2011 Federal Budget

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169

SUMMARY TABLES


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THE BUDGET FOR FISCAL YEAR 2012 171

Tab

leS1.BudgetTotals

(InbillionsodollarsandasapercentoGDP)

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Totals

2012-

2016

2012-

2021

BudgetTotalsinBillionsoDollars:

Receipts

2,163

2,174

2,627

3,003

3,333

3,583

3,819

4,042

4,257

4,473

4,686

4,923

16,366

38,747

Outlays

3,456

3,819

3,729

3,771

3,977

4,190

4,468

4,669

4,876

5,154

5,422

5,697

20,134

45,952

Decit

1,293

1,645

1,101

768

645

607

649

627

619

681

735

774

3,769

7,205

Debtheldbythepublic

9,019

10,856

11,881

12,784

13,562

14,301

15,064

15,795

16,513

17,284

18,103

18,967

Debtnetonancialassets

7,894

9,505

10,585

11,344

11,988

12,595

13,243

13,869

14,488

15,169

15,903

16,677

Grossdomesticproduct(GDP)

14,508

15,080

15,813

16,752

17,782

18,804

19,791

20,755

21,679

22,624

23,608

24,633

BudgetTotalsasaPercent

oGDP:

Receipts

149%

144%

16

6%

179%

187%

191%

193%

195%

196%

198%

199%

200%

183%

190%

Outlays

238%

253%

23

6%

225%

224%

223%

226%

225%

225%

228%

230%

231%

227%

227%

Decit

89%

109%

70%

46%

36%

32%

33%

30%

29%

30%

31%

31

%

43%

37%

Debtheldbythepublic

622%

720%

75

1%

763%

763%

761%

761%

761%

762%

764%

767%

770%

Debtnetonancialassets

544%

630%

66

9%

677%

674%

670%

669%

668%

668%

670%

674%

677%

Memorandum,budgettota

lswithAMT

relieullypaidor:

Inbillionsodollars:

Decit

1,293

1,645

1,101

768

645

579

475

452

415

445

463

464

Debtheldbythepublic

9,019

10,856

11,881

12,784

13,562

14,274

14,862

15,419

15,932

16,467

17,015

17,568

Debtnetonancialas

sets

7,894

9,505

10,585

11,344

11,988

12,567

13,041

13,493

13,907

14,352

14,815

15,278

AsapercentoGDP:

Decit

89%

109%

7

0%

46%

36%

31%

24%

22%

19%

20%

20%

19%

Debtheldbythepublic

622%

720%

75

1%

763%

763%

759%

751%

743%

735%

728%

721%

713%

Debtnetonancialas

sets

544%

630%

66

9%

677%

674%

668%

659%

650%

642%

634%

628%

620%


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Ta

bleS2.EectoBudge

tProposalsonProjected

DecitsContinued

(Decitincreases(+)ordecreases()inbillionsodollars)

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Totals

2012-

2016

2012-

2021

Memorandum,costsavoidedbyallowingupper-

incometaxcutstoexpire:

Additionalcostoextendingthe2001and2003tax

cutsorhigh-incometaxp

ayers

6

35

53

63

73

82

89

96

102

10

9

230

709

Additionalcostoextendingthecurrentestatetax

cut

*

*

1

8

9

10

12

13

14

15

1

6

28

98

Debtservice

*

1

3

6

10

14

19

25

31

3

8

19

147

Total,costsavoidedbyallowingupper-income

taxcutstoexpire

*

6

36

64

78

94

108

121

134

149

16

3

278

953

Memorandum,budgetauth

oritysavingsrom

DepartmentoDeense(DOD)request:

SavingsversusDOD2011F

utureYearsDeense

Plan

13

11

11

18

24

n/a

n/a

n/a

n/a

n/a

78

n/a

*$500millionorless

1SeetablesS-3andS-7orinormationontheadjustedbaseline

2Includestheeectsocontinuingcertainexpiringprovisionsthroughcalendaryear2012

3Includesincentivestoprom

oteregionalgrowth,tradeinitiativesand

othertaxinitiativesonTableS-8


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TableS3.Adjust

edBaselinebyCategoryContinued

(Inbillionsodollars)

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Totals

2012

2016

2012

2021

On-budgetdecit

1,370

1,653

1,168

928

859

934

1,044

995

997

1,063

1,133

1,19

5

4,934

10,316

O-budgetsurplus()

