United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office Accounting and Information Management Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1994-02-04 monographic deposited born digital GA 1.13:AIMD-94-68 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-94-68 P0b002ee18039c08e f:ai94068 DGPO 2010-08-12 2011-03-24 GAOREPORTS-AIMD-94-68 machine generated eng fdlp REPORT GAOREPORTS-AIMD-94-68 AIMD-94-68 Budget deficit Deficit reduction Budget outlays Trust funds Budget receipts Budget administration Fiscal policies Macroeconomic analysis Future budget projections Balanced budgets Medicaid Program Medicare Program OMB Budget Preparation System Bank Insurance Fund FSLIC Resolution Fund Savings Association Insurance Fund Defense Business Operations Fund Unemployment Insurance Trust Fund Supplemental Security Income Program BIF SAIF Letter Report AIMD This report compares the Office of Management and Budget's (OMB) original and revised estimates of the deficit, outlays, receipts, and economic conditions with the actual fiscal year 1993 results. GAO (1) identifies reasons for the major difference between OMB's original estimates and actual results; (2) assesses whether patterns of estimating problems are discernable; and (3) includes, for comparison purposes, the recent estimates reported by the Congressional Budget Office (CBO). Excluding deposit insurance, OMB's estimate of the budget deficit for fiscal year 1993 tracked closely to the final adjusted deficit. The budget estimation process is, however, unlikely to become any easier given upcoming tax changes and the proposals for health care and welfare reform. Although the fiscal year 1993 budget deficit was the lowest in three years, it still added more than $250 billion to the nation's debt; in fiscal year 1993, interest payments on this borrowing totaled another $293 billion. CBO projects that the deficit will shrink to $166 million in fiscal year 1996 but will turn upward at the end of the decade unless additional action is taken. In GAO's view, now is the time--while the economy is growing and the deficit is not--to adopt policies to put the deficit on a downward path. https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-94-68/html/GAOREPORTS-AIMD-94-68.htm GAO/AIMD-94-68 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-94-68 Letter Report GAO/AIMD-94-68; Budget Issues: Fiscal Year 1993 Budget Estimates and Actual Results; Budget deficit Deficit reduction Budget outlays Trust funds Budget receipts Budget administration Fiscal policies Macroeconomic analysis Future budget projections Balanced budgets Medicaid Program Medicare Program OMB Budget Preparation System Bank Insurance Fund FSLIC Resolution Fund Savings Association Insurance Fund Defense Business Operations Fund Unemployment Insurance Trust Fund Supplemental Security Income Program BIF SAIF Public Law 102-164 Public Law 102-234