oversight

Budget Issues: Special Analysis for Bill S. 101

Published by the Government Accountability Office on 1990-03-19.

Below is a raw (and likely hideous) rendition of the original report. (PDF)

                                LJni1.d Stafxs Gewral    Accounting   Offiw

GA40                            Fact Sheet for the Honorable
                                Terry Sanford, U.S. Senate



March 1990
                                BUDGET ISSUES
                                Special Analysis for
                                Bill S. 101

                                                                        r
                                                                                        3




                                                                       i
                                                                              IllllllllllIIll
                                                                               140938




                          RESTRZ(ITED--Not     to be released outside the
                          Gtieral Accountig c[)lfHce,unless specificaUy
                          approved b@e ‘Office of ~Congressimml
                          Relatious.
                                                            RELEASED
GAO/AFMD-90-61   FS   -
    linitc*d State@
    Grwxal Accounting OffIce
    Washington, D.C. 20548

    Accounting and Financial
    Management Division

     B-227245
,
    March 19,lQQO

    The Honorable          Terry Sanford
    United States          Senate
    Dear Senator         Sanford:
    This report       is in response to your request             that we provide
    current     budget numbers to illustrate            your bill      entitled,
    "Balanced      Budget and Debt Reduction          Act of 1989"         (S. 101).
    Specifically,        you requested      that we use actual         fiscal      year
    1989    and Office      of Management and Budget (OMB) projected
    fiscal     year 1990 and 1991 budget numbers to update the
    schedule we provided           in our report,     Budqet Issues:           Budget
    Numbers for Proposed Bill             S. 101 (GAO/AFMD-89-87FS),             which
    was issued to you in June 1989.                In addition,      you requested
    that we provide         a breakdown to show receipts            and outlays        of
    the Social      Security      Trust Funds, the budgetary           effect     of
    the Medicare Trust Funds' surpluses,                and an analysis          of the
    annual increase         in gross debt and gross interest              on it.
    Also, as agreed with your office,               we compared OMB and
    Congressional        Budget Office      (CBO) initial      projections         for
    debt and borrowing          for fiscal     years 1986 through          1989 with
    the actual      results     that became available        from OMB 2 years
    after    the initial      projections     were made.
    This report conveys               the results   of our technical       assistance
    to you and does not               represent   a GAO proposal.
    RESULTS IN BRIEF
    We found       the   following:
    --   S.   101's   breakdown into three budgets--(l)             Retirement
         Funds, (2) Operating,        and (3) Debt and Interest--shows
         that 83 percent       of the borrowing      for fiscal      year 1989
         was needed to finance        interest     on the gross debt.          A
         projection      using OMB's projected       budget numbers for
         fiscal     year 1991 indicates       that interest     will     exceed
         borrowing      by 18 percent    in 1991.
B-227245

Debt and Interest    Budget shows the debt at the beginning
and end of a fiscal    year, and the difference   between the
two, which represents    net borrowing   for the year,  is the
S. 101 budget deficit.       This budget also shows the total
amount of expenditures     for interest.
OBJECTIVES,       SCOPE, AND METHODOLOGY
The objectives       of this report    are to provide      (1)    actual
fiscal    year 1988 and 1989 and projected         1990   and 1991
budget numbers for the budgets proposed in S. 101, (2) a
comparison      of fiscal   years 1988 and 1989 to show the
increase    or decrease     in amounts reported      in the three
budqets,     (3) a treatment     of the budgetary      impact of the
Social    Security     and Medicare Trust Fund surpluses,            (4) an
analysis    of changes in debt, borrowing,         the deficit,         and
interest    on debt, and (5) a comparison        of OMB and CBO
estimates     for debt and borrowing      to the actual        results.
We relied       on OMB's fiscal      year 1991 budget tape and Budget
of the United States Government,             Fiscal    Year 1991 data to
prepare the restructured            budgets for 1989 through       1991.
For historical         data, we used the OMB and CBO publications
which we identify           in appendix V. While OMB reports          budget
amounts as net of intragovernmental              transactions    and
offsetting       collections     from the public,      the amounts in this
report     include     gross revenues and outlays,         which include
all receipts        and outlays.
The six     appendixes      contained  in this        fact   sheet    provide    the
detailed     information      you requested.
--   Appendix I provides           three tables        (1.1,    1.3,     and 1.4)
     that combine all of the budgets contained                       in S. lOl--
     Retirement      Funds, Operating,            and Debt and Interest--for
     fiscal     years 1988 through           1991.    These tables         also show
     gross receipts,         outlays,      and the annual deficit             or
     surplus.       Table I.2 shows the increase                or decrease       in
     amounts reported         in the three budgets,             which include
     trust    fund balances:         receipts      and outlays;        the annual
     surplus     or deficit;       and debt, borrowing,             and interest
     on debt from fiscal           year 1988 to 1989.
--   Appendix II provides     a breakdown of the Retirement
     Funds Budget to reflect      both Social    Security  and
     Medicare receipts    and outlays.      In addition,   this
     appendix provides    a table    (11.3)   showing all of the
     budgets contained    in S. 101 for fiscal       year 1989 with
 kV.3           Comparison       of OMB and CBO Government             Borrowing
                  Estimates       With Actual Amounts                              30
 ~ IV.4         Comparison of OMB and CBO Total                   Debt Estimates
                  With Actual Amounts                                              33
  FIGURES
~ III.1         The S. 101 Operating              Budget    Deficit   or Surplus   23
  III.2         Comparison of OMB and S. 101 Fiscal                   Years'
                  1988 and 1989 Deficits                                           24
/ III.3         Composition       of Fiscal        Year    1988 Net Borrowing      25
I III.4         Composition       of Fiscal        Year    1989 Net Borrowing      25
( III.5         Composition       of Fiscal        Year 1990 Net Borrowing         26
( III.6         A Comparison       of Gross and Net Interest
                  for Fiscal       Years 1986 Through 1991                         27
    IV.1        Total     Borrowing                                                29
    IV.2        Borrowing       From the       Public                              31
    IV.3        Borrowing       From Government           Accounts                 32
                                         ABBREVIATIONS
  CBO           Congressional         Budget     Office
  GAO           General     Accounting         Office
  OMB           Office     of Management         and Budget




            Y
APPENRIX I                                                               APPENDIX I
         The Debt and Interest   Budget shows the debt at            the beginning
and end of a fiscal      year and the difference   between           the two,
which represents     net borrowing   for the year, the S.            101 budget
deficit.      This budget also shows the total    amount of            gross
interest.
         The difference    between net borrowing    and the OMB budget
deficit,     except for transactions      such as changes in the cash
balance,     represents    borrowing  from trust  funds, both those
included     in the S. 101 Retirement      Funds Budget and those included
in the Operating        Budget.
         The entries       in the tables    of this appendix       represent gross
amounts from receipt            and appropriation      accounts which include
budget,     intragovernmental,         and proprietary      receipts    and
offsetting       collections      from the public.