77

56

77

82

89

93

106

105

107

103

88

7

8

447

928


orityorappropriated

programs:

Security

856

848

864

882

901

921

941

963

985

1,008

1,032

1,05

6

4,510

9,554

Non-security

402

382

424

425

435

444

454

465

476

488

500

51

3

2,183

4,625

Total,appropriatedun

ding

1,258

1,231

1,287

1,307

1,337

1,366

1,396

1,428

1,461

1,496

1,532

1,56

9

6,693

14,179

*$500millionorless

1SeeTableS7orinormat

iononadjustmentstotheBudgetEnorce

mentAct(BEA)baseline

2OutlaysorTARPin2011andsubsequentyearsresultromobligationsincurredthroughOctober3,2010or

theHomeAordableModication

3TheseamountsrepresentaplaceholderormajordisastersrequiringFederalassistanceorrelieandreconst

ructionSuchassistancemightbeprovidedintheormo

discretionaryormandato

ryoutlaysortaxrelieTheseamountsareincludedasoutlaysorconvenience


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TableS4.Propo

sedBudgetbyCategoryContinued


2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Totals

2012-

2016

2012-

2021

On-budgetdecit

1,3701

,703

1,177

848

730

697

753

729

723

784

823

852

4,205

8,115

O-budgetsurplus()

77

58

76

81

86

90

104

102

104

102

87

78

437

910


orityorappropriated

programs:

Security

856

879

846

791

811

828

846

861

878

894

911

929

4,122

8,595

Non-security

402

401

397

397

397

397

406

415

427

438

454

457

1,993

4,182

Total,appropriatedun

ding

1,2581

,280

1,243

1,188

1,208

1,2251

,252

1,276

1,304

1,332

1,3651,385

6,115

12,777

*$500millionorless

1OutlaysorTARPin2011andsubsequentyearsresultromobligati

onsincurredthroughOctober3,2010ortheHomeAordableModicationProgramandotherTARP

programs

2Theseamountsrepresenta

placeholderormajordisastersrequiringFederalassistanceorrelieandreconstructionSuchassistancemightbeprovidedintheormo

discretionaryormandatoryoutlaysortaxrelieTheseamountsareincludedasoutlaysorconvenience


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Tab

leS5.ProposedBudge

tbyCategoryasaPercentoGDPContinued

(AsapercentoGDP)

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Averages

2012-

2016

2012-

2021

On-budgetdecit

94

113

74

51

41

37

38

35

33

35

35

35

48

41

O-budgetsurplus()

05

04

05

05

05

05

05

05

05

05

04

03

05

05


orityor

appropriatedprograms:

Security

59

58

53

47

46

44

43

41

40

40

39

38

47

43

Non-security

28

27

25

24

22

21

21

20

20

19

19

19

23

21

Subtotal,appropriated

programs

87

85

79

71

68

65

63

61

60

59

58

56

69

64

*005percentoGDPorless



programs





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TableS6.ProposedBudgetinPo

pulation-andInfation-A

djustedDollarsContin

ued

(Inbillionsoconstantdollars,adjustedorpopulationgro

wth)

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

On-budgetdecit

1,177

824

689

639

669

629

605

6

36

648

651

O-budgetsurplus()

76

78

81

83

93

88

87

83

69

60


orityorappropriatedprograms:

Security

846

769

766

759

752

743

735

7

26

718

710

Non-security

397

385

374

363

361

358

357

3

55

357

349

Subtotal,appropriated

programs

1,243

1,154

1,140

1,122

1,113

1,101

1,092

1,0

81

1,075

1,059

Memorandum,indexopopulationgrowthandinfation................................

100

103

106

109

112

116

119

123

127

131

*$500millionorless



programs





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182 SUMMARY TABLES

TableS7.BridgeFromBudgetEnorcementAct

BaselinetoAdjustedBaseline

(Decitincreases(+)ordecreases()inbillionsodollars)

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Totals

2012

2016

2012

2021

BEAbaselinedecit...................................................

