OMB Watch - Beyond the Baseline: 10 Year Deficits Likely to Reach $5.9 Trillion

Beyond the Baseline: 10 Year Deficits Likely to Reach $5.9 Trillion Published On: 08/26/2003 06:43 PM

The Congressional Budget Office's (CBO) August 2003 Budget and Economic Update shows a baseline projection of a $401 billion deficit for 2003, and a $480 billion deficit for 2004. The 10-year baseline projections show a $1.4 trillion deficit over the next ten years; however, as the report notes, the baseline is not intended to be a good predictor of actual budgetary outcomes. A better predictor of budget deficits under current policy would put the deficit for 2004 at $496 billion and the 10-year deficit at nearly $6 trillion.

* Download full report (.pdf)