                                          9
     (APPENDIX I
                                                                                          APPENDIX I




     /    Debt and Interest        Bud&
     I                                                           1988            1989
     / Debt
    ;    BegInnIng of fiscal        year                S2,345.6c         $2,600.8c
    /    End of fiscal   year                            2.6OO.Bc          2.066.F

~ Net borrowlng for fiscal                 year
i (Se 101 budget deflclt)                               $        255.2    S      265.4
I                                                           --

~ Statutory       debt     Ilmit                        52,800.O          $3,122.7

I     Interest   on debt                                I        215.8    f      242.1




                                                                 1988            1989
     Surplus (defIcItI
       Retirement                                           $     87.0        s 109.4
       Operatlng                                                 (27.1)          (18.7)
       Interest   on debt                                    --(215.8)         (242.7)

     Budget deflclt      COMBbudget          deficit)       S(155.1)          S(l52.0)
                                                             -                 -




                                                                                 11
B-227245

--   Gross interest         was $242.7 billion       in fiscal    year 1989,
     an increase       of $26.9 billion       or 12 percent     from 1988.
     According       to OMB's projections,       fiscal    year 1990 and
     1991     gross interest     will   increase     to $256.9 and $263
     billion,      respectively.
--   The fiscal     year 1989 S. 101 Operating      Budget deficit             was
     $18.7 billion,       a 31 percent decrease from 1988.
     Assuming OMB's fiscal       year 1991 projected    budget
     numbers, this deficit       will  be replaced   by a surplus           of
     $55.7 billion      in 1991.
--   Actual    total     borrowing     was $265.4 billion       in fiscal    year
     1989,    an increase        of $10.2 billion       over 1988.     OMB
     estimates       borrowing     at $247.1    and $205.9 billion        in 1990
     and 1991,       respectively;      this would represent         a decrease
     of $59.5 billion          or 22 percent      from fiscal     year 1989 to
     1991.     OMB estimates        for fiscal      years 1986 through      1989
     for total       borrowing     were always lower than actual
     results,     by an average of $38 billion.
--   Surpluses   in other trust   funds included in S. 101's
     Operating   Budget, such as the Highway and the Airport
     and Airways Trust Funds, cause the reported      Operating
     Budget deficit    for 1989 to be lowered by $14.3   billion.
Our analysis      of the Medicare       Trust    Funds shows the
following:
--   Removal of the Medicare Trust Funds              from the Retirement
     Funds Budget and their      inclusion    in      the Operating     Budget
     would have resulted     in a surplus     of      $3.6 billion    instead
     of a deficit   of $18.7   billion     in the       Operating   Budget
     for fiscal   year 1989.
BACKGROUND
s.   101 specifies      that the budget of the United States
government     shall    be a unified      budget composed of (1) a
Retirement     Funds Budget,       (2) an Operating     Budget, and (3) a
Debt and Interest         Budget.     The Retirement    Funds Budget,
which includes       trust   funds such as Social       Security,
Medicare,    and Civil      Service Retirement,       shows the
accumulated      balance at the beginning          of a fiscal    year, all
receipts    and payments during         the fiscal    year, the fiscal
year Retirement        Funds surplus,      and the accumulated      balance
at the end of the year.            The Operating     Budget includes      all
receipts    and outlays      that are not included        in either    the
Retirement     Funds or the Debt and Interest           Budgets.      The
                                                                                        I




B-227245

     Medicare Trust Funds switched    from             the Retirement          Funds
     Budget to the Operating  Budget.
--   Appendix      III provides   an analysis    of the annual change
     in gross      debt, borrowing,   the deficit,     and gross
     interest      on debt.
--   Appendix   IV provides     a comparison      of     OMB and CBO
     estimates    for debt and borrowing        for      fiscal   years 1986
     through   1989  with the actual      results        as reported   by OMB
     2 years after    the initial    estimates          were made.
--   Appendix V discusses         the methodology        for     developing       the
     budget data for your         proposal.
--   Appendix VI lists        the names of other         major     contributors
     to this report.
We are sending copies of this report      to the Director,
Office   of Management and Budget:  the Director,
Congressional    Budget Office: and other interested       parties.
Copies will   also be available  to others upon request.
I hope this information           will    be helpful     to you.       If     we can
be of further   assistance,           please contact      me at
(202) 275-9573.
Sincerely       yours,



James L. Kirkman
          Budget         Issues
                                         Contents
                                                                                                Paqe
LETTER                                                                                             1
APPENDIXES
            I       BUDGETS PROPOSED IN S. 101                                                     8
       II           BUDGETARY IMPACT OF THE SOCIAL SECURITY
                      AND MEDICARE TRUST FUNDS SURPLUSES                                          18
  III               ANALYSIS OF CHANGES IN DEBT, THE DEFICIT,
                      BORROWING, AND GROSS INTEREST ON DEBT                                       22
       IV           A COMPARISON OF OMB AND CBO ESTIMATES                                         28
   V                OBJECTIVES,      SCOPE, AND METHODOLOGY                                       34
   VI               MAJOR CONTRIBUTORS TO THIS REPORT                                             36

TABLES
  I.1               Budgets      Proposed in S. 101,              Fiscal
                      Years      1988 and 1989                                                    10
  I.2               Budgets Proposed in S. 101 - An Analysis
                      of Increases  and Decreases From Fiscal                          Year
                      1988 to 1989                                                                12
  I.3               Budgets Proposed in S. 101 Using OMB's
                      Projected  Budget Numbers for Fiscal Year                          1990     14
  I.4               Budgets Proposed in S. 101 Using OMB's
                      Projected  Budget Numbers for Fiscal Year 1991                              16
II.1                Retirement      Receipts   for       Fiscal       Year     1989              19
II.2                Retirement      Payments   for       Fiscal       Year     1989              19
II.3                Budgets Proposed in S. 101 With Medicare Trust
                      Funds Switched From the Retirement  Funds Budget
                      to the Operating  Budget for Fiscal Year 1989                              20
IV.1                Comparison     of OMB and CBO Total                Borrowing
                      Estimates     With Actual Amounts                                          28
IV.2                Comparison     of OMB and CBO Public                   Borrowing
                      Estimates     With Actual Amounts                                          30
                "
                                                     6
                                                                                                    .