1,293

1,593

1,036

643

463

496

552

460

417

438

472

488

3,189

5,465

Adjustmentstobaseline:

Indextoinfationthe2011parametersotheAMT

33

106

106

124

142

162

183

206

230

256

512

1,550

Continuethe2001and2003taxcutsormiddle-

incometaxpayers

1

69

142

144

146

148

149

150

151

152

501

1,250

Extendestate,git,andgen

eration-skipping

transertaxesat2009pa

rameters

1

2

5

24

26

29

32

35

37

39

42

86

270

RefectincrementalcostoundingexistingPell

maximumgrantaward

12

12

12

12

12

12

12

12

12

12

58

118

Subtotal

1

48

192

284

306

329

354

378

405

432

461

1,159

3,189

Adjustmenttorefectcosts

opossible

emergencies1...........................................................

2

6

8

8

9

10

10

10

10

10

10

42

92

Reclassiysuracetransportationoutlays:

Removeoutlaysromappro

priatedcategory

41

47

54

51

60

61

62

64

67

68

70

70

287

627

Addoutlaystomandatoryc

ategory

41

47

54

51

60

61

62

64

67

68

70

70

287

627

Subtotal

Totalprogramadjustments

4

54

200

292

315

339

364

388

415

442

471

1,200

3,280

Debtserviceonadjustment

s

*

*

4

15

30

47

66

85

107

131

157

97

642

Totaladjustments

4

54

204

307

345

386

429

474

522

573

628

1,297

3,923

Adjustedbaselinedecit..........................................

1,293

1,597

1,090

846

770

841

938

890

891

960

1,045

1,116

4,486

9,387

*$500millionorless


placeholderormajordisastersrequiring

FederalassistanceorrelieandreconstructionSuchassistancemightbeprovide

dintheormo



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S9.Brid

geBetweenTotalManda

toryandReceiptProposalsandPAYGOScorekeeping


20112016

20112021

Grandtotal,mandatoryandreceiptproposalsromTab

leS8...................................................................................................

169

525

AdjustmentsorPAY

GOscorekeeping:

RemovenetsavingsnotcountedorPAYGOpurposes:

Transportatio

nTrustFund

58

93

Programintegritysavingsgeneratedbyincreaseddiscr

etionaryunding,andothernon-PAYGOeects

32

123

Total,netsavingsnotcountedorPAYGOpurposes

90

215

AdjustorphysicianpaymentrelieexemptromstatutoryPAYGOthrough2014

82

82

Devotesavingsro

mreducingthevalueocertaintaxexpen

diturestopayorthreeyearsoAMTrelie

114

321

Total,adjustm

entsorPAYGOscorekeeping

122

454

Totalsavingsrom

mandatoryandreceiptproposalsun

derPAYGOscorekeeping...............................................................

46

71

Memorandum,PAY

GOcostsincludedinadjustedbaseline:

ExtendAMTreliethrough2014(osetwithsavingsromr

educingthevalueocertaintaxexpenditures)

316

316

ExtendAMTrelieor2015andbeyond

196

1,234

Extendestateand

gittaxesbeyond2011at2009paramete

rs

88

271


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198 SUMMARY TABLES

TableS10.FundingLevelsorAppropriated(Discretion

ary)ProgramsbyCateg

ory

(Budgetauthorityinbillionsodollars)

2010

Actual

2011

Request

2012

Request

Outy

ears

Totals

2013

2014

2015

2016

20

17

2018

2019

2020

2021

2012-

2016

2012-

2021

DiscretionaryPolicyby

Category:

SecurityAgencies

6828

7140

7194

7413

7614

7782

7956

8113

8276

8443

8611

8786

3,7959

8,0189

Non-SecurityAgenc

ies

4016

4012

3968

3967

3966

3967

4060

4148

4266

4375

4538

4566

1,9927

4,1821

Total,BaseDiscretionar

yFunding..

1,084.4

1,115.2

1,116.11,138.01,158.01,174.91,201.61,2

26.11,254.31,281.81,314.91,335.2

5,788.612,200.9

OtherDiscretionaryFunding(not

includedabove):

OverseasContingen

cy

Operations1

1673

1647

1265

500

500

500

500

500

500

500

500

500

3265

5765

OtherSupplemental/Emergency

Funding

59

*

*

*

GrandTotal,Discretionary

BudgetAuthority

......................

