Concurrent resolution on the budget for fiscal year 1991: hearings before the Committee on the Budget, United States Senate, One Hundred First Congress, second sessionU.S. Government Printing Office, 1990 |
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accounts additional Administration Administration's agencies Answer audit baseline Blue Chip BOSKIN budget authority budget deficit budget proposes budget requests capital gains capital gains tax Chairman SASSER Committee Congress Congressional Budget Office Consumer Price Index continue Cookie Monster correct cost DARMAN defense Department drug economic assumptions economic growth estimates EXON Federal budget fiscal year 1991 forecast Forest future going Gramm-Rudman Gramm-Rudman-Hollings improve income increase inflation interest rates investment issue loans long-term markets medicare ment million in budget national debt national saving off-budget outlays payroll taxes percent President President's problem projected question receipts reduce REISCHAUER revenue Secretary BRADY Senator DOMENICI Senator EXON Senator HOLLINGS Senator NICKLES Senator ROBB Senator SANFORD Senator WIRTH Service social security spending surplus targets taxpayers Thank tion Treasury value-added tax
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Página 251 - Council, the Department of the Treasury, and the Office of Management and Budget — the Administration's economic "troika" — are responsible for producing the economic forecasts that underlie the Administration's budget proposals.
Página 13 - For 1992 through 1995, CBO's economic assumptions are not a forecast of future economic conditions but are projections based on historical trends. Real GNP is projected to grow at an average annual rate of 2.4 percent, in line with labor force and productivity growth. Inflation and unemployment both hold steady. Interest rates are projected to decline throughout the 1992-1995 period until they reach the historical average of inflation-adjusted rates. CBO's five-year economic assumptions are shown...
Página 11 - SOURCES: Congressional Budget Office; Department of Commerce, Bureau of Economic Analysis; Department of Labor, Bureau of Labor Statistics; Federal Reserve Board.
Página 221 - My comments will concentrate on the economic policy consequences of the budget and international economic conditions and recommendations for revenue initiatives. Three points should be emphasized. First, significant progress has been made in reducing the unacceptable level of Federal budget deficits.
Página 95 - ... the parties self-congratulation, but somehow manage to leave much of the serious job to the future. And the public, understandably, grows more skeptical. It may be apt to view all this metaphorically as a set of children's games: the Budget as Cookie Monster; its future threatened bj hidden l'ACMEN; its path a journey through Wonderland.
Página 83 - The favorable pattern of recent events has not been caused exclusively by the political and economic bankruptcy of particular state-centered regimes. It has also resulted from US (and allied) military and economic strength. These, in turn, have resulted from market-oriented economic policies and sound public and private investment policies. It would be a highly unfortunate irony if— just as the world were affirming more market-oriented and investment-oriented principles — the United States were...
Página 217 - The impact of these surpluses on the deficit follows from the use of unified budget rules. These rules were adopted in 1968 based on the recommendations of a national commission appointed to study the Federal budget. The unified budget was designed to measure the broad economic impact of Federal outlays and revenues.
Página 94 - Federal investments in the future will only achieve their objectives if they are effectively managed. Improved returns on investment require a better budget process and more effective management oversight. Americans are entitled to greater assurance that their tax dollars are being invested wisely and managed with efficiency and integrity. Proposals to manage America's government better are discussed in Part VII below. WONDERLAND REVISITED— THE CURRENT CONGRESSIONAL PATH In the presentation of...
Página 91 - ... current law is, indeed, enormous. But even so, over the long term, under some assumptions, the present value of current-law obligations minus projected receipts could be a negative number. This is a speculative matter with a high degree of uncertainty. (See Part VI-A.) Somewhat less speculatively, there are clearly identifiable major shortfalls in unfunded Federal employee retirement programs— although these should be able to be serviced by future contributions. And the Railroad Retirement...
Página 219 - ... capital goods to prepare for the future. The administration's budget will yield several major benefits. It will curtail Federal credit demands in the financial markets leading to better access to capital and lower interest rates for consumers, home buyers, business and State and local government. It will reduce the share of total national output allocated to government and shift resources into the private sector to create more jobs and improve our international competitiveness. It will help ease...