APPENDIX I                                                                             APPENDIX I
                                  BUDGETS PROPOSED IN S. 101
         Tables in this appendix      combine the three budgets proposed
in   S.   101--Retirement     Funds, Operating,    and Debt and Interest.
Table I.1 shows the budgets with fiscal            year 1988 and 1989
amounts,      table   I.3 with the 1990 amounts projected     by OMB, and
table     I.4 with the 1991 amounts projected        by OMB. Table I.2
shows the increase        or decrease    in amounts reported  in the three
budgets,      which include    trust  fund balances;   gross receipts     and
outlays;      the annual surplus     or deficit;   and debt, borrowing,     and
interest      on debt from fiscal     year 1988 to 1989.
       Major changes in the S. 101 Operating     Budget deficit,    gross
interest,    the Retirement Funds surplus,   and  borrowing    from fiscal
year 1988 to 1989 include    the following:
          --   The fiscal    year 1989 Operating             Budget deficit  decreased
               by $8.4 billion    or 31 percent,             while the gross interest
               cost increased    by $26.9 billion             or 12 percent.
          --   The Retirement        Funds'     surplus    increased       by $21.6      billion
               or 25 percent.
          --   Borrowing     increased        by $10.2    billion      or 4 percent.
          OMB fiscal       year    1991   projections      show the       following:
          --   Beginning    in     1990, the annual interest    expense recorded
               in the Debt        and Interest   Budget will  make up the total
               deficit   (as      defined   by S. 101); that is, the Retirement
               Funds Budget        and the Operating    Budget will  be in surplus.
          --   The gross debt and annual gross                 interest     amount will
               increase  from 1990 to 1991.
       The Retirement     Funds Budget shows the accumulated       balance of
retirement    funds at the beginning       of a fiscal  year, all receipts
and payments of retirement         funds during the fiscal    year, the
fiscal    year retirement     funds surplus,   and the accumulated
balance of retirement       funds at the end of the fiscal      year.
        The Operating      Budget for a fiscal    year shows those receipts
and outlays       not included    in the Retirement    and the Debt and
Interest      Budgets.     It also shows the amount by which outlays
exceed receipts        or by which receipts     exceed outlays    for the
fiscal    year.      S. 101 requires    that any surplus    in the Operating
Budget be transferred          to the Debt and Interest     Budget.   Surpluses
in trust      funds such as the Highway and the Airport          and Airways
masked the deficit         in the Operating    Budget by $9.6 and $14.3
billion     in fiscal    years 1988 and 1989, respectively.
APPENDIX I                                                                                                                                                APPENDIX I

Table            1.1:            Budgets               Proposed                      in S.        101,          Fiscal               Years            1988        and
                                 1989


Oollars    In blllions

     Ret 1rement        Funds Budget                                                                          Operat I ng Budget
                                                                        p8J             1989                                                                                       1909
Trust balances St                                                                                  Recel pts
 beginnlng  of fiscal            yew                                   $347.1          $435.0        Personal     Income                                     $401.2               5445.2
                                                                                                     Corporate      lncane                                     94.5                103.6
Receipts                                                                                             Excl se taxes                                             35.2                 34.1
  Taxes and employer contrlbutlons                                      318.7’           349.6       Other receipts
  Federal contrlbutlons                                                   97.38          104.20         Other taxes and fees                                   68.1                 69.9
  Interest  on Investments                                              x                 44.98         I ntragovernmentsl         recel pts                   32.0                 32.1
     Total receipts                                                    $452.2          f498.7           Proprietary       receipts                             25.9                 27.3
                                                                                                     Offsetting      collections                              134.0                129.9
                                                                                                        Total revenues                                       5790.9               5842.1

Out I eys (payments)                                                   1364.4                      Total       out I ays                                     $818.0               $860.8

Flscsl    year    surplus                                              s 87.8                      Deficits        for     fiscal     year                   f(27.1     jb        $(18.7)b

Trust balances at end
 of fiscal  year                                                       $435.0
                                                                        -



 Canb I ned Budgets
 on a Gross Basls
                                                                        1988           1989                                                                   1988                 1989
Receipts    (revenues)                                                                             Outlays    (payments)
  Ret I ranent                                                I         452.2       S 498.7          Ret I rement                                         S 364.4            $     389.3
  Operst 1ng                                                            790.9         842.1          Oper at I ng                                           818.0                  860.8
                                                                  --                                 Interest    on debt                                    215.8                  242.1

Gross recel pts                                               11,243.l              S1,340.8       Gross out I ays                                        t1,59e.2           5!,492.8


lbtes :

1. Gross data is fra               receipt    accounts and approprlatlon  accounts which Include budget, Intragovernmental,                                                      and
propr letary recel pts.            Offsettlng    collectlons from the public have been added to both receipts    and outlays.

2.   Numbers may not         add due to rounding.

aThese amounts represent               transfers       fran            the Cperatlng      and the Debt and Interest                 Budgets.

bme qeretlng            Budget    Includes     trust      fund surpluses               totaling   $9.6 and $14.3 blllion                 for     fiscal   years       1988 and 1989,
 respectively.

cSubJect to the statutory  Ilmlt are $2,336                               bllllon     of the beglnnlng         1988, 52,586.g          blllion       of the beglnnlng            1989,    and
 $2,829.8 of the end1 ng 1989 gross debt.




                                                                                          10
i        APPENDIX I                                                                                                                             APPENDIX I

(        Table           1.2:          Budgets Proposed in S. 101 - An Analysis                                                           of       Increases
                                       and Decreases From Fiscal Year 1988 to                                                        1989



         C)oIlars     in bllllons

              Retirement        Funds Budget                                                          Coeratl    ng Budget
                                                                           Percent                                                                            Percent
                                                            I ncreese       1ncreese                                                             I ncreese     Increase
                                                          (decrease)
                                                           --             (decrease)                                                           (decrease)    (decrease 1
     Trust balances et                                                                        Receipts
      beglnnlng  of fiscal             year                 S 87.8             25               Personal      Income                               $44.0            11
                                                                                                Corporete       I ncane                              9.1            10
     Receipts                                                                                   Excise taxes                                        (1.1)           (3)
       Taxes and employer contributions                     s 30.9            10                Other receipts
       Federsl  contrlbutlons                                   6.9            7                   Other taxes end fees                             1.8              3
       Interest   on Investments                             8.7              24                   Intragovernmental           receipts             0.1              08
          Total receipts                                    I 46.5            10                   Proprletary        receipts                      1.4              5
                                                                                                Offsetting       collections                       (4.1)             3
                                                                                                   Total revenues                                 $51.2              6

