------------------------------
[[Page 227]]
Table S-5. Discretionary Policy Initiatives
(Budget authority, in billions of dollars)
----------------------------------------------------------------------------------------------------------------
Totals
2002 -------------------------
Estimate 2002-2006 2002-2011
----------------------------------------------------------------------------------------------------------------
Strengthen and Reform Education.......................................... 3.6 19.9 42.6
Revitalize National Defense.............................................. 4.4 39.6 95.4
Champion Compassionate Conservatism...................................... 0.7 5.0 11.4
Assist Americans with Disabilities....................................... 0.3 1.4 3.0
Combat Crime and Drug Abuse.............................................. 1.4 6.3 12.2
Create a Comprehensive Energy Policy and Protect the Environment......... 1.4 6.6 13.1
Strengthen Families...................................................... 0.3 1.4 2.5
Invest in Health Care.................................................... 2.9 33.5 77.5
Reform the Immigration System............................................ 0.2 1.2 2.1
Promote Volunteerism..................................................... 0.2 1.3 2.9
--------------------------------------
Total, Discretionary Initiatives..................................... 15.3 116.2 262.6
----------------------------------------------------------------------------------------------------------------
Note: Totals in this table differ from those in A Blueprint for New Beginnings due to the subsequent development
of detailed budget and outyear estimates.
[[Page 228]]
Table S-6. Discretionary Budget Authority by Agency
(Dollar amounts in billions)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Actual Estimate Average
Agency ----------------------------------------------------------------- Change: 2001 Growth: 1998
1998 1999 2000 2001 2002 to 2002 to 2002
--------------------------------------------------------------------------------------------------------------------------------------------------------
Agriculture............................................ 15.8 16.5 17.1 19.3 17.9 -1.4 3.1%
Commerce \1\........................................... 4.2 5.4 8.7 5.1 4.8 -0.4 3.3%
Defense................................................ 259.8 274.6 287.3 296.3 310.5 14.1 4.5%
Education.............................................. 29.8 28.8 29.4 39.9 44.5 4.6 10.6%
Energy................................................. 16.8 17.9 17.8 19.7 19.2 -0.5 3.4%
Health and Human Services.............................. 37.1 41.5 45.5 53.9 56.7 2.8 11.2%
Housing and Urban Development.......................... 20.1 22.5 21.1 28.5 30.4 1.9 10.9%
Interior............................................... 8.1 8.0 8.5 10.2 9.8 -0.4 5.1%
International Affairs Programs \2\..................... 18.2 22.3 22.7 21.9 23.1 1.2 6.2%
Justice................................................ 17.6 18.4 18.8 20.9 19.9 -1.1 3.1%
Labor.................................................. 10.7 11.0 8.8 11.9 11.3 -0.6 1.4%
Transportation......................................... 15.0 12.9 14.5 18.4 16.3 -2.1 2.0%
Treasury............................................... 11.5 12.8 12.5 14.0 14.7 0.7 6.4%
Veterans Affairs....................................... 18.9 19.2 20.9 22.4 23.4 1.0 5.5%
Corps of Engineers..................................... 4.2 4.1 4.1 4.5 3.9 -0.6 -1.7%
Environmental Protection Agency........................ 7.4 7.6 7.6 7.8 7.3 -0.5 -0.2%
Federal Emergency Management Agency.................... 2.4 2.9 3.9 2.4 2.2 -0.2 -2.4%
National Aeronautics and Space Administration.......... 13.6 13.7 13.6 14.3 14.5 0.3 1.5%
National Science Foundation............................ 3.4 3.7 3.9 4.4 4.5 0.1 6.8%
Small Business Administration.......................... 0.7 0.8 0.9 0.3 0.5 0.3 -6.9%
Social Security Administration......................... 5.5 5.5 5.7 6.0 6.4 0.3 3.9%
Legal Services Corporation............................. 0.3 0.3 0.3 0.3 0.3 .............. 3.8%
National Endowment for the Arts........................ 0.1 0.1 0.1 0.1 0.1 .............. 1.7%
National Endowment for the Humanities.................. 0.1 0.1 0.1 0.1 0.1 * 2.2%
Smithsonian Institution................................ 0.4 0.4 0.4 0.5 0.5 * 5.3%
Other Agencies......................................... 10.2 11.4 10.4 11.7 12.2 0.5 4.4%
National Emergency Reserve............................. ........... ........... ........... ........... 5.6 5.6 ..............
------------------------------------------------------------------------------------------------
Total................................................ 531.9 562.2 584.4 634.9 660.6 25.7 5.6%
--------------------------------------------------------------------------------------------------------------------------------------------------------
* $500 million or less.
\1\ 2000 Commerce data includes funding for Census 2000.
\2\ International Affairs Program totals do not include P.L. 480 Title II food aid, which is included in the totals for Agriculture; 1999 data is also
adjusted to remove $18.2 billion in one-time funding for the International Monetary Fund.
[[Page 229]]
Table S-7. Discretionary Proposals By Appropriations Subcommittee
(In billions of dollars)
--------------------------------------------------------------------------------------------------------------------------------------------------------
2000 Enacted 2001 Estimate 2002 Proposed Change: 2002 to 2000 Change: 2002 to 2001
Appropriations Subcommittee -------------------------------------------------------------------------------------------------------------
BA Outlays BA Outlays BA Outlays BA Outlays BA Outlays
--------------------------------------------------------------------------------------------------------------------------------------------------------
Agriculture and Rural Development......... 15.0 14.7 16.1 16.3 15.4 16.4 0.4 1.6 -0.7 0.1
Commerce, Justice, State, and the 38.8 36.9 37.6 37.5 37.9 39.6 -1.0 2.7 0.2 2.1
Judiciary................................
