Analysis of the President's Mid-Session Review of the Budget for Fiscal Year2001. Corrected September 6, 2000

摘要

The President is required by law to submit a budget by early February of eachyear, as well as a supplemental update before July 16. The update, in general, has contained revised estimates of the budget surplus, receipts, outlays, and other summary information, with only minor changes, if any, in legislative proposals. However, both last year and this year, the Mid-Session Review has also contained significant new policy proposals. Therefore, as requested by the House and Senate Committees on the Budget, the Congressional Budget Office (CBO) has analyzed the Administrations Mid-Session Review of the fiscal year 2001 budget. CBO estimates that the policies reflected in the Mid-Session Review would result in cumulative total budget surpluses of $1.4 trillion over the 2001-2005 period and $3.2 trillion over the 2001-2010 period. Those estimates exceed the corresponding projections by the Administration by $0.2 trillion and $0.3 trillion, respectively, mostly because CBO projects slightly higher revenues over those periods.