     Outleys         (payments)                                24.9             7            Total    outlays                                       42.8             5

     Fiscal         years’   su-plus                        S 21.6            25             Fiscal     years’    deficits                        S 8.4            31

     Trust balances at end
      of fiscal  year                                      $109.4             25
                                                            -



         CombI ned Budgets
         on a Gross Basis
                                                                          Percent                                                                             Percent
                                                           I ncreese       Increase                                                           Increase         increase
                                                         (decrease)
                                                          --             (decrease)                                                         (decrease)
                                                                                                                                             -               (decrease)
                                                                                                                                                              -
    Receipts    (revenues)                                                                  Outlays (payments)
      Ret I rement                                           $46.5            10              Retirement                                          $24.9             7
      Operatlng                                               51.2             6              Oper at I ng                                         42.8             5
                                                                                              Interest    on debt                                  26.9            12

    Gross       recel pts                                   597.7              8            Gross out I ays                                       s9s               7


    Notes :

    1. Gross           data IS from receipt    accounts end appropriation   accounts which include budget, intragovernmental,                                end
    proprletary           receipts. Offsettlng     collections from the public have been added to both receipts    and outlays.

    2.      Numbers msy not add due to rounding.

    aRounded from 0.2 percent.

    bThls      amount represents         a decrease   In the Ooeratlna      Budoet     deficit.




                                                                               12
                                                                                        APPENDIX I




            Debt and Interest             Budget
                                                                            Percent
                                                                Increase     Increase
                                                              (decrease)   (decrease)

          BegInnIng of           fiscal    year                 $255.2          11
          End of fiscal            year                          265.4          10

        Net borrowlng  for fiscal             years
    ,    (S. 101 budget deficit)                                s 10.2           4
                                                                 -

    I   Statutory        debt    Ilmlt                          5322.1          12

    ~ Interest         on debt                                  I 26.9          12




                                                                            Percent
                                                                Increase     increase
                                                              (decrease)
                                                               --          (decrease)
        Surplus (deflclt)
          Retirement                                            f 21.6          25
          Operating                                                8.4b         31
          Interest   on debt                                     (26.9)        (12)

~       Budget      deflclt     (CMB budget        deflclt)     $   3.1          2




                                                                                 13
APPENDIX I                                                                                                                                       APPENDIX I

Table            1.3:           Budgets Proposed in S. 101 Using OMB's Projected
                                Budget Numbers for Fiscal Year 1990

Dollars    In bllllons

     Retirement      Funds Budqet                                                                        Operatlnq      Budget

Trust balances at                                                                               Recel pts
 beglnnlng  of fiscal           year                        5544.4                                Personal      Income                                $490.0
                                                                                                  Corporate       I ncana                              112.0
Recel pts                                                                                         Exe I se taxes                                        36.2
  Taxes and employer contrlbutlons                          53’14.5                               Other recel pts
  Federal contributions                                      107.6O                                 Other taxes and fees                                12.4
  Interest   on Investments                                   52. v                                  Intragovernmental           receipts               30.3
     Total receipts                                         $535.0                                   Proprietary        receipts                        25.2
                                                                                                  Offsetting        collections                        154.7
                                                                                                     Tot a I revenues                                 5920.7

Out I ays (payments)                                        5420.6                              Total     out I ays                                   $902.0

Fiscal    year    1990 surplus                                                                  Fiscal     year      1990 surplusb

Trust balances at end
 of fiscal  year 1990                                       5658.8




 CombI ned Budgets
 on a Gross Basis

Recel pts (revenues)                                                                            Outlays    (payments)
  Ret I rement                                          s    535.0                                Ret 1rement                                    $    420.6
  Operat I ng                                                920.7                                Operat 1ng                                          902.0
                                                                                                  Interest     on debt                                256.9

Gross recel pts                                         $1,455.1                                Gross outlays                                    $1,579.5



Notes:

1. Gross data           Is from receipt     accounts and approprlation   accounts which Include budget, Intragovernmental,
and proprietary          receipts.    Offsettlng    collectlons  from the public have been added to both receipts   and
outlays.

2.   Numbers may not add due to rounding.

Vhhese amounts represent               transfers      from the Cperatlng           and the Debt and Interest               Budgets.

bS. 101 requires         that    any Operating         Budget     surplus      be transferred           to the Debt and interest            Budget-

cSubJect to the statutory               Ilmlt      are 52,829.E      bllllon     of the beglnnlng           1990 and 53,071-l         bllllon     of the
 end I ng gross debt.




                                                                                   14
    j APPENDIX I                                                            APPENDIX I




         Debt and Interest         Budaet

     Debt
       Beginnlng of      fiscal     year     1990        $2,866.2c
       End of fiscal       yedr    1990                   3‘113.F

     Net borrowing  for f I seal           year   1990
      (S. 101 budget deflclt)                            S 247.1

~    Statutory    debt     Ilmit                         S3,122.7

I    Interest    on debt                                 f     256.9




     Surplus (deflclt)
       Retirement                                        s 114.4
       Operating                                            18.7
       Interest   on debt                                 (256.9)

     Budget deflclt        (OMB budget       deflclt)    SE)




                                                                       15
APPENDIX I                                                                                                                                            APPENDIX I

Table             1.4:           Budgets Proposed in S. 101 Using OMB's Projected
                                 Budget Numbers for Fiscal Year 1991

Dollars     In bllllons

     Retirement       Funds Budget                                                                            Operat 1nq Budget

Trust balances at                                                                                    Recel pts
 beglnnlng of fiscal             year                           5658.8                                 Personal      incune                                $528.5
                                                                                                       Corporate       I nccme                              129.7
Recel pts                                                                                              Exe I se taxes                                        37.6
  Taxes and employer contrlbutlons                              $412.4                                 Other receipts
  Federal contrlbutlons                                          lll.la                                   Other tsxes and fees                               73.9
  Interest   on investments                                      M                                        Intragovernmental           receipts               30.5
     Total receipts                                             5584.3                                    Proprietary        receipts                        31 .l
                                                                                                       Offsetting       collections                         146.3
                                                                                                          Tot a I revenues                                 $977.7

Out lays    (payments)                                          5440.1                               Total     out I ays                                   $921.9

Fiscal     year    1991 surplus                                 $144.2                               Fiscal     year   1991 surplusb

Trust balances at end
 of fiscal  year 1991                                           $803.0




 Canblned Budgets
 on a Gross Basis

Receipts (revenues)                                                                                  Outlays    (payments)
  Retlremant                                              f      584.3                                 Ret I rement                                   I     440.1
  Gperatlng                                                      977.7                                 Operating                                            921.9
                                                                                                       Interest     on debt                                 263.0

Gross recel pts                                           $1,562.0                                   Gross out I ays                                  $1,625.0
                                                           c,      4


Notes:

1. Gross data         is from receipt     accounts and approprlatlon   accounts which Include budget, intragovernmental,
and proprletary        receipts.    Offsettlng    collectlons  from the public have been added to both receipts    and
outlays.