Defense................................... 278.8 273.5 287.5 276.2 301.0 296.1 22.1 22.6 13.4 19.9
District of Columbia...................... 0.5 0.4 0.5 0.5 0.3 0.3 -0.1 -0.1 -0.1 -0.1
Energy and Water Development.............. 21.6 21.7 23.6 23.3 22.5 23.2 0.9 1.4 -1.1 -0.1
Foreign Operations........................ 16.2 14.8 14.9 15.7 15.2 15.7 -1.1 0.9 0.3 *
Interior and Related Agencies............. 15.4 15.6 19.0 17.9 18.1 18.3 2.7 2.7 -0.9 0.4
Labor, Health and Human Services, and 87.1 87.4 109.4 100.3 116.4 110.3 29.3 22.9 7.0 10.0
Education................................
Legislative............................... 2.5 2.5 2.7 2.6 3.0 3.0 0.5 0.5 0.3 0.3
Military Construction..................... 8.7 8.5 9.0 8.9 9.6 8.6 1.0 0.1 0.7 -0.3
Transportation and Related Agencies....... 14.4 44.0 18.3 48.2 16.2 52.7 1.9 8.6 -2.0 4.4
Treasury and General Government........... 13.7 13.7 15.8 16.1 16.6 16.3 2.9 2.6 0.8 0.2
Veterans Affairs and Housing and Urban 71.8 81.1 80.7 85.9 83.1 89.0 11.4 8.0 2.4 3.1
Development..............................
Allowances................................ ......... ......... ......... ......... 5.3 2.4 5.3 2.4 5.3 2.4
-------------------------------------------------------------------------------------------------------------
Total................................... 584.4 614.8 634.9 649.4 660.6 691.7 76.2 76.9 25.7 42.4
--------------------------------------------------------------------------------------------------------------------------------------------------------
* $500 million or less.
[[Page 230]]
Table S-8. Proposed Discretionary Spending Limits
(In billions of dollars)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Estimate
-----------------------------------------------------------
2001 2002 2003 2004 2005 2006
--------------------------------------------------------------------------------------------------------------------------------------------------------
Original Balanced Budget Act Limits:
Budget authority......................................................................... 542.0 552.8 1.9 2.1 2.2 2.4
Outlays.................................................................................. 595.8 594.7 35.9 2.0 2.2 2.4
Spending in excess of Original Caps:
Budget authority......................................................................... 92.9 107.8 ........ ........ ........ ........
Outlays.................................................................................. 53.6 97.0 ........ ........ ........ ........
Actual and Proposed Discretionary Spending Limits: \1\
Budget authority......................................................................... 634.9 660.6 685.1 702.7 720.1 737.9
Outlays.................................................................................. 649.4 691.7 711.8 731.2 754.5 770.4
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Data for 2001 is a current estimate and is not a proposed discretionary spending limit.
[[Page 231]]
Table S-9. Mandatory Proposals
(In millions of dollars)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Estimate Totals
-------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2002-2006 2002-2011
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Immediate Helping Hand Prescription Drug Plan and Medicare 2,500 11,200 12,900 14,800 12,500 12,800 13,400 15,500 16,700 19,700 23,500 64,200 153,000
Reform...................................................
Charity and other initiatives:
Education:
Expand Teacher Loan Forgiveness...................... ........ 11 5 5 5 6 6 6 6 7 7 32 64
HHS:
Child Welfare Preventative Services.................. ........ 30 158 192 196 200 200 200 200 200 200 776 1,776
Education and Training for Older Foster Children..... ........ 9 46 58 60 60 60 60 60 60 60 233 533
Charity State Tax Credit, TANF outlays............... ........ ........ 400 300 150 ........ ........ -200 -200 -200 -250 850 .........
Interior:
Use recreation fees to reduce NPS backlog (NPS/FWS/ ........ ........ -39 -2 49 80 134 92 44 ......... ......... 88 358
BLM).................................................
Correct trust accounting deficiencies (individual ........ 7 ........ ........ ........ ........ ........ ........ ........ ......... ......... 7 7
Indian money investments)............................
Justice:
Radiation exposure compensation....................... ........ 97 155 150 108 68 55 40 20 12 5 578 710
Treasury:
Tax credits........................................... ........ 81 2,129 1,674 2,619 2,987 3,424 3,423 3,385 3,342 3,302 9,490 26,366
Reclassification of advance appropriations:
Postal Service........................................ ........ 67 ........ ........ ........ ........ ........ ........ ........ ......... ......... 67 67
Elk Hills school lands fund........................... ........ 36 ........ ........ ........ ........ ........ ........ ........ ......... ......... 36 36
-------------------------------------------------------------------------------------------------------------------------------------
Total, other initiatives............................ ........ 338 2,854 2,377 3,187 3,401 3,879 3,621 3,515 3,421 3,324 12,157 29,917
Offsets:
Agriculture:
Long-term recreation fee program with four-year ........ ........ -25 -13 -2 -2 28 13 1 ......... ......... -42 .........
reauthorization......................................
