An Analysis of the President's Budgetary Proposals for Fiscal Year 2010

Abstract : This report follows up on the document that the Congressional Budget Office (CBO) released in March 2009 titled "A Preliminary Analysis of the President's Budget and an Update of CBO's Budget and Economic Outlook," which was based on the President's preliminary budget submission. Estimates in this report, which was prepared at the request of the Senate Committee on Appropriations, reflect the final set of proposals included in the Budget of the United States Government: Fiscal Year 2010 (May 2009). The results of CBO's updated analysis are similar to those released in March. CBO now estimates a 10-year deficit of $9.1 trillion under the President's policies - about $130 billion lower than it estimated three months ago (a difference of about 1.4 percent of the cumulative deficit over the 2010-2019 period). That difference reflects the details of the proposals and some technical changes in CBO's estimates of the budgetary impact of those proposals. As with the March report, this analysis incorporates revenue estimates from the Joint Committee on Taxation (JCT). CBO has not updated its baseline budget projections or its economic forecast since the preliminary analysis of the President's budget was released in March.