2.   Numbers may not add due to rounding.

OThese anounts        represent         transfers      from the Operatlng               and the Debt and Interest              Budgets.

bS. 101 requlres          that    any Operatlng         Budget      surplus         be transferred           to the Debt and Interest            Budget.

cSubJect to the statutory                I lmlt     ore $3.071.1          bllllon     of the beginning           1991 and $3,276.6         bll lion       of the
 endlng gross debt.

drnls amount exceeds the statutory                     llmlt.




                                                                                         16
    /APPENDIX             I                                               APPENDIX I




        Debt and Interest         Bud&

    Debt
:     Beglnnlng   of     fiscal    year     1991        s3,113.3=
      End of fiscal        year   1991                   3.319. zd

I Net borroulng  for f I seal             year   1991
,  (S. 101 budget deflclt)                              s   205.9

/ Statutay      debt     Ilmlt                          L3,lZZ.l

i   Interest   on debt                                  t   263.0




    Surplus (deficit)
      Ret I rement                                      J 144.2
      Operatlng                                            55.7
      Interest    on debt                                (263.0)

    Budget deflclt       (OMB budget        deflclt)    S (63.1)




                     Y




                                                                     17
~ APPENDIX II                                                               APPENDIX II
                    BUDGETARY IMPACT OF THE SOCIAL SECURITY
                      AND MEDICARE TRUST FUNDS SURPLUSES
         The Social  Security  and Medicare Trust Funds are included                        in
  the Retirement    Funds Budget.   The Retirement  Funds Budget, as
  outlined   in s. 101, is made up of the following    accounts:
        --   Federal    Old-Age and Survivors           Insurance  Trust    Fund,
        --   Federal    Disability        Insurance    Trust Fund,
        --   Civil    Service     Retirement      and Disability   Fund,
        --   Military     Retirement       Fund,
        --   Federal    Supplementary         Medical   Insurance  Trust    Fund,
        --   Federal    Hospital       Insurance    Trust Fund, and
        --   Railroad     Retirement       Fund.
            The Federal        Old-Age and Survivors       Insurance     Trust Fund and
  the Federal         Disability      Insurance     Trust Fund make up the Social
  Security        Trust Funds.        These funds comprised        57.4 percent    of
  total      S. 101 Retirement          Funds Budget receipts        and 60 percent   of
  total      outlays     for 1989.       Since Social     Security    Trust Funds
  represent        a significant       portion    of the S. 101 Retirement       Funds
  Budget, tables           II.1    and II.2    show the breakdown for these funds'
  fiscal      year 1989 receipts           and outlays.
        Tables II.1    and II.2    also provide  a breakdown for Medicare
 Trust Funds, which include         the Federal  Supplementary    Medical and
 the Federal    Hospital    Insurance   Trust Funds.    The remaining
 Retirement    Budget trust     funds are included    as one total.
        Table II.3     shows the three budgets defined              in S. 101 with
 the Medicare Trust Funds switched             from the Retirement            Funds
 Budget to the Operating         Funds Budget for fiscal            year 1989.         By
 switching     the Medicare Trust Funds' $22.3 billion                 surplus     to the
 Operating     Budget, the Operating         Budget's    deficit      of $18.7 billion
 becomes a surplus        of $3.6 billion.        Furthermore,        surpluses      in
 other trust      funds contained      in the Operating          Budget, such as the
 Highway and the Airport         and Airways Trust Funds, reduce the
 Operating     deficit    by another     $14.3 billion.         Without     these trust
 fund surpluses,       the combined deficit         in the Operating          Budget for
 fiscal    year 1989 would be $33 billion.




                                            18
    APPENDIX II                                                                                                                     APPENDIX II

1 Table                 11.1:               Retirement            Receipts          for       Fiscal        Year         1989




/   Dollars           In billions
                                                               Tax and              Federal    employer
                                                          contributions               contr    lbut ions            Interest                Total     receipts
                                                       -Amount      -Percent    -Amount          -Percent     -Amount           pPercent   -Amount       -Percent

    Social           Security       Trust     Funds    $263.7        75.4           $ 11.0         10.6       $11.4              25.4      $2136.1          57.4

    Madlcare           Trust     Funds                    77.5       22.2             33.8        32.4             7.6           17.0       118.9           23.0


    All      other                                       -- 8.4        2.4          -- 59.4       57.0         --25.9            57.6       -- 93.7         18.8

          Total                                        $349.6       100.0       $104.2           100.0        $44.9             100.0      $498.7          100.0
                                                        -                        -                                                          -




    Table              11.2:             Retirement               Payments          for       Fiscal        Year         1989

    Dollars                 in billions
                                 Fund                                               Payments                       Percent
    Social               Security              Trust       Funds                      $233.6                             60.0

    Medicare                    Trust         Funds                                       96.6                           24.8

    All           other                                                                   59.1                           15.2

           Total                                                                      $389.3                        100.0




                                                                               19
Table            11.3:           Budgets Proposed in S. 101 With Medicare Trust Funds
                                 Switched  From the Retirement  Funds Budget to the
                                 Operating  Budget for Fiscal  Year 1989

Dollars    In bllllons

     Retirement      Funds Budget                                                                        *rat       I nq Budaet

Trust balances at                                                                               Race1 pts
 beginning  of fiscal           year     1989               $435.0                                 Personal      Income                               L445.2
                                                                                                   Corporate       lncane                              103.6
Receipts                                                                                           Exe I so taxes                                       34.1
  Tmes and amployer contrlbutlons                           $272.1                                 Other receipts
  Federal contrlbutlons                                       70.40                                  Other taxes and fees                              135.8
  Interest    on Investments                                  37.30                                   Intragovernmental          receipts               13.5
     Tota I rece I pts                                      5579.8                                    Proprietary       receipts                        30.9
                                                                                                Offsetting      collections                            129.9
                                                                                                      Tota I revenues                                 1961.0

Outlays    (payments)                                       $292.                               Total     outlays                                     $957.4

Fiscal    year    1989 surplus                                                                  Fiscal     year     1989 surplusb                     S 3.6

Trust balances at end
 of fiscal  year 1989




 knbl ned Budgets
 on a Gross Basl s

Rscelpts   (revenues)                                                                           Outlays (payments)
  Retirement                                            t    379.0                                 Retlranent                                    S 292.7
  Qnwating                                                   %I .o                                 Operatlng                                       951.4
                                                                                                Interest    on debt                                242.7

Gross race1 pts                                         $1.340.0                                Gross out I ays                                  $1,492.0
                                                         -


Notes :

1. Gross data        Is from receipt    accounts and approprlatlon   accounts which Include budget,  intragovernmental,
and proprletay        receipts.    Offsettlng   collectlons  from the public have been added to both recelpts     and
outlays.