Energy:
ANWR, lease bonuses.................................. ........ ........ ........ -1,200 ........ ........ ........ ........ ........ ......... ......... -1,200 -1,200
HHS:
Medicaid savings proposals........................... ........ -606 -1,071 -1,450 -1,844 -1,906 -1,965 -2,024 -2,098 -2,170 -2,242 -6,876 -17,374
Interior:
ANWR, lease bonuses:
State of Alaska's share:
Receipts......................................... ........ ........ ........ -1,201 -1 -1 -1 -1 -1 -1 -1 -1,203 -1,208
Expenditure...................................... ........ ........ ........ 1,201 1 1 1 1 1 1 1 1,203 1,208
Federal share...................................... ........ ........ ........ -1 -1 -1 -1 -1 -1 -1 -1 -3 -8
[[Page 232]]
Veterans Affairs:
OBRA Extenders:
IRS income verification on means tested veterans ........ ........ ........ -6 -6 -6 -6 -6 -6 -6 -6 -18 -48
and survivors benefits.............................
Round-down disability benefits to nearest dollar ........ ........ -15 -37 -60 -85 -107 -133 -163 -188 -208 -196 -996
after COLA.........................................
Limit VA pensions to Medicaid recipients in nursing ........ ........ ........ ........ ........ ........ ........ ........ -127 -138 -149 ......... -415
homes (includes Medicaid offsets)..................
Continue current housing loan fees................. ........ ........ ........ ........ ........ ........ ........ ........ -275 -280 -286 ......... -841
Eliminate ``Vendee'' loan program.................... ........ 19 -9 -12 -21 -26 -29 -34 -37 -36 -40 -49 -225
Army Corps of Engineers:
Recreation user fee increase......................... ........ -10 -5 -5 -5 ........ ........ ........ ........ ......... ......... -25 -25
FCC:
Shift spectrum auction deadlines and promote clearing. ........ 2,600 1,000 -5,100 -2,000 -4,000 ........ ........ ........ ......... ......... -7,500 -7,500
Analog spectrum lease fee............................ ........ -198 -200 -200 -200 -200 -175 -150 -75 -25 ......... -998 -1,423
FDIC:
State Bank Examination fees:
Reduction in FDIC outlays.......................... ........ -92 -97 -101 -106 -112 -118 -123 -129 -136 -143 -508 -1,157
FEMA:
Phase out subsidized premiums for non-primary ........ -12 -41 -93 -194 -334 -410 -416 -421 -421 -421 -674 -2,763
residences in the flood insurance program............
Reform flood insurance program for repetitive loss ........ ........ -20 -30 -38 -43 -46 -49 -51 -53 -55 -131 -385
properties that experience chronic flooding..........
OPM:
Extend higher agency contributions to the Civil ........ ........ -469 -482 -449 -415 -380 -343 -306 -268 -222 -1,815 -3,334
Service Retirement Fund..............................
Other:
Indirect impact of other proposals.................... ........ ........ -2 -4 -7 -7 -6 -3 -4 -4 -7 -20 -44
-------------------------------------------------------------------------------------------------------------------------------------
Total, offsets...................................... ........ 1,631 -1,028 -8,810 -5,012 -7,220 -3,303 -3,361 -3,788 -3,827 -3,885 -20,439 -38,604
=====================================================================================================================================
Total, mandatory proposals 2,500 13,239 14,800 8,443 10,754 9,064 14,064 15,852 16,523 19,395 23,044 56,300 145,178
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 233]]
Table S-10. Effect of Proposals on Receipts
(In millions of dollars)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Estimate Totals
-------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2002-2006 2002-2011
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
President's Tax Plan presented to Congress on
February 8th:
Create new 10-percent individual income tax ....... -5,678 -13,847 -21,932 -29,849 -37,407 -39,734 -40,281 -40,602 -40,685 -40,603 -108,713 -310,618
bracket..........................................
Reduce individual income tax rates................ ....... -11,793 -21,047 -33,493 -42,306 -57,299 -63,741 -65,454 -67,020 -68,550 -69,963 -165,938 -500,666
Increase the child tax credit \1\................. ....... -1,238 -7,505 -11,455 -16,347 -20,963 -25,296 -26,277 -27,098 -27,876 -28,602 -57,508 -192,657
Reduce the marriage penalty....................... ....... -1,435 -4,844 -7,773 -10,343 -12,675 -14,125 -14,645 -15,154 -15,657 -16,183 -37,070 -112,834
Provide charitable contribution deduction for ....... -482 -1,690 -2,963 -4,448 -6,065 -6,988 -7,087 -7,306 -7,500 -7,642 -15,648 -52,171
nonitemizers.....................................
Permit tax-free withdrawals from IRAs for ....... -53 -181 -195 -210 -225 -241 -258 -277 -299 -322 -864 -2,261
charitable contributions.........................
Raise the cap on corporate charitable ....... -85 -136 -136 -143 -149 -159 -169 -178 -202 -222 -649 -1,579
contributions....................................
Increase and expand education savings accounts.... ....... -3 -25 -88 -204 -373 -593 -829 -1,037 -1,206 -1,287 -693 -5,645
Permanently extend the R&E tax credit............. ....... ........ ........ -1,055 -3,431 -5,415 -6,543 -7,388 -8,019 -8,567 -9,158 -9,901 -49,576
Phase out death tax............................... -154 -4,930 -10,435 -11,442 -13,411 -16,263 -21,152 -30,603 -38,369 -55,691 -58,961 -56,481 -261,257
-------------------------------------------------------------------------------------------------------------------------------------------
Total, President's Tax Plan presented to -154 -25,697 -59,710 -90,532 -120,692 -156,834 -178,572 -192,991 -205,060 -226,233 -232,943 -453,465 -1,489,264
Congress on February 8th \1\...................
Provide refundable tax credit for the purchase of ....... -219 -1,513 -3,966 -5,796 -6,143 -6,777 -7,007 -7,101 -7,153 -7,183 -17,637 -52,858
health insurance \1\...............................