1,257.6

1,279.9

1,242.71,188.01,208.01,224.91,251.61,2

76.11,304.31,331.81,364.91,385.2

6,115.112,777.5

Memorandum,BudgetAut

hority

AdjustedorInfationan

dPopulation:2

Security

8982

9021

8459

7689

7660

7588

7520

7429

7345

7261

7177

7098

3,8916

7,5226

Non-Security

4212

4119

3968

3854

3743

3635

3611

3578

3571

3552

3574

3490

1,8811

3,6576

GrandTotal

1,3194

1,3140

1,2427

1,1544

1,1403

1,1223

1,11311,1007

1,0916

1,0813

1,0751

1,0587

5,7727

11,1802

*$50millionorless

1TheBudgetincludesplaceholderestimateso$50billionperyearorOverseasContingencyOperationsin

2013andbeyondTheseestimatesdonot

refectany

specicpolicydecision

s

2TotalsincludeOverseas

ContingencyOperationsandOtherSupp

lemental/EmergencyFunding


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TableS12.MarketValuationandBalanceSheetoFannieMaeandFreddieMac


2009

2010

20112

012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Totals

2012

20

16

2012

2021

2009

2021

TransactionsbetweenT

reasuryand

FannieMae/FreddieMac:

SeniorPreerredLiquid

ityPayments

toFannieMae/Fredd

ieMac

96

53

48

29

11

40

40

236

SeniorPreerredDivide

ndPayments

romFannieMae/Fre

ddieMac

4

12

17

21

23

17

14

11

10

9

8

8

8

86

129

163

NetPayments

100

40

30

8

12

17

14

11

10

9

8

8

8

46

89

73

MarketValuationoFan

nieMaeand

FreddieMac:1

MarketValueoNetLiability

18

ValueoPrivateEquity

Shares

3

NetPositionoFannieM

aeand

FreddieMac:

Assets:

USTreasurySecur

ities

12

68

GSEPortolioSecur

itiesand

Loans

1,525

1,007

ConsolidatedTrustSecurities2

4,241

Cash

73

105

Other

146

96

Liabilities:

GSEDebtOutstand

ing

1,607

1,539

ConsolidatedTrustDebt2

3,934

OtherFinancialLia

bilities

155

48

Equity:

TreasurySeniorPre

erredStock3

98

150

PrivateEquity

103

153

NetPosition

5

3

1Marketvaluationnotavailableor2010becauseoNYSEdelisting

2NewFASBaccountingstand

ardsrequiredconsolidationoVariableIn

terestEntitysecuritizationtrustsonJanuary1,2010

3FacevalueoTreasuryseniorpreerredstockequaltooriginalliquidationpreerenceo$2billionplusTreasury

investmentsthroughSeptember30


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202 SUMMARY TABLES

TableS13.EconomicAssumptio

ns

(Calendaryears)

2009

Actual

Pr

ojections

2010

2

011

2012

2013

2014

201

5

2016

2017

2018

2019

2020

2021

GrossDomesticProduct(G

DP):

Nominallevel,billionsodo

llars

14,119

14,651

15,240

16,032

17,006

18,043

19,052

20,037

20,986

21,910

22,86

6

23,860

24,896

NominalGDPpercentchan

ge,year/year

17

38

40

52

61

61

56

52

47

44

44

43

43

RealGDP,percentchange,year/year

26

27

27

36

44

43

38

33

29

26

25

25

25

RealGDP,percentchange,Q4/Q4

02

25

31

40

45

42

36

32

27

25

25

25

25

GDPchainedpriceindex,percentchange,

year/year

09

10

13

15

16

17

17

18

18

18

18

18

18

ConsumerPriceIndex,per

centchange,

year/year1......................................................

03

16

13

18

19

20

20

21

21

21

21

21

21

Unemploymentrate,civilia

n,percent2.......

93

96

93

86

75

66

59

55

53

53

53

53

53

Interestrates,percent:

91-dayTreasurybills3

02

01

02

10

26

37

40

41

41

41

41

41

41

10-yearTreasurynotes

33

32

30

36

42

46

50

52

53

53

53

53

53

Note:Basedoninormation

availableasomid-November2010,priortotheenactmentotheTaxRelie,Unem

ploymentInsuranceReauthorization,an

dJobCreationAct

o2010AmoredetailedtableoeconomicassumptionsisinChapt

er2,EconomicAssumptions,intheAnalyticalPerspectivesvolumeotheBudget,Table21

1SeasonallyadjustedCPI

orallurbanconsumers

2Annualaverage

3Averagerate,secondarymarket(bankdiscountbasis)


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2011 Federal Budget

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