20   Numbers may not add due to rounding.

OThese amounts represent               transfers      from the C&eratlng           and the Debt and Interest               Budgets.

bS. 101 requlres         that   any Operatlng          Budget surplus          be transferred           to the Debt and Interest            Budget.

CSubJect to the statutory               Ilmlt      are 52,586-g      bllllon     of the beglnnlng               1989 and $2.829.8     bllllon     of the
 endlng gross debt.




                                                                                   20
    ~APPENDIx II                                                       APPENDIX II




        Debt and Interest          Budget

    D&t
:     BegInnIng of        fiscal    year     1989   L2.600.@
      End of fiscal         year   1989              2.866.2c

    Net borrow1 ng for f lscal             year
     CS. IO1 budget deflclt)                        S 265.4

    Statutory    I lmlt                             $3,122.7

~ Interest      on debt                             S 242.1




    Surplus (deflclt)
      Ret lremant                                   s     67.1
      Operatlng                                             3.6
      Interest    on debt                               (242.7)

    Budget def lclt       (CW
     budget deflcit)                                St1 52.0)
                                                     7




                                                                  21
APPENDIX III                                                            APPENDIX III

                 ANALYSIS OF CHANGES IN DEBT, THE DEFICIT,
                   BORROWING, AND GROSS INTEREST ON DEBT
         The gross debt1 continued        to increase  from the end of fiscal
year 1986 to the end of fiscal            year 1989, from about $2.1
trillion     to about $2.9 trillion.          This is an increase of about
$800 billion      in three years.
       The debt increase       results    from annual borrowing.          Annual
borrowing    is necessary      when total      outlays    exceed total    receipts.
Tables I.1 through        I.4 show that (1) receipts            exceed outlays     in
the Retirement       Funds Budget for all years,            (2) in the Operating
Budget, outlays       exceed receipts       for 1988 and 1989 and receipts
are projected      to exceed outlays        for 1990 and 1991, and
 (3) borrowing     is necessary      in all years to pay the annual
interest    cost in the Debt and Interest              Budget.    S. 101 considers
the increase     in the gross debt from one year to the next as the
annual deficit;       OMB considers     the deficit       as the difference
between net receipts         and net outlays.         The OMB method results         in
a deficit    reduced by the surpluses           in trust     funds.
       The annual (gross)       interest     in S. 101 is the total      annual
interest    expenditure    including      interest   paid to trust    funds.    OMB
considers    net interest,      which excludes     the interest    paid to trust
funds,    as the annual interest         cost.
       Figure    111.1, showing the S. 101 Operating      Budget deficit  or
surplus    for   fiscal   years 1988 through  1991, indicates    a swing of
$74.4 billion        from a deficit of $18.7 billion   in fiscal   year 1989
to a surplus       of $55.7 billion  by 1991.
       Figure 111.2, showing the deficits       for fiscal  years 1988 and
1989, compares the OMB deficits,        which are reduced by trust   fund
surpluses,    with the S. 101 deficits,      the annual increases  in the
gross debt.
        Figures   111.3,   111.4, and III.5    identify   the percentage of
annual borrowing       needed to cover annual interest       costs by showing
interest     payments as a percentage       of net borrowing   from one
fiscal     year to the next for 1988, 1989, and 1990.          Use of OMB's
fiscal     year 1991 projections    in the three budgets proposed in
S. lOl--Retirement       Funds, Operating,     and Debt and Interest--


lGross federal    debt, as defined    by OMB, is the sum of the debt
 held by the public      and the debt held by the government         itself,
 which includes     such investments     as the Treasury   debt held by
  the Social   Security,   Unemployment,    and other trust    funds.

         *                                 22
   APPENDIX III                                                                             APPENDIX III

   indicates            that     the annual interest          cost2     will      exceed    borrowing
 ~ by $37.2            billion      for 1991.
         Figure III.6  compares the annual gross interest                                   amount (as
  defined    in S. 101) with net interest  (as calculated                                  by OMB) using
  actual    data for 1986 through  1991.

  Figure      111.1:             The S. 101 Operating          Budget      Deficit       or Surplus
   (Dollars            in billions)


              100
               90
               80
               70
               60
               so
               40
               30
               20
               10
                   0
              -10
              -20
              -30
              -40
              40




I --   Using projected                 numbers,   this    budget      shows a surplus          starting
j      in fiscal   year               1990.
i Note:
  Per S. 101, all operating    budget                     surpluses        must      be transferred       to
  the Debt and Interest    Budget.

  2For these illustrations,       interest                    the federal    government
   receives  is subtracted     from gross                     interest    to provide   a basis
   for comparison     with net borrowing.
               *                                         23
 APPENDIX III                                                                                                   APPENDIX III

Figure          111.2:          Comparison of OMB and S. 101 Fiscal                                         Years'          1988
                                and 1989 Deficits
 (Dollars              in billions)



                100

                  50

                   0

                 60

                -100

                -150

                -200

            -950

            -300

                         1088                 1989



                                Total borrowing (S. 101 deficit)




--   The OMB deficit                     decreased                 by $3.1    billion             from    fiscal        year
     1988 to 1989.
--   The S. 101 deficit                          increased            by $10.2          billion          from      fiscal      year
     1988 to 1989.
--   The S. 101 deficit                          significantly               exceeds         the     OMB deficit             in
     both years.
Notes:
1.    The OMB deficit    is                          reduced by trust              fund surpluses                   of $97.4
      and $123.7 billion                             for fiscal years              1988 and 1989,
      respectively.
2.    The S. 101 deficit                             is the         annual    increase             in the       gross       debt.