Additional tax incentives \2\....................... -18 -1,812 -3,602 -4,322 -5,090 -6,001 -7,340 -8,406 -9,255 -9,997 -10,706 -20,827 -66,531
One-year extension of provisions expiring in 2001 ....... -1,614 -1,355 -170 -94 -66 -37 -20 -18 -18 -18 -3,299 -3,410
\2\................................................
-------------------------------------------------------------------------------------------------------------------------------------------
Total tax reduction \1\, \2\...................... -172 -29,342 -66,180 -98,990 -131,672 -169,044 -192,726 -208,424 -221,434 -243,401 -250,850 -495,228 -1,612,063
Other provisions that affect receipts:
Recover State bank supervision and regulation ....... 70 74 76 80 84 88 92 96 101 105 384 866
expenses \1\, \2\................................
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Affects both receipts and outlays. Only the receipt effect is shown here; the outlay effect is shown in Table S-9.
\2\ Net of income offsets.
[[Page 234]]
Table S-11. Receipts by Source--Summary
(In billions of dollars)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Estimate
2000 Actual ------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Individual income taxes............................... 1,004.5 1,072.9 1,078.8 1,092.3 1,117.9 1,157.0 1,196.6 1,255.2 1,330.4 1,410.2 1,499.6 1,598.2
Corporation income taxes.............................. 207.3 213.1 218.8 227.3 235.5 244.2 252.2 259.9 268.1 275.8 283.5 294.3
Social insurance and retirement receipts ............. 652.9 689.7 725.8 766.0 806.0 855.8 896.4 942.0 984.4 1,030.8 1,087.9 1,145.1
(On-budget)......................................... (172.3) (185.8) (194.9) (205.2) (215.8) (226.8) (237.9) (248.7) (258.2) (269.8) (284.3) (298.8)
(Off-budget)........................................ (480.6) (503.9) (530.9) (560.8) (590.3) (629.0) (658.5) (693.3) (726.2) (761.0) (803.5) (846.3)
Excise taxes.......................................... 68.9 71.1 74.0 76.3 78.3 80.5 82.3 84.8 87.3 90.0 92.8 95.7
Estate and gift taxes................................. 29.0 31.1 28.7 26.6 28.3 24.9 22.5 20.4 15.7 13.4 0.7 0.7
Customs duties........................................ 19.9 21.4 22.5 24.3 25.0 26.0 27.7 29.3 30.7 33.0 34.5 36.2
Miscellaneous receipts................................ 42.8 37.6 43.1 45.4 47.8 49.3 51.0 51.6 54.1 56.8 59.5 62.4
-----------------------------------------------------------------------------------------------------------------------------------------
Total receipts........................................ 2,025.2 2,136.9 2,191.7 2,258.2 2,338.8 2,437.8 2,528.7 2,643.3 2,770.6 2,909.9 3,058.4 3,232.6
(On-budget)......................................... (1,544.6) (1,633.1) (1,660.8) (1,697.4) (1,748.5) (1,808.8) (1,870.2) (1,950.0) (2,044.4) (2,148.9) (2,254.9) (2,386.3)
(Off-budget)........................................ (480.6) (503.9) (530.9) (560.8) (590.3) (629.0) (658.5) (693.3) (726.2) (761.0) (803.5) (846.3)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 235]]
Table S-12. Budget Authority Totals by Function
(In billions of dollars)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Estimate
Function 2000 -----------------------------------------------------------------------
Actual 2001 2002 2003 2004 2005 2006
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
National defense............................................................................................ 304.1 310.6 325.1 333.9 342.8 352.2 361.9
International affairs....................................................................................... 22.6 18.6 22.3 22.8 22.9 23.6 24.4
General science, space, and technology...................................................................... 19.3 21.0 21.4 22.1 22.5 22.9 23.5
Energy...................................................................................................... -1.2 -0.9 -0.4 -0.2 -0.5 -0.4 -0.2
Natural resources and environment........................................................................... 25.0 28.5 26.6 27.2 27.9 27.9 27.7
Agriculture................................................................................................. 33.7 29.3 15.8 14.2 14.1 14.5 14.9
Commerce and housing credit................................................................................. 15.4 -6.5 10.3 8.4 6.7 6.6 6.6
On-Budget................................................................................................. (11.7) (-11.3) (7.8) (6.5) (5.8) (5.7) (5.6)
Off-Budget................................................................................................ (3.7) (4.8) (2.5) (1.9) (0.9) (0.9) (1.0)
Transportation.............................................................................................. 55.4 61.5 62.1 60.0 61.5 63.1 64.8
Community and regional development.......................................................................... 11.3 10.4 10.1 10.4 10.5 10.7 10.9
Education, training, employment, and social services........................................................ 55.2 70.3 98.5 82.0 84.1 86.7 89.3
Health...................................................................................................... 161.5 181.4 204.9 230.0 246.3 254.1 268.1
Medicare.................................................................................................... 200.6 219.0 229.9 242.3 255.6 282.9 296.3
Income security............................................................................................. 243.6 261.9 277.1 286.4 298.1 310.6 319.2
Social security............................................................................................. 412.0 435.3 456.8 479.1 503.8 530.3 559.3
On-Budget................................................................................................. (13.3) (11.7) (14.0) (14.5) (15.5) (16.3) (17.3)
Off-Budget................................................................................................ (398.8) (423.6) (442.8) (464.6) (488.3) (514.0) (542.0)
Veterans benefits and services.............................................................................. 45.5 47.7 51.8 53.8 55.9 57.8 59.7
Administration of justice................................................................................... 26.7 30.4 31.6 32.5 34.7 35.2 36.0
General government.......................................................................................... 13.5 16.2 16.6 16.9 18.4 17.6 17.9
Net interest................................................................................................ 223.2 206.4 188.1 175.2 161.5 144.7 127.2
On-Budget................................................................................................. (283.0) (275.3) (264.2) (260.7) (257.3) (252.0) (247.3)
Off-Budget................................................................................................ (-59.8) (-68.9) (-76.1) (-85.4) (-95.9) (-107.3) (-120.1)
Allowances.................................................................................................. .......... .......... 5.3 5.4 5.6 5.7 5.8
Undistributed offsetting receipts........................................................................... -42.6 -47.7 -49.4 -60.4 -70.6 -58.9 -62.4
On-Budget................................................................................................. (-34.9) (-39.8) (-40.5) (-51.2) (-60.7) (-48.2) (-50.9)
Off-Budget................................................................................................ (-7.6) (-7.9) (-8.9) (-9.2) (-9.9) (-10.7) (-11.4)
-----------------------------------------------------------------------------------
Total....................................................................................................... 1,825.0 1,893.5 2,004.6 2,041.9 2,101.8 2,187.8 2,251.0
On-Budget................................................................................................. (1,489.9) (1,541.8) (1,644.2) (1,670.0) (1,718.3) (1,791.0) (1,839.6)
Off-Budget................................................................................................ (335.0) (351.7) (360.3) (372.0) (383.5) (396.8) (411.4)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note: The Administration proposes to reverse the misleading budget practice of using advance appropriations simply to avoid spending limitations. In order to avoid overstating discretionary
budget authority in 2002, language is proposed to exclude the advance appropriation budget authority, appropriated in 2001, from discretionary budget authority.
