Revenues, spending, and primary deficits under current law and current policy scenarios.
Jun 15, 2012
SOURCE: Data from the Congressional Budget Office, The 2012 Long-Term Budget and Economic Outlook, June 2012. Compiled by PGPF.
NOTE: Current law is represented by CBO's extended baseline scenario; current policy is represented by CBO's extended alternative fiscal scenario.
Current law assumes that many tax policies set to expire are allowed to do so and that spending restraints contained in current law are allowed to take effect. However, in the past, policymakers have extended those tax cuts and repeatedly waived some of those spending cuts. Under current policy, tax cuts are extended and spending restraints are eased. Under the more realistic current policy scenario, primary (noninterest) deficits occur throughout the projection period.
This chart appeared as part of PGPF's analysis of Congressional Budget Office's 2012 Long-Term Budget Outlook. To read the full report, click here.
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Continuing Current Policies
Federal Deficits Projection
Revenue, Spending, and Primary Deficits Under Two Scenarios
Where The Growth In Spending Comes From
Peter G. Peterson Foundation Chart Pack:
The PGPF chart pack illustrates that budget-making involves many competing priorities, limited resources, and complex issues. In this set of charts, we aim to frame the financial condition and fiscal outlook of the U.S. government within a broad economic, political, and demographic context. Download (.PDF)