            *                                                        24
   APPENDIX III                                                                                   APPENDIX III

   Figure     111.3:        Composition     of Fiscal                 Year   1988 Net Borrowing

                       11                                  E$r$g        for purposes other than




                                   76% -          -        Interest




  --   Interest        was $193.6;   borrowing              for       purposes       other        than
       interest        was $61.6 billion.

  Figure     111.4:         Composition    of Fiscal               Year      1989 Net Borrowing

                                                           Borrowing for purposes other than
                                                           interest




                                  83% -       -            interest




; --   Interest       was $221.1 billion;             borrowing              for   purposes         other   than
       interest       was $44.3 billion.
              ”
                                                      25
APPENDIX III                                                                                        APPENDIX III

Figure     111.5:        Composition             of       Fiscal       Year     1990 Net Borrowing




                             -                                  4%
                                                                Borrowing for purposes other than




                             96%   l                  -         Interest


                L-      ‘1             I’ ,.A_


--   Interest        was $236.4 billion;                    borrowing           for   purposes        other   than
     interest        was $10.7 billion.

Composition          of Fiscal         Year      1991       Net     Borrowinq

         According     to OBM projections,     net borrowing   for fiscal     year
1991 will      be $205.9 billion,       and interest   payments will    be $243.1
billion.        Interest   will  exceed borrowing     by $37.2 billion    for
fiscal     year 1991; therefore,        all borrowing   will  be for interest
payments.




                                                           26
 ;APPENDIX III                                                                                APPENDIX III

 iFigure      111.6:        A Comparison         of Gross and Net Interest                     for
                            Fiscal Years         1986 Through 1991
  (Dollars          in billions)

              300


              2sa


              200


              150


              100


               50


                0




                     I     Net lntereet
                           Gross Intereat


  --   Both        gross and net interest                continued        to    increase      from     fiscal
       year        1986 through 1989.
: --   Gross interest    will    continue    its increase   in fiscal year                                1991,
       according   to calculation       with projected    budget numbers.
  --   Net interest    will   decrease in fiscal     year 1991 from 1990
       according    to calculation    with projected     budget numbers.
: Notes:
~ 1.    Amounts for 1986 through  1989 are based on actual                                     data:      those
        for 1990 and 1991 are based on OMB projections.
~ 2.    Net interest does not include                         interest         payments     to trust
        funds such as Social Security                         and Civil         Service     Retirement.
  3.    Gross        interest         includes   total        annual      interest        expenditures.
               ”
                                                         27
APPENDIX IV                                                                      APPENDIX IV

                       A COMPARISON OF OMB AND CBO ESTIMATES
        For fiscal     years 1986 through           1989, we compared CBO's
baseline     projections      and OMB's Presidential             policy     projections
for borrowing        and debt made in the January and February                      before
each fiscal      year with the actual            results    that were available              from
OMB 2 years after          the initial      projections       were made.        These OMB
projections      are based on the President's               budget policy         (including
assumed changes in current             law) and economic assumptions,                   while
these CBO projections           are based on current           law and CBO economic
assumptions.        While assumptions          for these projections            differ,
this comparison        is still      useful    to show which entity            has been a
better    predictor      of actual     outcomes.         As table IV.1 indicates,
CBO's estimates        have been generally           a better     predictor       than
OMB's.
       Table IV.1 compares OMB and CBO total                    borrowing     estimates
with actual      results     for fiscal    years 1986 through             1989.     Total
borrowing     includes     fiscal   year borrowing           both from the public           and
from government        accounts;     S. 101 designates           this total      amount as
the deficit.        Tables IV.2 and IV.3 break total                  borrowing     into
borrowing     from the public        and from government            accounts     (such as
the Social      Security     Trust Funds), respectively,               and provide       the
same OMB and CBO comparison             as table     IV.l.       Table IV.4 shows this
same comparison        for debt.      Figures     IV.l,      IV.2,    and IV.3 provide
graphic    representations        of tables     IV.1,      IV.2,     and IV.3.

Table     IV.l:       Comparison  of OMB and CBO Total              Borrowing      Estimates
                      With Actual  Amounts
Dollars      in billions
                                     Fiscal           Fiscal      Fiscal           Fiscal
                                        year             year        year             year
Total     borrowing                     1986             1987        1988             1989

CBO baseline
 estimate                               $270            $247         $252             $281
Actual     borrowing                     306             225           255              265
      Difference                        $=I             $22          $.(3)            $16


OMB Presidential
 policy     estimate                    $233            $209          $213            $244
Actual     borrowing                     306              225           255            265
      Difference                         $(73)          $(16)          $(42           S(z1)



                                                 28
    .

v




            ~APPENDIX Iv                                                                            APPENDIX IV

            ;Figure     IV.l:           Total       Borrowing
            '(Dollars         in billions)




                        160




        I               90
        I               40




                          1999               1997           1999        1999          1999          1991
                         Rscal Years

                                 -      CBO Estimate
                                 -1--   OMB Estimate
                                 m      Actual



             --   Since 1986,            OMB's total        borrowing     estimates          have been lower
        I         than actual            borrowing.
        ~ --      Since 1986, with the exception   of 1987, CBO's total                              borrowing
                  estimates  have been closer  to actual borrowing  than                             OMB's.
        I




                                                                   29
APPENDIX IV                                                             APPENDIX IV

Table     IV.2:       Comparison of OMB and CR0 Public      Borrowinq     Estimates
                      With Actual Amounts
Dollars      in billions
                                  Fiscal         Fiscal    Fiscal       Fiscal
Borrowing         from               year           year      year         year
the public                           1986           1987      1988         1989
CBO baseline
 estimate                            $214          $180      $167         $175
Actual    borrowinq                   236           152       162          139
     Difference     "                              SZCJ      $5           $16

OMB Presidential
 policy     estimate                $173           $142      $107         $127
Actual borrowing                     236            152       162          139
      Difference                    $(63)          $a1       SE)          $a)

Table     IV.3:       Comparison of OMB and CBO Government         Borrowing
                      Estimates  With Actual Amounts
Dollars      in billions
                                 Fiscal          Fiscal    Fiscal        Fiscal
Borrowing         from              year          year        year          year
qovernment          accounts        1986          1987        1988          1989
CBO baseline
 estimate                                          $67       $    85       $106
Actual borrowing                   $ i;                                     126
     Difference                    $(E)            $1-       &I            $(20)

OMB Presidential
 policy     estimate               $ 61            $67       $106          $117
Actual borrowina                     69             74                      126
      Difference     *                             $12)
                                                    -                      $0




                                            30
,
    IAPPENDIX Iv                                                                        APPENDIX IV

    (Figure    IV.2:            Borrowing         From the     Public
    (Dollars         in billions)


               240
               220
               200
               180
               160

               140

               120
               100
                90
                90
                40
                20
                 0

                 1986                1997              1888        1999     1990        1991
                 Fiscal Years

                        -       CBO Estimate
                        -I.--   OMB Estlmate
                        B       Aaual



    --   From 1986 through                     1989,   OMB has underestimated      borrowing   from
         the public.