[[Page 236]]
Table S-13. Outlay Totals by Function
(In billions of dollars)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Estimate
Function 2000 -----------------------------------------------------------------------
Actual 2001 2002 2003 2004 2005 2006
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
National defense............................................................................................ 294.5 299.1 319.2 322.1 333.1 347.2 354.0
International affairs....................................................................................... 17.2 17.5 21.0 21.3 21.5 21.6 22.2
General science, space, and technology...................................................................... 18.6 19.7 20.8 21.4 22.2 22.6 23.1
Energy...................................................................................................... -1.1 -0.7 -0.3 -0.1 -0.6 -0.4 -0.3
Natural resources and environment........................................................................... 25.0 27.4 27.5 27.7 28.0 28.4 28.7
Agriculture................................................................................................. 36.6 25.9 18.6 15.0 14.0 14.1 14.5
Commerce and housing credit................................................................................. 3.2 -0.8 6.9 4.7 3.6 3.5 2.3
On-Budget................................................................................................. (1.2) (-3.4) (3.9) (5.2) (4.3) (4.9) (4.1)
Off-Budget................................................................................................ (2.0) (2.6) (3.1) (-0.5) (-0.7) (-1.3) (-1.8)
Transportation.............................................................................................. 46.9 51.1 55.0 57.5 59.7 62.1 63.8
Community and regional development.......................................................................... 10.6 10.6 11.7 11.3 10.8 10.5 10.1
Education, training, employment, and social services........................................................ 59.2 65.3 76.6 81.3 82.6 84.7 87.2
Health...................................................................................................... 154.5 175.3 201.5 224.4 243.3 250.7 264.8
Medicare.................................................................................................... 197.1 219.3 229.9 242.1 255.9 282.8 296.0
Income security............................................................................................. 247.9 262.6 275.7 285.9 295.9 308.8 317.1
Social security............................................................................................. 409.4 433.6 455.1 477.1 501.6 528.1 556.8
On-Budget................................................................................................. (13.3) (11.7) (14.0) (14.5) (15.5) (16.3) (17.3)
Off-Budget................................................................................................ (396.2) (421.9) (441.1) (462.7) (486.2) (511.7) (539.5)
Veterans benefits and services.............................................................................. 47.1 45.4 51.6 53.6 55.8 60.4 59.6
Administration of justice................................................................................... 27.8 29.4 32.3 35.4 35.5 35.2 35.8
General government.......................................................................................... 13.5 16.8 16.3 16.7 18.4 17.4 17.6
Net interest................................................................................................ 223.2 206.4 188.1 175.2 161.5 144.7 127.2
On-Budget................................................................................................. (283.0) (275.3) (264.2) (260.7) (257.3) (252.0) (247.3)
Off-Budget................................................................................................ (-59.8) (-68.9) (-76.1) (-85.4) (-95.9) (-107.3) (-120.1)
Allowances.................................................................................................. .......... .......... 2.4 3.9 4.7 5.4 5.7
Undistributed offsetting receipts........................................................................... -42.6 -47.7 -49.4 -60.4 -70.6 -58.9 -62.4
On-Budget................................................................................................. (-34.9) (-39.8) (-40.5) (-51.2) (-60.7) (-48.2) (-50.9)
Off-Budget................................................................................................ (-7.6) (-7.9) (-8.9) (-9.2) (-9.9) (-10.7) (-11.4)
-----------------------------------------------------------------------------------
Total....................................................................................................... 1,788.8 1,856.2 1,960.6 2,016.2 2,076.7 2,168.7 2,223.9
On-Budget................................................................................................. (1,458.1) (1,508.5) (1,601.4) (1,648.7) (1,697.0) (1,776.4) (1,817.8)
Off-Budget................................................................................................ (330.8) (347.7) (359.2) (367.6) (379.7) (392.4) (406.1)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 237]]
Table S-14. Discretionary Budget Authority by Function
(In billions of dollars)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Estimate
Function 2000 -----------------------------------------------------------------------
Actual 2001 2002 2003 2004 2005 2006
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
National defense............................................................................................ 300.8 311.3 325.1 333.9 343.2 352.7 362.5
International affairs....................................................................................... 23.5 22.7 23.9 24.4 24.9 25.5 26.0
General science, space, and technology...................................................................... 19.2 20.9 21.2 21.9 22.4 22.9 23.5
Energy...................................................................................................... 2.7 3.1 2.8 2.9 3.1 3.2 3.3
Natural resources and environment........................................................................... 24.6 28.7 26.4 27.0 27.6 27.6 27.4
Agriculture................................................................................................. 4.7 5.1 4.8 5.2 5.2 5.3 5.4
