Wednesday, January 07, 2009
Tweet[IWS] CBO: THE BUDGET & ECONOMIC OUTLOOK: FYs 2009 to 2019 [7 January 2009]
IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
Congressional Budget Office (CBO)
The Budget and Economic Outlook: Fiscal Years 2009 to 2019 [7 January 2009]
http://www.cbo.gov/doc.cfm?index=9957&type=1
Contents
CBO
The Economic Outlook 2
The Near-Term Outlook 2
The Outlook from 2011 to 2019 5
The Housing Market 5
Financial Markets 6
Personal Consumption Spending 9
Changes in the Forecast Since the Summer of 2008 10
Comparison with Other Forecasts 10
The Budget Outlook 11
The Budget Outlook for 2009 13
The Budget Outlook for 2010 to 2019 20
Budget Projections Under Alternative Scenarios 21
The Treatment of the Troubled Asset Relief Program in the Federal Budget 25
The Treatment of Fannie Mae and Freddie Mac in the Federal Budget 26
Changes in the Budget Outlook Since September 2008 29
The Long-Term Outlook 31
Appendix A: The Government�s Actions in Support of the Housing and Financial Markets 33
Appendix B: CBO�s Economic Projections for 2009 to 2019 43
Appendix C: Contributors to the Revenue and Spending Projections 47
Tables
1. CBO�s Economic Projections for Calendar Years 2009 to 2019 3
2. CBO�s Current and Previous Economic Projections for Calendar Years 2008 to 2018 12
3. Comparison of Economic Forecasts by CBO and the Blue Chip Consensus for Calendar Year 2009 14
4. Projected Deficits and Surpluses in CBO�s Baseline 15
5. CBO�s Baseline Budget Projections 16
6. CBO�s Baseline Projections of Federal Debt 19
7. The Budgetary Effects of Selected Policy Alternatives Not Included in CBO�s Baseline 22
8. Changes in CBO�s Baseline Projections of the Deficit Since September 2008 27
A-1. Actions Taken by the Federal Reserve in Support of the Housing and Financial Markets as of December 31, 2008 35
A-2. Actions Taken by the Treasury in Support of the Housing and Financial Markets as of December 31, 2008 39
A-3. Actions Taken by Other Agencies in Support of the Housing and Financial Markets as of December 31, 2008 41
B-1. CBO�s Year-by-Year Forecast and Projections for Calendar Years 2009 to 2019 44
B-2. CBO�s Year-by-Year Forecast and Projections for Fiscal Years 2009 to 2019 45
Figures
1. The GDP Gap, 1949 to 2019 2
2. Inflation-Adjusted House Prices, 1975 to 2010 5
3. Housing Starts, 1970 to 2015 6
4. Interest Rates on Mortgage Loans, January 2007 to January 2009 7
5. Foreclosure Rates, 2000 to 2008 7
6. The Risk Spread on Lending Between Banks, January 2007 to January 2009 8
7. A Risk Spread in the Commercial Paper Market, 2006 to 2008 8
8. Real Personal Consumption Expenditures, 1970 to 2019 9
9. Petroleum Imports as a Percentage of Nominal GDP, 1970 to 2010 9
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
Congressional Budget Office (CBO)
The Budget and Economic Outlook: Fiscal Years 2009 to 2019 [7 January 2009]
http://www.cbo.gov/doc.cfm?index=9957&type=1
Contents
CBO
The Economic Outlook 2
The Near-Term Outlook 2
The Outlook from 2011 to 2019 5
The Housing Market 5
Financial Markets 6
Personal Consumption Spending 9
Changes in the Forecast Since the Summer of 2008 10
Comparison with Other Forecasts 10
The Budget Outlook 11
The Budget Outlook for 2009 13
The Budget Outlook for 2010 to 2019 20
Budget Projections Under Alternative Scenarios 21
The Treatment of the Troubled Asset Relief Program in the Federal Budget 25
The Treatment of Fannie Mae and Freddie Mac in the Federal Budget 26
Changes in the Budget Outlook Since September 2008 29
The Long-Term Outlook 31
Appendix A: The Government�s Actions in Support of the Housing and Financial Markets 33
Appendix B: CBO�s Economic Projections for 2009 to 2019 43
Appendix C: Contributors to the Revenue and Spending Projections 47
Tables
1. CBO�s Economic Projections for Calendar Years 2009 to 2019 3
2. CBO�s Current and Previous Economic Projections for Calendar Years 2008 to 2018 12
3. Comparison of Economic Forecasts by CBO and the Blue Chip Consensus for Calendar Year 2009 14
4. Projected Deficits and Surpluses in CBO�s Baseline 15
5. CBO�s Baseline Budget Projections 16
6. CBO�s Baseline Projections of Federal Debt 19
7. The Budgetary Effects of Selected Policy Alternatives Not Included in CBO�s Baseline 22
8. Changes in CBO�s Baseline Projections of the Deficit Since September 2008 27
A-1. Actions Taken by the Federal Reserve in Support of the Housing and Financial Markets as of December 31, 2008 35
A-2. Actions Taken by the Treasury in Support of the Housing and Financial Markets as of December 31, 2008 39
A-3. Actions Taken by Other Agencies in Support of the Housing and Financial Markets as of December 31, 2008 41
B-1. CBO�s Year-by-Year Forecast and Projections for Calendar Years 2009 to 2019 44
B-2. CBO�s Year-by-Year Forecast and Projections for Fiscal Years 2009 to 2019 45
Figures
1. The GDP Gap, 1949 to 2019 2
2. Inflation-Adjusted House Prices, 1975 to 2010 5
3. Housing Starts, 1970 to 2015 6
4. Interest Rates on Mortgage Loans, January 2007 to January 2009 7
5. Foreclosure Rates, 2000 to 2008 7
6. The Risk Spread on Lending Between Banks, January 2007 to January 2009 8
7. A Risk Spread in the Commercial Paper Market, 2006 to 2008 8
8. Real Personal Consumption Expenditures, 1970 to 2019 9
9. Petroleum Imports as a Percentage of Nominal GDP, 1970 to 2010 9
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
# posted by SBasefsky : 2:55 PM