                                                              31
~ APPENDIX IV                                                                                        APPENDIX IV

  Figure      IV.3:            Borrowing      From Government              Accounts
   (Dollars         in billions)


              199

              169




              40

              20

               0


               1999                 1997        1988              1999               1999
               Rscsl    Yews

                       -       CBO Estimate
                       -1-1    OMBEstimate
                       -       Actual



  --   Borrowing              from government          accounts          continues          to   increase.




                                                          32
 APPENDIX IV                                                                 APPENDIX IV

 Table     IV.4:     Comparison of OMB and CBO Total              Debt Estimates    With
                     Actual  Amounts
 Dollars      in billions
                                 Fiscal         Fiscal            Fiscal      Fiscal
                                    Year           Year              Year        Year
                                    1986           1987              1988        1989
  CBO baseline
~ estimate                       $2,123         $2,362            $2,617      $2,880
i Actual borrowing                                                 2,601       2,866
       Difference                                                 $16.        $.A.

I OMB Presidential
~ policy     estimate            $2,074         $2,321            $2,586      $2,825
) Actual    borrowing             2,133          2,355             2,601       2,866
       Difference                $73)           cm)               c3i5)       c3zi)
 Note:
I CBO's estimates   were closer to the actual             total      debt   than   OMB's
~ estimates   for 1986, 1987, and 1989.




                                           33
APPENDIX V                                                                      APPENDIX V
                       OBJECTIVES,      SCOPE, AND METHODOLOGY
         The objectives     of this report   are to provide       (1) actual
fiscal     year 1988 and 1989 and projected          1990 and 1991 budget
numbers for the budgets proposed in S. 101, (2) a comparison                     of
fiscal     years 1988 and 1989 to show the increase            or decrease     in
amounts reported         in the three budgets,      (3) a treatment      of the
budgetary      impact of the Social     Security     and Medicare Trust Fund
surpluses,       (4) an analysis    of changes in debt, borrowing,          the
deficit,     and interest      on debt, and (5) a comparison        of OMB and
CBO estimates        for debt and borrowing      to the actual     results.
         Our work was performed        in January and February          1990. We
used OMB's fiscal        year 1991 budget tape to prepare computer
listings     of receipts     (receipt      accounts).      We used the Budget of
the United States Government,              Fiscal   Year 1991 to prepare
schedules      showing specific       outlay     amounts for each of the
retirement      accounts as well as total           outlay   schedules.
        Our totals     differ       from OMB totals        in that our gross amounts
include    a distribution           of all offsetting         receipts    and collections
into the categories           defined      in S. 101.        For the most part,        OMB
deducts offsetting          receipts       from agency and functional           totals.
However, OMB also shows large deductions                      from budget totals        that
are undistributed.            These include         agencies'      payments into
employee retirement           trust     funds,    interest      received   by trust
funds,    and certain       proprietary        receipts      such as rents and
royalties     from outer continental              shelf lands.
     To identify    receipts     and outlays   for the Retirement        Budget,
we used those accounts       specified    in S. 101.    We   then identified
the associated   receipt     and appropriation     accounts.
       To identify current   interest  and debt data, we used OMB's
fiscal   year 1991 budget tape as well as Budget of the United
States Government,    Fiscal   Year 1991.  To identify     interest     and
debt data, we used the OMB and CBO publications        listed      at the end
of this appendix.
        In analyzing    OMB and CBO debt and borrowing           estimates     for
fiscal      years 1986 through    1989, we compared the initial            estimates
made by OMB and CBO in January or February of the preceding
fiscal      year with the actual    amounts available       from OMB 2 years
after     the initial   estimates   were made.       OMB projections       are based
on the President's       budget policy    (including     assumed changes in
current      law) and economic assumptions,        while CBO projections           are
based on current      law and CBO economic assumptions.
       We used the following          publications     to obtain     specific
information   about various          accounts,     to obtain  historical      data        for
          "
                                             34
c




        APPENDIX V                                                                    APPENDIX V
        our comparison   of OMB and CBO estimates,                and for    our    special
        analysis  of borrowing  and interest.
        OMB Publications:
              Budget     of the    United   States     Government,      Fiscal     Year   1991
              Budget     of the    United   States     Government,      Fiscal     Year   1990
              Budqet     of the    United   States     Government,      Fiscal     Year   1989
              Budget     of the    United   States     Government,      Fiscal     Year   1988
              Budget     of the    United   States     Government,      Fiscal     Year   1987
    ,         Budget     of the    United   States     Government,      Fiscal     Year   1986
              Special       Analyses:  Budget        of the   United    States     Government,
                Fiscal       Year 1990
              Special       Analyses:  Budget        of the   United    States     Government,
                Fiscal       Year 1989
              Special       Analyses:  Budget        of the   United    States     Government,
                Fiscal       Year 1988
              Special       Analyses:  Budget        of the   United    States     Government -L
                Fiscal       Year 1987
              Special       Analyses:  Budget        of the   United    States     Government,
                Fiscal       Year 1986
        CBO Publications:
              The Economic        and Budget    Outlook:       Fiscal    Years     1986-1990
              The Economic        and Budget    Outlook:       Fiscal    Years     1987-1991
              The Economic        and Budget    Outlook:       Fiscal    Years     1988-1992
              The Economic        and Budget    Outlook:       Fiscal    Years     1989-1993
              The Economic        and Budget    Outlook:       Fiscal    Years     1990-1994
              The Economic        and Budget    Outlook:       Fiscal    Years     1991-1995
        Treasury   Publication:
              Final Monthly Treasury  Statement  of Receipts   and Outlays  of
                 the United States Government (for Fiscal    Year 1989 Through
                 September 30, 1989, and Other Periods)
                                                     35
    i   APPENDIX VI                                                     APPENDIX VI
                            MAJOR CONTRIBUTORS TO THIS REPORT
        ACCOUNTING AND FINANCIAL       MANAGEMENTDIVISION,      WASHINGTON, D.C.
I
        Roy Jenney, Assistant     Director,   Budget   Issues
j       Nell George, Auditor-in-Charge
        Robert Sexton, Evaluator




        (935073)



                                              36
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