Commerce and housing credit................................................................................. 5.1 0.7 -0.3 -0.1 -0.4 -0.5 -0.5
Transportation.............................................................................................. 15.2 18.9 16.8 17.8 18.2 18.6 19.0
Community and regional development.......................................................................... 12.2 11.0 10.4 10.7 10.9 11.1 11.3
Education, training, employment, and social services........................................................ 44.4 61.1 65.4 67.1 69.0 70.7 72.3
Health...................................................................................................... 33.8 38.9 41.0 45.7 46.9 48.1 49.4
Medicare.................................................................................................... 3.0 3.4 3.5 3.5 3.6 3.7 3.8
Income security............................................................................................. 31.6 39.5 42.8 45.1 46.7 48.3 49.6
Social security............................................................................................. 3.2 3.4 3.5 3.6 3.7 3.8 3.8
On-Budget................................................................................................. (*) (*) (*) (*) (*) (*) (*)
Off-Budget................................................................................................ (3.2) (3.4) (3.5) (3.6) (3.7) (3.7) (3.8)
Veterans benefits and services.............................................................................. 20.9 22.5 23.5 24.0 24.5 25.1 25.7
Administration of justice................................................................................... 27.1 30.0 29.8 31.9 32.3 32.8 33.5
General government.......................................................................................... 12.4 14.0 14.8 15.0 15.4 15.7 16.0
Allowances.................................................................................................. .......... .......... 5.3 5.4 5.6 5.7 5.8
-----------------------------------------------------------------------------------
Total....................................................................................................... 584.4 634.9 660.6 685.1 702.7 720.1 737.9
On-Budget................................................................................................. (581.2) (631.5) (657.1) (681.5) (699.1) (716.4) (734.1)
Off-Budget................................................................................................ (3.2) (3.4) (3.5) (3.6) (3.7) (3.7) (3.8)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
* $50 million or less.
[[Page 238]]
Table S-15. Discretionary Outlays by Function
(In billions of dollars)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Estimate
Function 2000 -----------------------------------------------------------------------
Actual 2001 2002 2003 2004 2005 2006
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
National defense............................................................................................ 295.0 299.6 319.2 322.1 333.5 347.6 354.6
International affairs....................................................................................... 21.3 24.1 24.5 24.7 24.9 25.0 25.6
General science, space, and technology...................................................................... 18.6 19.6 20.7 21.2 22.0 22.5 23.1
Energy...................................................................................................... 3.0 3.0 3.0 3.0 3.1 3.2 3.3
Natural resources and environment........................................................................... 25.0 27.6 27.6 27.6 27.7 28.3 28.5
Agriculture................................................................................................. 4.7 5.5 5.5 5.2 5.3 5.3 5.4
Commerce and housing credit................................................................................. 4.5 1.7 0.4 0.1 -0.3 -0.5 -0.5
Transportation.............................................................................................. 44.7 48.9 53.2 55.4 57.7 60.2 61.9
Community and regional development.......................................................................... 11.4 11.2 12.0 12.0 11.7 11.5 11.3
Education, training, employment, and social services........................................................ 48.9 56.1 62.2 66.5 67.4 69.0 70.7
Health...................................................................................................... 30.0 34.1 38.5 41.7 45.0 46.8 48.1
Medicare.................................................................................................... 3.0 3.3 3.5 3.5 3.6 3.7 3.8
Income security............................................................................................. 41.4 45.5 46.9 48.0 48.6 49.4 50.4
Social security............................................................................................. 3.4 3.6 3.5 3.6 3.7 3.8 3.8
On-Budget................................................................................................. (*) (*) (*) (*) (*) (*) (*)
Off-Budget................................................................................................ (3.4) (3.6) (3.5) (3.6) (3.7) (3.7) (3.8)
Veterans benefits and services.............................................................................. 20.8 22.4 23.4 23.9 24.5 25.0 25.6
Administration of justice................................................................................... 26.8 28.8 30.8 34.3 32.9 32.7 33.3
General government.......................................................................................... 12.4 14.5 14.5 14.9 15.2 15.5 15.8
Allowances.................................................................................................. .......... .......... 2.4 3.9 4.7 5.4 5.7
-----------------------------------------------------------------------------------
Total....................................................................................................... 614.8 649.4 691.7 711.8 731.2 754.5 770.4
On-Budget................................................................................................. (611.5) (645.8) (688.2) (708.3) (727.6) (750.7) (766.6)
Off-Budget................................................................................................ (3.4) (3.6) (3.5) (3.6) (3.7) (3.7) (3.8)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
* $50 million or less.
[[Page 239]]
Table S-16. Comparison of Economic Assumptions
(Calendar years)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Projections
--------------------------------------------------------------------------------------------------- Average
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2002-2011
--------------------------------------------------------------------------------------------------------------------------------------------------------
Real GDP (chain-weighted): \1\
CBO January............................. 2.4 3.4 3.3 3.0 3.0 3.0 3.0 3.0 3.0 3.1 3.1 3.1
Blue Chip Consensus March............... 1.9 3.4 3.5 3.4 3.4 3.4 3.3 3.3 3.3 3.3 3.3 3.4
2002 Budget............................. 2.4 3.3 3.2 3.2 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.2
Chain-weighted GDP Price Index: \1\
CBO January............................. 2.3 2.1 2.0 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9
Blue Chip Consensus March............... 2.1 2.0 2.1 2.1 2.1 2.2 2.2 2.2 2.2 2.2 2.2 2.2
2002 Budget............................. 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1
Consumer Price Index (all-urban): \1\
CBO January............................. 2.8 2.8 2.7 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.6
Blue Chip Consensus March............... 2.8 2.4 2.6 2.6 2.5 2.6 2.6 2.6 2.6 2.6 2.6 2.6
2002 Budget............................. 2.7 2.6 2.6 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5
Unemployment rate: \2\
CBO January............................. 4.4 4.5 4.5 4.7 4.8 4.9 5.0 5.1 5.2 5.2 5.2 4.9
Blue Chip Consensus March............... 4.5 4.6 4.6 4.6 4.6 4.6 4.6 4.6 4.6 4.6 4.6 4.6
2002 Budget............................. 4.4 4.6 4.5 4.5 4.5 4.5 4.5 4.6 4.6 4.6 4.6 4.6
Interest rates: \2\
91-day Treasury bills:
CBO January........................... 4.8 4.9 5.0 4.9 4.9 4.9 4.9 4.9 4.9 4.9 4.9 4.9
Blue Chip Consensus March............. 4.6 4.8 5.2 5.3 5.3 5.2 5.2 5.2 5.2 5.2 5.2 5.2
2002 Budget........................... 5.3 5.6 5.6 5.6 5.3 5.0 5.0 5.0 5.0 5.0 5.0 5.2
10-year Treasury notes:
CBO January........................... 4.9 5.3 5.5 5.6 5.7 5.8 5.8 5.8 5.8 5.8 5.8 5.7
Blue Chip Consensus March............. 5.1 5.4 5.7 5.7 5.7 5.7 5.7 5.7 5.7 5.7 5.7 5.7
2002 Budget........................... 5.4 5.6 5.7 5.7 5.7 5.7 5.7 5.7 5.7 5.7 5.7 5.7
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Year over year, percent.
\2\ Annual averages, percent.
[[Page 240]]
Table S-17. Baseline Category Totals
(In billions of dollars)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Estimate Total
-------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2002-2011
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Outlays:
Discretionary:
Defense function............................................ 300 312 319 330 341 351 360 370 381 392 403 3,559
Nondefense.................................................. 349 372 388 396 405 416 427 439 450 462 475 4,230
-------------------------------------------------------------------------------------------------------------------------------
Subtotal, discretionary................................... 649 684 707 726 746 766 788 809 831 854 878 7,789
Mandatory:
Social Security............................................. 430 452 474 498 524 553 584 618 656 698 744 5,801
Medicare.................................................... 216 226 239 252 271 279 301 320 342 365 396 2,990
Medicaid.................................................... 129 143 154 167 182 198 216 234 254 276 300 2,125
Other mandatory............................................. 223 246 248 258 281 287 294 310 323 335 348 2,930
-------------------------------------------------------------------------------------------------------------------------------
Subtotal, mandatory....................................... 998 1,067 1,114 1,176 1,259 1,317 1,394 1,482 1,575 1,674 1,787 13,846
Net interest:
Interest earnings........................................... ........ ........ ........ ........ -3 -14 -32 -56 -84 -118 -159 -466
Other....................................................... 206 186 169 150 128 113 100 92 85 78 74 1,176
-------------------------------------------------------------------------------------------------------------------------------
Subtotal, net interest.................................... 206 186 169 150 125 99 69 36 * -40 -85 710
Total outlays................................................... 1,853 1,938 1,991 2,051 2,130 2,182 2,250 2,328 2,406 2,488 2,580 22,345
Receipts........................................................ 2,137 2,221 2,324 2,438 2,569 2,698 2,836 2,979 3,131 3,302 3,483 27,981
-------------------------------------------------------------------------------------------------------------------------------
Unified surplus............................................... 284 283 334 387 439 515 585 651 725 814 903 5,637
On-budget surplus............................................. 128 111 140 176 202 262 314 363 421 489 560 3,038
Off-budget surplus............................................ 156 172 194 211 237 253 272 289 304 324 344 2,599
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
* $500 million or less.
Note: Baseline assumes earnings on cash balances, which represent the return on investing excess Treasury cash in the private sector. The size of the balances that would be invested would
vastly overwhelm existing institutional arrangements for investing Treasury operating balances, raising both operational and policy issues.
[[Page 241]]
Table S-18. Federal Government Financing and Debt
(In billions of dollars)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Estimate
Actual -------------------------------------------------------------------------------------------
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
--------------------------------------------------------------------------------------------------------------------------------------------------------
Financing:
Unified budget surplus........................... 236 281 231 242 262 269 305 340 373 420 465 526
On-budget surplus/reserve for contingencies \1\ 87 125 59 49 52 32 52 69 85 117 142 184
Off-budget surplus............................. 150 156 172 193 211 237 252 270 287 303 323 343
Financing other than the change in debt held by
the public:
Premiums paid (-) on buybacks of Treasury -6 -10 ...... ...... ...... ...... ...... ...... ....... ....... ....... .......
securities \2\................................
Changes in: \3\
Treasury operating cash balance.............. 4 3 ...... ...... ...... ...... ...... ...... ....... ....... ....... .......
Checks outstanding, deposit funds, etc. \4\.. 3 -* -1 ...... ...... ...... ...... ...... ....... ....... ....... .......
Seigniorage on coins........................... 2 2 2 2 2 2 2 2 2 2 2 2
Less: Net financing disbursements:
Direct loan financing accounts............... -22 -39 -4 -17 -18 -17 -16 -16 -16 -16 -16 -15
Guaranteed loan financing accounts........... 4 -1 -1 1 -* -* 1 1 1 1 1 1
----------------------------------------------------------------------------------------------------
Total, financing other than the change in -13 -45 -4 -15 -16 -15 -14 -13 -13 -13 -13 -13
debt held by the public...................
----------------------------------------------------------------------------------------------------
Total, amount available to repay debt 223 236 227 227 246 254 291 326 359 406 452 513
held by the public......................
Change in debt held by the public: \5\ \6\
Change in debt held by the public............ -223 -236 -227 -227 -246 -254 -291 -326 -198 -125 -71 -50
Less change in excess balances............... ....... ...... ...... ...... ...... ...... ...... ...... -162 -281 -381 -463
Change in net indebtedness................. -223 -236 -227 -227 -246 -254 -291 -326 -359 -406 -452 -513
Debt Subject to Statutory Limitation, End of Year:
Debt issued by Treasury.......................... 5,601 5,598 5,637 5,698 5,759 5,832 5,890 5,932 6,118 6,395 6,749 7,140
Adjustment for Treasury debt not subject to -15 -15 -15 -15 -15 -15 -15 -15 -15 -15 -15 -15
limitation and agency debt subject to limitation
\7\.............................................
Adjustment for discount and premium \8\.......... 6 6 6 6 6 6 6 6 6 6 6 6
----------------------------------------------------------------------------------------------------
Total, debt subject to statutory limitation \9\ 5,592 5,588 5,627 5,688 5,749 5,822 5,881 5,922 6,108 6,385 6,740 7,130
Debt Outstanding, End of Year:
Gross Federal debt: \10\
Debt issued by Treasury........................ 5,601 5,598 5,637 5,698 5,759 5,832 5,890 5,932 6,118 6,395 6,749 7,140
Debt issued by other agencies.................. 28 27 27 26 25 24 23 21 21 21 20 20
----------------------------------------------------------------------------------------------------
Total, gross Federal debt.................... 5,629 5,625 5,664 5,724 5,784 5,856 5,913 5,953 6,138 6,415 6,770 7,160
Held by:
Debt securities held as assets by Government 2,219 2,451 2,717 3,004 3,310 3,636 3,985 4,352 4,735 5,137 5,562 6,002
accounts........................................
Debt securities held as assets by the public: \6\
Debt held by the public........................ 3,410 3,174 2,947 2,720 2,473 2,219 1,928 1,602 1,404 1,279 1,208 1,158
Less excess balances........................... ....... ...... ...... ...... ...... ...... ...... ...... -162 -443 -824 -1,287
Net indebtedness \11\........................ 3,410 3,174 2,947 2,720 2,473 2,219 1,928 1,602 1,242 836 384 -129
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 242]]
*$500 million or less.
\1\ The actual amount of annual debt retirement will vary depending upon the availability of eligible redeemable debt, and the use, if any, of the
contingency reserve.
\2\ This table includes estimates for Treasury buybacks of outstanding securities only through 2001. These estimates assume that Treasury will buy back
$35 billion (face value) of securities in 2001. The premiums paid on buybacks are based on experience to date and the interest rates in the economic
assumptions.
\3\ A decrease in the Treasury operating cash balance (which is an asset) would be a means of financing a deficit and therefore has a positive sign. An
increase in checks outstanding or deposit fund balances (which are liabilities) would also be a means of financing a deficit and therefore would also
have a positive sign.
\4\ Besides checks outstanding and deposit funds, includes accrued interest payable on Treasury debt, miscellaneous liability accounts, allocations of
special drawing rights, and, as an offset, cash and monetary assets other than the Treasury operating cash balance, miscellaneous asset accounts, and
profit on sale of gold.
\5\ Indian tribal funds that are owned by the Indian tribes and held and managed in a fiduciary capacity by the Government on the tribes' behalf were
reclassified from trust funds to deposit funds as of October 1, 1999. Their holdings of Treasury securities were accordingly reclassified from debt
held by Government accounts to debt held by the public, which affected the change in debt held by the public without affecting borrowing or the
repayment of debt.
\6\ The amount of the unified budget surplus that is available to repay debt held by the public is estimated to be more than the amount of debt that is
available to be redeemed in 2008 and subsequent years. The difference is assumed to be held as ``excess balances.'' (``Excess'' means in excess of the
amounts held for operational and programmatic purposes.) The debt held by the public is the amount of Federal debt securities held by the public. The
net indebtedness is the debt held by the public less the excess balances.
\7\ Consists primarily of Federal Financing Bank debt.
\8\ Consists of unamortized discount (less premium) on public issues of Treasury notes and bonds (other than zero-coupon bonds) and unrealized discount
on Government account series securities.
\9\ The statutory debt limit is $5,950 billion.
\10\ Treasury securities held by the public and zero-coupon bonds held by Government accounts are almost entirely measured at sales price plus amortized
discount or less amortized premium. Agency debt is almost entirely measured at face value. Treasury securities in the Government account series are
measured at face value less unrealized discount (if any).
\11\ At the end of 2000, the Federal Reserve Banks held $511 billion of Federal securities and the rest of the public held $2,899 billion. Debt held by
the Federal Reserve Banks is not estimated for future years.